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Investment Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of debt securities classified as available-for-sale at December 31, 2024 and 2023 were as follows:
| Total Amortized Cost |  | Gross Unrealized |  | Fair Value
(dollars in thousands) |  | Gains |  | Losses |
December 31, 2024 |  |  |  |  |  |  |
U.S. Treasury | $ | 4,937 |  |  | $ | — |  |  | $ | (22) |  |  | $ | 4,915 |
U.S. government and federal agency obligations | 408 |  |  | — |  |  | (7) |  |  | 401 |
U.S. government-sponsored enterprises | 13,020 |  |  | 11 |  |  | (227) |  |  | 12,804 |
Obligations of states and political subdivisions | 125,559 |  |  | 7 |  |  | (23,080) |  |  | 102,486 |
Mortgage-backed securities | 84,729 |  |  | 59 |  |  | (6,678) |  |  | 78,110 |
Other debt securities (a) | 19,419 |  |  | 49 |  |  | (781) |  |  | 18,687 |
Bank issued trust preferred securities (a) | 1,486 |  |  | — |  |  | (237) |  |  | 1,249 |
Total available-for-sale securities | $ | 249,558 |  |  | $ | 126 |  |  | $ | (31,032) |  |  | $ | 218,652 |
December 31, 2023 |  |  |  |  |  |  |
U.S. Treasury | $ | 1,977 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1,978 |
U.S. government and federal agency obligations | 446 |  |  | — |  |  | (19) |  |  | 427 |
U.S. government-sponsored enterprises | 22,042 |  |  | 16 |  |  | (236) |  |  | 21,822 |
Obligations of states and political subdivisions | 126,396 |  |  | 55 |  |  | (19,566) |  |  | 106,885 |
Mortgage-backed securities | 51,736 |  |  | 27 |  |  | (6,123) |  |  | 45,640 |
Other debt securities (a) | 11,825 |  |  | 22 |  |  | (1,026) |  |  | 10,821 |
Bank issued trust preferred securities (a) | 1,486 |  |  | — |  |  | (317) |  |  | 1,169 |
Total available-for-sale securities | $ | 215,908 |  |  | $ | 121 |  |  | $ | (27,287) |  |  | $ | 188,742 |
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations. The Company's investment securities are classified as available-for-sale. Agency bonds and notes, SBA-guaranteed loan certificates, residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations include securities issued by the Government National Mortgage Association, a U.S. government agency, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the FHLB, which are U.S. government-sponsored enterprises Debt securities with carrying values aggregating approximately $82.4 million and $89.2 million at December 31, 2024 and December 31, 2023, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities classified as available-for-sale at December 31, 2024, by contractual maturity are shown below. Accrued interest on investments totaled $1.6 million and $1.4 million at December 31, 2024 and December 31, 2023, respectively, and is included in the accrued interest receivable and other assets on the Company's consolidated balance sheets. The total amount of accrued interest is excluded from the amortized cost basis of investments presented below. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
(dollars in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 4,275 |  |  | $ | 4,270 |
Due after one year through five years | 19,715 |  |  | 19,480 |
Due after five years through ten years | 37,506 |  |  | 34,431 |
Due after ten years | 103,333 |  |  | 82,361 |
Total | 164,829 |  |  | 140,542 |
Mortgage-backed securities | 84,729 |  |  | 78,110 |
Total available-for-sale securities | $ | 249,558 |  |  | $ | 218,652 |
Other Investment Securities Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in FHLB stock and MIB stock, that do not have readily determinable fair values, are required for membership in those organizations.
(dollars in thousands) | 2024 |  | 2023
FHLB stock | $ | 4,924 |  |  | $ | 6,071 |
MIB stock | 151 |  |  | 151 |
Equity securities with readily determinable fair values | 74 |  |  | 78 |
Total other investment securities | $ | 5,149 |  |  | $ | 6,300 |
Gross unrealized losses on debt securities and the fair 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 December 31, 2023 were as follows:
| Less than 12 months |  | 12 months or more |  | Total Fair Value |  | Total Unrealized Losses
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 4,915 |  |  | $ | (22) |  |  | $ | — |  |  | $ | — |  |  | $ | 4,915 |  |  | $ | (22) |
U.S. government and federal agency obligations | — |  |  | — |  |  | 401 |  |  | (7) |  |  | 401 |  |  | (7) |
U.S. government-sponsored enterprises | 996 |  |  | (5) |  |  | 1,778 |  |  | (222) |  |  | 2,774 |  |  | (227) |
Obligations of states and political subdivisions | 2,791 |  |  | (163) |  |  | 98,442 |  |  | (22,917) |  |  | 101,233 |  |  | (23,080) |
Mortgage-backed securities | 37,759 |  |  | (563) |  |  | 33,612 |  |  | (6,115) |  |  | 71,371 |  |  | (6,678) |
Other debt securities | 4,900 |  |  | (58) |  |  | 9,101 |  |  | (723) |  |  | 14,001 |  |  | (781) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,249 |  |  | (237) |  |  | 1,249 |  |  | (237) |
Total | $ | 51,361 |  |  | $ | (811) |  |  | $ | 144,583 |  |  | $ | (30,221) |  |  | $ | 195,944 |  |  | $ | (31,032) |
(in thousands) |  |  |  |  |  |  |  |  |  |  |
At December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 997 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 997 |  |  | $ | — |
U.S. government and federal agency obligations | — |  |  | — |  |  | 427 |  |  | (19) |  |  | 427 |  |  | (19) |
U.S. government-sponsored enterprises | 11,995 |  |  | (8) |  |  | 1,772 |  |  | (228) |  |  | 13,767 |  |  | (236) |
Obligations of states and political subdivisions | 1,501 |  |  | (158) |  |  | 103,283 |  |  | (19,408) |  |  | 104,784 |  |  | (19,566) |
Mortgage-backed securities | 2,935 |  |  | (40) |  |  | 39,793 |  |  | (6,083) |  |  | 42,728 |  |  | (6,123) |
Other debt securities | — |  |  | — |  |  | 8,799 |  |  | (1,026) |  |  | 8,799 |  |  | (1,026) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,169 |  |  | (317) |  |  | 1,169 |  |  | (317) |
Total | $ | 17,428 |  |  | $ | (206) |  |  | $ | 155,243 |  |  | $ | (27,081) |  |  | $ | 172,671 |  |  | $ | (27,287) |
The total available-for-sale portfolio consisted of approximately 398 securities at December 31, 2024. The portfolio included 375 securities having an aggregate fair value of $195.9 million that were in a loss position at December 31, 2024. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $144.6 million at fair value at December 31, 2024. The $31.0 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2024 was caused by interest rate fluctuations. The decline in fair value is attributable to changes in interest rates and not credit quality. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date or re-pricing date, or if market yields for such investments decline. The Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities. The following table presents the gross realized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings:
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Available-for-sale securities: |  |  |  |  |
Gross realized gains | $ | — |  | $ | — |  | $ | —
Gross realized losses | — |  | (11,562) |  | —
Credit losses recognized | — |  | — |  | —
Other investment securities: |  |  |  |  |
Fair value adjustments, net | (4) |  | 32 |  | (14)
Certificates of deposit: |  |  |  |  |
Gross realized gains | — |  | — |  | —
Gross realized losses | — |  | (17) |  | —
Investment securities (losses) gains, net | $ | (4) |  | $ | (11,547) |  | $ | (14)

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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