Securities available for sale at March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

Available for sale
Agencies	$	348	$	1	$	—	$	349
Corporate securities		1,483		—		118		1,365
Mortgage-backed securities		23,768		17		1,510		22,275
Treasuries		8,899		4		2		8,901
Total	$	34,498	$	22	$	1,630	$	32,890


	December 31, 2025
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

Available for sale
Agencies	$	404	$	—	$	—	$	404
Corporate securities		1,482		—		121		1,361
Mortgage-backed securities		20,570		19		1,473		19,116
Treasuries		12,329		16		—		12,345
Total	$	34,785	$	35	$	1,594	$	33,226

Securities held to maturity at March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Held to maturity
Corporate securities(1)	$	3,199	$	—	$	203	$	2,996
Mortgage-backed securities		2,492		3		444		2,051
Total	$	5,691	$	3	$	647	$	5,047


	December 31, 2025
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Held to maturity
Corporate securities(1)	$	3,198	$	—	$	200	$	2,998
Mortgage-backed securities		2,538		4		438		2,104
Total	$	5,736	$	4	$	638	$	5,102

(1) Amount is net of CECL credit reserve of $1,000 at March 31, 2026 and $2,000 at December 31, 2025.

The Company pledged securities with an amortized cost of $29.0 million and a fair value of $27.3 million at March 31, 2026 to secure deposits from municipalities. At December 31, 2025, the Company pledged securities with an amortized cost of $32.1 million and a fair value of $30.3 million to secure deposits from municipalities. The amortized cost and fair value of securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.


	March 31, 2026
	Available for sale				Held to maturity
	Amortized		Fair		Amortized		Fair
(dollars in thousands)	cost		value		cost		value

Maturing
Due under one year	$	22,541	$	22,524	$	3,335	$	3,133
Due after one year through five years		1,043		977		73		71
Due after five years through ten years		1,133		1,046		278		267
Due after ten years		9,781		8,343		2,005		1,576
Total	$	34,498	$	32,890	$	5,691	$	5,047

All mortgage-backed securities are guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae.

Investment securities with unrealized losses for continuous periods of less than 12 months and 12 months or longer are as follows:


	Less than 12 months				12 months or longer				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
March 31, 2026	losses		value		losses		value		losses		value
(dollars in thousands)
Available for sale
Corporate securities	$	6	$	494	$	112	$	871	$	118	$	1,365
Mortgage-backed securities		10		4,486		1,500		13,330		1,510		17,816
Treasuries		2		3,931		—		—		2		3,931
Total	$	18	$	8,911	$	1,612	$	14,201	$	1,630	$	23,112

Held to maturity
Corporate securities (1)	$	—	$	—	$	203	$	2,996		203		2,996
Mortgage-backed securities		1		54		443		1,817		444		1,871
Total	$	1	$	54	$	646	$	4,813	$	647	$	4,867

	Less than 12 months				12 months or longer				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
December 31, 2025	losses		value		losses		value		losses		value
(dollars in thousands)
Available for sale
Agency securities	$	—	$	—	$	—	$	—	$	—	$	—
Corporate securities		11		489		110		872		121		1,361
Mortgage-backed securities		1		564		1,472		14,076		1,473		14,640
Total	$	12	$	1,053	$	1,582	$	14,948	$	1,594	$	16,001

Held to maturity
Corporate securities (1)	$	—	$	—	$	200	$	2,998	$	200	$	2,998
Mortgage-backed securities		—		1		438		1,895		438		1,896
Total	$	—	$	1	$	638	$	4,893	$	638	$	4,894

(1) Fair value amount is net of CECL credit reserve of $1,000 at March 31, 2026 and $2,000 at December 31, 2025.

As of March 31, 2026 and December 31, 2025, the Company determined that for its available-for-sale debt securities in an unrealized loss position, it did not intend to sell nor was it more likely than not that it would be required to sell any security and that the decline in fair value was not due to credit factors, but due to changes in interest rates and other factors. Accordingly, at March 31, 2026 and December 31, 2025, the Company did not record an allowance for credit losses for its available-for-sale debt securities.

We monitor the credit quality of HTM debt securities through both internal analysis performed on a quarterly basis and credit ratings when available. The following table reflects the credit ratings for the HTM debt securities at March 31, 2026.


(dollars in thousands)	AAA		A-		BBB/BBB+		BBB-		Not Rated		Total

Corporate securities	$	—	$	500	$	1,249	$	700	$	750	$	3,199
Mortgage-backed securities		2,492		—		—		—		—		2,492
	$	2,492	$	500	$	1,249	$	700	$	750	$	5,691

The following table provides a breakdown of our HTM debt securities by year of origination at March 31, 2026.


(dollars in thousands)	Total		2026		2025		2024		2023		2022		Prior
Corporate securities	$	3,199	$	—	$	—	$	—	$	—	$	750	$	2,449
Mortgage-backed securities		2,492		—		—		—		—		1,779		713
	$	5,691	$	—	$	—	$	—	$	—	$	2,529	$	3,162