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Securities | 9 Months Ended
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Sep. 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:
| September 30, 2025
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(Dollars in thousands) |  |  |  |
Available-for-Sale Debt Securities: |  |  |  |
Obligations of States and Political Subdivisions | $ | 35,253 |  | $ | 862 |  | $ | — |  | $ | 36,115 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | 41,450 |  | 274 |  | (1) |  | 41,723 |
Collateralized Mortgage Obligations - Government-Sponsored Enterprises | 60,886 |  | 510 |  | (5,473) |  | 55,923 |
Collateralized Mortgage Obligations - Non-Agency | 11,300 |  | — |  | (145) |  | 11,155 |
Collateralized Loan Obligations | 107,184 |  | 16 |  | (184) |  | 107,016 |
Corporate Debt | 20,684 |  | 102 |  | (1,054) |  | 19,732 |
Total Available-for-Sale Debt Securities | $ | 276,757 |  | $ | 1,764 |  | $ | (6,857) |  | $ | 271,664 |
Equity Securities: |  |  |  |
Mutual Funds |  |  |  | 895 |
Total Securities |  |  |  | $ | 272,559 |
| 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 Enterprises | 111,076 |  | — |  | (16,119) |  | 94,957 |
Collateralized Loan Obligations | 98,741 |  | 96 |  | (58) |  | 98,779 |
Corporate Debt | 9,479 |  | — |  | (1,356) |  | 8,123 |
Total Available-for-Sale Debt Securities | $ | 281,416 |  | $ | 96 |  | $ | (21,998) |  | $ | 259,514 |
Equity Securities: |  |  |  |
Mutual Funds |  |  |  | 879 |
Other |  |  |  | 1,760 |
Total Equity Securities |  |  |  | 2,639 |
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:
| September 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) |  |  |  |  |  |  |  |  |  |  |
Mortgage Backed Securities- Government-Sponsored Enterprises | — |  | $ | — |  | $ | — |  |  | 1 |  | $ | 63 |  | $ | (1) |  |  | 1 |  | $ | 63 |  | $ | (1) |
Collateralized Mortgage Obligations - Government-Sponsored Enterprises | 3 |  | 15,775 |  | (116) |  |  | 7 |  | 19,188 |  | (5,357) |  |  | 10 |  | 34,963 |  | (5,473) |
Collateralized Mortgage Obligations - Non-Agency | 3 |  | 9,753 |  | (145) |  |  | — |  | — |  | — |  |  | 3 |  | 9,753 |  | (145) |
Collateralized Loan Obligations | 9 |  | 64,663 |  | (169) |  |  | 2 |  | 11,557 |  | (15) |  |  | 11 |  | 76,220 |  | (184) |
Corporate Debt | 2 |  | 3,497 |  | (2) |  |  | 3 |  | 8,423 |  | (1,052) |  |  | 5 |  | 11,920 |  | (1,054) |
Total | 17 |  | $ | 93,688 |  | $ | (432) |  |  | 13 |  | $ | 39,231 |  | $ | (6,425) |  |  | 30 |  | $ | 132,919 |  | $ | (6,857) |
| 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 Enterprises | 5 |  | 35,232 |  | (222) |  |  | 8 |  | 15,131 |  | (3,043) |  |  | 13 |  | 50,363 |  | (3,265) |
Collateralized Mortgage Obligations - Government-Sponsored Enterprises | 4 |  | 31,208 |  | (662) |  |  | 20 |  | 63,749 |  | (15,457) |  |  | 24 |  | 94,957 |  | (16,119) |
Collateralized Loan Obligations | 5 |  | 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 September 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 September 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 $247.9 million at September 30, 2025 and $251.3 million at December 31, 2024 of which securities with a fair value of $179.3 million and $176.2 million at September 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.
| September 30, 2025
| Amortized Cost | Fair Value
(Dollars in thousands) |  |
Due in One Year or Less | $ | — |  | $ | — |
Due after One Year through Five Years | 64 |  | 63 |
Due after Five Years through Ten Years | 36,580 |  | 35,598 |
Due after Ten Years | 240,113 |  | 236,003 |
Total | $ | 276,757 |  | $ | 271,664 |
The following table presents the gain and loss on sales of debt securities, as well as the gain and loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. All gains and losses presented in the table below are reported in Net (Loss) Gain on Investment Securities on the Consolidated Statements of Income.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 | 2024 |  | 2025 | 2024
(Dollars in thousands) |  |  |  |  |
Debt Securities |  |  |  |  |
Gross Realized Gain | $ | 423 |  | $ | — |  |  | $ | 423 |  | $ | — |
Gross Realized Loss | (12,180) |  | — |  |  | (12,180) |  | — |
Net Gain on Debt Securities | $ | (11,757) |  | $ | — |  |  | $ | (11,757) |  | $ | — |
Equity Securities |  |  |  |  |
Net Unrealized Gain (Loss) Recognized on Securities Held | $ | 5 |  | $ | 245 |  |  | $ | (51) |  | $ | 49 |
Net Realized Loss Recognized on Securities Sold | — |  | — |  |  | (13) |  | — |
Net Gain (Loss) on Equity Securities | $ | 5 |  | $ | 245 |  |  | $ | (64) |  | $ | 49 |
Net (Loss) Gain on Investment Securities | $ | (11,752) |  | $ | 245 |  |  | $ | (11,821) |  | $ | 49 |
During the three and nine months ended September 30, 2025, there were $11.8 million gross realized losses on the sale of debt securities as a result of the Company implementing a balance sheet repositioning strategy of its portfolio of available-for-sale securites. The Company sold $117.8 million in market value of its lower-yielding investment securities with an average yield of 2.87% and purchased $117.8 million of higher-yielding securities with an average yield of 5.43%. There were no gross unrealized losses on the sale of debt securities during the three and nine months ended September 30, 2024.

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