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Investment Securities | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following:
June 30, 2025 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (Dollars in thousands)
U.S. Government-sponsored enterprises | $ | 28,623 |  | $ | — |  | $ | (2,580) |  | $ | 26,043 |
Agency mortgage-backed | 193,841 |  | 164 |  | (27,510) |  | 166,495 |
State and political subdivisions | 55,587 |  | 12 |  | (10,069) |  | 45,530 |
Corporate | 2,500 |  | 1 |  | (32) |  | 2,469 |
Total | $ | 280,551 |  | $ | 177 |  | $ | (40,191) |  | $ | 240,537 |
December 31, 2024 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (Dollars in thousands)
U.S. Government-sponsored enterprises | $ | 29,664 |  | $ | — |  | $ | (3,449) |  | $ | 26,215 |
Agency mortgage-backed | 206,170 |  | — |  | (32,895) |  | 173,275 |
State and political subdivisions | 55,737 |  | 14 |  | (7,201) |  | 48,550 |
Corporate | 2,500 |  | 2 |  | (38) |  | 2,464 |
Total | $ | 294,071 |  | $ | 16 |  | $ | (43,583) |  | $ | 250,504 |
There were no investment securities HTM at June 30, 2025 or December 31, 2024. At such dates, investment securities AFS with a fair value of $91.9 million and $96.0 million, respectively, were pledged as collateral for FHLB borrowings and other credit subject to collateralization, public unit deposits or for other purposes as required or permitted by law. Investment securities AFS pledged as collateral for discount window borrowings at the FRB consisted of U.S. government-sponsored enterprises and Agency MBS with a fair value of $9.5 million and $9.7 million at June 30, 2025 and December 31, 2024, respectively. The amortized cost and estimated fair value of debt securities by contractual scheduled maturity as of June 30, 2025 were as follows:
| Amortized Cost | Fair Value
Available-for-sale | (Dollars in thousands)
Due in one year or less | $ | 1,016 |  | $ | 1,016 |
Due from one to five years | 14,397 |  | 13,494 |
Due from five to ten years | 11,579 |  | 10,483 |
Due after ten years | 59,718 |  | 49,049 |
| 86,710 |  | 74,042 |
Agency mortgage-backed | 193,841 |  | 166,495 |
Total debt securities available-for-sale | $ | 280,551 |  | $ | 240,537 |
Actual maturities may differ for certain debt securities that may be called by the issuer prior to the contractual maturity. Actual maturities usually differ from contractual maturities on agency MBS because the mortgages underlying the securities may be prepaid, usually without any penalties. Therefore, these agency MBS are shown separately and are not included in the contractual maturity categories in the above maturity summary. Information pertaining to all AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, as of the balance sheet dates, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
June 30, 2025 | Less Than 12 Months | 12 Months and over | 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- sponsored enterprises | 1 |  | $ | 1,694 |  | $ | (64) |  | 26 |  | $ | 24,349 |  | $ | (2,516) |  | 27 |  | $ | 26,043 |  | $ | (2,580) |
Agency mortgage-backed | 7 |  | 22,649 |  | (320) |  | 87 |  | 127,716 |  | (27,190) |  | 94 |  | 150,365 |  | (27,510) |
State and political subdivisions | 1 |  | 1,522 |  | (50) |  | 52 |  | 43,494 |  | (10,019) |  | 53 |  | 45,016 |  | (10,069) |
Corporate | 1 |  | 490 |  | (10) |  | 3 |  | 1,479 |  | (22) |  | 4 |  | 1,969 |  | (32) |
Total | 10 |  | $ | 26,355 |  | $ | (444) |  | 168 |  | $ | 197,038 |  | $ | (39,747) |  | 178 |  | $ | 223,393 |  | $ | (40,191) |
December 31, 2024 | Less Than 12 Months | 12 Months and over | 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- sponsored enterprises | 1 |  | $ | 2,012 |  | $ | (69) |  | 26 |  | $ | 24,203 |  | $ | (3,380) |  | 27 |  | $ | 26,215 |  | $ | (3,449) |
Agency mortgage-backed | 11 |  | 43,367 |  | (784) |  | 87 |  | 129,908 |  | (32,111) |  | 98 |  | 173,275 |  | (32,895) |
State and political subdivisions | 1 |  | 1,564 |  | (8) |  | 52 |  | 46,470 |  | (7,193) |  | 53 |  | 48,034 |  | (7,201) |
Corporate | 1 |  | 499 |  | (1) |  | 3 |  | 1,463 |  | (37) |  | 4 |  | 1,962 |  | (38) |
Total | 14 |  | $ | 47,442 |  | $ | (862) |  | 168 |  | $ | 202,044 |  | $ | (42,721) |  | 182 |  | $ | 249,486 |  | $ | (43,583) |
AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For AFS debt securities in an unrealized loss position, management first assesses whether it intends to sell, or it is more likely than not that the Company will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For AFS debt securities that do not meet the above criteria, management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, management compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an ACL is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. For AFS debt securities, any decline in fair value that has not been recorded through an ACL is recognized in other comprehensive income (loss), net of applicable taxes. No ACL for AFS debt securities was recorded at June 30, 2025 or December 31, 2024. Accrued interest receivable on AFS debt securities totaled $1.2 million at June 30, 2025 and December 31, 2024, and is excluded from the estimate of credit losses. There were no sales of investment securities AFS for the three and six months ended June 30, 2025 and 2024.

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