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

Details of investment securities available-for-sale and held-to-maturity as of December 31, 2024 and 2023 were as follows:

 

 

 

Available-for-Sale

 

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

87,703

 

 

$

347

 

 

$

(2,768

)

 

$

85,282

 

Commercial

 

 

12,105

 

 

 

17

 

 

 

(202

)

 

 

11,920

 

Obligations of U.S. government-sponsored agencies

 

 

11,436

 

 

 

18

 

 

 

(620

)

 

 

10,834

 

Obligations of states and political subdivisions

 

 

1,577

 

 

 

 

 

 

(28

)

 

 

1,549

 

Corporate notes

 

 

17,757

 

 

 

58

 

 

 

(1,871

)

 

 

15,944

 

U.S. Treasury securities

 

 

44,019

 

 

 

 

 

 

(1,660

)

 

 

42,359

 

Total

 

$

174,597

 

 

$

440

 

 

$

(7,149

)

 

$

167,888

 

 

 

 

Held-to-Maturity

 

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

264

 

 

$

 

 

$

(10

)

 

$

254

 

Obligations of U.S. government-sponsored agencies

 

 

384

 

 

 

 

 

 

(27

)

 

 

357

 

Obligations of states and political subdivisions

 

 

34

 

 

 

 

 

 

(3

)

 

 

31

 

Total

 

$

682

 

 

$

 

 

$

(40

)

 

$

642

 

 

 

 

Available-for-Sale

 

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

47,221

 

 

$

580

 

 

$

(3,073

)

 

$

44,728

 

Commercial

 

 

9,446

 

 

 

 

 

 

(406

)

 

 

9,040

 

Obligations of U.S. government-sponsored agencies

 

 

11,849

 

 

 

158

 

 

 

(727

)

 

 

11,280

 

Obligations of states and political subdivisions

 

 

1,621

 

 

 

 

 

 

(63

)

 

 

1,558

 

Corporate notes

 

 

17,757

 

 

 

 

 

 

(2,800

)

 

 

14,957

 

U.S. Treasury securities

 

 

56,999

 

 

 

 

 

 

(2,997

)

 

 

54,002

 

Total

 

$

144,893

 

 

$

738

 

 

$

(10,066

)

 

$

135,565

 

 

 

 

 

Held-to-Maturity

 

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

575

 

 

$

 

 

$

(22

)

 

$

553

 

Obligations of U.S. government-sponsored agencies

 

 

471

 

 

 

 

 

 

(34

)

 

 

437

 

Obligations of states and political subdivisions

 

 

58

 

 

 

 

 

 

(7

)

 

 

51

 

Total

 

$

1,104

 

 

$

 

 

$

(63

)

 

$

1,041

 

Maturities of Investment Securities Available-for-Sale and Held-to-Maturity

The scheduled maturities of investment securities available-for-sale and held-to-maturity as of December 31, 2024 are presented in the following table:

 

 

 

Available-for-Sale

 

 

Held-to-Maturity

 

 

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

 

 

(Dollars in Thousands)

 

Maturing within one year

 

$

24,216

 

 

$

23,882

 

 

$

 

 

$

 

Maturing after one to five years

 

 

27,466

 

 

 

26,039

 

 

 

265

 

 

 

258

 

Maturing after five to ten years

 

 

60,051

 

 

 

55,754

 

 

 

310

 

 

 

283

 

Maturing after ten years

 

 

62,864

 

 

 

62,213

 

 

 

107

 

 

 

101

 

Total

 

$

174,597

 

 

$

167,888

 

 

$

682

 

 

$

642

 

Schedule of Unrealized Loss and Fair Value on Investments for Securities for Which Allowance for Credit Losses has not been Recorded

The following table reflects gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2024 and 2023:

 

 

 

Available-for-Sale

 

 

 

December 31, 2024

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

41,417

 

 

$

(424

)

 

$

28,520

 

 

$

(2,344

)

Commercial

 

 

3,374

 

 

 

(13

)

 

 

5,331

 

 

 

(189

)

Obligations of U.S. government-sponsored agencies

 

 

3,823

 

 

 

(1

)

 

 

4,457

 

 

 

(619

)

Obligations of states and political subdivisions

 

 

 

 

 

 

 

 

1,549

 

 

 

(28

)

Corporate notes

 

 

 

 

 

 

 

 

13,886

 

 

 

(1,871

)

U.S. Treasury securities

 

 

 

 

 

 

 

 

42,359

 

 

 

(1,660

)

Total

 

$

48,614

 

 

$

(438

)

 

$

96,102

 

 

$

(6,711

)

 

 

 

 

Held-to-Maturity

 

 

 

December 31, 2024

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

 

 

$

 

 

$

254

 

 

$

(10

)

Obligations of U.S. government-sponsored agencies

 

 

 

 

 

 

 

 

357

 

 

 

(27

)

Obligations of states and political subdivisions

 

 

 

 

 

 

 

 

31

 

 

 

(3

)

Total

 

$

 

 

$

 

 

$

642

 

 

$

(40

)

 

 

 

Available-for-Sale

 

 

 

December 31, 2023

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

94

 

 

$

(1

)

 

$

35,584

 

 

$

(3,072

)

Commercial

 

 

600

 

 

 

(5

)

 

 

8,408

 

 

 

(401

)

Obligations of U.S. government-sponsored agencies

 

 

 

 

 

 

 

 

4,367

 

 

 

(727

)

Obligations of states and political subdivisions

 

 

 

 

 

 

 

 

1,558

 

 

 

(63

)

Corporate notes

 

 

771

 

 

 

(229

)

 

 

14,186

 

 

 

(2,571

)

U.S. Treasury securities

 

 

 

 

 

 

 

 

54,002

 

 

 

(2,997

)

Total

 

$

1,465

 

 

$

(235

)

 

$

118,105

 

 

$

(9,831

)

 

 

 

Held-to-Maturity

 

 

 

December 31, 2023

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

 

 

$

 

 

$

553

 

 

$

(22

)

Obligations of U.S. government-sponsored agencies

 

 

 

 

 

 

 

 

436

 

 

 

(34

)

Obligations of states and political subdivisions

 

 

 

 

 

 

 

 

52

 

 

 

(7

)

Total

 

$

 

 

$

 

 

$

1,041

 

 

$

(63

)