Securities Available for Sale

6 Months Ended

Jun. 30, 2026

Securities Available for Sale [Abstract]

Note 3 – Securities Available For Sale

At June 30, 2026 and December 31, 2025, respectively, the amortized cost and fair values of securities available-for-sale were as follows:



			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In Thousands)
June 30, 2026:
U.S. Treasury securities	$	68,112	$	129	$	(116)	$	68,125
U.S. Government agency obligations		23,186		10		(332)		22,864
Municipal bonds		72,546		35		(11,444)		61,137
U.S. Government Sponsored Enterprise (GSE) - ‎ Mortgage-backed securities - residential		232,964		60		(37,262)		195,762
Total	$	396,808	$	234	$	(49,154)	$	347,888

December 31, 2025:
U.S. Treasury securities	$	75,484	$	713	$	-	$	76,197
U.S. Government agency obligations		16,599		126		(4)		16,721
Municipal bonds		72,586		45		(11,605)		61,026
U.S. Government Sponsored Enterprise (GSE) - ‎ Mortgage-backed securities - residential		225,486		86		(37,586)		187,986
Total	$	390,155	$	970	$	(49,195)	$	341,930

The amortized cost and fair value of securities as of June 30, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without any penalties.



		Amortized		Fair
		Cost		Value

	(In Thousands)
June 30, 2026:
Due in one year or less	$	32,631	$	32,638
Due after one year through five years		58,877		58,637
Due after five years through ten years		13,360		12,694
Due after ten years		58,976		48,157
		163,844		152,126
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential		232,964		195,762
Total	$	396,808	$	347,888

There were no sales of securities for the three and six months ended June 30, 2026 and 2025.

Securities with a carrying value of $155.2 million and $141.4 million at June 30, 2026 and December 31, 2025, respectively, were subject to agreements to repurchase, pledged to secure public deposits, or pledged for other purposes required or permitted by law.

‎

The following table shows the Company’s investments’ gross unrealized losses and fair value, 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
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

June 30, 2026:	(In Thousands)
U.S. Treasury securities	$	29,867	$	(116)	$	-	$	-	$	29,867	$	(116)
U.S. Government agency obligations		17,123		(332)		-		-		17,123		(332)
Municipal bonds		10,736		(635)		47,299		(10,809)		58,035		(11,444)
U.S. Government Sponsored Enterprise
(GSE) - Mortgage-backed securities -
residential		18,203		(194)		164,038		(37,068)		182,241		(37,262)
Total Temporarily Impaired Securities	$	75,929	$	(1,277)	$	211,337	$	(47,877)	$	287,266	$	(49,154)
		.
December 31, 2025:
U.S. Government agency obligations	$	2,496	$	(4)	$	-	$	-	$	2,496	$	(4)
Municipal bonds		10,542		(549)		47,856		(11,056)		58,398		(11,605)
U.S. Government Sponsored Enterprise
(GSE) - Mortgage-backed securities -
residential		9,844		(24)		171,122		(37,562)		180,966		(37,586)
Total Temporarily Impaired Securities	$	22,882	$	(577)	$	218,978	$	(48,618)	$	241,860	$	(49,195)

The Company had two hundred seven (207) securities in an unrealized loss position at June 30, 2026 and one hundred eighty-nine (189) securities in an unrealized loss position at December 31, 2025. The Company reviews its investment portfolio on a quarterly basis for indications of impairment due to credit-related factors or noncredit-related factors. The Company does not intend to sell the securities and has the intent and ability to hold them for a period of time sufficient for recovery of their amortized cost basis without realizing losses on these securities. This review includes analyzing the extent to which the fair value has been lower than the cost, the market liquidity for the investment, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. Management believes that the unrealized loss only represents temporary impairment of the securities, which are predominantly backed by the credit of government agencies, and are a result of the increased market interest rates since the time of purchase, and not the credit quality of the issuer. As such, no allowance for credit losses was required on securities available for sale in an unrealized loss position at each of June 30, 2026 and December 31, 2025.