Securities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities |
The amortized cost, gross unrealized gains and losses, and fair value of securities at June 30, 2026 and December 31, 2025 are summarized as follows:
|
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|
|
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|
|
|
June 30, 2026 |
|
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|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
13,500 |
|
|
$ |
— |
|
|
$ |
(406 |
) |
|
$ |
13,094 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
29,262 |
|
|
|
— |
|
|
|
(4,780 |
) |
|
|
24,482 |
|
FHLMC Certificates |
|
|
7,391 |
|
|
|
— |
|
|
|
(818 |
) |
|
|
6,573 |
|
FNMA Certificates |
|
|
48,148 |
|
|
|
— |
|
|
|
(7,595 |
) |
|
|
40,553 |
|
GNMA Certificates |
|
|
71 |
|
|
|
1 |
|
|
|
— |
|
|
|
72 |
|
Total available-for-sale securities |
|
$ |
98,372 |
|
|
$ |
1 |
|
|
$ |
(13,599 |
) |
|
$ |
84,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
7,500 |
|
|
$ |
21 |
|
|
$ |
(98 |
) |
|
$ |
7,423 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
148,066 |
|
|
|
35 |
|
|
|
(4,374 |
) |
|
|
143,727 |
|
FHLMC Certificates |
|
|
2,924 |
|
|
|
34 |
|
|
|
(122 |
) |
|
|
2,836 |
|
FNMA Certificates |
|
|
84,975 |
|
|
|
— |
|
|
|
(2,417 |
) |
|
|
82,558 |
|
SBA Certificates |
|
|
10,361 |
|
|
|
60 |
|
|
|
— |
|
|
|
10,421 |
|
Allowance for Credit Losses |
|
|
(210 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total held-to-maturity securities |
|
$ |
253,616 |
|
|
$ |
150 |
|
|
$ |
(7,011 |
) |
|
$ |
246,965 |
|
(1)Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.
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December 31, 2025 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
|
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds |
|
$ |
2,999 |
|
|
$ |
— |
|
|
$ |
(20 |
) |
|
$ |
2,979 |
|
Corporate Bonds |
|
|
13,501 |
|
|
|
— |
|
|
|
(738 |
) |
|
|
12,763 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
30,839 |
|
|
|
— |
|
|
|
(4,493 |
) |
|
|
26,346 |
|
FHLMC Certificates |
|
|
7,915 |
|
|
|
— |
|
|
|
(790 |
) |
|
|
7,125 |
|
FNMA Certificates |
|
|
50,620 |
|
|
|
— |
|
|
|
(7,714 |
) |
|
|
42,906 |
|
GNMA Certificates |
|
|
76 |
|
|
|
1 |
|
|
|
— |
|
|
|
77 |
|
Total available-for-sale securities |
|
$ |
105,950 |
|
|
$ |
1 |
|
|
$ |
(13,755 |
) |
|
$ |
92,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
7,500 |
|
|
$ |
36 |
|
|
$ |
(138 |
) |
|
$ |
7,398 |
|
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations (1) |
|
|
160,786 |
|
|
|
100 |
|
|
|
(2,876 |
) |
|
|
158,010 |
|
FHLMC Certificates |
|
|
3,133 |
|
|
|
22 |
|
|
|
(119 |
) |
|
|
3,036 |
|
FNMA Certificates |
|
|
90,868 |
|
|
|
53 |
|
|
|
(1,453 |
) |
|
|
89,468 |
|
SBA Certificates |
|
|
10,931 |
|
|
|
32 |
|
|
|
— |
|
|
|
10,963 |
|
Allowance for Credit Losses |
|
|
(236 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total held-to-maturity securities |
|
$ |
272,982 |
|
|
$ |
243 |
|
|
$ |
(4,586 |
) |
|
$ |
268,875 |
|
(1)Comprised of FHLMC, FNMA and GNMA issued securities.
|
| Company's Securities Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized |
The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at June 30, 2026 and December 31, 2025:
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|
June 30, 2026 |
|
|
|
Securities With Gross Unrealized Losses |
|
|
|
Less Than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,094 |
|
|
$ |
(406 |
) |
|
$ |
13,094 |
|
|
$ |
(406 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
— |
|
|
|
— |
|
|
|
24,482 |
|
|
|
(4,780 |
) |
|
|
24,482 |
|
|
|
(4,780 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
6,573 |
|
|
|
(818 |
) |
|
|
6,573 |
|
|
|
(818 |
) |
FNMA Certificates |
|
|
— |
|
|
|
— |
|
|
|
40,553 |
|
|
|
(7,595 |
) |
|
|
40,553 |
|
|
|
(7,595 |
) |
Total available-for-sale securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
84,702 |
|
|
$ |
(13,599 |
) |
|
$ |
84,702 |
|
|
$ |
(13,599 |
) |
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,402 |
|
|
$ |
(98 |
) |
|
$ |
5,402 |
|
|
$ |
(98 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
15,133 |
|
|
|
(150 |
) |
|
|
121,407 |
|
|
|
(4,224 |
) |
|
|
136,540 |
|
|
|
(4,374 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
594 |
|
|
|
(122 |
) |
|
|
594 |
|
|
|
(122 |
) |
FNMA Certificates |
|
|
3,226 |
|
|
|
(84 |
) |
|
|
79,332 |
|
|
|
(2,333 |
) |
|
|
82,558 |
|
|
|
(2,417 |
) |
Total held-to-maturity securities |
|
$ |
18,359 |
|
|
$ |
(234 |
) |
|
$ |
206,735 |
|
|
$ |
(6,777 |
) |
|
$ |
225,094 |
|
|
$ |
(7,011 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Securities With Gross Unrealized Losses |
|
|
|
Less Than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,979 |
|
|
$ |
(20 |
) |
|
$ |
2,979 |
|
|
$ |
(20 |
) |
Corporate Bonds |
|
|
— |
|
|
|
— |
|
|
|
12,763 |
|
|
|
(738 |
) |
|
|
12,763 |
|
|
|
(738 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
— |
|
|
|
— |
|
|
|
26,346 |
|
|
|
(4,493 |
) |
|
|
26,346 |
|
|
|
(4,493 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
7,125 |
|
|
|
(790 |
) |
|
|
7,125 |
|
|
|
(790 |
) |
FNMA Certificates |
|
|
— |
|
|
|
— |
|
|
|
42,906 |
|
|
|
(7,714 |
) |
|
|
42,906 |
|
|
|
(7,714 |
) |
Total available-for-sale securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
92,119 |
|
|
$ |
(13,755 |
) |
|
$ |
92,119 |
|
|
$ |
(13,755 |
) |
Held-to-Maturity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,362 |
|
|
$ |
(138 |
) |
|
$ |
5,362 |
|
|
$ |
(138 |
) |
Mortgage-Backed Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations |
|
|
16,561 |
|
|
|
(50 |
) |
|
|
132,942 |
|
|
|
(2,826 |
) |
|
|
149,503 |
|
|
|
(2,876 |
) |
FHLMC Certificates |
|
|
— |
|
|
|
— |
|
|
|
616 |
|
|
|
(119 |
) |
|
|
616 |
|
|
|
(119 |
) |
FNMA Certificates |
|
|
— |
|
|
|
— |
|
|
|
85,670 |
|
|
|
(1,453 |
) |
|
|
85,670 |
|
|
|
(1,453 |
) |
Total held-to-maturity securities |
|
$ |
16,561 |
|
|
$ |
(50 |
) |
|
$ |
224,590 |
|
|
$ |
(4,536 |
) |
|
$ |
241,151 |
|
|
$ |
(4,586 |
) |
|
| Summary of Maturities of Securities |
The following is a summary of maturities of securities at June 30, 2026. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table.
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Amortized |
|
|
Fair |
|
|
|
Cost |
|
|
Value |
|
|
|
(in thousands) |
|
Available-for-Sale Securities: |
|
|
|
|
|
|
Corporate Bonds: |
|
|
|
|
|
|
Amounts maturing: |
|
|
|
|
|
|
Three months or less |
|
$ |
— |
|
|
$ |
— |
|
More than three months through one year |
|
|
— |
|
|
|
— |
|
More than one year through five years |
|
|
4,000 |
|
|
|
3,690 |
|
More than five years through ten years |
|
|
9,500 |
|
|
|
9,404 |
|
|
|
|
13,500 |
|
|
|
13,094 |
|
Mortgage-Backed Securities |
|
|
84,872 |
|
|
|
71,680 |
|
Total available-for-sale securities |
|
$ |
98,372 |
|
|
$ |
84,774 |
|
Held-to-Maturity Securities: |
|
|
|
|
|
|
Corporate Bonds: |
|
|
|
|
|
|
Amounts maturing: |
|
|
|
|
|
|
Three months or less |
|
$ |
— |
|
|
$ |
— |
|
More than three months through one year |
|
|
— |
|
|
|
— |
|
More than one year through five years |
|
|
— |
|
|
|
— |
|
More than five years through ten years |
|
|
7,500 |
|
|
|
7,423 |
|
|
|
|
7,500 |
|
|
|
7,423 |
|
Mortgage-Backed Securities |
|
|
246,326 |
|
|
|
239,542 |
|
Allowance for Credit Losses |
|
|
(210 |
) |
|
|
— |
|
Total held-to-maturity securities |
|
$ |
253,616 |
|
|
$ |
246,965 |
|
|
| Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities |
The following table presents the activity in the allowance for credit losses for held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
For the Six |
|
|
|
|
|
|
Months Ended |
|
|
For the Year Ended |
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
|
(in thousands) |
|
Allowance for credit losses on securities at beginning of period |
|
$ |
236 |
|
|
$ |
216 |
|
(Benefit) provision for credit losses |
|
|
(26 |
) |
|
|
20 |
|
Allowance for credit losses on securities at end of period |
|
$ |
210 |
|
|
$ |
236 |
|
|