INVESTMENT SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| INVESTMENT SECURITIES |
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| Summary of amortized cost and estimated fair value of securities |
The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | | Cost | | Gains | | Losses | | Fair Value | March 31, 2026 | | | | | | | | | | | | | U.S. Treasury | | $ | 44,738 | | $ | 134 | | $ | (13) | | $ | 44,859 | Mortgage-backed securities: | | | | | | | | | | | | | U.S. Government agency securities | | | 35,999 | | | 340 | | | (569) | | | 35,770 | Government-sponsored enterprises | | | 38,010 | | | 519 | | | (23) | | | 38,506 | Collateralized mortgage obligations: | | | | | | | | | | | | | U.S. Government agency securities | | | 20,603 | | | 101 | | | (98) | | | 20,606 | Government-sponsored enterprises | | | 46,818 | | | 252 | | | (64) | | | 47,006 | Municipal obligations | | | 14,143 | | | 10 | | | (6) | | | 14,147 | Total available for sale securities | | $ | 200,311 | | $ | 1,356 | | $ | (773) | | $ | 200,894 | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | U.S. Treasury | | $ | 54,483 | | $ | 275 | | $ | (6) | | $ | 54,752 | Mortgage-backed securities: | | | | | | | | | | | | | U.S. Government agency securities | | | 36,743 | | | 384 | | | (423) | | | 36,704 | Government-sponsored enterprises | | | 38,955 | | | 828 | | | — | | | 39,783 | Collateralized mortgage obligations: | | | | | | | | | | | | | U.S. Government agency securities | | | 21,009 | | | 374 | | | — | | | 21,383 | Government-sponsored enterprises | | | 47,929 | | | 465 | | | (104) | | | 48,290 | Municipal obligations | | | 19,477 | | | 42 | | | — | | | 19,519 | Total available for sale securities | | $ | 218,596 | | $ | 2,368 | | $ | (533) | | $ | 220,431 |
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| Summary of amortized cost and estimated fair value of held to maturity securities |
The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | Allowance for | | Net Carrying | | | Cost | | Gains | | Losses | | Fair Value | | Credit Losses | | Value | March 31, 2026 | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 42,634 | | | 478 | | | (1,960) | | $ | 41,152 | | $ | 486 | | $ | 42,148 | Municipal obligations | | | 2,248 | | | — | | | (6) | | | 2,242 | | | — | | | 2,248 | Total held to maturity securities | | $ | 44,882 | | $ | 478 | | $ | (1,966) | | $ | 43,394 | | $ | 486 | | $ | 44,396 | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 39,637 | | | 648 | | | (2,441) | | $ | 37,844 | | $ | 452 | | $ | 39,185 | Municipal obligations | | | 2,336 | | | — | | | (5) | | | 2,331 | | | — | | | 2,336 | Total held to maturity securities | | $ | 41,973 | | $ | 648 | | $ | (2,446) | | $ | 40,175 | | $ | 452 | | $ | 41,521 |
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| Summary of allowance for credit losses on securities held to maturity |
The following tables present the activity in the allowance for credit losses on securities held to maturity (dollars in thousands): | | | | | | | | | | | | | | | | | | For the Three Months Ended March 31, 2026 | | | Beginning | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 452 | | $ | 34 | | $ | — | | $ | — | | $ | 486 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 452 | | $ | 34 | | $ | — | | $ | — | | $ | 486 |
| | | | | | | | | | | | | | | | | | For the Three Months Ended March 31, 2025 | | | Beginning | | | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 216 | | $ | 59 | | $ | — | | $ | — | | $ | 275 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 216 | | $ | 59 | | $ | — | | $ | — | | $ | 275 |
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| Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position |
The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Securities available for sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | 5,037 | | $ | (13) | | $ | — | | $ | — | | $ | 5,037 | | $ | (13) | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | 17,594 | | | (569) | | | 17,594 | | | (569) | Government-sponsored enterprises | | | — | | | — | | | 10,141 | | | (23) | | | 10,141 | | | (23) | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | 4,743 | | | (22) | | | 4,931 | | | (76) | | | 9,674 | | | (98) | Government-sponsored enterprises | | | — | | | — | | | 33,639 | | | (64) | | | 33,639 | | | (64) | Municipal obligations | | | 1,994 | | | (6) | | | — | | | — | | | 1,994 | | | (6) | | | $ | 11,774 | | $ | (41) | | $ | 66,305 | | $ | (732) | | $ | 78,079 | | $ | (773) | | | | | | | | | | | | | | | | | | | | Securities held to maturity: | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 9,349 | | $ | (651) | | $ | 14,540 | | $ | (1,309) | | $ | 23,889 | | $ | (1,960) | Municipal obligations | | | 2,242 | | | (6) | | | — | | | — | | | 2,242 | | | (6) | | | $ | 11,591 | | $ | (657) | | $ | 14,540 | | $ | (1,309) | | $ | 26,131 | | $ | (1,966) |
| | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Securities available for sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | — | | $ | — | | $ | 4,994 | | $ | (6) | | $ | 4,994 | | $ | (6) | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | 18,183 | | | (423) | | | 18,183 | | | (423) | Government-sponsored enterprises | | | — | | | — | | | — | | | — | | | — | | | — | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | — | | | — | | | — | | | — | Government-sponsored enterprises | | | 6,661 | | | (11) | | | 27,763 | | | (93) | | | 34,424 | | | (104) | Municipal obligations | | | — | | | — | | | — | | | — | | | — | | | — | | | $ | 6,661 | | $ | (11) | | $ | 50,940 | | $ | (522) | | $ | 57,601 | | $ | (533) | | | | | | | | | | | | | | | | | | | | Securities held to maturity: | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 2,483 | | $ | (17) | | $ | 10,326 | | $ | (2,424) | | $ | 12,809 | | $ | (2,441) | Municipal obligations | | | 2,331 | | | (5) | | | — | | | — | | | 2,331 | | | (5) | | | $ | 4,814 | | $ | (22) | | $ | 10,326 | | $ | (2,424) | | $ | 15,140 | | $ | (2,446) |
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| Summary of fair value of debt securities and carrying amount, if different, by contractual maturity |
The following table sets forth information with regard to contractual maturities of debt securities (dollars in thousands). Securities not due at a single maturity date are shown separately. | | | | | | | | | March 31, 2026 | | | Amortized | | Estimated | | | Cost | | Fair Value | Securities available for sale: | | | | | | | Due in one year or less | | $ | 45,307 | | $ | 45,429 | Due after one to five years | | | 26,864 | | | 26,840 | Due after five to ten years | | | 9,545 | | | 9,525 | Due after ten years | | | 118,595 | | | 119,100 | | | $ | 200,311 | | $ | 200,894 | | | | | | | | Securities held to maturity: | | | | | | | Due in one year or less | | $ | 2,060 | | $ | 2,054 | Due after one to five years | | | 8,938 | | | 9,065 | Due after five to ten years | | | 33,884 | | | 32,275 | | | $ | 44,882 | | $ | 43,394 |
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| Schedule of gains and (losses) on trading securities |
| | | | | | For the | | | Three Months Ended | | | March 31, | | | 2026 | Net loss recognized during the period on trading securities | | $ | (180) | Less: Net losses recognized during the period on trading securities sold during the period | | | (145) | Unrealized losses recognized during reporting period on trading securities still held at reporting date | | $ | (35) |
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