Investment Securities (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity, With Gross Unrealized Gains and Losses |
The following tables summarize the amortized cost and fair value of securities available for sale and held to maturity, with gross unrealized gains and losses at the dates indicated:
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(In thousands) |
|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
December 31, 2025 |
|
|
|
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|
|
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Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and government-sponsored enterprise obligations |
|
$ |
92,844 |
|
|
$ |
157 |
|
|
$ |
(4,810 |
) |
|
$ |
88,191 |
|
Municipal securities |
|
|
7,607 |
|
|
|
1 |
|
|
|
(458 |
) |
|
|
7,150 |
|
Mortgage-backed securities(1) |
|
|
184,801 |
|
|
|
986 |
|
|
|
(11,989 |
) |
|
|
173,798 |
|
Total securities available for sale |
|
$ |
285,252 |
|
|
$ |
1,144 |
|
|
$ |
(17,257 |
) |
|
$ |
269,139 |
|
Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
500 |
|
|
$ |
— |
|
|
$ |
(35 |
) |
|
$ |
465 |
|
Subordinated debt securities |
|
|
12,500 |
|
|
|
14 |
|
|
|
(378 |
) |
|
|
12,136 |
|
Total securities held to maturity |
|
$ |
13,000 |
|
|
$ |
14 |
|
|
$ |
(413 |
) |
|
$ |
12,601 |
|
(1)Mortgage-backed securities are issued by government-sponsored enterprises or federal agencies.
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|
(In thousands) |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
December 31, 2024 |
|
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|
|
|
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|
|
|
|
|
|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and government-sponsored enterprise obligations |
|
$ |
122,673 |
|
|
$ |
36 |
|
|
$ |
(9,720 |
) |
|
$ |
112,989 |
|
Municipal securities |
|
|
8,823 |
|
|
|
— |
|
|
|
(684 |
) |
|
|
8,139 |
|
Mortgage-backed securities(1) |
|
|
160,152 |
|
|
|
100 |
|
|
|
(17,104 |
) |
|
|
143,148 |
|
Other |
|
|
2,001 |
|
|
|
— |
|
|
|
(344 |
) |
|
|
1,657 |
|
Total securities available for sale |
|
$ |
293,649 |
|
|
$ |
136 |
|
|
$ |
(27,852 |
) |
|
$ |
265,933 |
|
Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
500 |
|
|
$ |
— |
|
|
$ |
(35 |
) |
|
$ |
465 |
|
Subordinated debt securities |
|
|
16,247 |
|
|
|
— |
|
|
|
(82 |
) |
|
|
16,165 |
|
Total securities held to maturity |
|
$ |
16,747 |
|
|
$ |
— |
|
|
$ |
(117 |
) |
|
$ |
16,630 |
|
(1)Mortgage-backed securities are issued by government-sponsored enterprises or federal agencies.
|
| Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
The amortized cost and fair value of debt securities by contractual maturity at December 31, 2025 follows. Expected maturities will differ from contractual maturities because the issuers have, in certain instances, the right to call or prepay obligations 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 |
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|
Held to Maturity |
|
(In thousands) |
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
Within 1 year |
|
$ |
4,974 |
|
|
$ |
4,989 |
|
|
$ |
— |
|
|
$ |
— |
|
After 1 year through 5 years |
|
|
73,950 |
|
|
|
70,926 |
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|
|
3,000 |
|
|
|
2,985 |
|
After 5 years through 10 years |
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|
16,462 |
|
|
|
14,663 |
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|
|
9,500 |
|
|
|
9,151 |
|
Over 10 years |
|
|
5,065 |
|
|
|
4,763 |
|
|
|
500 |
|
|
|
465 |
|
Total securities with defined maturities |
|
|
100,451 |
|
|
|
95,341 |
|
|
|
13,000 |
|
|
|
12,601 |
|
Mortgage-backed securities |
|
|
184,801 |
|
|
|
173,798 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
285,252 |
|
|
$ |
269,139 |
|
|
$ |
13,000 |
|
|
$ |
12,601 |
|
|
| Summary of Securities in an Unrealized Loss Position |
Information pertaining to securities with gross unrealized losses, for which an ACL has not been recorded, at December 31, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
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Less Than Twelve Months |
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Twelve Months or Greater |
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Total |
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(In thousands) |
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
December 31, 2025 |
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|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and government-sponsored
enterprise obligations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,810 |
|
|
$ |
72,028 |
|
|
$ |
4,810 |
|
|
$ |
72,028 |
|
Municipal securities |
|
|
— |
|
|
|
— |
|
|
|
458 |
|
|
|
5,149 |
|
|
|
458 |
|
|
|
5,149 |
|
Mortgage-backed securities |
|
|
111 |
|
|
|
16,478 |
|
|
|
11,878 |
|
|
|
84,462 |
|
|
|
11,989 |
|
|
|
100,940 |
|
Total securities available for sale |
|
$ |
111 |
|
|
$ |
16,478 |
|
|
$ |
17,146 |
|
|
$ |
161,639 |
|
|
$ |
17,257 |
|
|
$ |
178,117 |
|
|
|
|
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|
|
|
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|
|
|
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|
|
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|
Less Than Twelve Months |
|
|
Twelve Months or Greater |
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|
Total |
|
(In thousands) |
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and government-sponsored
enterprise obligations |
|
$ |
43 |
|
|
$ |
20,440 |
|
|
$ |
9,677 |
|
|
$ |
80,057 |
|
|
$ |
9,720 |
|
|
$ |
100,497 |
|
Municipal securities |
|
|
28 |
|
|
|
1,005 |
|
|
|
656 |
|
|
|
7,134 |
|
|
|
684 |
|
|
|
8,139 |
|
Mortgage-backed securities |
|
|
260 |
|
|
|
44,007 |
|
|
|
16,844 |
|
|
|
78,044 |
|
|
|
17,104 |
|
|
|
122,051 |
|
Total securities available for sale |
|
$ |
331 |
|
|
$ |
65,452 |
|
|
$ |
27,521 |
|
|
$ |
166,892 |
|
|
$ |
27,852 |
|
|
$ |
232,344 |
|
|