Securities (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Debt Securities, Available-for-Sale |
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 |
| June 30, 2025 |
|
|
|
|
|
|
|
|
| U.S. government sponsored entities |
|
$ |
8,884 |
|
|
$ |
- |
|
|
$ |
(577) |
|
|
$ |
8,307 |
|
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
130,260 |
|
|
- |
|
|
(22,288) |
|
|
107,972 |
|
| Municipal securities |
|
262,277 |
|
|
- |
|
|
(52,327) |
|
|
209,950 |
|
| Collateralized debt obligations |
|
2,149 |
|
|
- |
|
|
(533) |
|
|
1,616 |
|
| Total securities available-for-sale |
|
$ |
403,570 |
|
|
$ |
- |
|
|
$ |
(75,725) |
|
|
$ |
327,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
| Investments Classified by Contractual Maturity Date |
The cost basis and estimated fair value of available-for-sale debt securities at June 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 |
| June 30, 2025 |
|
Cost
Basis |
|
Estimated
Fair
Value |
| Due in one year or less |
|
$ |
- |
|
|
$ |
- |
|
| Due from one to five years |
|
12,438 |
|
|
11,590 |
|
| Due from five to ten years |
|
41,642 |
|
|
36,578 |
|
| Due over ten years |
|
219,230 |
|
|
171,705 |
|
|
|
|
|
|
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
130,260 |
|
|
107,972 |
|
| Total |
|
$ |
403,570 |
|
|
$ |
327,845 |
|
|
| Schedule of Realized Gain (Loss) |
Sales of available-for-sale securities were as follows for the quarter ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
| Proceeds |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
14,697 |
|
| Gross gains |
- |
|
|
- |
|
|
- |
|
|
- |
|
| Gross losses |
- |
|
|
- |
|
|
- |
|
|
(531) |
|
|
| Schedule of Accumulated Other Comprehensive Income (Loss) |
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, April 1, 2025 |
$ |
(58,244) |
|
| Period change |
684 |
|
| Ending balance, June 30, 2025 |
$ |
(57,560) |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Unrealized loss |
| Beginning balance, April 1, 2024 |
$ |
(56,313) |
|
| Current period change |
(2,626) |
|
| Ending balance, June 30, 2024 |
$ |
(58,939) |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Unrealized loss |
| Beginning Balance, January 1, 2025 |
$ |
(58,084) |
|
| Period change |
524 |
|
| Ending Balance, June 30, 2025 |
$ |
(57,560) |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Unrealized loss |
| Beginning balance, January 1, 2024 |
$ |
(51,613) |
|
| Current period change |
(7,326) |
|
| Ending balance, June 30, 2024 |
$ |
(58,939) |
|
|
| Unrealized Gain (Loss) on Investments |
Securities with unrealized losses at June 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 |
| June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. government sponsored entities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,307 |
|
|
$ |
(577) |
|
|
$ |
8,307 |
|
|
$ |
(577) |
|
|
100.0 |
% |
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
- |
|
|
- |
|
|
107,972 |
|
|
(22,288) |
|
|
107,972 |
|
|
(22,288) |
|
|
100.0 |
% |
| Municipal securities |
|
- |
|
|
- |
|
|
209,950 |
|
|
(52,327) |
|
|
209,950 |
|
|
(52,327) |
|
|
100.0 |
% |
| Collateralized debt obligations |
|
- |
|
|
- |
|
|
1,616 |
|
|
(533) |
|
|
1,616 |
|
|
(533) |
|
|
100.0 |
% |
| Total temporarily impaired |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
327,845 |
|
|
$ |
(75,725) |
|
|
$ |
327,845 |
|
|
$ |
(75,725) |
|
|
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 |
|
|
|