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Investment Securities | 3 Months Ended
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Mar. 31, 2025
Investment Securities |
Investment Securities | (4) Investment Securities Investment securities available for sale at March 31, 2025 and December 31, 2024 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasuries |  | $ | 7,983 |  |  |  | - |  |  |  | 585 |  |  |  | 7,398 |
U.S. Government sponsored enterprises |  |  | 6,129 |  |  |  | - |  |  |  | 425 |  |  |  | 5,704 |
GSE - Mortgage-backed securities |  |  | 232,114 |  |  |  | 161 |  |  |  | 19,422 |  |  |  | 212,853 |
Private label mortgage-backed securities |  |  | 42,091 |  |  |  | 99 |  |  |  | 1,117 |  |  |  | 41,073 |
State and political subdivisions |  |  | 129,594 |  |  |  | - |  |  |  | 22,272 |  |  |  | 107,322 |
Total |  | $ | 417,911 |  |  |  | 260 |  |  |  | 43,821 |  |  |  | 374,350 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasuries |  | $ | 7,981 |  |  |  | - |  |  |  | 724 |  |  |  | 7,257 |
U.S. Government sponsored enterprises |  |  | 9,243 |  |  |  | - |  |  |  | 511 |  |  |  | 8,732 |
GSE - Mortgage-backed securities |  |  | 248,837 |  |  |  | 162 |  |  |  | 23,207 |  |  |  | 225,792 |
Private label mortgage-backed securities |  |  | 43,118 |  |  |  | 74 |  |  |  | 1,425 |  |  |  | 41,767 |
State and political subdivisions |  |  | 129,659 |  |  |  | - |  |  |  | 25,204 |  |  |  | 104,455 |
Total |  | $ | 438,838 |  |  |  | 236 |  |  |  | 51,071 |  |  |  | 388,003 |
The current fair value and associated unrealized losses on investments in securities with unrealized losses at March 31, 2025 and December 31, 2024 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2025 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasuries |  | $ | - |  |  |  | - |  |  |  | 7,398 |  |  |  | 585 |  |  |  | 7,398 |  |  |  | 585 |
U.S. government sponsored enterprises |  |  | - |  |  |  | - |  |  |  | 5,704 |  |  |  | 425 |  |  |  | 5,704 |  |  |  | 425 |
GSE -Mortgage-backed securities |  |  | 16,064 |  |  |  | 284 |  |  |  | 191,926 |  |  |  | 19,138 |  |  |  | 207,990 |  |  |  | 19,422 |
Private label mortgage-backed securities |  |  | 8,932 |  |  |  | 81 |  |  |  | 25,595 |  |  |  | 1,036 |  |  |  | 34,527 |  |  |  | 1,117 |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 107,322 |  |  |  | 22,272 |  |  |  | 107,322 |  |  |  | 22,272 |
Total |  | $ | 24,996 |  |  |  | 365 |  |  |  | 337,945 |  |  |  | 43,456 |  |  |  | 362,941 |  |  |  | 43,821 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasuries |  | $ | - |  |  |  | - |  |  |  | 7,257 |  |  |  | 724 |  |  |  | 7,257 |  |  |  | 724 |
U.S. government sponsored enterprises |  |  | - |  |  |  | - |  |  |  | 8,732 |  |  |  | 511 |  |  |  | 8,732 |  |  |  | 511 |
GSE -Mortgage-backed securities |  |  | 20,458 |  |  |  | 669 |  |  |  | 197,497 |  |  |  | 22,538 |  |  |  | 217,955 |  |  |  | 23,207 |
Private label mortgage-backed securities |  |  | 4,010 |  |  |  | 9 |  |  |  | 21,727 |  |  |  | 1,416 |  |  |  | 25,737 |  |  |  | 1,425 |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 104,455 |  |  |  | 25,204 |  |  |  | 104,455 |  |  |  | 25,204 |
Total |  | $ | 24,468 |  |  |  | 678 |  |  |  | 339,668 |  |  |  | 50,393 |  |  |  | 364,136 |  |  |  | 51,071 |
At March 31, 2025, unrealized losses in the investment securities portfolio relating to debt securities totaled $43.8 million. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the March 31, 2025 table above, both of the U.S. Treasury securities, all 108 of the securities issued by state and political subdivisions contained unrealized losses, all six of the securities issued by U.S. Government sponsored enterprises (“GSE”), 110 of the 115 GSE mortgage-backed securities, and 13 of the 17 private label mortgage-backed securities contained unrealized losses. The Company did not have any reserves on securities at March 31, 2025, as no credit related losses were identified in the Company’s March 31, 2025 analysis. At December 31, 2024, unrealized losses in the investment securities portfolio relating to debt securities totaled $51.1 million. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the December 31, 2024 table above, both of the U.S. Treasury securities, all 108 of the securities issued by state and political subdivisions contained unrealized losses, all seven of the securities issued by GSEs, 114 of the 119 GSE mortgage-backed securities, and 11 of the 16 private label mortgage-backed securities contained unrealized losses. The Company did not have any reserves on securities at December 31, 2024, as no credit related losses were identified in the Company’s December 31, 2024 analysis. The amortized cost and estimated fair value of investment securities available for sale, other than GSE mortgage-backed securities, at March 31, 2025, are shown below by contractual maturity. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2025 |  |  |  |  |  |
(Dollars in thousands) |  |  |  |  |  |
|  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 4,995 |  |  |  | 4,982 |
Due from one to five years |  |  | 35,616 |  |  |  | 32,632 |
Due from five to ten years |  |  | 74,710 |  |  |  | 61,835 |
Due after ten years |  |  | 70,476 |  |  |  | 62,048 |
Mortgage-backed securities |  |  | 232,114 |  |  |  | 212,853 |
Total |  | $ | 417,911 |  |  |  | 374,350 |
During the three months ended March 31, 2025, proceeds from sales of securities available for sale were $12.7 million and resulted in gross losses of $47,000 and gross gains of $43,000. No securities available for sale were sold during the three months ended March 31, 2024. Securities with a fair value of approximately $36.7 million and $40.0 million at March 31, 2025 and December 31, 2024, respectively, were pledged to secure public deposits and for other purposes as required by law.

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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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