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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Available-For-Sale

The amortized cost and estimated fair values of investment securities are summarized below. As of March 31, 2025 and December 31, 2024, there was no allowance for credit losses on available-for-sale securities. 

 

AVAILABLE-FOR-SALE:

       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
March 31, 2025                    
US Treasury securities  $25,662   $5   $(2,205)  $23,462 
Government Sponsored Enterprises   2,500    —    (317)   2,183 
Mortgage-backed securities   255,663    202    (13,878)   241,987 
Small Business Administration pools   11,591    22    (299)   11,314 
Corporate and other securities   8,755    —    (757)   7,998 
Total  $304,171   $229   $(17,456)  $286,944 
                     
       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
December 31, 2024                    
US Treasury securities  $15,822   $—   $(2,582)  $13,240 
Government Sponsored Enterprises   2,500    —    (390)   2,110 
Mortgage-backed securities   260,023    40    (15,859)   244,204 
Small Business Administration pools   12,437    15    (373)   12,079 
Corporate and other securities   8,755    —    (806)   7,949 
Total  $299,537   $55   $(20,010)  $279,582 
Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Held-To-Maturity

HELD-TO-MATURITY:

 

(Dollars in thousands)  Amortized Cost
Net of
Allowance
for Credit Losses		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair Value 
March 31, 2025                    
Mortgage-backed securities  $102,914   $—   $(6,971)  $95,943 
State and local government   102,881    1    (3,885)   98,997 
Total  $205,795   $1   $(10,856)  $194,940 
                     
(Dollars in thousands)  Amortized Cost
Net of
Allowance
for Credit Loss		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair Value 
December 31, 2024                    
Mortgage-backed securities  $105,563    —    (8,645)  $96,918 
State and local government   103,850    —    (4,728)   99,122 
Total  $209,413    —    (13,373)  $196,040 
Schedule of allowance for credit losses on held to maturity securities

The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of March 31, 2025.

 

                                           
March 31, 2025  Less than 12 months   12 months or more   Total 
Available-for-sale securities:  Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
(Dollars in thousands)  Value   Loss   Value   Loss   Value   Loss 
US Treasury securities  $—   $—   $13,624   $2,205   $13,624   $2,205 
Government Sponsored Enterprises   —    —    2,183    317    2,183    317 
Mortgage-backed securities   7,870    15    214,923    13,863    222,793    13,878 
Small Business Administration pools   1,049    3    7,656    296    8,705    299 
Corporate and other securities   —    —    7,985    757    7,985    757 
Total  $8,919   $18   $246,371   $17,438   $255,290   $17,456 

 

The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2024.

                         
December 31, 2024  Less than 12 months   12 months or more   Total 
Available-for-sale securities:  Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
(Dollars in thousands)  Value   Loss   Value   Loss   Value   Loss 
US Treasury securities  $—   $—   $13,240   $2,585   $13,240   $2,582 
Government Sponsored Enterprises   —    —    2,110    390    2,110    390 
Mortgage-backed securities   14,310    150    216,452    15,709    230,762    15,859 
Small Business Administration pools   1,279    2    8,554    371    9,833    373 
Corporate and other securities   1,488    263    6,449    543    7,937    806 
Total  $17,077   $415   $246,805   $19,595   $263,882   $20,010 

 

The following table shows a roll forward of the allowance for credit losses on held to maturity securities for the three months ended March 31, 2025 and 2024.

   Three Months 
   Ended 
(Dollars in thousands)  March 31, 2025 
Allowance for Credit Losses on Held-to-Maturity Securities:     
State and local government     
Beginning balance, December 31, 2024  $23 
Provision for credit losses   1 
Ending balance, March 31, 2025  $24 
      
   Three Months 
   Ended 
(Dollars in thousands)  March 31, 2024 
Allowance for Credit Losses on Held-to-Maturity Securities:     
State and local government     
Beginning balance, December 31, 2023  $30 
Release of credit losses   (1)
Ending balance, March 31, 2024  $29 
Schedule of allowance for credit losses on held to maturity securities

The following table shows a roll forward of the allowance for credit losses on held to maturity securities for the three months ended March 31, 2025 and 2024.

   Three Months 
   Ended 
(Dollars in thousands)  March 31, 2025 
Allowance for Credit Losses on Held-to-Maturity Securities:     
State and local government     
Beginning balance, December 31, 2024  $23 
Provision for credit losses   1 
Ending balance, March 31, 2025  $24 
      
   Three Months 
   Ended 
(Dollars in thousands)  March 31, 2024 
Allowance for Credit Losses on Held-to-Maturity Securities:     
State and local government     
Beginning balance, December 31, 2023  $30 
Release of credit losses   (1)
Ending balance, March 31, 2024  $29 
Schedule of amortized cost of debt securities held to maturity aggregated by credit quality indicators.

   As of   As of 
(Dollars in thousands)  March 31, 2025   December 31, 2024 
Rating:          
Aaa  $145,456   $149,064 
Aa1/Aa2/Aa3   55,310    55,318 
A1/A2   5,053    5,055 
Less: Allowance for Credit Losses on Held-to-Maturity Securities   24    23 
Total  $205,795   $209,413 
Schedule of Amortized Cost and Fair Value of Investment Securities

The following tables shows the amortized cost and fair value of investment securities at March 31, 2025 by expected maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life.

 

   Available-for-sale 
March 31, 2025  Amortized   Fair 
(Dollars in thousands)  Cost   Value 
Due in one year or less  $10,307   $10,310 
Due after one year through five years   15,749    15,451 
Due after five years through ten years   31,813    28,386 
Due after ten years   246,302    232,797 
Total  $304,171   $286,944 
           
   Held-To-Maturity 
March 31, 2025  Amortized   Fair 
(Dollars in thousands)  Cost   Value 
Due in one year or less  $10,698   $10,620 
Due after one year through five years   52,972    51,564 
Due after five years through ten years   62,229    59,742 
Due after ten years   79,920    73,038 
Allowance for Credit Losses on Held-to-Maturity Securities   (24)   (24)
Total  $205,795   $194,940