Investment Securities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investment Securities [Abstract] |
|
| Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale |
The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows:
|
|
|
Amortized
|
|
|
Gross Unrealized
|
|
|
|
|
|
(Dollars in thousands)
|
|
Cost
|
|
|
Gains
|
|
|
Losses
|
|
|
Fair Value
|
|
|
As of June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored securities
|
|
$
|
1,836 |
|
|
$
|
2 |
|
|
$
|
10 |
|
|
$
|
1,828 |
|
|
Mortgage-backed securities(1)
|
|
|
834,003 |
|
|
|
3,447 |
|
|
|
21,846 |
|
|
|
815,604 |
|
|
Commercial mortgage-backed obligations(1)
|
|
|
1,233 |
|
|
|
16 |
|
|
|
- |
|
|
|
1,249 |
|
|
Collateralized mortgage obligations(1)
|
|
|
20,492 |
|
|
|
- |
|
|
|
646 |
|
|
|
19,846 |
|
|
Municipal securities
|
|
|
65,624 |
|
|
|
3,632 |
|
|
|
- |
|
|
|
69,256 |
|
|
Corporate securities
|
|
|
24,643 |
|
|
|
96 |
|
|
|
54 |
|
|
|
24,685 |
|
|
Other
|
|
|
310 |
|
|
|
- |
|
|
|
- |
|
|
|
310 |
|
|
Total available-for-sale securities
|
|
$
|
948,141 |
|
|
$
|
7,193 |
|
|
$
|
22,556 |
|
|
$
|
932,778 |
|
(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
|
|
|
Amortized
|
|
|
Gross Unrealized
|
|
|
|
|
|
(Dollars in thousands)
|
|
Cost
|
|
|
Gains
|
|
|
Losses
|
|
|
Fair Value
|
|
|
As of December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored securities
|
|
$
|
2,046 |
|
|
$
|
2 |
|
|
$
|
10 |
|
|
$
|
2,038 |
|
|
Mortgage-backed securities(1)
|
|
|
834,820 |
|
|
|
9,140 |
|
|
|
17,720 |
|
|
|
826,240 |
|
|
Commercial mortgage-backed obligations(1)
|
|
|
1,231 |
|
|
|
22 |
|
|
|
- |
|
|
|
1,253 |
|
|
Collateralized mortgage obligations(1)
|
|
|
21,087 |
|
|
|
5 |
|
|
|
362 |
|
|
|
20,730 |
|
|
Municipal securities
|
|
|
66,142 |
|
|
|
4,703 |
|
|
|
- |
|
|
|
70,845 |
|
|
Corporate securities
|
|
|
29,567 |
|
|
|
171 |
|
|
|
- |
|
|
|
29,738 |
|
|
Other
|
|
|
310 |
|
|
|
- |
|
|
|
- |
|
|
|
310 |
|
|
Total available-for-sale securities
|
|
$
|
955,203 |
|
|
$
|
14,043 |
|
|
$
|
18,092 |
|
|
$
|
951,154 |
|
(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
|
| Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity |
The book values, estimated fair values, and unrecognized gains and losses of investments classified as held-to-maturity are as follows:
| |
|
|
|
|
|
|
|
|
|
|
Allowance |
|
| |
|
Amortized
|
|
|
Gross Unrecognized
|
|
|
|
|
|
for Credit
|
|
|
(Dollars in thousands)
|
|
Cost
|
|
|
Gains
|
|
|
Losses
|
|
|
Fair Value
|
|
|
Losses
|
|
|
As of June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities(1)
|
|
$
|
567,079 |
|
|
$
|
36 |
|
|
$
|
117,068 |
|
|
$
|
450,047 |
|
|
$
|
- |
|
|
Collateralized mortgage obligations(1)
|
|
|
59,669 |
|
|
|
- |
|
|
|
10,575 |
|
|
|
49,094 |
|
|
|
- |
|
|
Municipal securities
|
|
|
69,716 |
|
|
|
745 |
|
|
|
958 |
|
|
|
69,503 |
|
|
|
450 |
|
|
Total held-to-maturity securities
|
|
$
|
696,464 |
|
|
$
|
781 |
|
|
$
|
128,601 |
|
|
$
|
568,644 |
|
|
$
|
450 |
|
(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
|
|
| |
|
Amortized
|
|
|
Gross Unrecognized
|
|
|
|
|
|
for Credit
|
|
|
(Dollars in thousands)
|
|
Cost
|
|
|
Gains
|
|
|
Losses
|
|
|
Fair Value
|
|
|
Losses
|
|
|
As of December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities(1)
|
|
$
|
586,001 |
|
|
$
|
88 |
|
|
$
|
115,773 |
|
|
$
|
470,316 |
|
|
$
|
- |
|
|
Collateralized mortgage obligations(1)
|
|
|
62,476 |
|
|
|
- |
|
|
|
10,234 |
|
|
|
52,242 |
|
|
|
- |
|
|
Municipal securities
|
|
|
70,164 |
|
|
|
1,011 |
|
|
|
997 |
|
|
|
70,178 |
|
|
|
450 |
|
|
Total held-to-maturity securities
|
|
$
|
718,641 |
|
|
$
|
1,099 |
|
|
$
|
127,004 |
|
|
$
|
592,736 |
|
|
$
|
450 |
|
(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
|
| Gross Unrealized Losses for Available-for-Sale Securities |
The following tables show the gross unrealized losses for available-for-sale securities, for which an allowance for credit losses has not been recorded, that have been in an unrealized loss position for less than 12 months or 12 months or more:
|
|
|
June 30, 2026
|
|
| |
|
Less Than 12 Months
|
|
|
12 Months or More
|
|
|
Total
|
|
|
(Dollars in thousands)
|
|
Fair Value
|
|
|
Unrealized Losses
|
|
|
Fair Value
|
|
|
Unrealized Losses
|
|
|
Fair Value
|
|
|
Unrealized Losses
|
|
|
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored securities
|
|
$
|
284 |
|
|
$
|
1 |
|
|
$
|
840 |
|
|
$
|
9 |
|
|
$
|
1,124 |
|
|
$
|
10 |
|
|
Mortgage-backed securities(1)
|
|
|
415,344 |
|
|
|
4,328 |
|
|
|
65,133 |
|
|
|
17,518 |
|
|
|
480,477 |
|
|
|
21,846 |
|
|
Collateralized mortgage obligations(1)
|
|
|
14,503 |
|
|
|
369 |
|
|
|
5,343 |
|
|
|
277 |
|
|
|
19,846 |
|
|
|
646 |
|
|
Corporate securities
|
|
|
4,720 |
|
|
|
54 |
|
|
|
- |
|
|
|
- |
|
|
|
4,720 |
|
|
|
54 |
|
|
Total available-for-sale securities
|
|
$
|
434,851 |
|
|
$
|
4,752 |
|
|
$
|
71,316 |
|
|
$
|
17,804 |
|
|
$
|
506,167 |
|
|
$
|
22,556 |
|
(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
| |
|
December 31, 2025
|
|
| |
|
Less Than 12 Months
|
|
|
12 Months or More
|
|
|
Total
|
|
|
(Dollars in thousands)
|
|
Fair Value
|
|
|
Unrealized Losses
|
|
|
Fair Value
|
|
|
Unrealized Losses
|
|
|
Fair Value
|
|
|
Unrealized Losses
|
|
|
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government-sponsored securities
|
|
$
|
461 |
|
|
$
|
2 |
|
|
$
|
676 |
|
|
$
|
8 |
|
|
$
|
1,137 |
|
|
$
|
10 |
|
|
Mortgage-backed securities(1)
|
|
|
60,935 |
|
|
|
244 |
|
|
|
75,647 |
|
|
|
17,476 |
|
|
|
136,582 |
|
|
|
17,720 |
|
|
Collateralized mortgage obligations(1)
|
|
|
13,262 |
|
|
|
230 |
|
|
|
5,511 |
|
|
|
132 |
|
|
|
18,773 |
|
|
|
362 |
|
|
Total available-for-sale securities
|
|
$
|
74,658 |
|
|
$
|
476 |
|
|
$
|
81,834 |
|
|
$
|
17,616 |
|
|
$
|
156,492 |
|
|
$
|
18,092 |
|
(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
|
| Activity in Allowance for Credit Losses for Held-to-Maturity Securities by Major Type |
The following tables present the activity in the allowance for credit losses for held-to-maturity securities by major type:
|
|
|
June 30, 2026
|
|
|
(Dollars in thousands)
|
|
Municipal securities
|
|
|
Mortgage-backed securities
|
|
|
Collateralized mortgage obligations
|
|
|
Total
|
|
|
Allowance for credit losses - securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
450 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
450 |
|
|
Provision for credit losses
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Ending balance
|
|
$
|
450 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
450 |
|
|
|
|
December 31, 2025
|
|
|
(Dollars in thousands)
|
|
Municipal securities
|
|
|
Mortgage-backed securities
|
|
|
Collateralized mortgage obligations
|
|
|
Total
|
|
|
Allowance for credit losses - securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
450 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
450 |
|
|
Provision for credit losses
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Ending balance
|
|
$
|
450 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
450 |
|
|
| Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Final Maturity |
The amortized cost and estimated fair values of investment securities at June 30, 2026 by contractual final maturity are shown in the following table:
|
|
|
Available-for-Sale
|
|
|
Held-to-Maturity
|
|
|
(Dollars in thousands)
|
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Securities maturing in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One year or less
|
|
$
|
5,545 |
|
|
$
|
5,553 |
|
|
$
|
2,609 |
|
|
$
|
2,604 |
|
|
After one year through five years
|
|
|
20,485 |
|
|
|
20,505 |
|
|
|
18,116 |
|
|
|
18,075 |
|
|
After five years through ten years
|
|
|
49,576 |
|
|
|
51,062 |
|
|
|
17,849 |
|
|
|
17,101 |
|
|
After ten years
|
|
|
872,535 |
|
|
|
855,658 |
|
|
|
657,890 |
|
|
|
530,864 |
|
|
Total
|
|
$
|
948,141 |
|
|
$
|
932,778 |
|
|
$
|
696,464 |
|
|
$
|
568,644 |
|
|
| Amortized Cost of Held-to-Maturity Municipal Securities by Credit Rating |
The following tables summarize the amortized cost of held-to-maturity municipal securities by credit rating as of the dates indicated:
|
|
|
Held-to-Maturity
|
|
|
|
|
|
|
|
Amortized Cost
|
|
|
|
|
|
(Dollars in thousands)
|
|
AAA/AA/A
|
|
|
BBB/BB/B
|
|
|
Not Rated
|
|
|
Total
|
|
|
June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities
|
|
$
|
18,427 |
|
|
$
|
938 |
|
|
$
|
50,351 |
|
|
$
|
69,716 |
|
|
Total
|
|
$
|
18,427 |
|
|
$
|
938 |
|
|
$
|
50,351 |
|
|
$
|
69,716 |
|
|
|
Held-to-Maturity
|
|
|
|
|
|
|
|
Amortized Cost
|
|
|
|
|
|
(Dollars in thousands)
|
|
AAA/AA/A
|
|
|
BBB/BB/B
|
|
|
Not Rated
|
|
|
Total
|
|
|
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities
|
|
$
|
18,562 |
|
|
$
|
935 |
|
|
$
|
50,667 |
|
|
$
|
70,164 |
|
|
Total
|
|
$
|
18,562 |
|
|
$
|
935 |
|
|
$
|
50,667 |
|
|
$
|
70,164 |
|
|
| Proceeds from Sales and Calls of Investment Securities |
Proceeds from sales and calls of investment securities were as follows:
| |
|
For the Six Months Ended
June 30,
|
|
|
(Dollars in thousands)
|
|
2026
|
|
|
2025
|
|
|
Gross proceeds
|
|
$
|
1,374 |
|
|
$
|
460 |
|
|
Gross gains
|
|
|
45 |
|
|
|
- |
|
|
Gross losses
|
|
|
- |
|
|
|
- |
|
|