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Investment Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

NOTE 2 – Investment Securities

The amortized costs and fair value of investment securities are as follows:

                               
     
   December 31, 2024 
   Amortized   Gross Unrealized   Fair 
(dollars in thousands)Corporate bonds [Member]  Cost   Gains   Losses   Value 
Available for sale                     
Corporate bonds   $2,121    -    194    1,927 
US treasuries   999    -    91    908 
US government agencies    17,540    1    1,746    15,795 
State and political subdivisions    22,387    -    3,065    19,322 
Asset-backed securities    36,613    36    111    36,538 
Mortgage-backed securities   66,988    19    9,370    57,637 
Total investment securities available for sale  $146,648    56    14,577    132,127 
                     
    December 31, 2023 
    Amortized    Gross Unrealized    Fair 
(dollars in thousands)   Cost    Gains    Losses    Value 
Available for sale                    
Corporate bonds  $2,147    -    237    1,910 
US treasuries   9,495    1    102    9,394 
US government agencies   20,594    -    1,938    18,656 
State and political subdivisions   22,642    11    2,912    19,741 
Asset-backed securities   33,450    2    216    33,236 
Mortgage-backed securities   60,730    -    8,965    51,765 
Total investment securities available for sale  $149,058    14    14,370    134,702 

During 2024 and 2023, $10.6 million and $16.5 million, respectively, of investment securities matured. No gain or loss was recognized on the maturities of the investment securities. During 2022, approximately $12.6 million of investment securities were sold, resulting in a gross gain on sale of investment securities of $83,000 and a gross loss on sale of investment securities of $71,000.

The amortized costs and fair values of investment securities available for sale at December 31, 2024 and 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.

                               
     
   December 31, 2024   December 31, 2023 
(dollars in thousands) 

Amortized

Cost

   Fair
Value		   Amortized
Cost		   Fair
Value		 
Available for sale                    
Due within one year  $470    461   $9,503    9,467 
Due after one through five years   17,897    16,154    10,222    9,279 
Due after five through ten years   29,512    26,791    32,159    28,380 
Due after ten years   98,769    88,721    97,174    87,576 
Total investment securities  $146,648    132,127   $149,058    134,702 

The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023.

                                                                       
             
           December 31, 2024 
   Less than 12 months   12 months or longer   Total 
(dollars in thousands)  #   Fair
value		   Unrealized
losses		   #   Fair
value		   Unrealized
losses		   #   Fair
value		   Unrealized
losses		 
Available for sale                                             
Corporate bonds   -   $-   $-    1   $1,927   $194    1   $1,927   $194 
US treasuries   -    -    -    1    908    91    1    908    91 
US government agencies   1    2,694    1    9    10,269    1,745    10    12,963    1,746 
State and political subdivisions   3    1,436    153    30    17,886    2,912    33    19,322    3,065 
Asset-backed securities   6    15,828    83    5    5,344    28    11    21,172    111 
Mortgage-backed securities   6    8,226    409    61    45,360    8,961    67    53,586    9,370 
Total investment securities   16   $28,184   $646    107   $81,694   $13,931    123   $109,878   $14,577 

 

           December 31, 2023 
   Less than 12 months   12 months or longer   Total 
(dollars in thousands)  #   Fair
value		   Unrealized
losses		   #   Fair
value		   Unrealized
losses		   #   Fair
value		   Unrealized
losses		 
Available for sale                                             
Corporate bonds   -   $-   $-    1   $1,910   $237    1   $1,910   $237 
US treasuries   -    -    -    1    897    102    1    897    102 
US government agencies   2    7,533    50    10    11,123    1,888    12    18,656    1,938 
State and political subdivisions   -    -    -    30    18,964    2,912    30    18,964    2,912 
Asset-backed securities   8    26,746    145    7    4,866    71    15    31,612    216 
Mortgage-backed securities   2    2,869    36    62    48,896    8,929    64    51,765    8,965 
Total investment securities   12   $37,148   $231    111   $86,656   $14,139    123   $123,804   $14,370 

At December 31, 2024, the Company had 123 individual investments that were in an unrealized loss position. The unrealized losses were primarily attributable to changes in interest rates, rather than deterioration in credit quality. The individual securities are each investment grade securities. The Company considers factors such as the financial condition of the issuer including credit ratings and specific events affecting the operations of the issuer, volatility of the security, underlying assets that collateralize the debt security, and other industry and macroeconomic conditions. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is no allowance for credit losses on available for sale securities recognized as of December 31, 2024.

Other investments are comprised of the following and are recorded at cost which approximates fair value:

           
     
   December 31, 
(dollars in thousands)  2024   2023 
Federal Home Loan Bank stock  $14,516   $16,063 
Other nonmarketable investments   4,571    3,473 
Investment in Trust Preferred subsidiaries   403    403 
Total other investments  $19,490   $19,939 

The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of December 31, 2024 and ultimate recoverability of the par value of the investments is probable. All of the FHLB stock is used to collateralize advances with the FHLB.

At December 31, 2024 and 2023, there were no securities pledged as collateral for repurchase agreements from brokers.