Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities |
This table provides the major components of debt securities available for sale ("AFS") and held to maturity (“HTM”) at amortized cost and estimated fair value at June 30, 2026 and December 31, 2025:
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June 30, 2026 |
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Gross |
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Gross |
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|
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Amortized |
|
|
unrealized |
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|
unrealized |
|
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Estimated |
|
(In thousands) |
|
cost |
|
|
gains |
|
|
losses |
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|
fair value |
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Available for sale: |
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|
|
|
|
|
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U.S. Government sponsored entities |
|
$ |
5,000 |
|
|
$ |
— |
|
|
$ |
(35 |
) |
|
$ |
4,965 |
|
State and political subdivisions |
|
|
168 |
|
|
|
— |
|
|
|
(19 |
) |
|
|
149 |
|
Residential mortgage-backed securities |
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|
12,227 |
|
|
|
25 |
|
|
|
(1,105 |
) |
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11,147 |
|
Asset backed securities |
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19,000 |
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17 |
|
|
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(1 |
) |
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19,016 |
|
Corporate and other securities |
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32,419 |
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|
|
411 |
|
|
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(886 |
) |
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|
31,944 |
|
Total debt securities available for sale |
|
$ |
68,814 |
|
|
$ |
453 |
|
|
$ |
(2,046 |
) |
|
$ |
67,221 |
|
Held to maturity: |
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U.S. Government sponsored entities |
|
$ |
28,000 |
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|
$ |
— |
|
|
$ |
(3,899 |
) |
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$ |
24,101 |
|
State and political subdivisions |
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2,319 |
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58 |
|
|
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(7 |
) |
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|
2,370 |
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Residential mortgage-backed securities |
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7,388 |
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|
|
— |
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|
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(2,492 |
) |
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|
4,896 |
|
Total debt securities held to maturity |
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$ |
37,707 |
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|
$ |
58 |
|
|
$ |
(6,398 |
) |
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$ |
31,367 |
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December 31, 2025 |
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Gross |
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|
Gross |
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|
|
|
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Amortized |
|
|
unrealized |
|
|
unrealized |
|
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Estimated |
|
(In thousands) |
|
cost |
|
|
gains |
|
|
losses |
|
|
fair value |
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Available for sale: |
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|
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U.S. Government sponsored entities |
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$ |
5,000 |
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|
$ |
— |
|
|
$ |
(31 |
) |
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$ |
4,969 |
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State and political subdivisions |
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185 |
|
|
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— |
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(26 |
) |
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|
159 |
|
Residential mortgage-backed securities |
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12,702 |
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27 |
|
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(977 |
) |
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|
11,752 |
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Asset backed securities |
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22,001 |
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11 |
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(12 |
) |
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22,000 |
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Corporate and other securities |
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32,586 |
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|
314 |
|
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(910 |
) |
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|
31,990 |
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Total debt securities available for sale |
|
$ |
72,474 |
|
|
$ |
352 |
|
|
$ |
(1,956 |
) |
|
$ |
70,870 |
|
Held to maturity: |
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|
|
|
|
|
|
|
|
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|
U.S. Government sponsored entities |
|
$ |
28,000 |
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|
$ |
— |
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|
$ |
(3,812 |
) |
|
$ |
24,188 |
|
State and political subdivisions |
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|
1,299 |
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42 |
|
|
|
— |
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|
|
1,341 |
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Residential mortgage-backed securities |
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|
7,277 |
|
|
|
— |
|
|
|
(2,401 |
) |
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|
4,876 |
|
Total debt securities held to maturity |
|
$ |
36,576 |
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|
$ |
42 |
|
|
$ |
(6,213 |
) |
|
$ |
30,405 |
|
|
| Schedule of Marketable Securities By Contractual Maturity |
The contractual maturities of AFS and HTM debt securities at June 30, 2026 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
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Amortized |
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Fair |
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(In thousands) |
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Cost |
|
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Value |
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Available for sale: |
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Due in one year |
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$ |
7,000 |
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|
$ |
6,966 |
|
Due after one year through five years |
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|
13,063 |
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12,729 |
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Due after five years through ten years |
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|
22,356 |
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|
22,222 |
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Due after ten years |
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|
14,168 |
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|
14,157 |
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Residential mortgage-backed securities |
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12,227 |
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|
|
11,147 |
|
Total |
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$ |
68,814 |
|
|
$ |
67,221 |
|
Held to maturity: |
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|
|
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Due in one year |
|
$ |
986 |
|
|
$ |
979 |
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Due after one year through five years |
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3,000 |
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|
2,983 |
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Due after five years through ten years |
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4,000 |
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|
3,556 |
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Due after ten years |
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|
22,333 |
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|
18,953 |
|
Residential mortgage-backed securities |
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|
7,388 |
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|
|
4,896 |
|
Total |
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$ |
37,707 |
|
|
$ |
31,367 |
|
|
| Schedule of Marketable Securities In Unrealized Loss Position |
The fair value of debt securities in an unrealized loss position, categorized by the length of time each security has been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025, is as follows:
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June 30, 2026 |
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Less than 12 months |
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12 months and greater |
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Total |
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Estimated |
|
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Unrealized |
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|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
(In thousands) |
|
fair value |
|
|
loss |
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|
fair value |
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|
loss |
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|
fair value |
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|
loss |
|
Available for sale: |
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|
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|
|
|
|
|
|
U.S. Government sponsored entities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,965 |
|
|
$ |
(35 |
) |
|
$ |
4,965 |
|
|
$ |
(35 |
) |
State and political subdivisions |
|
|
— |
|
|
|
— |
|
|
|
149 |
|
|
|
(19 |
) |
|
|
149 |
|
|
|
(19 |
) |
Residential mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
11,043 |
|
|
|
(1,105 |
) |
|
|
11,043 |
|
|
|
(1,105 |
) |
Asset backed securities |
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|
3,999 |
|
|
|
(1 |
) |
|
|
— |
|
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|
— |
|
|
|
3,999 |
|
|
|
(1 |
) |
Corporate and other securities |
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|
1,994 |
|
|
|
(6 |
) |
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|
10,218 |
|
|
|
(880 |
) |
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|
12,212 |
|
|
|
(886 |
) |
Total temporarily impaired AFS securities |
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$ |
5,993 |
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|
$ |
(7 |
) |
|
$ |
26,375 |
|
|
$ |
(2,039 |
) |
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$ |
32,368 |
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|
$ |
(2,046 |
) |
Held to maturity: |
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|
|
|
|
|
|
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|
|
|
|
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U.S. Government sponsored entities |
|
$ |
3,971 |
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|
$ |
(30 |
) |
|
$ |
20,131 |
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|
$ |
(3,869 |
) |
|
$ |
24,101 |
|
|
$ |
(3,899 |
) |
State and political subdivisions |
|
|
979 |
|
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
|
|
979 |
|
|
|
(7 |
) |
Residential mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
4,896 |
|
|
|
(2,492 |
) |
|
|
4,896 |
|
|
|
(2,492 |
) |
Total temporarily impaired HTM securities |
|
$ |
4,950 |
|
|
$ |
(37 |
) |
|
$ |
25,027 |
|
|
$ |
(6,361 |
) |
|
$ |
29,976 |
|
|
$ |
(6,398 |
) |
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|
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|
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|
December 31, 2025 |
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Less than 12 months |
|
|
12 months and greater |
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Total |
|
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
(In thousands) |
|
fair value |
|
|
loss |
|
|
fair value |
|
|
loss |
|
|
fair value |
|
|
loss |
|
Available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored entities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,969 |
|
|
$ |
(31 |
) |
|
$ |
4,969 |
|
|
$ |
(31 |
) |
State and political subdivisions |
|
|
— |
|
|
|
— |
|
|
|
159 |
|
|
|
(26 |
) |
|
|
159 |
|
|
|
(26 |
) |
Residential mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
11,625 |
|
|
|
(977 |
) |
|
|
11,625 |
|
|
|
(977 |
) |
Asset backed securities |
|
|
9,988 |
|
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
|
|
9,988 |
|
|
|
(12 |
) |
Corporate and other securities |
|
|
2,483 |
|
|
|
(18 |
) |
|
|
9,681 |
|
|
|
(892 |
) |
|
|
12,164 |
|
|
|
(910 |
) |
Total temporarily impaired AFS securities |
|
$ |
12,471 |
|
|
$ |
(30 |
) |
|
$ |
26,434 |
|
|
$ |
(1,926 |
) |
|
$ |
38,905 |
|
|
$ |
(1,956 |
) |
Held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored entities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24,188 |
|
|
$ |
(3,812 |
) |
|
$ |
24,188 |
|
|
$ |
(3,812 |
) |
Residential mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
4,876 |
|
|
|
(2,401 |
) |
|
|
4,876 |
|
|
|
(2,401 |
) |
Total temporarily impaired HTM securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,064 |
|
|
$ |
(6,213 |
) |
|
$ |
29,064 |
|
|
$ |
(6,213 |
) |
|
| Equity Securities, Gains and Losses |
The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2026 and 2025:
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For the three months ended June 30, |
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For the six months ended June 30, |
|
(In thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Net unrealized (losses) gains occurring during the period on equity securities |
|
$ |
(779 |
) |
|
$ |
91 |
|
|
$ |
(1,283 |
) |
|
$ |
53 |
|
Net gains recognized during the period on equity securities sold during the period |
|
|
136 |
|
|
|
3,509 |
|
|
|
743 |
|
|
|
3,509 |
|
(Losses) gains recognized during the reporting period on equity securities |
|
$ |
(643 |
) |
|
$ |
3,600 |
|
|
$ |
(540 |
) |
|
$ |
3,562 |
|
|