v3.26.1
SECURITIES
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
Debt Securities
The amortized cost of securities available-for-sale and their estimated fair values at December 31, 2025 and 2024 are as follows:
Amortized
Cost
Gross Unrealized Gains
Gross Unrealized LossesEstimated
Fair
Value
(In thousands)
December 31, 2025
U.S. Treasury Notes$96,546 $15 $(776)$95,785 
Corporate Bonds41,392 574 (989)40,977 
U.S. Government agency obligations599 — (32)567 
Obligations issued by U.S. states and their political subdivisions
6,289 — (174)6,115 
Mortgage-backed securities:
Residential 152,865 557 (15,246)138,176 
Multifamily16,396 18 (723)15,691 
Asset-backed securities4,047 — (131)3,916 
Total$318,134 $1,164 $(18,071)$301,227 
December 31, 2024
U.S. Treasury Notes$41,259 $40 $(1,160)$40,139 
Corporate Bonds75,122 389 (2,357)73,154 
U.S. Government agency obligations874 — (62)812 
Obligations issued by U.S. states and their political subdivisions
6,357 — (333)6,024 
Mortgage-backed securities:
Residential 171,754 9 (22,722)149,041 
Multifamily19,776 — (1,033)18,743 
Asset-backed securities9,312 — (197)9,115 
Total$324,454 $438 $(27,864)$297,028 
The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at December 31, 2025 and 2024, are as follows:
Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated
Fair
Value
(In thousands)
December 31, 2025
Asset-backed securities$8,507 $— $(472)$8,035 
Corporate bonds18,600 5 (1,012)17,593 
Total$27,107 $5 $(1,484)$25,628 
Allowance for credit loss(91)
$27,016 
December 31, 2024
Asset-backed securities$14,574 $— $(993)$13,581 
Corporate bonds18,600 — (2,186)16,414 
Total$33,174 $— $(3,179)$29,995 
Allowance for credit loss(98)
$33,076 
At December 31, 2025 and 2024, the allowance for credit losses on securities held-to-maturity totaled $91 thousand and $98 thousand respectively, and related to the corporate bonds. The asset-backed securities are in an AAA or A1 tranche determined by a third party. No loss is expected on these securities.
Securities pledged at December 31, 2025 and 2024, had a carrying amount of $78.9 million and $119.8 million, respectively. Unencumbered securities can be pledged to secure borrowings, public deposits and derivatives, as needed.
The amortized cost and fair value of debt securities are shown below by contractual maturity at December 31, 2025. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.
Amortized Cost (1)
Estimated Fair Value
(In thousands)
Available-for-sale
Due in one year or less$95,096 $92,121 
Due from one year to five years34,471 23,618 
Due from five to ten years8,313 21,535 
Due after ten years6,946 6,170 
144,826 143,444 
Mortgage-backed and asset-backed securities173,308 157,783 
Total$318,134 $301,227 
Held-to-maturity
Due from five to ten years $18,600 $17,593 
18,600 17,593 
Asset-backed securities8,507 8,035 
Total$27,107 $25,628 
(1) Excludes the allowance for credit losses on held-to-maturity securities at December 31, 2025.
Credit Indicators
Credit ratings are a key measure for estimating the probability of a bond’s default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company’s management. Investment grade reflects a credit quality of BBB- or above. None of the Company’s securities are on non-accrual status, nor are any past due.
The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at December 31, 2025 and December 31, 2024.
December 31, 2025AAAA1BBB+BBBBBB-Total
(In thousands)
Corporate bonds$— $— $1,600 $16,000 $1,000 $18,600 
Asset-backed securities8,507 — — — — 8,507 
Total$8,507 $— $1,600 $16,000 $1,000 $27,107 
December 31, 2024AAAA1BBB+BBBBBB-Total
(In thousands)
Corporate bonds$— $— $1,600 $16,000 $1,000 $18,600 
Asset-backed securities8,677 5,897 — — — 14,574 
Total$8,677 $5,897 $1,600 $16,000 $1,000 $33,174 
The following table summarizes available-for-sale securities with unrealized losses at December 31, 2025 and 2024, aggregated by major security type and length of time in a continuous loss position.
Less than 12 Months12 Months or MoreTotal
Unrealized LossesEstimated
Fair Value		Unrealized LossesEstimated
Fair Value		Number of SecuritiesUnrealized LossesEstimated
Fair Value
(Dollars in thousands)
December 31, 2025
U.S. Treasury Note$— $— $(776)$6,170 1$(776)$6,170 
Corporate Bonds— — (989)16,528 7(989)16,528 
U.S. Government agency obligations— — (32)567 2(32)567 
Obligations issued by U.S. states and their political subdivisions(1)739 (174)5,376 5(175)6,115 
Mortgage-backed securities:
Residential(6)1,369 (15,240)105,700 43(15,246)107,069 
Multifamily— — (723)14,194 4(723)14,194 
Asset-backed securities— — (131)3,916 2(131)3,916 
Total available-for-sale$(7)$2,108 $(18,065)$152,451 64$(18,072)$154,559 
December 31, 2024
U.S. Treasury Note$— $— $(1,160)$5,776 1$(1,160)$5,776 
Corporate Bonds— — (2,357)39,286 19(2,357)39,286 
U.S. Government agency obligations— — (62)812 2(62)812 
Obligations issued by U.S. states and their political subdivisions— — (333)6,024 5(333)6,024 
Mortgage-backed securities:
Residential (64)18,888 (22,658)112,396 47(22,722)131,284 
Multifamily(56)11,237 (977)7,506 5(1,033)18,743 
Asset-backed securities— — (197)4,115 2(197)4,115 
Total available-for-sale$(120)$30,125 $(27,744)$175,915 81$(27,864)$206,040 
Of the 64 available-for-sale securities in an unrealized loss position at December 31, 2025, 50 are comprised of U.S. Government agency obligations, Treasury notes, and mortgage-backed securities. These securities were all issued by U.S. Government-sponsored entities and agencies. For corporate bonds, obligations issued by U.S. states and their political subdivisions and asset-backed securities in an unrealized loss position, the decline in fair value is attributable to changes in interest rates and liquidity, not credit quality. The Company does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity.
The following table summarizes held-to-maturity securities with unrealized losses at December 31, 2025 and December 31, 2024 aggregated by major security type and length of time in a continuous loss position.
Less than 12 Months12 Months or MoreTotal
Unrealized LossesEstimated
Fair Value		Unrealized LossesEstimated
Fair Value		Number of SecuritiesUnrealized LossesEstimated
Fair Value
(Dollars in thousands)
December 31, 2025
Corporate Bonds$— $— $(1,012)$14,588 8$(1,012)$14,588 
Asset-backed securities— — (472)8,035 1(472)8,035 
Total held-to-maturity$— $— $(1,484)$22,623 9$(1,484)$22,623 
December 31, 2024
Corporate Bonds$— $— $(2,186)$16,414 9$(2,186)$16,414 
Asset-backed securities— — (993)13,581 2(993)13,581 
Total held-to-maturity$— $— $(3,179)$29,995 11$(3,179)$29,995 
The held-to-maturity securities in an unrealized loss position at December 31, 2025, are corporate bonds and asset-backed securities, which experienced a decline in fair value attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity.
FHLB Stock and Other Investments
At December 31, 2025 and 2024, other investments primarily consisted of investments in FHLB stock and, to a much lesser extent, investments in a financial technology fund and a community banking core provider cooperative. Other investments carried at fair value totaled $15.8 million and $17.6 million at December 31, 2025 and 2024, respectively. The investment in a financial technology fund is carried at net asset value (“NAV”) and totaled $520 thousand at December 31, 2025 and $226 thousand at December 31, 2024. The Company recorded a net increase in the NAV of $69 thousand and $33 thousand for the years ended December 31, 2025 and 2024, respectively, as a component of other income. The Company's unfunded commitments related to the financial technology fund totaled $445 thousand at December 31, 2025.