AFS securities at June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

Available for sale
Agencies	$	275	$	—	$	—	$	275
Corporate securities		2,233		3		116		2,120
Mortgage-backed securities		24,462		11		1,518		22,955
Treasuries		6,872		—		4		6,868
Total	$	33,842	$	14	$	1,638	$	32,218


	December 31, 2025
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

Available for sale
Agencies	$	404	$	—	$	—	$	404
Corporate securities		1,482		—		121		1,361
Mortgage-backed securities		20,570		19		1,473		19,116
Treasuries		12,329		16		—		12,345
Total	$	34,785	$	35	$	1,594	$	33,226

HTM securities at June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Held to maturity
Corporate securities(1)	$	3,199	$	—	$	120	$	3,079
Mortgage-backed securities		2,448		2		446		2,004
Total	$	5,647	$	2	$	566	$	5,083


	December 31, 2025
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Held to maturity
Corporate securities(1)	$	3,198	$	—	$	200	$	2,998
Mortgage-backed securities		2,538		4		438		2,104
Total	$	5,736	$	4	$	638	$	5,102

(1) Amount is net of Current Expected Credit Loss ("CECL") credit reserve of $1,000 at June 30, 2026 and $2,000 at December 31, 2025.

The Company pledged securities with an amortized cost of $27.6 million and a fair value of $25.8 million at June 30, 2026 to secure deposits from municipalities. At December 31, 2025, the Company pledged securities with an amortized cost of $32.1 million and a fair value of $30.3 million to secure deposits from municipalities. The amortized cost and fair value of securities as of June 30, 2026 and December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.


	June 30, 2026
	Available for sale				Held to maturity
	Amortized		Fair		Amortized		Fair
(dollars in thousands)	cost		value		cost		value

Maturing
Due under one year	$	21,468	$	21,433	$	3,329	$	3,211
Due after one year through five years		2,269		2,155		70		67
Due after five years through ten years		590		556		254		243
Due after ten years		9,515		8,074		1,994		1,562
Total	$	33,842	$	32,218	$	5,647	$	5,083

All mortgage-backed securities are guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae.

Investment securities with unrealized losses for continuous periods of less than 12 months and 12 months or longer are as follows:


	Less than 12 months				12 months or longer				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
June 30, 2026	losses		value		losses		value		losses		value
(dollars in thousands)
Available for sale
Corporate securities	$	8	$	492	$	108	$	875	$	116	$	1,367
Mortgage-backed securities		25		8,377		1,493		13,222		1,518		21,599
Treasuries		4		6,867		—		—		4		6,867
Total	$	37	$	15,736	$	1,601	$	14,097	$	1,638	$	29,833

Held to maturity
Corporate securities (1)	$	—	$	—	$	120	$	3,080		120		3,080
Mortgage-backed securities		1		52		444		1,778		446		1,830
Total	$	1	$	52	$	564	$	4,858	$	566	$	4,910

	Less than 12 months				12 months or longer				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
December 31, 2025	losses		value		losses		value		losses		value
(dollars in thousands)
Available for sale
Agency securities	$	—	$	—	$	—	$	—	$	—	$	—
Corporate securities		11		489		110		872		121		1,361
Mortgage-backed securities		1		564		1,472		14,076		1,473		14,640
Total	$	12	$	1,053	$	1,582	$	14,948	$	1,594	$	16,001

Held to maturity
Corporate securities (1)	$	—	$	—	$	200	$	2,998	$	200	$	2,998
Mortgage-backed securities		—		1		438		1,895		438		1,896
Total	$	—	$	1	$	638	$	4,893	$	638	$	4,894

(1) Fair value amount is net of CECL credit reserve of $1,000 at June 30, 2026 and $2,000 at December 31, 2025.

As of June 30, 2026 and December 31, 2025, the Company determined that for its available-for-sale debt securities in an unrealized loss position, it did not intend to sell nor was it more likely than not that it would be required to sell any security and that the decline in fair value was not due to credit factors, but due to changes in interest rates and other factors. Accordingly, at June 30, 2026 and December 31, 2025, the Company did not record an ACL for its AFS debt securities.

We monitor the credit quality of HTM debt securities through both internal analysis performed on a quarterly basis and credit ratings when available. The following table reflects the credit ratings for the HTM debt securities at June 30, 2026.


(dollars in thousands)	AAA		A-		BBB/BBB+		BBB-		Not Rated		Total

Corporate securities	$	—	$	500	$	1,249	$	700	$	750	$	3,199
Mortgage-backed securities		2,448		—		—		—		—		2,448
	$	2,448	$	500	$	1,249	$	700	$	750	$	5,647

The following table provides a breakdown of our HTM debt securities by year of origination at June 30, 2026.


(dollars in thousands)	Total		2026		2025		2024		2023		2022		Prior
Corporate securities	$	3,199	$	—	$	—	$	—	$	—	$	750	$	2,449
Mortgage-backed securities		2,448		—		—		—		—		1,774		674
	$	5,647	$	—	$	—	$	—	$	—	$	2,524	$	3,123