SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| SECURITIES |
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| Schedule of available for sale securities |
The following is a summary of available for sale securities: | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | | | Cost | | Gains | | Losses | | Fair Value | | March 31, 2026 | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 92,557 | | $ | 7 | | $ | (1,104) | | $ | 91,460 | | Obligations of U.S. Government sponsored agencies | | | 157,969 | | | — | | | (3,701) | | | 154,268 | | Obligations of states and political subdivisions | | | 85,189 | | | 34 | | | (5,507) | | | 79,716 | | Mortgage-backed securities | | | 136,876 | | | 5 | | | (2,034) | | | 134,847 | | Corporate notes | | | 23,614 | | | — | | | (670) | | | 22,944 | | Total available for sale securities | | $ | 496,205 | | $ | 46 | | $ | (13,016) | | $ | 483,235 | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | Obligations of U.S. Government sponsored agencies | | $ | 23,226 | | $ | — | | $ | (1,947) | | $ | 21,279 | | Obligations of states and political subdivisions | | | 61,511 | | | 95 | | | (4,187) | | | 57,419 | | Mortgage-backed securities | | | 71,384 | | | 337 | | | (965) | | | 70,756 | | Corporate notes | | | 15,675 | | | — | | | (707) | | | 14,968 | | Total available for sale securities | | $ | 171,796 | | $ | 432 | | $ | (7,806) | | $ | 164,422 | |
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| Schedule of held to maturity securities |
The following is a summary of held to maturity securities: | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | | Cost | | Gains | | Losses | | Fair Value | March 31, 2026 | | | | | | | | | | | | | U.S. Treasury securities | | $ | 113,629 | | $ | 611 | | $ | (950) | | $ | 113,290 | Obligations of states and political subdivisions | | | 4,300 | | | — | | | — | | | 4,300 | Total held to maturity securities | | $ | 117,929 | | $ | 611 | | $ | (950) | | $ | 117,590 | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | U.S. Treasury securities | | $ | 101,331 | | $ | 1,590 | | $ | (170) | | $ | 102,751 | Obligations of states and political subdivisions | | | 2,395 | | | — | | | — | | | 2,395 | Total held to maturity securities | | $ | 103,726 | | $ | 1,590 | | $ | (170) | | $ | 105,146 |
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| Schedule of fair value and gross unrealized losses of securities |
The following table shows the fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | Greater Than 12 Months | | Total | | | | | | | | | | | | | | | | | | | | Number | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | of | | Value | | Losses | | Value | | Losses | | Value | | Losses | | Securities | | | | | | | | | | | | | | | | | | | | | March 31, 2026 - Available for Sale | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | $ | 84,206 | | $ | (1,104) | | $ | — | | $ | — | | $ | 84,206 | | $ | (1,104) | | 9 | Obligations of U.S. Government sponsored agencies | | 135,120 | | | (1,585) | | | 19,147 | | | (2,116) | | | 154,267 | | | (3,701) | | 47 | Obligations of states and political subdivisions | | 33,355 | | | (529) | | | 37,402 | | | (4,978) | | | 70,757 | | | (5,507) | | 88 | Mortgage-backed securities | | 105,700 | | | (846) | | | 24,113 | | | (1,188) | | | 129,813 | | | (2,034) | | 119 | Corporate notes | | 3,026 | | | (4) | | | 13,838 | | | (666) | | | 16,864 | | | (670) | | 15 | Totals | $ | 361,407 | | $ | (4,068) | | $ | 94,500 | | $ | (8,948) | | $ | 455,907 | | $ | (13,016) | | 278 | | | | | | | | | | | | | | | | | | | | | March 31, 2026 - Held to Maturity | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | $ | 53,840 | | $ | (675) | | $ | 16,116 | | $ | (275) | | $ | 69,956 | | $ | (950) | | 28 | | | | | | | | | | | | | | | | | | | | | December 31, 2025 - Available for Sale | | | | | | | | | | | | | | | | | | | | Obligations of U.S. Government sponsored agencies | $ | 929 | | $ | (8) | | $ | 20,350 | | $ | (1,939) | | $ | 21,279 | | $ | (1,947) | | 24 | Obligations of states and political subdivisions | | — | | | — | | | 45,131 | | | (4,187) | | | 45,131 | | | (4,187) | | 55 | Mortgage-backed securities | | 10,911 | | | (45) | | | 24,636 | | | (920) | | | 35,547 | | | (965) | | 92 | Corporate notes | | — | | | — | | | 13,801 | | | (707) | | | 13,801 | | | (707) | | 9 | Totals | $ | 11,840 | | $ | (53) | | $ | 103,918 | | $ | (7,753) | | $ | 115,758 | | $ | (7,806) | | 180 | | | | | | | | | | | | | | | | | | | | | December 31, 2025 - Held to Maturity | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | $ | 997 | | $ | — | | $ | 22,156 | | $ | (170) | | $ | 23,153 | | $ | (170) | | 12 |
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| Schedule of amortized cost and estimated fair value of securities by contract maturity |
The following is a summary of amortized cost and estimated fair value of securities by contractual maturity as of March 31, 2026. Contractual maturities will differ from expected maturities for mortgage-backed securities because borrowers may have the right to call or prepay obligations without penalties. | | | | | | | | | | | | | | | Available for Sale | | Held to Maturity | | | Amortized | | Estimated | | Amortized | | Estimated | | | Cost | | Fair Value | | Cost | | Fair Value | Due in one year or less | | $ | 33,019 | | $ | 32,975 | | $ | 23,247 | | $ | 23,226 | Due after one year through 5 years | | | 199,914 | | | 197,408 | | | 32,231 | | | 32,108 | Due after 5 years through 10 years | | | 89,573 | | | 84,880 | | | 62,451 | | | 62,256 | Due after 10 years | | | 36,823 | | | 33,125 | | | — | | | — | Subtotal | | | 359,329 | | | 348,388 | | | 117,929 | | | 117,590 | Mortgage-backed securities | | | 136,876 | | | 134,847 | | | — | | | — | Total | | $ | 496,205 | | $ | 483,235 | | $ | 117,929 | | $ | 117,590 |
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| Schedule of proceeds from sale of securities available for sale and related gross gains and losses |
Sales of securities available for sale produced $8.9 million in proceeds with immaterial gross gains and losses for the three months ended March 31, 2026. There were no sales of securities available for sale during the three months ended March 31, 2025. | | | | | | | | | 2026 | | 2025 | Proceeds from sales of securities | | $ | 8,920 | | $ | — | Gross gains on sales | | | 37 | | | — | Gross losses on sales | | | (68) | | | — |
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