Investment 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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| Summary of Amortized Cost and Estimated Fair Values of Securities Available for Sale |
The amortized cost and estimated fair values of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses at June 30, 2026 and December 31, 2025 are summarized in the tables below:
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June 30, 2026 |
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(In thousands of dollars) |
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Amortized
Cost |
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Allowance for Credit Losses |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Estimated Fair Value |
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U.S. Treasuries |
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$ |
5,998 |
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$ |
- |
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$ |
- |
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$ |
87 |
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$ |
5,911 |
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Municipal obligations |
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|
62,840 |
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- |
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135 |
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6,464 |
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56,511 |
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Mortgage-backed securities |
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214,279 |
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- |
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597 |
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10,345 |
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204,531 |
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Asset-backed securities |
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26,233 |
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- |
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193 |
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122 |
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26,304 |
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Corporate debt securities |
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55,221 |
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- |
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958 |
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854 |
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55,325 |
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Total securities available-for-sale |
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$ |
364,571 |
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$ |
- |
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$ |
1,883 |
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$ |
17,872 |
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$ |
348,582 |
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December 31, 2025 |
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(In thousands of dollars) |
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Amortized
Cost |
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Allowance for Credit Losses |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Estimated Fair Value |
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U.S. Treasuries |
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$ |
5,996 |
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$ |
- |
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$ |
- |
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$ |
146 |
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$ |
5,850 |
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Municipal obligations |
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64,878 |
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- |
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114 |
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6,350 |
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58,642 |
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Mortgage-backed securities |
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188,509 |
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- |
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1,264 |
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9,713 |
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180,060 |
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Asset-backed securities |
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26,897 |
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- |
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237 |
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134 |
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27,000 |
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Corporate debt securities |
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59,079 |
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- |
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929 |
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1,057 |
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58,951 |
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Total securities available-for-sale |
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$ |
345,359 |
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$ |
- |
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$ |
2,544 |
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$ |
17,400 |
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$ |
330,503 |
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| Summary of Maturities Available for Sale Securities |
The following is a summary of maturities of available-for-sale ("AFS") securities as of June 30, 2026. The amortized cost and estimated fair values are based on the contractual maturity dates. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without penalty. Mortgage-backed securities are not presented by maturity date because pay-downs are expected before contractual maturity dates.
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Amortized |
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Estimated |
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(In thousands of dollars) |
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Cost |
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Fair Value |
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Due in one year or less |
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$ |
4,999 |
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$ |
4,962 |
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Due after one year but within five years |
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21,691 |
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21,624 |
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Due after five years but within ten years |
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78,020 |
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74,682 |
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Due after ten years |
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45,582 |
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42,783 |
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Mortgage-backed securities |
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214,279 |
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204,531 |
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Total |
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$ |
364,571 |
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$ |
348,582 |
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| Summary of Securities in Unrealized Loss Position |
The following table shows securities in unrealized loss position for which an allowance for credit losses ("ACL") has not been recorded and the length of time they were in continuous loss positions as of June 30, 2026:
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Less than |
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Twelve months |
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Twelve months |
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or more |
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Total |
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Estimated |
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Unrealized |
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Estimated |
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Unrealized |
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Estimated |
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Unrealized |
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(In thousands of dollars) |
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Fair Value |
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losses |
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Fair Value |
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losses |
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Fair Value |
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losses |
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U.S. Treasuries |
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$ |
- |
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$ |
- |
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$ |
5,911 |
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$ |
87 |
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$ |
5,911 |
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$ |
87 |
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Municipal obligations |
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|
996 |
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18 |
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52,013 |
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6,446 |
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53,009 |
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6,464 |
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Mortgage-backed securities |
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49,406 |
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579 |
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104,196 |
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9,766 |
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153,602 |
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10,345 |
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Asset-backed securities |
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5,428 |
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27 |
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6,596 |
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95 |
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12,024 |
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122 |
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Corporate debt securities |
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2,991 |
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9 |
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15,155 |
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845 |
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18,146 |
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854 |
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Total AFS securities |
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$ |
58,821 |
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$ |
633 |
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$ |
183,871 |
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$ |
17,239 |
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$ |
242,692 |
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$ |
17,872 |
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The following table shows securities in unrealized loss position for which an ACL has not been recorded and the length of time they were in continuous loss positions as of December 31, 2025:
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Less than |
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Twelve months |
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Twelve months |
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or more |
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Total |
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Estimated |
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Unrealized |
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Estimated |
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Unrealized |
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Estimated |
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Unrealized |
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(In thousands of dollars) |
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Fair Value |
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losses |
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Fair Value |
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losses |
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Fair Value |
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losses |
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U.S. Treasuries |
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$ |
- |
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$ |
- |
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$ |
5,850 |
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$ |
146 |
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$ |
5,850 |
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$ |
146 |
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Municipal obligations |
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- |
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- |
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55,162 |
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6,350 |
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55,162 |
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6,350 |
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Mortgage-backed securities |
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9,712 |
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58 |
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107,857 |
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9,655 |
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117,569 |
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9,713 |
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Asset-backed securities |
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- |
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- |
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7,060 |
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134 |
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7,060 |
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134 |
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Corporate debt securities |
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2,963 |
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38 |
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16,480 |
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1,019 |
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19,443 |
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1,057 |
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Total AFS securities |
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$ |
12,675 |
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$ |
96 |
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$ |
192,409 |
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$ |
17,304 |
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$ |
205,084 |
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$ |
17,400 |
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