XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.25.3

Securities | 9 Months Ended
--- | ---
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
|  | (Dollars in thousands)
|  | Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2025 |  |  |  |  |  |  |  |
U.S. government sponsored entities |  | $ | 8,884 |  |  | $ | - |  |  | $ | (498) |  |  | $ | 8,386 |
Collateralized mortgage obligations and residential mortgage-backed securities |  | 126,998 |  |  | - |  |  | (20,705) |  |  | 106,293 |
Municipal securities |  | 261,936 |  |  | - |  |  | (43,081) |  |  | 218,855 |
Collateralized debt obligations |  | 2,145 |  |  | - |  |  | (529) |  |  | 1,616 |
Total securities available-for-sale |  | $ | 399,963 |  |  | $ | - |  |  | $ | (64,813) |  |  | $ | 335,150 |
|  | (Dollars in thousands)
|  | Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2024 |  |  |  |  |  |  |  |
U.S. government sponsored entities |  | $ | 8,884 |  |  | $ | - |  |  | $ | (823) |  |  | $ | 8,061 |
Collateralized mortgage obligations and residential mortgage-backed securities |  | 135,974 |  |  | - |  |  | (26,649) |  |  | 109,325 |
Municipal securities |  | 262,954 |  |  | - |  |  | (48,205) |  |  | 214,749 |
Collateralized debt obligations |  | 2,156 |  |  | - |  |  | (737) |  |  | 1,419 |
Total securities available-for-sale |  | $ | 409,968 |  |  | $ | - |  |  | $ | (76,414) |  |  | $ | 333,554 |
The cost basis and estimated fair value of available-for-sale debt securities at September 30, 2025, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.
|  | (Dollars in thousands)
|  | Available-for-sale
September 30, 2025 |  | Cost Basis |  | Estimated Fair Value
Due in one year or less |  | $ | - |  |  | $ | - |
Due from one to five years |  | 12,686 |  |  | 11,927 |
Due from five to ten years |  | 51,314 |  |  | 46,151 |
Due over ten years |  | 208,965 |  |  | 170,779 |
Collateralized mortgage obligations and residential mortgage-backed securities |  | 126,998 |  |  | 106,293 |
Total |  | $ | 399,963 |  |  | $ | 335,150 |
Sales of available-for-sale securities were as follows for the quarter ended:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 14,698 |
Gross gains | - |  |  | - |  |  | - |  |  | - |
Gross losses | - |  |  | - |  |  | - |  |  | (531) |
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
| (Dollars in thousands)
| Unrealized loss
Beginning balance, June 30, 2025 | $ | (57,560) |
Period change | 8,294 |
Ending balance, September 30, 2025 | $ | (49,266) |
| (Dollars in thousands)
| Unrealized loss
Beginning balance, June 30, 2024 | $ | (58,939) |
Current period change | 10,698 |
Ending balance, September 30, 2024 | $ | (48,241) |
| (Dollars in thousands)
| Unrealized loss
Beginning Balance, January 1, 2025 | $ | (58,084) |
Period change | 8,818 |
Ending Balance, September 30, 2025 | $ | (49,266) |
| (Dollars in thousands)
| Unrealized loss
Beginning balance, January 1, 2024 | $ | (51,613) |
Current period change | 3,372 |
Ending balance, September 30, 2024 | $ | (48,241) |
Securities with market values of approximately $334.4 million and $326.5 million were pledged as of September 30, 2025 and December 31, 2024, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law. Securities with unrealized losses at September 30, 2025, and December 31, 2024 not recognized in income are as follows:
|  |  |  |  |  | (Dollars in thousands) |  |  |  |  |  |
|  | Less than 12 months |  | 12 months or longer |  | Total |  |
|  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Percentage of Total Portfolio in Loss Position
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities |  | $ | - |  |  | $ | - |  |  | $ | 8,386 |  |  | $ | (498) |  |  | $ | 8,386 |  |  | $ | (498) |  |  | 100.0 | %
Collateralized mortgage obligations and residential mortgage-backed securities |  | - |  |  | - |  |  | 106,293 |  |  | (20,705) |  |  | 106,293 |  |  | (20,705) |  |  | 100.0 | %
Municipal securities |  | - |  |  | - |  |  | 218,855 |  |  | (43,081) |  |  | 218,855 |  |  | (43,081) |  |  | 100.0 | %
Collateralized debt obligations |  | - |  |  | - |  |  | 1,616 |  |  | (529) |  |  | 1,616 |  |  | (529) |  |  | 100.0 | %
Total temporarily impaired |  | $ | - |  |  | $ | - |  |  | $ | 335,150 |  |  | $ | (64,813) |  |  | $ | 335,150 |  |  | $ | (64,813) |  |  | 100.0 | %
Number of securities |  |  |  | - |  |  |  | 411 |  |  |  | 411 |  |
|  |  |  |  |  | (Dollars in thousands) |  |  |  |  |  |
|  | Less than 12 months |  | 12 months or longer |  | Total |  |
|  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Percentage of Total Portfolio in Loss Position
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities |  | $ | - |  |  | $ | - |  |  | $ | 8,061 |  |  | $ | (823) |  |  | $ | 8,061 |  |  | $ | (823) |  |  | 100.0 | %
Collateralized mortgage obligations and residential mortgage-backed securities |  | - |  |  | - |  |  | 109,325 |  |  | (26,649) |  |  | 109,325 |  |  | (26,649) |  |  | 100.0 | %
Municipal securities |  | 3,310 |  |  | (156) |  |  | 211,439 |  |  | (48,049) |  |  | 214,749 |  |  | (48,205) |  |  | 100.0 | %
Collateralized debt obligations |  | - |  |  | - |  |  | 1,419 |  |  | (737) |  |  | 1,419 |  |  | (737) |  |  | 100.0 | %
Total temporarily impaired |  | $ | 3,310 |  |  | $ | (156) |  |  | $ | 330,244 |  |  | $ | (76,258) |  |  | $ | 333,554 |  |  | $ | (76,414) |  |  | 100.0 | %
Number of securities |  |  |  | 4 |  |  |  | 409 |  |  |  | 413 |  |
Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity. Collateralized debt obligations with a cost basis of $2.1 million and fair value of $1.6 million at September 30, 2025 and $1.4 million at December 31, 2024, had previously recorded impairment of $173 thousand, which will not be recoverable until maturity of the security. Accrued interest receivable on AFS debt securities totaled $2.2 million at September 30, 2025, and $2.3 million at December 31, 2024. These amounts are excluded from the estimate of credit losses. The Company made the policy election to exclude accrued interest from the amortized cost basis of AFS debt securities and report accrued interest separately on the condensed consolidated balance sheet.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration