Investment and Equity Securities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity |
Carrying amounts and fair values of securities available for sale and held to maturity are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(dollars in thousands) |
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
25,636 |
|
|
$ |
— |
|
|
$ |
1,860 |
|
|
$ |
23,776 |
|
U.S. government agencies |
|
|
49,367 |
|
|
|
83 |
|
|
|
771 |
|
|
|
48,679 |
|
GSE - Mortgage-backed securities and CMOs |
|
|
173,604 |
|
|
|
249 |
|
|
|
8,729 |
|
|
|
165,124 |
|
Asset-backed securities |
|
|
19,349 |
|
|
|
248 |
|
|
|
52 |
|
|
|
19,545 |
|
State and political subdivisions |
|
|
110,069 |
|
|
|
316 |
|
|
|
11,688 |
|
|
|
98,697 |
|
Corporate bonds |
|
|
4,000 |
|
|
|
— |
|
|
|
50 |
|
|
|
3,950 |
|
Total securities available for sale |
|
$ |
382,025 |
|
|
$ |
896 |
|
|
$ |
23,150 |
|
|
$ |
359,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Allowance for
Credit Losses |
|
|
Net Carrying
Amount |
|
|
|
(dollars in thousands) |
|
|
|
|
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and political subdivisions |
|
$ |
11,624 |
|
|
$ |
— |
|
|
$ |
1,021 |
|
|
$ |
10,603 |
|
|
$ |
— |
|
|
$ |
11,624 |
|
Corporate bonds |
|
|
10,300 |
|
|
|
— |
|
|
|
530 |
|
|
|
9,770 |
|
|
|
44 |
|
|
|
10,256 |
|
Total securities held to maturity |
|
$ |
21,924 |
|
|
$ |
— |
|
|
$ |
1,551 |
|
|
$ |
20,373 |
|
|
$ |
44 |
|
|
$ |
21,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(dollars in thousands) |
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
25,753 |
|
|
$ |
— |
|
|
$ |
1,756 |
|
|
$ |
23,997 |
|
U.S. government agencies |
|
|
45,862 |
|
|
|
95 |
|
|
|
729 |
|
|
|
45,228 |
|
GSE - Mortgage-backed securities and CMOs |
|
|
182,088 |
|
|
|
839 |
|
|
|
8,173 |
|
|
|
174,754 |
|
Asset-backed securities |
|
|
20,726 |
|
|
|
271 |
|
|
|
32 |
|
|
|
20,965 |
|
State and political subdivisions |
|
|
100,843 |
|
|
|
221 |
|
|
|
12,178 |
|
|
|
88,886 |
|
Corporate bonds |
|
|
4,000 |
|
|
|
— |
|
|
|
90 |
|
|
|
3,910 |
|
Total securities available for sale |
|
$ |
379,272 |
|
|
$ |
1,426 |
|
|
$ |
22,958 |
|
|
$ |
357,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Allowance for
Credit Losses |
|
|
Net Carrying
Amount |
|
|
|
(dollars in thousands) |
|
|
|
|
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and political subdivisions |
|
$ |
11,692 |
|
|
$ |
— |
|
|
$ |
1,133 |
|
|
$ |
10,559 |
|
|
$ |
— |
|
|
$ |
11,692 |
|
Corporate bonds |
|
|
10,300 |
|
|
|
— |
|
|
|
651 |
|
|
|
9,649 |
|
|
|
45 |
|
|
|
10,255 |
|
Total securities held to maturity |
|
$ |
21,992 |
|
|
$ |
— |
|
|
$ |
1,784 |
|
|
$ |
20,208 |
|
|
$ |
45 |
|
|
$ |
21,947 |
|
|
| Allowance for Credit Losses on Held to Maturity Securities |
The following table shows a rollforward of the allowance for credit losses on held to maturity securities for the six months ended June 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and political subdivisions |
|
|
Corporate bonds |
|
|
Total |
|
|
|
(dollars in thousands) |
|
Balance, December 31, 2025 |
|
$ |
— |
|
|
$ |
45 |
|
|
$ |
45 |
|
Provision for (recovery of) credit losses |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Charge-offs of securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Recoveries |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance, June 30, 2026 |
|
$ |
— |
|
|
$ |
44 |
|
|
$ |
44 |
|
|
| Summary of Amortized Cost of Debt Securities Held to Maturity |
The following table summarizes the credit ratings of debt securities held to maturity, presented at amortized cost, by major security type at June 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
State and political subdivisions |
|
|
Corporate bonds |
|
|
Total |
|
|
|
(dollars in thousands) |
|
Aaa |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Aa1/Aa2/Aa3 |
|
|
11,025 |
|
|
|
— |
|
|
|
11,025 |
|
A1/A2 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
BBB |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Not rated |
|
|
599 |
|
|
|
10,300 |
|
|
|
10,899 |
|
Total |
|
$ |
11,624 |
|
|
$ |
10,300 |
|
|
$ |
21,924 |
|
|
| Sales of Securities Available for Sale |
Results from sales of securities available for sale during the three and six-month periods ended June 30, 2026 and 2025, respectively, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(dollars in thousands) |
|
Gross proceeds from sales |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,817 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gains from sales |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
289 |
|
|
$ |
— |
|
Realized losses from sales |
|
|
— |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
Net realized gains (losses) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
186 |
|
|
$ |
— |
|
|
| Gross Unrealized Losses and Fair Value of Investments |
The following tables show the gross unrealized losses and estimated fair value of available for sale securities, for which an allowance has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
June 30, 2026 |
|
Number of Securities |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Number of Securities |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
|
|
|
|
(dollars in thousands) |
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
5 |
|
|
$ |
23,776 |
|
|
$ |
1,860 |
|
|
$ |
23,776 |
|
|
$ |
1,860 |
|
U.S. government agencies |
|
|
13 |
|
|
|
16,548 |
|
|
|
100 |
|
|
|
31 |
|
|
|
21,777 |
|
|
|
671 |
|
|
|
38,325 |
|
|
|
771 |
|
GSE-Mortgage-backed securities and CMOs |
|
|
19 |
|
|
|
46,572 |
|
|
|
731 |
|
|
|
53 |
|
|
|
76,045 |
|
|
|
7,998 |
|
|
|
122,617 |
|
|
|
8,729 |
|
Asset-backed securities |
|
|
4 |
|
|
|
3,860 |
|
|
|
26 |
|
|
|
2 |
|
|
|
1,861 |
|
|
|
26 |
|
|
|
5,721 |
|
|
|
52 |
|
State and political subdivisions |
|
|
8 |
|
|
|
13,618 |
|
|
|
161 |
|
|
|
57 |
|
|
|
71,421 |
|
|
|
11,527 |
|
|
|
85,039 |
|
|
|
11,688 |
|
Corporate bonds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
3,950 |
|
|
|
50 |
|
|
|
3,950 |
|
|
|
50 |
|
Total securities available for sale |
|
|
44 |
|
|
$ |
80,598 |
|
|
$ |
1,018 |
|
|
|
150 |
|
|
$ |
198,830 |
|
|
$ |
22,132 |
|
|
$ |
279,428 |
|
|
$ |
23,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
December 31, 2025 |
|
Number of Securities |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Number of Securities |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
|
|
|
|
(dollars in thousands) |
|
Securities available for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
5 |
|
|
$ |
23,997 |
|
|
$ |
1,756 |
|
|
$ |
23,997 |
|
|
$ |
1,756 |
|
U.S. government agencies |
|
|
11 |
|
|
|
13,378 |
|
|
|
56 |
|
|
|
28 |
|
|
|
18,932 |
|
|
|
673 |
|
|
|
32,310 |
|
|
|
729 |
|
GSE-Mortgage-backed securities and CMOs |
|
|
11 |
|
|
|
23,048 |
|
|
|
177 |
|
|
|
61 |
|
|
|
94,444 |
|
|
|
7,996 |
|
|
|
117,492 |
|
|
|
8,173 |
|
Asset-backed securities |
|
|
1 |
|
|
|
466 |
|
|
|
2 |
|
|
|
4 |
|
|
|
4,316 |
|
|
|
30 |
|
|
|
4,782 |
|
|
|
32 |
|
State and political subdivisions |
|
|
4 |
|
|
|
5,376 |
|
|
|
113 |
|
|
|
57 |
|
|
|
72,704 |
|
|
|
12,065 |
|
|
|
78,080 |
|
|
|
12,178 |
|
Corporate bonds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
3,910 |
|
|
|
90 |
|
|
|
3,910 |
|
|
|
90 |
|
Total securities available for sale |
|
|
27 |
|
|
$ |
42,268 |
|
|
$ |
348 |
|
|
|
157 |
|
|
$ |
218,303 |
|
|
$ |
22,610 |
|
|
$ |
260,571 |
|
|
$ |
22,958 |
|
|
| Amortized Cost and Fair Value of Available for Sale Securities Portfolio |
The following tables show contractual maturities of the investment portfolio as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Amortized
Cost |
|
|
Estimated
Fair Value |
|
|
Book
Yield |
|
|
|
(dollars in thousands) |
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
Due within twelve months |
|
|
2,250 |
|
|
|
2,236 |
|
|
|
1.12 |
% |
Due after one but within five years |
|
|
56,799 |
|
|
|
53,483 |
|
|
|
1.75 |
% |
Due after five but within ten years |
|
|
64,633 |
|
|
|
59,984 |
|
|
|
2.84 |
% |
Due after ten years |
|
|
258,343 |
|
|
|
244,068 |
|
|
|
3.71 |
% |
|
|
$ |
382,025 |
|
|
$ |
359,771 |
|
|
|
3.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Amortized
Cost |
|
|
Estimated
Fair Value |
|
|
Book
Yield |
|
|
|
(dollars in thousands) |
|
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
Due after one but within five years |
|
|
5,800 |
|
|
|
5,593 |
|
|
|
7.66 |
% |
Due after five but within ten years |
|
|
7,077 |
|
|
|
6,656 |
|
|
|
3.36 |
% |
Due after ten years |
|
|
9,047 |
|
|
|
8,124 |
|
|
|
3.37 |
% |
|
|
$ |
21,924 |
|
|
$ |
20,373 |
|
|
|
4.50 |
% |
|
| Unrealized Gains and Losses Related to Equity Securities |
The portion of unrealized gains and losses for the three and six months ended June 30, 2026 and 2025 related to equity securities still held at the reporting date is calculated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(dollars in thousands) |
|
Gross proceeds from sales |
|
$ |
270 |
|
|
$ |
— |
|
|
$ |
270 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) recognized during the period on equity securities |
|
$ |
(3 |
) |
|
$ |
14 |
|
|
$ |
18 |
|
|
$ |
(9 |
) |
Less: Net gains (losses) recognized from equity securities sold during the period |
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date |
|
$ |
3 |
|
|
$ |
14 |
|
|
$ |
24 |
|
|
$ |
(9 |
) |
|