INVESTMENT SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| INVESTMENT SECURITIES |
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| Summary of amortized cost and estimated fair value of securities |
The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | | Cost | | Gains | | Losses | | Fair Value | June 30, 2026 | | | | | | | | | | | | | U.S. Treasury | | $ | 49,548 | | $ | 51 | | $ | (34) | | $ | 49,565 | Mortgage-backed securities: | | | | | | | | | | | | | U.S. Government agency securities | | | 45,144 | | | 220 | | | (588) | | | 44,776 | Government-sponsored enterprises | | | 36,975 | | | 304 | | | (123) | | | 37,156 | Collateralized mortgage obligations: | | | | | | | | | | | | | U.S. Government agency securities | | | 20,064 | | | 55 | | | (171) | | | 19,948 | Government-sponsored enterprises | | | 43,782 | | | 230 | | | (57) | | | 43,955 | Municipal obligations | | | 5,500 | | | — | | | (4) | | | 5,496 | Total available for sale securities | | $ | 201,013 | | $ | 860 | | $ | (977) | | $ | 200,896 | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | U.S. Treasury | | $ | 54,483 | | $ | 275 | | $ | (6) | | $ | 54,752 | Mortgage-backed securities: | | | | | | | | | | | | | U.S. Government agency securities | | | 36,743 | | | 384 | | | (423) | | | 36,704 | Government-sponsored enterprises | | | 38,955 | | | 828 | | | — | | | 39,783 | Collateralized mortgage obligations: | | | | | | | | | | | | | U.S. Government agency securities | | | 21,009 | | | 374 | | | — | | | 21,383 | Government-sponsored enterprises | | | 47,929 | | | 465 | | | (104) | | | 48,290 | Municipal obligations | | | 19,477 | | | 42 | | | — | | | 19,519 | Total available for sale securities | | $ | 218,596 | | $ | 2,368 | | $ | (533) | | $ | 220,431 |
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| Summary of amortized cost and estimated fair value of held to maturity securities |
The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | Allowance for | | Net Carrying | | | Cost | | Gains | | Losses | | Fair Value | | Credit Losses | | Value | June 30, 2026 | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 42,631 | | | 455 | | | (1,872) | | $ | 41,214 | | $ | 486 | | $ | 42,145 | Municipal obligations | | | 2,621 | | | — | | | (9) | | | 2,612 | | | — | | | 2,621 | Total held to maturity securities | | $ | 45,252 | | $ | 455 | | $ | (1,881) | | $ | 43,826 | | $ | 486 | | $ | 44,766 | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 39,637 | | | 648 | | | (2,441) | | $ | 37,844 | | $ | 452 | | $ | 39,185 | Municipal obligations | | | 2,336 | | | — | | | (5) | | | 2,331 | | | — | | | 2,336 | Total held to maturity securities | | $ | 41,973 | | $ | 648 | | $ | (2,446) | | $ | 40,175 | | $ | 452 | | $ | 41,521 |
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| Summary of allowance for credit losses on securities held to maturity |
The following tables present the activity in the allowance for credit losses on securities held to maturity (dollars in thousands): | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2026 | | | Beginning | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 486 | | $ | — | | $ | — | | $ | — | | $ | 486 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 486 | | $ | — | | $ | — | | $ | — | | $ | 486 |
| | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | | Beginning | | | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 275 | | $ | 106 | | $ | — | | $ | — | | $ | 381 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 275 | | $ | 106 | | $ | — | | $ | — | | $ | 381 |
| | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2026 | | | Beginning | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 452 | | $ | 34 | | $ | — | | $ | — | | $ | 486 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 452 | | $ | 34 | | $ | — | | $ | — | | $ | 486 |
| | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2025 | | | Beginning | | | | | | | | Ending | | | Balance | | Provisions | | Charge-offs | | Recoveries | | Balance | Corporate debt securities | | $ | 216 | | $ | 165 | | $ | — | | $ | — | | $ | 381 | Municipal obligations | | | — | | | — | | | — | | | — | | | — | Total | | $ | 216 | | $ | 165 | | $ | — | | $ | — | | $ | 381 |
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| Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position |
The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Securities available for sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | 14,695 | | $ | (34) | | $ | — | | $ | — | | $ | 14,695 | | $ | (34) | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | 17,177 | | | (588) | | | 17,177 | | | (588) | Government-sponsored enterprises | | | 4,750 | | | (22) | | | 9,738 | | | (101) | | | 14,488 | | | (123) | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | 3,998 | | | (26) | | | 9,334 | | | (145) | | | 13,332 | | | (171) | Government-sponsored enterprises | | | — | | | — | | | 27,082 | | | (57) | | | 27,082 | | | (57) | Municipal obligations | | | 1,995 | | | (4) | | | — | | | — | | | 1,995 | | | (4) | | | $ | 25,438 | | $ | (86) | | $ | 63,331 | | $ | (891) | | $ | 88,769 | | $ | (977) | | | | | | | | | | | | | | | | | | | | Securities held to maturity: | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 12,438 | | $ | 562 | | $ | 17,380 | | $ | 1,310 | | $ | 29,818 | | $ | 1,872 | Municipal obligations | | | 2,612 | | | 9 | | | — | | | — | | | 2,612 | | | 9 | | | $ | 15,050 | | $ | 571 | | $ | 17,380 | | $ | 1,310 | | $ | 32,430 | | $ | 1,881 |
| | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less than 12 Months | | 12 Months or Longer | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Securities available for sale: | | | | | | | | | | | | | | | | | | | U.S. Treasury | | $ | — | | $ | — | | $ | 4,994 | | $ | (6) | | $ | 4,994 | | $ | (6) | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | 18,183 | | | (423) | | | 18,183 | | | (423) | Government-sponsored enterprises | | | — | | | — | | | — | | | — | | | — | | | — | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | | — | | | — | | | — | | | — | | | — | | | — | Government-sponsored enterprises | | | 6,661 | | | (11) | | | 27,763 | | | (93) | | | 34,424 | | | (104) | Municipal obligations | | | — | | | — | | | — | | | — | | | — | | | — | | | $ | 6,661 | | $ | (11) | | $ | 50,940 | | $ | (522) | | $ | 57,601 | | $ | (533) | | | | | | | | | | | | | | | | | | | | Securities held to maturity: | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 2,483 | | $ | (17) | | $ | 10,326 | | $ | (2,424) | | $ | 12,809 | | $ | (2,441) | Municipal obligations | | | 2,331 | | | (5) | | | — | | | — | | | 2,331 | | | (5) | | | $ | 4,814 | | $ | (22) | | $ | 10,326 | | $ | (2,424) | | $ | 15,140 | | $ | (2,446) |
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| Summary of fair value of debt securities and carrying amount, if different, by contractual maturity |
The following table sets forth information with regard to contractual maturities of debt securities (dollars in thousands). Securities not due at a single maturity date are shown separately. | | | | | | | | | June 30, 2026 | | | Amortized | | Estimated | | | Cost | | Fair Value | Securities available for sale: | | | | | | | Due in one year or less | | $ | 45,344 | | $ | 45,355 | Due after one to five years | | | 21,280 | | | 21,260 | Due after five to ten years | | | 9,155 | | | 9,132 | Due after ten years | | | 125,234 | | | 125,149 | | | $ | 201,013 | | $ | 200,896 | | | | | | | | Securities held to maturity: | | | | | | | Due in one year or less | | $ | 2,433 | | $ | 2,424 | Due after one to five years | | | 5,188 | | | 5,282 | Due after five to ten years | | | 37,631 | | | 36,120 | | | $ | 45,252 | | $ | 43,826 |
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| Schedule of gains and (losses) on trading securities |
The following table sets forth information with regard to gains on trading securities reported in other noninterest income on the consolidated statements of operations (dollars in thousands): | | | | | | | | | For the | | For the | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2026 | Net gain recognized during the period on trading securities | | $ | 552 | | $ | 373 | Less: Net gains recognized during the period on trading securities sold during the period | | | 502 | | | 357 | Unrealized net gain recognized during reporting period on trading securities still held at reporting date | | $ | 50 | | $ | 16 |
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