Note 2 - Securities Available for Sale

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Investment in Debt and Equity Securities and Other Trading Assets [Text Block]

Note 2 — Securities Available for Sale

The amortized cost and fair values of the Company’s investment in securities available for sale follow:

		*June 30, 2026*
						*Gross*				*Gross*
		*Amortized*				*unrealized*				*unrealized*
		*cost*				*gains*				*losses*				*Fair value*
		(In Thousands)
Mortgage-backed securities		$	10,596			$	2			$	(1,249	)		$	9,349
Collateralized mortgage obligations:
Government sponsored enterprise issued			167,759				57				(15,194	)			152,622
Private-label issued			5,552				-				(525	)			5,027
Mortgage-related securities			183,907				59				(16,968	)			166,998

Municipal securities			60,631				1,033				(739	)			60,925
Other debt securities			10,000				-				(575	)			9,425
Debt securities			70,631				1,033				(1,314	)			70,350
Total		$	254,538			$	1,092			$	(18,282	)		$	237,348

		*December 31, 2025*
						*Gross*				*Gross*
		*Amortized*				*unrealized*				*unrealized*
		*cost*				*gains*				*losses*				*Fair value*
		(In Thousands)
Mortgage-backed securities		$	11,350			$	13			$	(1,250	)		$	10,113
Collateralized mortgage obligations
Government sponsored enterprise issued			165,771				533				(13,995	)			152,309
Private-label issued			6,032				-				(513	)			5,519
Mortgage related securities			183,153				546				(15,758	)			167,941

Municipal securities			53,426				1,332				(651	)			54,107
Other debt securities			10,000				-				(1,200	)			8,800
Debt securities			63,426				1,332				(1,851	)			62,907
Total		$	246,579			$	1,878			$	(17,609	)		$	230,848

The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At June 30, 2026, $36,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities. At December 31, 2025, $59,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities.

The amortized cost and fair values of investment securities by contractual maturity at June 30, 2026 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

		*Amortized*				*Fair*
		*Cost*				*Value*
		(In Thousands)
Debt and other securities
Due within one year		$	2,859			$	2,878
Due after one year through five years			12,664				12,182
Due after five years through ten years			21,812				21,352
Due after ten years			33,296				33,938
Mortgage-related securities			183,907				166,998
Total		$	254,538			$	237,348

Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

		*June 30, 2026*
		*Less than 12 months*								*12 months or longer*								*Total*
		*Fair*				*Unrealized*				*Fair*				*Unrealized*				*Fair*				*Unrealized*
		*value*				*loss*				*value*				*loss*				*value*				*loss*
		(In Thousands)
Mortgage-backed securities		$	1,577			$	4			$	7,607			$	1,245			$	9,184			$	1,249
Collateralized mortgage obligations:
Government sponsored enterprise issued			57,190				716				82,834				14,478				140,024				15,194
Private-label issued			837				10				4,190				515				5,027				525
Municipal securities			10,203				55				4,364				684				14,567				739
Other debt securities			-				-				9,425				575				9,425				575
Total		$	69,807			$	785			$	108,420			$	17,497			$	178,227			$	18,282

		*December 31, 2025*
		*Less than 12 months*								*12 months or longer*								*Total*
		*Fair*				*Unrealized*				*Fair*				*Unrealized*				*Fair*				*Unrealized*
		*value*				*loss*				*value*				*loss*				*value*				*loss*
		(In Thousands)
Mortgage-backed securities		$	-			$	-			$	8,330			$	1,250			$	8,330			$	1,250
Collateralized mortgage obligations:
Government sponsored enterprise issued			12,355				33				89,205				13,962				101,560				13,995
Private-label issued			859				11				4,660				502				5,519				513
Municipal securities			752				8				4,912				643				5,664				651
Other debt securities			-				-				8,800				1,200				8,800				1,200
Total		$	13,966			$	52			$	115,907			$	17,557			$	129,873			$	17,609

The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 180 individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of June 30, 2026 and December 31, 2025, no allowance for credit losses on securities was recognized. The Company does not consider its securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost.

During the three and six months ended June 30, 2026 and June 30, 2025, there were no sales of securities.