Securities (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Debt Securities, Available-for-Sale [Abstract] |
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| Amortized Costs and Fair Values of Securities Available for Sale |
Amortized costs and fair values of securities available for sale at March 31, 2026 and December 31, 2025 were as follows:
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
(Losses) |
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Fair Value |
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March 31, 2026 |
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|
(in thousands) |
|
Obligations of U.S. government corporations and agencies |
|
$ |
7,222 |
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|
$ |
— |
|
|
$ |
(18 |
) |
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|
7,204 |
|
U.S. treasury securities |
|
|
9,884 |
|
|
|
— |
|
|
|
(12 |
) |
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|
9,872 |
|
Mortgage-backed securities |
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|
79,271 |
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|
116 |
|
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|
(7,131 |
) |
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|
72,256 |
|
Collateralized mortgage obligations |
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|
22,289 |
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|
15 |
|
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|
(235 |
) |
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|
22,069 |
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Subordinated debt |
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|
4,250 |
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|
— |
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(281 |
) |
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|
3,969 |
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|
$ |
122,916 |
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|
$ |
131 |
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|
$ |
(7,677 |
) |
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$ |
115,370 |
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December 31, 2025 |
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(in thousands) |
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Obligations of U.S. government corporations and agencies |
|
$ |
7,458 |
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|
$ |
2 |
|
|
$ |
(16 |
) |
|
$ |
7,444 |
|
U.S. treasury securities |
|
|
9,999 |
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|
2 |
|
|
|
— |
|
|
|
10,001 |
|
Mortgage-backed securities |
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|
81,492 |
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|
480 |
|
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|
(6,843 |
) |
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|
75,129 |
|
Collateralized mortgage obligations |
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|
22,498 |
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|
84 |
|
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|
(87 |
) |
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|
22,495 |
|
Subordinated debt |
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|
4,750 |
|
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|
— |
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(276 |
) |
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|
4,474 |
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|
$ |
126,197 |
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|
$ |
568 |
|
|
$ |
(7,222 |
) |
|
$ |
119,543 |
|
|
| Investments Classified by Contractual Maturity Date |
The amortized cost and estimated fair value of securities at March 31, 2026, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.
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Amortized Cost |
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Fair Value |
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(in thousands) |
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Due in one year or less |
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$ |
9,884 |
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$ |
9,872 |
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Due after one year through five years |
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|
13,768 |
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|
13,657 |
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Due after five years through ten years |
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17,307 |
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|
17,051 |
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Due after ten years |
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|
81,957 |
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|
74,790 |
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$ |
122,916 |
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$ |
115,370 |
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| Summarizes Amounts Related Sale of Available for Sale Securities |
The following table summarizes amounts related to the sale of available for sale securities:
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For the Three Months Ended March 31, |
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2025 |
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(in thousands) |
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Proceeds from sales |
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|
$ |
86,822 |
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|
|
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|
Gross realized gains |
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|
$ |
— |
|
Gross realized losses |
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|
(12,425 |
) |
Net realized losses on securities |
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|
$ |
(12,425 |
) |
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| Schedule of fair value and gross unrealized losses for securities available for sale |
The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2026 and December 31, 2025 were as follows:
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Less than 12 months |
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12 months or more |
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Total |
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Fair Value |
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Gross
Unrealized
Losses |
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|
Fair Value |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
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|
Gross
Unrealized
Losses |
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|
March 31, 2026 |
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(in thousands) |
|
Obligations of U.S. government corporations and agencies |
|
$ |
7,204 |
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|
$ |
18 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
7,204 |
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|
$ |
18 |
|
U.S. treasury securities |
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|
9,872 |
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12 |
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— |
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— |
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9,872 |
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|
12 |
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Mortgage-backed securities |
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14,956 |
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|
39 |
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28,650 |
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|
7,092 |
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43,606 |
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|
7,131 |
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Collateralized mortgage obligations |
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|
15,835 |
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|
109 |
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|
2,755 |
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|
126 |
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18,590 |
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|
235 |
|
Subordinated debt |
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|
981 |
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|
19 |
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|
2,488 |
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|
262 |
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|
3,469 |
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|
281 |
|
Total |
|
$ |
48,848 |
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|
$ |
197 |
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|
$ |
33,893 |
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|
$ |
7,480 |
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$ |
82,741 |
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$ |
7,677 |
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Less than 12 months |
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12 months or more |
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Total |
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Fair Value |
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Gross
Unrealized
Losses |
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Fair Value |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
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|
Gross
Unrealized
Losses |
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|
December 31, 2025 |
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(in thousands) |
|
Obligations of U.S. government corporations and agencies |
|
$ |
5,503 |
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|
$ |
16 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
5,503 |
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$ |
16 |
|
Mortgage-backed securities |
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— |
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|
— |
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|
29,508 |
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|
6,843 |
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29,508 |
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|
6,843 |
|
Collateralized mortgage obligations |
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|
7,116 |
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|
87 |
|
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|
— |
|
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|
— |
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|
7,116 |
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|
|
87 |
|
Subordinated debt |
|
|
973 |
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|
28 |
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|
|
3,002 |
|
|
|
248 |
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|
|
3,975 |
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|
|
276 |
|
Total |
|
$ |
13,592 |
|
|
$ |
131 |
|
|
$ |
32,510 |
|
|
$ |
7,091 |
|
|
$ |
46,102 |
|
|
$ |
7,222 |
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| Schedule Composition of Restricted Investments |
The composition of restricted investments at March 31, 2026 and December 31, 2025 was as follows:
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March 31, 2026 |
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December 31, 2025 |
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|
(in thousands) |
|
Federal Reserve Bank Stock |
|
$ |
344 |
|
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$ |
344 |
|
Federal Home Loan Bank Stock |
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|
1,391 |
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|
3,302 |
|
Community Bankers’ Bank Stock |
|
|
140 |
|
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|
140 |
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|
$ |
1,875 |
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|
$ |
3,786 |
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