INVESTMENT SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| INVESTMENT SECURITIES |
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| Summary of amortized cost and estimated fair value of securities |
The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | | Cost | | Gains | | Losses | | Fair Value | December 31, 2025 | | | | | | | | | | | | | U.S. Treasury | | $ | 54,483 | | $ | 275 | | $ | (6) | | $ | 54,752 | Mortgage-backed securities: | | | | | | | | | | | | | U.S. Government agency securities | | | 36,743 | | | 384 | | | (423) | | | 36,704 | Government-sponsored enterprises | | | 38,955 | | | 828 | | | — | | | 39,783 | Collateralized mortgage obligations: | | | | | | | | | | | | | U.S. Government agency securities | | | 21,009 | | | 374 | | | — | | | 21,383 | Government-sponsored enterprises | | | 47,929 | | | 465 | | | (104) | | | 48,290 | Municipal obligations | | | 19,477 | | | 42 | | | — | | | 19,519 | Total available for sale securities | | $ | 218,596 | | $ | 2,368 | | $ | (533) | | $ | 220,431 | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | | U.S. Treasury | | $ | 217,412 | | $ | 162 | | $ | (868) | | $ | 216,706 | Mortgage-backed securities: | | | | | | | | | | | | | U.S. Government agency securities | | | 20,517 | | | — | | | (1,189) | | | 19,328 | Government-sponsored enterprises | | | 17,522 | | | — | | | (633) | | | 16,889 | Collateralized mortgage obligations: | | | | | | | | | | | | | U.S. Government agency securities | | | 18,009 | | | — | | | (461) | | | 17,548 | Government-sponsored enterprises | | | 33,489 | | | 1 | | | (249) | | | 33,241 | Municipal obligations | | | 17,782 | | | 51 | | | (8) | | | 17,825 | Total available for sale securities | | $ | 324,731 | | $ | 214 | | $ | (3,408) | | $ | 321,537 |
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| Summary of amortized cost and estimated fair value of held to maturity securities |
The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | Allowance for | | Net Carrying | | | Cost | | Gains | | Losses | | Fair Value | | Credit Losses | | Value | December 31, 2025 | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 39,637 | | | 648 | | | (2,441) | | $ | 37,844 | | $ | 452 | | $ | 39,185 | Municipal obligations | | | 2,336 | | | — | | | (5) | | | 2,331 | | | — | | | 2,336 | Total held to maturity securities | | $ | 41,973 | | $ | 648 | | $ | (2,446) | | $ | 40,175 | | $ | 452 | | $ | 41,521 | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 22,000 | | | 59 | | | (3,181) | | $ | 18,878 | | $ | 216 | | $ | 21,784 | Municipal obligations | | | 3,616 | | | — | | | (37) | | | 3,579 | | | — | | | 3,616 | Total held to maturity securities | | $ | 25,616 | | $ | 59 | | $ | (3,218) | | $ | 22,457 | | $ | 216 | | $ | 25,400 |
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| Summary of allowance for credit losses on securities held to maturity |
The following tables present the activity in the allowance for credit losses on securities held-to-maturity (dollars in thousands): | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2025 | | | Beginning | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 216 | | $ | 236 | | $ | — | | $ | — | | $ | 452 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 216 | | $ | 236 | | $ | — | | $ | — | | $ | 452 |
| | | | | | | | | | | | | | | | | | For the Fiscal Year Ended June 30, 2024 | | | Beginning | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | — | | $ | 262 | | $ | — | | $ | — | | $ | 262 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total allowance for credit losses on securities held to maturity | | $ | — | | $ | 262 | | $ | — | | $ | — | | $ | 262 |
| | | | | | | | | | | | | | | | | | For the Six Months Ended December 31, 2024 | | | Beginning | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 262 | | $ | (46) | | $ | — | | $ | — | | $ | 216 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 262 | | $ | (46) | | $ | — | | $ | — | | $ | 216 |
| | | | | | | | | | | | | | | | | | For the Six Months Ended December 31, 2023 | | | Beginning | | | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | — | | $ | 238 | | $ | — | | $ | — | | $ | 238 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | — | | $ | 238 | | $ | — | | $ | — | | $ | 238 |
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| Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position |
The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Securities available for sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | — | | $ | — | | $ | 4,994 | | $ | (6) | | $ | 4,994 | | $ | (6) | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | 18,183 | | | (423) | | | 18,183 | | | (423) | Government-sponsored enterprises | | | — | | | — | | | — | | | — | | | — | | | — | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | — | | | — | | | — | | | — | Government-sponsored enterprises | | | 6,661 | | | (11) | | | 27,763 | | | (93) | | | 34,424 | | | (104) | | | $ | 6,661 | | $ | (11) | | $ | 50,940 | | $ | (522) | | $ | 57,601 | | $ | (533) | | | | | | | | | | | | | | | | | | | | Securities held to maturity: | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 2,483 | | $ | (17) | | $ | 10,326 | | $ | (2,424) | | $ | 12,809 | | $ | (2,441) | Municipal obligations | | | 2,331 | | | (5) | | | — | | | — | | | 2,331 | | | (5) | | | $ | 4,814 | | $ | (22) | | $ | 10,326 | | $ | (2,424) | | $ | 15,140 | | $ | (2,446) |
| | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Securities available for sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | 14,432 | | $ | (4) | | $ | 128,283 | | $ | (864) | | $ | 142,715 | | $ | (868) | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | 19,328 | | | (1,189) | | | — | | | — | | | 19,328 | | | (1,189) | Government-sponsored enterprises | | | 16,889 | | | (633) | | | — | | | — | | | 16,889 | | | (633) | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | 17,548 | | | (461) | | | — | | | — | | | 17,548 | | | (461) | Government-sponsored enterprises | | | 31,128 | | | (248) | | | 11 | | | (1) | | | 31,139 | | | (249) | Municipal obligations | | | 6,437 | | | (8) | | | — | | | — | | | 6,437 | | | (8) | | | $ | 105,762 | | $ | (2,543) | | $ | 128,294 | | $ | (865) | | $ | 234,056 | | $ | (3,408) | | | | | | | | | | | | | | | | | | | | Securities held to maturity: | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | — | | $ | — | | $ | 16,819 | | $ | (3,181) | | $ | 16,819 | | $ | (3,181) | Municipal obligations | | | — | | | — | | | 3,579 | | | (37) | | | 3,579 | | | (37) | | | $ | — | | $ | — | | $ | 20,398 | | $ | (3,218) | | $ | 20,398 | | $ | (3,218) |
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| Summary of fair value of debt securities and carrying amount, if different, by contractual maturity |
The following table sets forth information with regard to contractual maturities of debt securities (dollars in thousands). | | | | | | | | | December 31, 2025 | | | Amortized | | Estimated | | | Cost | | Fair Value | Securities available for sale: | | | | | | | Due in one year or less | | $ | 54,221 | | $ | 54,366 | Due after one to five years | | | 33,053 | | | 33,191 | Due after five to ten years | | | 9,599 | | | 9,550 | Due after ten years | | | 121,723 | | | 123,324 | | | $ | 218,596 | | $ | 220,431 | | | | | | | | Securities held to maturity: | | | | | | | Due in one year or less | | $ | 2,148 | | $ | 2,143 | Due after one to five years | | | 8,938 | | | 9,062 | Due after five to ten years | | | 30,887 | | | 28,970 | | | $ | 41,973 | | $ | 40,175 |
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