The following tables summarize the amortized cost, fair value, and allowance for credit losses and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held-to-maturity securities:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
	(dollars in thousands; unaudited)
March 31, 2026
Available-for-sale

U.S. Agency collateralized mortgage obligations	$	29	$	—	$	(1)	$	28	$	—


Total available-for-sale securities	29		—		(1)		28		—

Held-to-maturity
U.S. Agency residential mortgage-backed securities	46,141		549		(307)		46,383		—

Total investment securities	$	46,170	$	549	$	(308)	$	46,411	$	—


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
	(dollars in thousands; unaudited)
December 31, 2025
Available-for-sale


U.S. Agency collateralized mortgage obligations	$	30	$	—	$	(1)	$	29	$	—


Total available-for-sale securities	30		—		(1)		29		—
Held-to-maturity
U.S. Agency residential mortgage-backed securities	48,218		710		(214)		48,713		—
Total investment securities	$	48,248	$	710	$	(215)	$	48,742	$	—

Accrued interest on available-for-sale securities was less than $1,000 at March 31, 2026 and December 31, 2025, and accrued interest on held-to-maturity securities was $210,000 and $219,000 at March 31, 2026 and December 31, 2025, respectively. Accrued interest on securities is excluded from the balances in the preceding tables of securities receivable, and is included in accrued interest receivable on the Company's consolidated balance sheets.

The amortized cost and fair value of debt securities at March 31, 2026, by contractual maturity, are shown below. Currently, the portfolio consists of mortgage-backed securities and collateralized mortgage obligations which are not due at a single maturity date. Expected maturities will differ from contractual maturities because issuers or the underlying borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(dollars in thousands; unaudited)
March 31, 2026




U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations	29		28		46,141		46,383
	$	29	$	28	$	46,141	$	46,383

There were nine securities with a $308,000 unrealized loss as of March 31, 2026. There were eight securities with a $215,000 unrealized loss as of December 31, 2025. The following tables show the investments’ gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(dollars in thousands; unaudited)
March 31, 2026
Available-for-sale

U.S. Agency collateralized mortgage obligations	$	—	$	—	$	28	$	1	$	28	$	1


Total available-for-sale securities	—		—		28		1		28		1
Held-to-maturity
U.S. Agency residential mortgage-backed securities	13,759		220		737		87		14,496		307
Total investment securities	$	13,759	$	220	$	765	$	88	$	14,524	$	308


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(dollars in thousands; unaudited)
December 31, 2025
Available-for-sale


U.S. Agency collateralized mortgage obligations	$	—	$	—	$	29	$	1	$	29	$	1


Total available-for-sale securities	—		—		29		1		29		1
Held-to-maturity
U.S. Agency residential mortgage-backed securities	5,039		95		8,228		119		13,267		214
Total investment securities	$	5,039	$	95	$	8,257	$	120	$	13,296	$	215

Management has evaluated the above securities and does not believe that any individual unrealized loss as of March 31, 2026 will be recognized into income. Unrealized losses have not been recognized into income because management does not intend to sell and does not expect it will be required to sell the investments. The decline in fair value is largely due to changes in market conditions and interest rates, rather than credit quality. The fair value is expected to recover as the underlying securities in the portfolio approach maturity date and market conditions improve. Management believes there is a high probability of collecting all contractual amounts due, because all of the securities in the portfolio are backed by government agencies or government sponsored enterprises. However, a recovery in value may not occur for some time, if at all, and may be delayed for greater than the a one year time horizon or perhaps even until maturity. Based on management's analysis no allowance for credit losses was required on these securities.