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Investment securities (Tables)

9 Months Ended

Sep. 30, 2025

Investment securities

Schedule of amortized cost and fair value of investment securities aggregated by investment category


		September 30, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	132,694		$			$	4,187		$	128,507
State and municipals:
Taxable			68,636			25			7,463			61,198
Tax-exempt			92,000			318			8,532			83,786
Residential mortgage-backed securities:
U.S. government agencies			9,962			147			5			10,104
U.S. government-sponsored enterprises			174,749			751			15,804			159,696
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			1,915						27			1,888
Private collateralized mortgage obligations			44,907			780			262			45,425
Asset backed securities			19,535			46			298			19,283
Corporate debt securities			23,515			829			437			23,907
Negotiable certificates of deposit			720			7						727
Total available for sale		$	568,633		$	2,903		$	37,015		$	534,521
Held to maturity:
Tax-exempt state and municipals		$	10,821		$	4		$	655		$	10,170
Residential mortgage-backed securities:
U.S. government agencies			12,639						2,088			10,551
U.S. government-sponsored enterprises			49,826						7,002			42,824
Total held to maturity		$	73,286		$	4		$	9,745		$	63,545


		December 31, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	176,302		$			$	8,751		$	167,551
U.S. government-sponsored enterprises
State and municipals:
Taxable			79,341			39			10,481			68,899
Tax-exempt			76,390			7			10,280			66,117
Residential mortgage-backed securities:
U.S. government agencies			1,403			1			28			1,376
U.S. government-sponsored enterprises			145,831			92			19,547			126,376
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			1,927						71			1,856
Private collateralized mortgage obligations			38,366			358			152			38,572
Asset backed securities			23,586			66			400			23,252
Corporate debt securities			31,442			894			715			31,621
Negotiable certificates of deposit			700			9						709
Total available for sale		$	575,288		$	1,466		$	50,425		$	526,329
Held to maturity:
Tax-exempt state and municipals		$	10,846		$			$	1,103		$	9,743
Residential mortgage-backed securities:
U.S. government agencies			13,847						2,643			11,204
U.S. government-sponsored enterprises			53,491						9,286			44,205
Total held to maturity		$	78,184		$			$	13,032		$	65,152

Schedule of maturity distribution


		Amortized			Fair
(Dollars in thousands)		Cost			Value
Within one year		$	67,777		$	67,008
After one but within five years			109,367			104,142
After five but within ten years			68,813			62,794
After ten years			71,608			64,181
			317,565			298,125
Mortgage-backed and other amortizing securities			251,068			236,396
Total		$	568,633		$	534,521


		Amortized			Fair
(Dollars in thousands)		Cost			Value
After one but within five years		$	3,212		$	2,939
After five but within ten years			7,609			7,231
			10,821			10,170
Mortgage-backed securities			62,465			53,375
Total		$	73,286		$	63,545

Schedule of fair value and unrealized losses of investment securities in continuous unrealized loss position


		September 30, 2025
		Less than Twelve Months								Twelve Months or Longer								Total
		Total # in a loss					Unrealized			Total # in a loss					Unrealized			Total # in a loss					Unrealized
(Dollars in thousands)		Position			Fair Value		Losses			Position			Fair Value		Losses			Position			Fair Value		Losses
Securities Available for Sale
U.S. Treasury securities				$			$			32		$	128,507		$	4,187		32		$	128,507		$	4,187
State and municipals:
Taxable										64			58,578			7,463		64			58,578			7,463
Tax-exempt		1			255			1		89			63,370			8,531		90			63,625			8,532
Residential mortgage-backed securities:
U.S. government agencies										1			1,369			5		1			1,369			5
U.S. government-sponsored enterprises		14			31,779			155		33			70,758			15,649		47			102,537			15,804
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises										1			1,888			27		1			1,888			27
Private collateralized mortgage obligations		5			10,174			71		10			7,734			191		15			17,908			262
Asset-backed securities		1			2,296			13		2			1,892			285		3			4,188			298
Corporate debt securities										9			8,195			437		9			8,195			437
Total		21		$	44,504		$	240		241		$	342,291		$	36,775		262		$	386,795		$	37,015

Securities Held to Maturity
Tax-exempt state and municipals				$			$			11		$	6,615		$	655		11		$	6,615		$	655
Residential mortgage-backed securities:
U.S. government agencies										4			10,551			2,088		4			10,551			2,088
U.S. government-sponsored enterprises										8			42,824			7,002		8			42,824			7,002
Total				$			$			23		$	59,990		$	9,745		23		$	59,990		$	9,745


		December 31, 2024
		Less than Twelve Months								Twelve Months or Longer								Total
		Total # in a loss						Unrealized		Total # in a loss						Unrealized		Total # in a loss						Unrealized
(Dollars in thousands)		Position			Fair Value			Losses		Position			Fair Value			Losses		Position			Fair Value			Losses
Securities available for sale
U.S. Treasury securities				$			$			38		$	167,551		$	8,751		38		$	167,551		$	8,751
State and municipals:
Taxable		2			1,097			6		64			55,712			10,475		66			56,809			10,481
Tax-exempt		6			1,874			41		91			62,329			10,239		97			64,203			10,280
Residential mortgage-backed securities:
U.S. government agencies		1			1,299			27		1			3			1		2			1,302			28
U.S. government-sponsored enterprises		29			40,886			622		31			68,732			18,925		60			109,618			19,547
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises										1			1,856			71		1			1,856			71
Private collateralized mortgage obligations		15			12,854			152										15			12,854			152
Asset-backed securities		2			2,659			11		1			1,939			389		3			4,598			400
Corporate debt securities		5			6,083			316		6			3,601			399		11			9,684			715
Total		60		$	66,752		$	1,175		233		$	361,723		$	49,250		293		$	428,475		$	50,425


Securities held to maturity
Tax-exempt state and municipals		4		$	2,508		$	66		12		$	7,235		$	1,037		16		$	9,743		$	1,103
Residential mortgage-backed securities:
U.S. government agencies										4			11,204			2,643		4			11,204			2,643
U.S. government-sponsored enterprises										8			44,205			9,286		8			44,205			9,286
Total		4		$	2,508		$	66		24		$	62,644		$	12,966		28		$	65,152		$	13,032

Summary of unrealized and realized gains and losses


			For the three months ended						For the nine months ended
			September 30,						September 30,
(Dollars in thousands)			2025			2024			2025			2024
Net (losses) gains recognized on equity securities		$	(21)		$	175		$	43		$	155
Less: net gains realized on equity securities sold						54						54
Unrealized (losses) gains on equity securities		$	(21)		$	121		$	43		$	101