Investment Securities (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| 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 June 30, 2025 and December 31, 2024 were as follows:
|
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|
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Available-for-Sale |
|
|
|
June 30, 2025 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
Estimated |
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
|
(Dollars in Thousands) |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
89,461 |
|
|
$ |
1,134 |
|
|
$ |
(1,638 |
) |
|
$ |
88,957 |
|
Commercial |
|
|
10,431 |
|
|
|
88 |
|
|
|
(145 |
) |
|
|
10,374 |
|
Obligations of U.S. government-sponsored agencies |
|
|
10,584 |
|
|
|
150 |
|
|
|
(409 |
) |
|
|
10,325 |
|
Obligations of states and political subdivisions |
|
|
1,305 |
|
|
|
— |
|
|
|
(9 |
) |
|
|
1,296 |
|
Corporate notes |
|
|
17,760 |
|
|
|
45 |
|
|
|
(1,270 |
) |
|
|
16,535 |
|
U.S. Treasury securities |
|
|
30,022 |
|
|
|
— |
|
|
|
(933 |
) |
|
|
29,089 |
|
Total |
|
$ |
159,563 |
|
|
$ |
1,417 |
|
|
$ |
(4,404 |
) |
|
$ |
156,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity |
|
|
|
June 30, 2025 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
Estimated |
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
|
(Dollars in Thousands) |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
206 |
|
|
$ |
— |
|
|
$ |
(6 |
) |
|
$ |
200 |
|
Obligations of U.S. government-sponsored agencies |
|
|
344 |
|
|
|
— |
|
|
|
(19 |
) |
|
|
325 |
|
Obligations of states and political subdivisions |
|
|
11 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
10 |
|
Total |
|
$ |
561 |
|
|
$ |
— |
|
|
$ |
(26 |
) |
|
$ |
535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale |
|
|
|
December 31, 2024 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
Estimated |
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
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 |
|
|
| 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 June 30, 2025 are presented in the following table:
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Available-for-Sale |
|
|
Held-to-Maturity |
|
|
|
Amortized
Cost |
|
|
Estimated
Fair Value |
|
|
Amortized
Cost |
|
|
Estimated
Fair Value |
|
|
|
(Dollars in Thousands) |
|
Maturing within one year |
|
$ |
15,417 |
|
|
$ |
15,223 |
|
|
$ |
— |
|
|
$ |
— |
|
Maturing after one to five years |
|
|
20,559 |
|
|
|
19,777 |
|
|
|
211 |
|
|
|
207 |
|
Maturing after five to ten years |
|
|
60,449 |
|
|
|
57,655 |
|
|
|
258 |
|
|
|
241 |
|
Maturing after ten years |
|
|
63,138 |
|
|
|
63,921 |
|
|
|
92 |
|
|
|
87 |
|
Total |
|
$ |
159,563 |
|
|
$ |
156,576 |
|
|
$ |
561 |
|
|
$ |
535 |
|
|
| Schedule of Fair Value and Unrealized Loss on Investments for Securities for Which Allowance for Credit Losses has not been Recorded |
The following tables reflect fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of June 30, 2025 and December 31, 2024.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale |
|
|
|
June 30, 2025 |
|
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(Dollars in Thousands) |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
4,707 |
|
|
$ |
(20 |
) |
|
$ |
25,511 |
|
|
$ |
(1,618 |
) |
Commercial |
|
|
829 |
|
|
|
(3 |
) |
|
|
4,538 |
|
|
|
(142 |
) |
Obligations of U.S. government-sponsored agencies |
|
|
— |
|
|
|
— |
|
|
|
4,655 |
|
|
|
(409 |
) |
Obligations of states and political subdivisions |
|
|
— |
|
|
|
— |
|
|
|
1,296 |
|
|
|
(9 |
) |
Corporate notes |
|
|
— |
|
|
|
— |
|
|
|
14,490 |
|
|
|
(1,270 |
) |
U.S. Treasury securities |
|
|
— |
|
|
|
— |
|
|
|
29,089 |
|
|
|
(933 |
) |
Total |
|
$ |
5,536 |
|
|
$ |
(23 |
) |
|
$ |
79,579 |
|
|
$ |
(4,381 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity |
|
|
|
June 30, 2025 |
|
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(Dollars in Thousands) |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
200 |
|
|
$ |
(6 |
) |
Obligations of U.S. government-sponsored agencies |
|
|
— |
|
|
|
— |
|
|
|
325 |
|
|
|
(19 |
) |
Obligations of states and political subdivisions |
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
(1 |
) |
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
535 |
|
|
$ |
(26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|