MARKETABLE SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity Securities |
The following tables summarize the amortized cost and fair value of available for sale and held to maturity securities as of June 30, 2025 and December 31, 2024 and the corresponding amounts of gross unrealized gains and losses:
|
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June 30, 2025 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
Available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
Treasury securities |
|
$ |
44,516 |
|
|
$ |
— |
|
|
$ |
133 |
|
|
$ |
44,383 |
|
Corporate bonds |
|
|
21,766 |
|
|
|
— |
|
|
|
1,297 |
|
|
|
20,469 |
|
Municipal securities |
|
|
14,003 |
|
|
|
328 |
|
|
|
— |
|
|
|
14,331 |
|
Mortgage-backed securities |
|
|
284,189 |
|
|
|
1,044 |
|
|
|
14,306 |
|
|
|
270,927 |
|
Collateralized mortgage obligations |
|
|
19,083 |
|
|
|
80 |
|
|
|
1,344 |
|
|
|
17,819 |
|
Total available for sale |
|
$ |
383,557 |
|
|
$ |
1,452 |
|
|
$ |
17,080 |
|
|
$ |
367,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
9,529 |
|
|
$ |
— |
|
|
$ |
691 |
|
|
$ |
8,838 |
|
Municipal securities |
|
|
135,556 |
|
|
|
101 |
|
|
|
6,612 |
|
|
|
129,045 |
|
Mortgage-backed securities |
|
|
104,175 |
|
|
|
— |
|
|
|
14,178 |
|
|
|
89,997 |
|
Collateralized mortgage obligations |
|
|
31,575 |
|
|
|
— |
|
|
|
5,882 |
|
|
|
25,693 |
|
Total held to maturity |
|
$ |
280,835 |
|
|
$ |
101 |
|
|
$ |
27,363 |
|
|
$ |
253,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
Available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
Treasury securities |
|
$ |
44,015 |
|
|
$ |
— |
|
|
$ |
340 |
|
|
$ |
43,675 |
|
Corporate bonds |
|
|
27,805 |
|
|
|
— |
|
|
|
1,822 |
|
|
|
25,983 |
|
Municipal securities |
|
|
2,318 |
|
|
|
75 |
|
|
|
— |
|
|
|
2,393 |
|
Mortgage-backed securities |
|
|
265,369 |
|
|
|
487 |
|
|
|
17,122 |
|
|
|
248,734 |
|
Collateralized mortgage obligations |
|
|
21,554 |
|
|
|
33 |
|
|
|
2,068 |
|
|
|
19,519 |
|
Total available for sale |
|
$ |
361,061 |
|
|
$ |
595 |
|
|
$ |
21,352 |
|
|
$ |
340,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
9,449 |
|
|
$ |
— |
|
|
$ |
948 |
|
|
$ |
8,501 |
|
Treasury securities |
|
|
29,871 |
|
|
|
— |
|
|
|
165 |
|
|
|
29,706 |
|
Municipal securities |
|
|
152,626 |
|
|
|
289 |
|
|
|
7,020 |
|
|
|
145,895 |
|
Mortgage-backed securities |
|
|
109,281 |
|
|
|
— |
|
|
|
16,015 |
|
|
|
93,266 |
|
Collateralized mortgage obligations |
|
|
33,505 |
|
|
|
— |
|
|
|
7,628 |
|
|
|
25,877 |
|
Total held to maturity |
|
$ |
334,732 |
|
|
$ |
289 |
|
|
$ |
31,776 |
|
|
$ |
303,245 |
|
|
| Schedule of Securities with Gross Unrealized Losses |
Information pertaining to securities with gross unrealized losses as of June 30, 2025 and December 31, 2024, for which no allowance for credit losses has been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:
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Less Than 12 Months |
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|
12 Months or Longer |
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|
Total |
|
June 30, 2025 |
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
Available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury securities |
|
$ |
(133 |
) |
|
$ |
44,383 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(133 |
) |
|
$ |
44,383 |
|
Corporate bonds |
|
|
— |
|
|
|
— |
|
|
|
(1,297 |
) |
|
|
20,469 |
|
|
|
(1,297 |
) |
|
|
20,469 |
|
Mortgage-backed securities |
|
|
(1,115 |
) |
|
|
90,985 |
|
|
|
(13,191 |
) |
|
|
97,544 |
|
|
|
(14,306 |
) |
|
|
188,529 |
|
Collateralized mortgage obligations |
|
|
— |
|
|
|
— |
|
|
|
(1,344 |
) |
|
|
9,650 |
|
|
|
(1,344 |
) |
|
|
9,650 |
|
Total available for sale |
|
$ |
(1,248 |
) |
|
$ |
135,368 |
|
|
$ |
(15,832 |
) |
|
$ |
127,663 |
|
|
$ |
(17,080 |
) |
|
$ |
263,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months |
|
|
12 Months or Longer |
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|
Total |
|
December 31, 2024 |
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
Available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury securities |
|
$ |
(340 |
) |
|
$ |
43,675 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(340 |
) |
|
$ |
43,675 |
|
Corporate bonds |
|
|
— |
|
|
|
— |
|
|
|
(1,822 |
) |
|
|
25,983 |
|
|
|
(1,822 |
) |
|
|
25,983 |
|
Mortgage-backed securities |
|
|
(1,689 |
) |
|
|
99,924 |
|
|
|
(15,433 |
) |
|
|
101,274 |
|
|
|
(17,122 |
) |
|
|
201,198 |
|
Collateralized mortgage obligations |
|
|
(385 |
) |
|
|
6,538 |
|
|
|
(1,683 |
) |
|
|
10,884 |
|
|
|
(2,068 |
) |
|
|
17,422 |
|
Total available for sale |
|
$ |
(2,414 |
) |
|
$ |
150,137 |
|
|
$ |
(18,938 |
) |
|
$ |
138,141 |
|
|
$ |
(21,352 |
) |
|
$ |
288,278 |
|
|
| Investments Classified by Contractual Maturity Date |
The contractual maturities at June 30, 2025 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. The Company invests in securities that may have expected maturities that differ from their contractual maturities. These differences arise because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale |
|
|
Held to Maturity |
|
June 30, 2025 |
|
Amortized
Cost |
|
|
Estimated
Fair
Value |
|
|
Amortized
Cost |
|
|
Estimated
Fair
Value |
|
Due within one year |
|
$ |
36,533 |
|
|
$ |
36,407 |
|
|
$ |
4,727 |
|
|
$ |
4,717 |
|
Due after one year through five years |
|
|
9,995 |
|
|
|
9,959 |
|
|
|
39,681 |
|
|
|
38,373 |
|
Due after five years through ten years |
|
|
22,071 |
|
|
|
20,849 |
|
|
|
73,557 |
|
|
|
70,530 |
|
Due after ten years |
|
|
11,686 |
|
|
|
11,968 |
|
|
|
27,120 |
|
|
|
24,263 |
|
Mortgage-backed securities |
|
|
284,189 |
|
|
|
270,927 |
|
|
|
104,175 |
|
|
|
89,997 |
|
Collateralized mortgage obligations |
|
|
19,083 |
|
|
|
17,819 |
|
|
|
31,575 |
|
|
|
25,693 |
|
Total securities |
|
$ |
383,557 |
|
|
$ |
367,929 |
|
|
$ |
280,835 |
|
|
$ |
253,573 |
|
|