v3.26.1
Securities
 12 Months Ended
Dec. 31, 2025
Securities [Abstract]  
Securities
Note 3 – Securities
 
The following table summarizes the amortized cost and fair value of the available‑for‑sale investment securities portfolios at December 31, 2025 and December 31, 2024 and the corresponding amounts of unrealized gains (losses) which are recognized in accumulated other comprehensive income (loss):
 
   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair Value
  
   
(In thousands)
  
December 31, 2025:
                        
Federal agency mortgage-backed securities
  
$
120,372
    
$
1,109
    
$
(7,051
)
  
$
114,430
  
Federal agency Collateralized Mortgage Obligations (CMOs)
     69,742       367       (652 )     69,457  
Federal agency debt
    
29,259
      
–
      
(846
)
    
28,413
  
Municipal bonds
    
4,766
      
–
      
(244
)
    
4,522
  
U. S. Treasuries
    
4,993
      
–
      
(6
)
    
4,987
  
SBA pools
    
9,387
      
3
      
(1,115
)
    
8,275
  
   Asset-backed securities
     9,352       3       (86 )     9,269  
   Corporate bonds
     17,500       57       (75 )     17,482  
Total available-for-sale securities
  
$
265,371
    
$
1,539
    
$
(10,075
)
  
$
256,835
  
December 31, 2024:
                                
Federal agency mortgage-backed securities
  
$
62,853
    
$
8
    
$
(9,832
)
  
$
53,029
  
Federal agency CMOs
    
21,299
      
6
      
(1,247
)
    
20,058
  
Federal agency debt
    
42,100
      
2
      
(2,068
)
    
40,034
  
Municipal bonds
    
4,800
      
–
      
(412
)
    
4,388
  
U. S. Treasuries
    
77,857
      
–
      
(667
)
    
77,190
  
SBA pools
    
10,749
      
2
      
(1,588
)
    
9,163
  
Total available-for-sale securities
  
$
219,658
    
$
18
    
$
(15,814
)
  
$
203,862
  
 
There were no sales of securities during the years ended December 31, 2025 or 2024.

The amortized cost and estimated fair value of all investment securities available-for-sale at December 31, 2025, by contractual maturities, are shown below. Contractual maturities may differ from expected maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 
  
Amortized
Cost
    
Gross
 Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair Value
  
 
  
(In thousands)
  
Due in one year or less
  
$
11,863
    
$
–
    
$
(47
)
  
$
11,816
  
Due after one year through five years
    
28,280
      
4
      
(1,049
)
    
27,235
  
Due after five years through ten years
    
32,230
      
52
      
(741
)
    
31,541
  
Due after ten years
    
192,998
      
1,483
      
(8,238
)
    
186,243
  
 
  
$
265,371
    
$
1,539
    
$
(10,075
)
  
$
256,835
  


The table below indicates the length of time individual securities have been in a continuous unrealized loss position:


 
Less than 12 Months
    
12 Months or Longer
    
Total
  
   
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
  
December 31, 2025:
  
(In thousands)
  
Federal agency mortgage-backed securities
  
$
7,197
    
$
(26
)
  
$
47,717
    
$
(7,025
)
  
$
54,914
    
$
(7,051
)
Federal agency CMOs
     1,488       (2 )     14,804       (650 )     16,292       (652 )
Federal agency debt
    
2,512
      
(3
)
    
25,901
      
(843
)
    
28,413
      
(846
)
Municipal bonds
    
–
      
–
      
4,522
      
(244
)
    
4,522
      
(244
)
U. S. Treasuries
    
–
      
–
      
4,987
      
(6
)
    
4,987
      
(6
)
SBA pools
    
185
      
(1
)
    
7,621
      
(1,114
)
    
7,806
      
(1,115
)
    Asset-backed securities
     7,208       (86 )     –       –       7,208       (86 )
    Corporate bonds
     7,425       (75 )     –       –       7,425       (75 )
Total
  
$
26,015
    
$
(193
)
  
$
105,552
    
$
(9,882
)
  
$
131,567
    
$
(10,075
)
                                                 
December 31, 2024:
                                                
Federal agency mortgage-backed securities
  
$
–
    
$
–
    
$
52,568
    
$
(9,832
)
  
$
52,568
    
$
(9,832
)
Federal agency CMOs
     –       –       19,303       (1,247 )     19,303       (1,247 )
Federal agency debt
    
–
      
–
      
37,508
      
(2,068
)
    
37,508
      
(2,068
)
Municipal bonds
    
–
      
–
      
4,388
      
(412
)
    
4,388
      
(412
)
U. S. Treasuries
    
–
      
–
      
77,190
      
(667
)
    
77,190
      
(667
)
SBA pools
     629       (1 )     8,179       (1,587 )     8,808       (1,588 )
Total
  
$
629
    
$
(1
)
  
$
199,136
    
$
(15,813
)
  
$
199,765
    
$
(15,814
)

Securities with a market value of $83.7 million were pledged as collateral for securities sold under agreements to repurchase as of December 31, 2025 and included $67.9 million of federal agency mortgage-backed securities, $9.3 million of federal agency debt, $5.0 million of U.S. Treasuries, and $1.5 million of SBA pools. Securities with a market value of $7.7 million were pledged as collateral for D.C. Housing, securities with a market value of $4.2 million were pledged as collateral for D.C. Government, and securities with a market value of $157 thousand were pledged as collateral for FRB discount window.

Securities with a market value of $83.3 million were pledged as collateral for securities sold under agreements to repurchase as of December 31, 2024 and included $46.5 million of U.S. Treasuries, $27.1 million of federal agency debt, $5.5 million of federal agency mortgage-backed securities, and $4.2 million of SBA pools.

At December 31, 2025 and 2024, there were no securities pledged to secure public deposits since those public deposits are under $250 thousand which are fully insured by FDIC. At December 31, 2025 and 2024, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of equity.  Accrued interest receivable on securities was $745 thousand and $796 thousand at December 31, 2025 and 2024, respectively, and is included in the consolidated statements of financial condition in accrued interest receivable.

At December 31, 2025 and 2024, there were no securities in nonaccrual status.  All securities in the portfolio were current with their contractual principal and interest payments.  At December 31, 2025 and 2024, there were no securities purchased with deterioration in credit quality since their origination, and there were no collateral dependent securities.