Securities (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities |
The amortized cost, gross unrealized gains and losses, and fair value of securities at December 31, 2025 and 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds |
|
$ |
2,999 |
|
|
$ |
— |
|
|
$ |
(20 |
) |
|
$ |
2,979 |
|
Corporate Bonds |
|
|
13,501 |
|
|
|
— |
|
|
|
(738 |
) |
|
|
12,763 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
30,839 |
|
|
|
— |
|
|
|
(4,493 |
) |
|
|
26,346 |
|
FHLMC Certificates |
|
|
7,915 |
|
|
|
— |
|
|
|
(790 |
) |
|
|
7,125 |
|
FNMA Certificates |
|
|
50,620 |
|
|
|
— |
|
|
|
(7,714 |
) |
|
|
42,906 |
|
GNMA Certificates |
|
|
76 |
|
|
|
1 |
|
|
|
— |
|
|
|
77 |
|
Total available-for-sale securities |
|
$ |
105,950 |
|
|
$ |
1 |
|
|
$ |
(13,755 |
) |
|
$ |
92,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
7,500 |
|
|
$ |
36 |
|
|
$ |
(138 |
) |
|
$ |
7,398 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
160,786 |
|
|
|
100 |
|
|
|
(2,876 |
) |
|
|
158,010 |
|
FHLMC Certificates |
|
|
3,133 |
|
|
|
22 |
|
|
|
(119 |
) |
|
|
3,036 |
|
FNMA Certificates |
|
|
90,868 |
|
|
|
53 |
|
|
|
(1,453 |
) |
|
|
89,468 |
|
SBA Certificates |
|
|
10,931 |
|
|
|
32 |
|
|
|
— |
|
|
|
10,963 |
|
Allowance for Credit Losses |
|
|
(236 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total held-to-maturity securities |
|
$ |
272,982 |
|
|
$ |
243 |
|
|
$ |
(4,586 |
) |
|
$ |
268,875 |
|
(1)Comprised of FHLMC, FNMA and GNMA issued securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds |
|
$ |
2,994 |
|
|
$ |
— |
|
|
$ |
(121 |
) |
|
$ |
2,873 |
|
Corporate Bonds |
|
|
21,762 |
|
|
|
10 |
|
|
|
(1,368 |
) |
|
|
20,404 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
34,526 |
|
|
|
— |
|
|
|
(5,991 |
) |
|
|
28,535 |
|
FHLMC Certificates |
|
|
9,028 |
|
|
|
— |
|
|
|
(1,366 |
) |
|
|
7,662 |
|
FNMA Certificates |
|
|
56,010 |
|
|
|
— |
|
|
|
(10,602 |
) |
|
|
45,408 |
|
GNMA Certificates |
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
|
88 |
|
Total available-for-sale securities |
|
$ |
124,408 |
|
|
$ |
10 |
|
|
$ |
(19,448 |
) |
|
$ |
104,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency Bonds |
|
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
(40 |
) |
|
$ |
24,960 |
|
Corporate Bonds |
|
|
32,500 |
|
|
|
12 |
|
|
|
(535 |
) |
|
|
31,977 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
186,634 |
|
|
|
— |
|
|
|
(7,052 |
) |
|
|
179,582 |
|
FHLMC Certificates |
|
|
3,229 |
|
|
|
— |
|
|
|
(223 |
) |
|
|
3,006 |
|
FNMA Certificates |
|
|
105,417 |
|
|
|
— |
|
|
|
(5,114 |
) |
|
|
100,303 |
|
SBA Certificates |
|
|
15,374 |
|
|
|
92 |
|
|
|
— |
|
|
|
15,466 |
|
Allowance for Credit Losses |
|
|
(216 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total held-to-maturity securities |
|
$ |
367,938 |
|
|
$ |
104 |
|
|
$ |
(12,964 |
) |
|
$ |
355,294 |
|
(1)Comprised of FHLMC, FNMA and GNMA issued securities.
|
| Schedule Of Available For Sale Securities and Held to Maturity Securities Unrealized Loss On Investment Table Text Block |
The following tables present the Company's securities gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Securities With Gross Unrealized Losses |
|
|
|
Less Than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,979 |
|
|
$ |
(20 |
) |
|
$ |
2,979 |
|
|
$ |
(20 |
) |
Corporate Bonds |
|
|
— |
|
|
|
— |
|
|
|
12,763 |
|
|
|
(738 |
) |
|
|
12,763 |
|
|
|
(738 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
— |
|
|
|
— |
|
|
|
26,346 |
|
|
|
(4,493 |
) |
|
|
26,346 |
|
|
|
(4,493 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
7,125 |
|
|
|
(790 |
) |
|
|
7,125 |
|
|
|
(790 |
) |
FNMA Certificates |
|
|
— |
|
|
|
— |
|
|
|
42,906 |
|
|
|
(7,714 |
) |
|
|
42,906 |
|
|
|
(7,714 |
) |
Total available-for-sale securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
92,119 |
|
|
$ |
(13,755 |
) |
|
$ |
92,119 |
|
|
$ |
(13,755 |
) |
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,362 |
|
|
$ |
(138 |
) |
|
$ |
5,362 |
|
|
$ |
(138 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
16,561 |
|
|
|
(50 |
) |
|
|
132,942 |
|
|
|
(2,826 |
) |
|
|
149,503 |
|
|
|
(2,876 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
616 |
|
|
|
(119 |
) |
|
|
616 |
|
|
|
(119 |
) |
FNMA Certificates |
|
|
— |
|
|
|
— |
|
|
|
85,670 |
|
|
|
(1,453 |
) |
|
|
85,670 |
|
|
|
(1,453 |
) |
Total held-to-maturity securities |
|
$ |
16,561 |
|
|
$ |
(50 |
) |
|
$ |
224,590 |
|
|
$ |
(4,536 |
) |
|
$ |
241,151 |
|
|
$ |
(4,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Securities With Gross Unrealized Losses |
|
|
|
Less Than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,873 |
|
|
$ |
(121 |
) |
|
$ |
2,873 |
|
|
$ |
(121 |
) |
Corporate Bonds |
|
|
— |
|
|
|
— |
|
|
|
15,394 |
|
|
|
(1,368 |
) |
|
|
15,394 |
|
|
|
(1,368 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
— |
|
|
|
— |
|
|
|
28,535 |
|
|
|
(5,991 |
) |
|
|
28,535 |
|
|
|
(5,991 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
7,662 |
|
|
|
(1,366 |
) |
|
|
7,662 |
|
|
|
(1,366 |
) |
FNMA Certificates |
|
|
— |
|
|
|
— |
|
|
|
45,407 |
|
|
|
(10,602 |
) |
|
|
45,407 |
|
|
|
(10,602 |
) |
Total available-for-sale securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
99,871 |
|
|
$ |
(19,448 |
) |
|
$ |
99,871 |
|
|
$ |
(19,448 |
) |
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24,960 |
|
|
$ |
(40 |
) |
|
$ |
24,960 |
|
|
$ |
(40 |
) |
Corporate Bonds |
|
|
— |
|
|
|
— |
|
|
|
29,965 |
|
|
|
(535 |
) |
|
|
29,965 |
|
|
|
(535 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
81,112 |
|
|
|
(1,728 |
) |
|
|
98,470 |
|
|
|
(5,324 |
) |
|
|
179,582 |
|
|
|
(7,052 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
3,006 |
|
|
|
(223 |
) |
|
|
3,006 |
|
|
|
(223 |
) |
FNMA Certificates |
|
|
4,691 |
|
|
|
(69 |
) |
|
|
95,612 |
|
|
|
(5,045 |
) |
|
|
100,303 |
|
|
|
(5,114 |
) |
Total held-to-maturity securities |
|
$ |
85,803 |
|
|
$ |
(1,797 |
) |
|
$ |
252,013 |
|
|
$ |
(11,167 |
) |
|
$ |
337,816 |
|
|
$ |
(12,964 |
) |
|
| Summary of Maturities of Securities |
The following is a summary of maturities of securities at December 31, 2025. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized |
|
|
Fair |
|
|
|
Cost |
|
|
Value |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
U.S. Government Bonds: |
|
|
|
|
|
|
Amounts maturing: |
|
|
|
|
|
|
Three months or less |
|
$ |
2,999 |
|
|
$ |
2,979 |
|
More than three months through one year |
|
|
— |
|
|
|
— |
|
More than one year through five years |
|
|
— |
|
|
|
— |
|
More than five years through ten years |
|
|
— |
|
|
|
— |
|
|
|
|
2,999 |
|
|
|
2,979 |
|
Corporate Bonds: |
|
|
|
|
|
|
Amounts maturing: |
|
|
|
|
|
|
Three months or less |
|
$ |
— |
|
|
$ |
— |
|
More than three months through one year |
|
|
— |
|
|
|
— |
|
More than one year through five years |
|
|
1,000 |
|
|
|
492 |
|
More than five years through ten years |
|
|
12,501 |
|
|
|
12,271 |
|
|
|
|
13,501 |
|
|
|
12,763 |
|
Mortgage-Backed Securities |
|
|
89,450 |
|
|
|
76,454 |
|
Total available-for-sale securities |
|
$ |
105,950 |
|
|
$ |
92,196 |
|
Held-to-Maturity Securities: |
|
|
|
|
|
|
U.S. Agency Bonds: |
|
|
|
|
|
|
Amounts maturing: |
|
|
|
|
|
|
Three months or less |
|
$ |
— |
|
|
$ |
— |
|
More than three months through one year |
|
|
— |
|
|
|
— |
|
More than one year through five years |
|
|
— |
|
|
|
— |
|
More than five years through ten years |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Corporate Bonds: |
|
|
|
|
|
|
Amounts maturing: |
|
|
|
|
|
|
Three months or less |
|
$ |
— |
|
|
$ |
— |
|
More than three months through one year |
|
|
— |
|
|
|
— |
|
More than one year through five years |
|
|
— |
|
|
|
— |
|
More than five years through ten years |
|
|
7,500 |
|
|
|
7,398 |
|
|
|
|
7,500 |
|
|
|
7,398 |
|
Mortgage-Backed Securities |
|
|
265,718 |
|
|
|
261,477 |
|
Allowance for Credit Losses |
|
|
(236 |
) |
|
|
— |
|
Total held-to-maturity securities |
|
$ |
272,982 |
|
|
$ |
268,875 |
|
|
| Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities |
The following table presents the activity in the allowance for credit losses for held-to-maturity securities.
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Beginning balance |
|
$ |
216 |
|
|
$ |
398 |
|
Provision (benefit) for credit losses |
|
|
20 |
|
|
|
(182 |
) |
Allowance for credit losses |
|
$ |
236 |
|
|
$ |
216 |
|
|