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Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The following tables present the amortized cost and fair value of securities available-for-sale at the dates indicated:
June 30, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$4,996 $— $(819)$4,177 
Obligations of States and Political Subdivisions
3,503 10 (61)3,452 
Mortgage-Backed Securities - Government-Sponsored Enterprises
51,716 430 (2,455)49,691 
Collateralized Mortgage Obligations - Government-Sponsored Enterprises116,031 151 (13,642)102,540 
Collateralized Loan Obligations96,250 8 (257)96,001 
Corporate Debt11,976 46 (1,602)10,420 
Total Available-for-Sale Debt Securities284,472 645 (18,836)266,281 
Equity Securities:
Mutual Funds
890 
Total Securities$267,171 
December 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$4,996 $— $(1,051)$3,945 
Obligations of States and Political Subdivisions
3,496 — (149)3,347 
Mortgage-Backed Securities - Government-Sponsored Enterprises
53,628 — (3,265)50,363 
Collateralized Mortgage Obligations - Government-Sponsored Enterprises111,076 — (16,119)94,957 
Collateralized Loan Obligations98,741 96 (58)98,779 
Corporate Debt9,479 — (1,356)8,123 
Total Available-for-Sale Debt Securities281,416 96 (21,998)259,514 
Equity Securities:
Mutual Funds
879 
Other
1,760 
Total Equity Securities2,639 
Total Securities$262,153 
The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated:
June 30, 2025
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
— $— $— 1 $4,177 $(819)1 $4,177 $(819)
Obligations of States and Political Subdivisions
1 537 — 5 2,356 (61)6 2,893 (61)
Mortgage Backed Securities- Government-Sponsored Enterprises1 4,218 (41)8 14,820 (2,414)9 19,038 (2,455)
Collateralized Mortgage Obligations - Government-Sponsored Enterprises3 17,762 (124)21 70,100 (13,518)24 87,862 (13,642)
Collateralized Loan Obligations8 59,889 (230)1 10,028 (27)9 69,917 (257)
Corporate Debt— — — 3 7,874 (1,602)3 7,874 (1,602)
Total13 $82,406 $(395)39 $109,355 $(18,441)52 $191,761 $(18,836)
December 31, 2024
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
— $— $— 1 $3,945 $(1,051)1 $3,945 $(1,051)
Obligations of States and Political Subdivisions
2 1,068 (16)5 2,279 (133)7 3,347 (149)
Mortgage Backed Securities- Government-Sponsored Enterprises5 35,232 (222)8 15,131 (3,043)13 50,363 (3,265)
Collateralized Mortgage Obligations - Government-Sponsored Enterprises4 31,208 (662)20 63,749 (15,457)24 94,957 (16,119)
Collateralized Loan Obligations5 27,564 (58)— — — 5 27,564 (58)
Corporate Debt— — — 3 8,123 (1,356)3 8,123 (1,356)
Total
16 $95,072 $(958)37 $93,227 $(21,040)53 $188,299 $(21,998)
For debt securities, the Company does not believe that any individual unrealized loss as of June 30, 2025 or December 31, 2024, represents a credit related impairment. The Company performs a review of the entire securities portfolio on a quarterly basis to identify securities that may indicate a credit related impairment. The unrealized losses on securities at June 30, 2025 and December 31, 2024 relate principally to changes in market interest rates subsequent to the acquisition of the specific securities. The Company does not intend to sell, and it is not more likely than not that it will be required to sell any of the securities in an unrealized loss position before recovery of its amortized cost or maturity of the security.
Total securities available to be pledged have a fair value of $255.7 million at June 30, 2025 and $251.3 million at December 31, 2024 of which securities with a fair value of $166.2 million and $176.2 million at June 30, 2025 and December 31, 2024, respectively, were pledged to secure uninsured public deposits, borrowings or for other purposes as required or permitted by law.
The scheduled maturities of securities available-for-sale are summarized as follows. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities, collateralized mortgage obligations and collateralized loan obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.
June 30, 2025
Amortized
Cost
Fair
Value
(Dollars in thousands)
Due in One Year or Less
$120 $120 
Due after One Year through Five Years
673 666 
Due after Five Years through Ten Years
52,894 50,441 
Due after Ten Years
230,785 215,054 
Total
$284,472 $266,281 
There was no realized gain or loss on sales of debt securities for the periods indicated.
The following table presents the loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. All losses presented in the table below are reported in Net Loss on Securities on the Consolidated Statements of Income.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(Dollars in thousands)
Equity Securities
Net Unrealized Loss Recognized on Securities Held$— $(31)$(56)$(197)
Net Realized Loss Recognized on Securities Sold— — (13)— 
Net Loss on Equity Securities$— $(31)$(69)$(197)
Net Loss on Securities$— $(31)$(69)$(197)