
	March 31, 2026
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value		# of Securities in unrealized loss position
Securities available-for-sale:
U.S. asset backed securities	$	25,486	$	34	$	(159)	$	—	$	25,361	14
U.S. government agency MBS	22,045		100		(329)		—		21,816		9
U.S. government agency CMO	70,862		232		(1,852)		—		69,242		46
State and municipal securities	43,092		98		(3,554)		—		39,636		32
U.S. Treasuries	17,039		—		(846)		—		16,193		16
Non-U.S. government agency CMO	7,894		18		(225)		—		7,687		8
Corporate bonds	16,001		325		(249)		—		16,077		10
Total securities available-for-sale	$	202,419	$	807	$	(7,214)	$	—	$	196,012	135

	Amortized cost		Gross unrecognized gains		Gross unrecognized losses		Allowance for credit losses		Fair value		# of Securities in unrecognized loss position

Securities held to maturity:
State and municipal securities	$	32,494	$	6	$	(2,586)	$	—	$	29,914	19
Total securities held-to-maturity	$	32,494	$	6	$	(2,586)	$	—	$	29,914	19


	December 31, 2025
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value		# of Securities in unrealized loss position
Securities available-for-sale:
U.S. asset backed securities	$	26,385	$	51	$	(219)	$	—	$	26,217	13
U.S. government agency MBS	22,396		223		(268)		—		22,351		6
U.S. government agency CMO	67,216		441		(1,526)		—		66,131		38
State and municipal securities	43,282		151		(3,401)		—		40,032		31
U.S. Treasuries	17,039		—		(833)		—		16,206		16
Non-U.S. government agency CMO	8,786		27		(207)		—		8,606		9
Corporate bonds	14,023		266		(375)		—		13,914		11
Total securities available-for-sale	$	199,127	$	1,159	$	(6,829)	$	—	$	193,457	124

(dollars in thousands)	Amortized cost		Gross unrecognized gains		Gross unrecognized losses		Allowance for credit losses		Fair value		# of Securities in unrecognized loss position
Securities held to maturity:
State and municipal securities	$	32,544	$	22	$	(2,414)	$	—	$	30,152	19
Total securities held-to-maturity	$	32,544	$	22	$	(2,414)	$	—	$	30,152	19

Although the Corporation’s investment portfolio overall is in a net unrealized loss position at March 31, 2026, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities warranted an ACL.

The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at the dates indicated:


	March 31, 2026
	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Securities available-for-sale:
U.S. asset backed securities	$	8,816	$	(36)	$	9,496	$	(123)	$	18,312	$	(159)
U.S. government agency MBS	9,739		(111)		2,518		(218)		12,257		(329)
U.S. government agency CMO	34,459		(501)		15,914		(1,351)		50,373		(1,852)
State and municipal securities	1,193		(3)		34,874		(3,551)		36,067		(3,554)
U.S. Treasuries	—		—		16,193		(846)		16,193		(846)
Non-U.S. government agency CMO	589		(3)		4,411		(222)		5,000		(225)
Corporate bonds	2,989		(11)		3,962		(238)		6,951		(249)
Total securities available-for-sale	$	57,785	$	(665)	$	87,368	$	(6,549)	$	145,153	$	(7,214)

	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrecognized losses		Fair value		Unrecognized losses		Fair value		Unrecognized losses
Securities held-to-maturity:
State and municipal securities	$	2,084	$	(42)	$	25,607	$	(2,544)	$	27,691	$	(2,586)
Total securities held-to-maturity	$	2,084	$	(42)	$	25,607	$	(2,544)	$	27,691	$	(2,586)


	December 31, 2025
	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Securities available-for-sale:
U.S. asset backed securities	$	6,504	$	(39)	$	11,285	$	(180)	$	17,789	$	(219)
U.S. government agency MBS	3,881		(38)		3,945		(230)		7,826		(268)
U.S. government agency CMO	20,511		(178)		17,074		(1,348)		37,585		(1,526)
State and municipal securities	—		—		35,212		(3,401)		35,212		(3,401)
U.S. Treasuries	—		—		16,206		(833)		16,206		(833)
Non-U.S. government agency CMO	456		—		5,235		(207)		5,691		(207)
Corporate bonds	1,476		(26)		4,879		(349)		6,355		(375)
Total securities available-for-sale	$	32,828	$	(281)	$	93,836	$	(6,548)	$	126,664	$	(6,829)

	Less than 12 Months				12 Months or more				Total
(dollars in thousands)	Fair value		Unrecognized losses		Fair value		Unrecognized losses		Fair value		Unrecognized losses
Securities held-to-maturity:
State and municipal securities	$	2,087	$	(69)	$	25,842	$	(2,345)	$	27,929	$	(2,414)
Total securities held-to-maturity	$	2,087	$	(69)	$	25,842	$	(2,345)	$	27,929	$	(2,414)

As of March 31, 2026, substantially all of the Corporation’s available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

The amortized cost and carrying value of securities are shown below by contractual maturities at the dates indicated. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties.


	March 31, 2026
	Available-for-sale				Held-to-maturity
(dollars in thousands)	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years	101,618		97,267		32,305		29,725
Due after five years through ten years	—		—		—		—
Due after ten years	—		—		189		189
Subtotal	101,618		97,267		32,494		29,914
Mortgage-related securities	100,801		98,745		—		—
Total	$	202,419	$	196,012	$	32,494	$	29,914

We use credit ratings quarterly and the most recent financial information of securities' issuers annually to help evaluate the credit quality of our securities AFS and HTM portfolios on a quarterly basis. The securities portfolio consists primarily of U.S. government treasuries and U.S. government agency asset backed securities which have no probability of default. The remaining portfolio consists of highly rated municipal bonds, non-agency CMO, and corporate bonds that have a low probability of default.

As of March 31, 2026 and December 31, 2025, securities having a carrying value of $72.9 million and $69.5 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement