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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule of Investments [Abstract]  
Schedule of Available-for-sale and Held to Maturity Securities

A summary of investment securities available-for-sale and securities held-to-maturity is as follows:

 

(Dollars in thousands)  As of December 31, 2024 
       Gross   Gross     
   Amortized   unrealized   unrealized   Estimated 
   cost   gains   losses   fair value 
                 
Available-for-sale:                    
U. S. treasury securities  $65,349   $53   $(944)  $64,458 
Municipal obligations, tax exempt   111,196    47    (4,115)   107,128 
Municipal obligations, taxable   76,200    70    (4,555)   71,715 
Agency mortgage-backed securities   140,651    40    (11,480)   129,211 
Total available-for-sale  $393,396   $210   $(21,094)  $372,512 
                     
Held-to-maturity:                    
Other  $3,672   $-   $(382)  $3,290 
Total held-to-maturity  $3,672   $-   $(382)  $3,290 

 

(Dollars in thousands)  As of December 31, 2023 
       Gross   Gross     
   Amortized   unrealized   unrealized   Estimated 
   cost   gains   losses   fair value 
                 
Available-for-sale:                    
U. S. treasury securities  $99,340   $-   $(3,673)  $95,667 
Municipal obligations, tax exempt   122,775    186    (2,338)   120,623 
Municipal obligations, taxable   82,926    225    (4,068)   79,083 
Agency mortgage-backed securities   169,656    247    (12,507)   157,396 
Total available-for-sale  $474,697   $658   $(22,586)  $452,769 
                     
Held-to-maturity:                    
Other  $3,555   $-   $(506)  $3,049 
Total held-to-maturity  $3,555   $-   $(506)  $3,049 
Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value

The following tables summarize securities available-for-sale in an unrealized loss positions for which an allowance for credit losses has not been recorded at December 31, 2024 and 2023 along with length of time in a continuous unrealized loss position.

 

(Dollars in thousands)      As of December 31, 2024 
       Less than 12 months   12 months or longer   Total 
   No. of   Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
   securities   value   losses   value   losses   value   losses 
Available-for-sale                                   
U. S. treasury securities   22   $1,558   $-   $43,327   $(944)  $44,885   $(944)
Municipal obligations, tax exempt   254    16,754    (311)   86,409    (3,804)   103,163    (4,115)
Municipal obligations, taxable   107    22,201    (726)   45,285    (3,829)   67,486    (4,555)
Agency mortgage-backed securities   102    18,875    (223)   105,615    (11,257)   124,490    (11,480)
Total available-for-sale  485   $59,388   $(1,260)  $280,636   $(19,834)  $340,024   $(21,094)

 

(Dollars in thousands)      As of December 31, 2023 
       Less than 12 months   12 months or longer   Total 
   No. of   Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
   securities   value   losses   value   losses   value   losses 
Available-for-sale                                   
U. S. treasury securities   47   $1,129   $(7)  $93,833   $(3,666)  $94,962   $(3,673)
Municipal obligations, tax exempt   229    31,468    (337)   64,962    (2,001)   96,430    (2,338)
Municipal obligations, taxable   110    17,278    (151)   52,212    (3,917)   69,490    (4,068)
Agency mortgage-backed securities   100    6,480    (68)   128,512    (12,439)   134,992    (12,507)
Total available-for-sale   486   $56,355   $(563)  $339,519   $(22,023)  $395,874   $(22,586)
Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities

The following table provides information on the Company’s allowance for credit losses related to held-to-maturity investment securities.

 

   2024   2023 
   Years ended December 31, 
   2024   2023 
(Dollars in thousands)        
Beginning balance  $91   $- 
Impact of adopting ASC 326   -    72 
Provision for credit losses   -    19 
Ending balance  $91   $91 
Schedule of Investments Classified by Contractual Maturity Date

 

   Amortized   Estimated 
(Dollars in thousands)  cost   fair value 
Available-for-sale:          
Due in less than one year  $35,536   $35,269 
Due after one year but within five years   222,328    210,035 
Due after five years but within ten years   99,918    93,765 
Due after ten years   35,614    33,443 
Total available-for-sale  $393,396   $372,512 
           
Held-to-maturity:          
Due after five years but within ten years  $3,672   $3,290 
Total held-to-maturity  $3,672   $3,290 
Schedule of Realized Gain (loss)

The Company has not sold any investment securities subsequent to December 31, 2024 and the date of this filing. Sales proceeds and gross realized gains and losses on sales of available-for-sale securities are as follows:

 

   2024   2023   2022 
(Dollars in thousands)  Years ended December 31, 
   2024   2023   2022 
             
Sales proceeds  $32,623   $20,913   $52,597 
                
Realized gains  $-   $-   $- 
Realized losses   (1,031)   (1,246)   (1,103)
Net realized (losses) gains  $(1,031)  $(1,246)  $(1,103)