Securities (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Securities Available-for-Sale and Restricted Stock |
Securities consisted of the following on March 31, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Allowance for Credit Losses |
|
|
Fair
Value |
|
March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
6,011 |
|
|
$ |
1 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
6,010 |
|
U.S. Government agencies |
|
|
3,000 |
|
|
|
— |
|
|
|
(76 |
) |
|
|
— |
|
|
|
2,924 |
|
Mortgage-backed securities of government agencies |
|
|
99,359 |
|
|
|
117 |
|
|
|
(4,894 |
) |
|
|
— |
|
|
|
94,582 |
|
Asset-backed securities of government agencies |
|
|
342 |
|
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
334 |
|
State and political subdivisions |
|
|
11,651 |
|
|
|
1 |
|
|
|
(491 |
) |
|
|
— |
|
|
|
11,161 |
|
Corporate bonds |
|
|
14,160 |
|
|
|
6 |
|
|
|
(346 |
) |
|
|
— |
|
|
|
13,820 |
|
Total available-for-sale |
|
|
134,523 |
|
|
|
125 |
|
|
|
(5,817 |
) |
|
|
— |
|
|
|
128,831 |
|
Held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
5,404 |
|
|
|
— |
|
|
|
(324 |
) |
|
|
— |
|
|
|
5,080 |
|
Mortgage-backed securities of government agencies |
|
|
171,272 |
|
|
|
— |
|
|
|
(22,251 |
) |
|
|
— |
|
|
|
149,021 |
|
State and political subdivisions |
|
|
2,479 |
|
|
|
— |
|
|
|
(117 |
) |
|
|
— |
|
|
|
2,362 |
|
Total held-to-maturity |
|
|
179,155 |
|
|
|
— |
|
|
|
(22,692 |
) |
|
|
— |
|
|
|
156,463 |
|
Equity securities |
|
|
185 |
|
|
|
117 |
|
|
|
— |
|
|
|
— |
|
|
|
302 |
|
Restricted stock |
|
|
1,645 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,645 |
|
Total securities |
|
$ |
315,508 |
|
|
$ |
242 |
|
|
$ |
(28,509 |
) |
|
$ |
— |
|
|
$ |
287,241 |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
5,010 |
|
|
$ |
10 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,020 |
|
U.S. Government agencies |
|
|
3,000 |
|
|
|
— |
|
|
|
(92 |
) |
|
|
— |
|
|
|
2,908 |
|
Mortgage-backed securities of government agencies |
|
|
103,198 |
|
|
|
290 |
|
|
|
(4,579 |
) |
|
|
— |
|
|
|
98,909 |
|
Asset-backed securities of government agencies |
|
|
355 |
|
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
347 |
|
State and political subdivisions |
|
|
11,660 |
|
|
|
— |
|
|
|
(433 |
) |
|
|
— |
|
|
|
11,227 |
|
Corporate bonds |
|
|
14,154 |
|
|
|
7 |
|
|
|
(355 |
) |
|
|
— |
|
|
|
13,806 |
|
Total available-for-sale |
|
|
137,377 |
|
|
|
307 |
|
|
|
(5,467 |
) |
|
|
— |
|
|
|
132,217 |
|
Held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
5,397 |
|
|
|
— |
|
|
|
(321 |
) |
|
|
— |
|
|
|
5,076 |
|
Mortgage-backed securities of government agencies |
|
|
175,261 |
|
|
|
32 |
|
|
|
(21,717 |
) |
|
|
— |
|
|
|
153,576 |
|
State and political subdivisions |
|
|
2,487 |
|
|
|
— |
|
|
|
(87 |
) |
|
|
— |
|
|
|
2,400 |
|
Total held-to-maturity |
|
|
183,145 |
|
|
|
32 |
|
|
|
(22,125 |
) |
|
|
— |
|
|
|
161,052 |
|
Equity securities |
|
|
185 |
|
|
|
94 |
|
|
|
— |
|
|
|
— |
|
|
|
279 |
|
Restricted stock |
|
|
1,645 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,645 |
|
Total securities |
|
$ |
322,352 |
|
|
$ |
433 |
|
|
$ |
(27,592 |
) |
|
$ |
— |
|
|
$ |
295,193 |
|
|
| Summary of Amortized Cost and Fair Value of Debt Securities |
The amortized cost and fair value of debt securities on March 31, 2026, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Amortized cost |
|
|
Fair value |
|
Available-for-sale |
|
|
|
|
|
|
Due in one year or less |
|
$ |
11,045 |
|
|
$ |
10,953 |
|
Due after one through five years |
|
|
21,394 |
|
|
|
20,770 |
|
Due after five through ten years |
|
|
13,632 |
|
|
|
12,414 |
|
Due after ten years |
|
|
88,452 |
|
|
|
84,694 |
|
Total debt securities available-for-sale |
|
$ |
134,523 |
|
|
$ |
128,831 |
|
Held-to-maturity |
|
|
|
|
|
|
Due in one year or less |
|
$ |
2,496 |
|
|
$ |
2,465 |
|
Due after one through five years |
|
|
3,926 |
|
|
|
3,571 |
|
Due after five through ten years |
|
|
1,521 |
|
|
|
1,467 |
|
Due after ten years |
|
|
171,212 |
|
|
|
148,960 |
|
Total debt securities held-to-maturity |
|
$ |
179,155 |
|
|
$ |
156,463 |
|
|
| Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities |
The following table presents gross unrealized losses and fair value of securities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, on March 31, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities in a continuous unrealized loss position |
|
|
|
Less than 12 months |
|
|
12 months or more |
|
|
Total |
|
(Dollars in thousands) |
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
(2 |
) |
|
$ |
1,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
1,000 |
|
U.S. Government agencies |
|
|
— |
|
|
|
— |
|
|
|
(76 |
) |
|
|
2,924 |
|
|
|
(76 |
) |
|
|
2,924 |
|
Mortgage-backed securities of government agencies |
|
|
(242 |
) |
|
|
39,995 |
|
|
|
(4,652 |
) |
|
|
37,178 |
|
|
|
(4,894 |
) |
|
|
77,173 |
|
Asset-backed securities of government agencies |
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
334 |
|
|
|
(8 |
) |
|
|
334 |
|
State and political subdivisions |
|
|
(3 |
) |
|
|
1,902 |
|
|
|
(488 |
) |
|
|
8,442 |
|
|
|
(491 |
) |
|
|
10,344 |
|
Corporate bonds |
|
|
— |
|
|
|
— |
|
|
|
(346 |
) |
|
|
12,064 |
|
|
|
(346 |
) |
|
|
12,064 |
|
Total temporarily impaired |
|
$ |
(247 |
) |
|
$ |
42,897 |
|
|
$ |
(5,570 |
) |
|
$ |
60,942 |
|
|
$ |
(5,817 |
) |
|
$ |
103,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(92 |
) |
|
$ |
2,908 |
|
|
$ |
(92 |
) |
|
$ |
2,908 |
|
Mortgage-backed securities of government agencies |
|
|
(4 |
) |
|
|
6,713 |
|
|
|
(4,575 |
) |
|
|
38,734 |
|
|
|
(4,579 |
) |
|
|
45,447 |
|
Asset-backed securities of government agencies |
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
347 |
|
|
|
(8 |
) |
|
|
347 |
|
State and political subdivisions |
|
|
(2 |
) |
|
|
1,518 |
|
|
|
(431 |
) |
|
|
8,508 |
|
|
|
(433 |
) |
|
|
10,026 |
|
Corporate bonds |
|
|
— |
|
|
|
— |
|
|
|
(355 |
) |
|
|
12,049 |
|
|
|
(355 |
) |
|
|
12,049 |
|
Total temporarily impaired |
|
$ |
(6 |
) |
|
$ |
8,231 |
|
|
$ |
(5,461 |
) |
|
$ |
62,546 |
|
|
$ |
(5,467 |
) |
|
$ |
70,777 |
|
|
| Summary of Amortized Cost of Held-to Maturity Debt Securities Aggregated by Credit Quality Indicator |
The following table summarizes the amortized cost of held-to maturity debt securities at March 31, 2026 and December 31, 2025, aggregated by credit quality indicator:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
U.S. Treasury securities |
|
|
Mortgage- backed securities of government agencies |
|
|
State and political subdivisions |
|
March 31, 2026 |
|
|
|
|
|
|
|
|
|
Credit rating: |
|
|
|
|
|
|
|
|
|
AAA / AA / A |
|
$ |
5,404 |
|
|
$ |
171,272 |
|
|
$ |
2,479 |
|
BBB / BB / B |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Lower than B |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-rated |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
5,404 |
|
|
$ |
171,272 |
|
|
$ |
2,479 |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
Credit rating: |
|
|
|
|
|
|
|
|
|
AAA / AA / A |
|
$ |
5,397 |
|
|
$ |
175,261 |
|
|
$ |
2,487 |
|
BBB / BB / B |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Lower than B |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-rated |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
5,397 |
|
|
$ |
175,261 |
|
|
$ |
2,487 |
|
|