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 fair value of securities available-for-sale |
Investment securities available for sale (AFS): | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | Gross | | Gross | | Allowance | | | | | | | | | Unrealized | | Unrealized | | For Credit | | Fair | | | Cost Basis | | Gains | | Losses | | Losses | | Value | | | | (In Thousands) | U.S. Agency | | $ | 5,077 | | $ | — | | $ | (416) | | $ | — | | $ | 4,661 | U.S. Agency mortgage-backed securities | | | 144,254 | | | 357 | | | (10,052) | | | — | | | 134,559 | Municipal | | | 18,443 | | | 105 | | | (521) | | | — | | | 18,027 | Corporate bonds | | | 48,240 | | | 395 | | | (952) | | | (30) | | | 47,653 | Total | | $ | 216,014 | | $ | 857 | | $ | (11,941) | | $ | (30) | | $ | 204,900 |
Investment securities available for sale (AFS): | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | Gross | | Gross | | Allowance | | | | | | | | | Unrealized | | Unrealized | | For Credit | | Fair | | | Cost Basis | | Gains | | Losses | | Losses | | Value | | | | (In Thousands) | U.S. Agency | | $ | 5,162 | | $ | — | | $ | (372) | | $ | — | | $ | 4,790 | U.S. Agency mortgage-backed securities | | | 119,381 | | | 639 | | | (9,164) | | | — | | | 110,856 | Municipal | | | 10,155 | | | 140 | | | (361) | | | — | | | 9,934 | Corporate bonds | | | 51,473 | | | 387 | | | (1,212) | | | — | | | 50,648 | Total | | $ | 186,171 | | $ | 1,166 | | $ | (11,109) | | $ | — | | $ | 176,228 |
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| Summary of amortized cost and fair value of securities held-to-maturity |
Investment securities held to maturity (HTM): | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | Allowance | | | | Gross | | Gross | | | | | | | | For Credit | | Carrying | | Unrealized | | Unrealized | | Fair | | | Cost Basis | | Losses | | Value | | Gains | | Losses | | Value | | | | (In Thousands) | U.S. Agency | | $ | 2,500 | | $ | — | | $ | 2,500 | | $ | — | | $ | (245) | | $ | 2,255 | U.S. Agency mortgage-backed securities | | | 48,838 | | | — | | | 48,838 | | | 137 | | | (2,243) | | | 46,732 | Municipal | | | 32,465 | | | (1) | | | 32,464 | | | — | | | (1,647) | | | 30,817 | Corporate bonds and other securities | | | 2,000 | | | (66) | | | 1,934 | | | — | | | (26) | | | 1,908 | Total | | $ | 85,803 | | $ | (67) | | $ | 85,736 | | $ | 137 | | $ | (4,161) | | $ | 81,712 |
Investment securities held to maturity (HTM): | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | Allowance | | | | Gross | | Gross | | | | | | | | For Credit | | Carrying | | Unrealized | | Unrealized | | Fair | | | Cost Basis | | Losses | | Value | | Gains | | Losses | | Value | | | | (In Thousands) | U.S. Agency | | $ | 2,500 | | $ | — | | $ | 2,500 | | $ | — | | $ | (216) | | $ | 2,284 | U.S. Agency mortgage-backed securities | | | 36,592 | | | — | | | 36,592 | | | 210 | | | (1,820) | | | 34,982 | Municipal | | | 30,754 | | | (1) | | | 30,753 | | | 6 | | | (1,415) | | | 29,344 | Corporate bonds and other securities | | | 2,500 | | | (89) | | | 2,411 | | | — | | | (105) | | | 2,306 | Total | | $ | 72,346 | | $ | (90) | | $ | 72,256 | | $ | 216 | | $ | (3,556) | | $ | 68,916 |
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| Schedule of investment securities |
| | | | | | | | | | | | | | | June 30, 2026 | | | Available for sale | | Held to maturity | | | Cost Basis | | Fair Value | | Carrying Value | | Fair Value | Within 1 year | | $ | 4,231 | | $ | 4,207 | | $ | 3,791 | | $ | 3,763 | After 1 year but within 5 years | | | 25,976 | | | 25,048 | | | 18,576 | | | 17,812 | After 5 years but within 10 years | | | 43,836 | | | 43,231 | | | 14,184 | | | 13,068 | Over 10 years | | | 141,971 | | | 132,414 | | | 49,185 | | | 47,069 | Total | | $ | 216,014 | | $ | 204,900 | | $ | 85,736 | | $ | 81,712 |
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| Schedule of investments with unrealized losses |
The following tables summarize the available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of June 30, 2026 and December 31, 2025, aggregated by security type and length of time in a continuous loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | | Value | | Losses | | Value | | Losses | | Value | | Losses | U.S. Agency | | $ | — | | $ | — | | $ | 4,661 | | $ | (416) | | $ | 4,661 | | $ | (416) | U.S. Agency mortgage-backed securities | | | 46,134 | | | (643) | | | 52,998 | | | (9,409) | | | 99,132 | | | (10,052) | Municipal | | | 8,202 | | | (118) | | | 4,724 | | | (403) | | | 12,926 | | | (521) | Corporate bonds | | | 10,209 | | | (88) | | | 15,454 | | | (864) | | | 25,663 | | | (952) | Total | | $ | 64,545 | | $ | (849) | | $ | 77,837 | | $ | (11,092) | | $ | 142,382 | | $ | (11,941) |
| | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | | Value | | Losses | | Value | | Losses | | Value | | Losses | U.S. Agency | | $ | — | | $ | — | | $ | 4,790 | | $ | (372) | | $ | 4,790 | | $ | (372) | U.S. Agency mortgage-backed securities | | | 9,198 | | | (28) | | | 60,272 | | | (9,136) | | | 69,470 | | | (9,164) | Municipal | | | — | | | — | | | 5,670 | | | (361) | | | 5,670 | | | (361) | Corporate bonds | | | 5,086 | | | (64) | | | 20,416 | | | (1,148) | | | 25,502 | | | (1,212) | Total | | $ | 14,284 | | $ | (92) | | $ | 91,148 | | $ | (11,017) | | $ | 105,432 | | $ | (11,109) |
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| Schedule of allowance for credit losses on available for sale debt securities |
The following tables present the activity in the allowance for credit losses on available for sale debt securities by major security type for the three and six months ended June 30, 2026 and 2025 (in thousands). | | | | | | | | | | | | | | | | | | Three months ended June 30, 2026 | | | Balance at March 31, 2026 | | Charge-Offs | | Recoveries | | Provision
(Recovery) | | Balance at June 30, 2026 | Corporate bonds | | $ | 34 | | $ | — | | $ | — | | $ | (4) | | $ | 30 | Total | | $ | 34 | | $ | — | | $ | — | | $ | (4) | | $ | 30 |
| | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | | | Balance at March 31, 2025 | | Charge-Offs | | Recoveries | | Provision
(Recovery) | | Balance at June 30, 2025 | Corporate bonds | | $ | 1,000 | | $ | — | | $ | — | | $ | — | | $ | 1,000 | Total | | $ | 1,000 | | $ | — | | $ | — | | $ | — | | $ | 1,000 |
| | | | | | | | | | | | | | | | | | Six months ended June 30, 2026 | | | Balance at December 31, 2025 | | Charge-Offs | | Recoveries | | Provision (Recovery) | | Balance at June 30, 2026 | Corporate bonds | | $ | — | | $ | — | | $ | — | | $ | 30 | | $ | 30 | Total | | $ | — | | $ | — | | $ | — | | $ | 30 | | $ | 30 |
| | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | Balance at December 31, 2024 | | Charge-Offs | | Recoveries | | Provision (Recovery) | | Balance at June 30, 2025 | Corporate bonds | | $ | 360 | | $ | — | | $ | — | | $ | 640 | | $ | 1,000 | Total | | $ | 360 | | $ | — | | $ | — | | $ | 640 | | $ | 1,000 |
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| Schedule of allowance for credit losses on held to maturity debt securities |
The following tables present the activity in the allowance for credit losses on held to maturity debt securities by major security type for the three and six months ended June 30, 2026 and 2025 (in thousands). | | | | | | | | | | | | | | | | | | Three months ended June 30, 2026 | | | Balance at March 31, 2026 | | Charge-Offs | | Recoveries | | Provision (Recovery) | | Balance at June 30, 2026 | Municipal | | $ | 1 | | $ | — | | $ | — | | $ | — | | $ | 1 | Corporate bonds and other securities | | | 82 | | | — | | | — | | | (16) | | | 66 | Total | | $ | 83 | | $ | — | | $ | — | | $ | (16) | | $ | 67 |
| | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | | | Balance at March 31, 2025 | | Charge-Offs | | Recoveries | | Provision (Recovery) | | Balance at June 30, 2025 | Municipal | | $ | 1 | | $ | — | | $ | — | | $ | 1 | | $ | 2 | Corporate bonds and other securities | | | 95 | | | — | | | — | | | (12) | | | 83 | Total | | $ | 96 | | $ | — | | $ | — | | $ | (11) | | $ | 85 |
| | | | | | | | | | | | | | | | | | Six months ended June 30, 2026 | | | Balance at December 31, 2025 | | Charge-Offs | | Recoveries | | Provision (Recovery) | | Balance at June 30, 2026 | Municipal | | $ | 1 | | $ | — | | $ | — | | $ | — | | $ | 1 | Corporate bonds and other securities | | | 89 | | | — | | | — | | | (23) | | | 66 | Total | | $ | 90 | | $ | — | | $ | — | | $ | (23) | | $ | 67 |
| | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | Balance at December 31, 2024 | | Charge-Offs | | Recoveries | | Provision (Recovery) | | Balance at June 30, 2025 | Municipal | | $ | 2 | | $ | — | | $ | — | | $ | — | | $ | 2 | Corporate bonds and other securities | | | 87 | | | — | | | — | | | (4) | | | 83 | Total | | $ | 89 | | $ | — | | $ | — | | $ | (4) | | $ | 85 |
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| Schedule of amortized cost of held to maturity debt securities aggregated by credit quality indicator |
Specifically, the following table summarizes the carrying value of held to maturity debt securities at June 30, 2026, aggregated by credit quality indicator (in thousands). | | | | | | | | | | | | | | | June 30, 2026 | | | Credit Rating | | | AAA/AA/A | | BBB/BB/B | | Unrated | | Total | U.S. Agency | | $ | 2,500 | | $ | — | | $ | — | | $ | 2,500 | U.S. Agency mortgage-backed securities | | | 48,838 | | | — | | | — | | | 48,838 | Municipal | | | 31,964 | | | 500 | | | — | | | 32,464 | Corporate bonds and other securities | | | 1,000 | | | — | | | 934 | | | 1,934 | Total | | $ | 84,302 | | $ | 500 | | $ | 934 | | $ | 85,736 |
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| Schedule of trading securities at estimated fair value |
The following table presents the Company’s trading securities, at estimated fair value (in thousands). | | | | | | | | | June 30, 2026 | | December 31, 2025 | U.S. Treasury | | $ | 3,794 | | $ | 3,401 | Municipal | | | 4,794 | | | 3,852 | Total | | $ | 8,588 | | $ | 7,253 |
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| Schedule of net gain (loss) on trading securities included in trading securities revenue |
The following table presents the net gain on trading securities included in trading securities revenue for the three- and six-month periods ended June 30, 2026 and 2025 (in thousands). | | | | | | | | | | | | | | | Three months ended | | Six months ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Net realized gain on sales | | $ | 22 | | $ | 38 | | $ | 26 | | $ | 38 | Net unrealized gain | | | 94 | | | 35 | | | 42 | | | 35 | Net gain on trading securities | | | 116 | | | 73 | | | 68 | | | 73 | Less: Portfolio expenses and management fees | | | 56 | | | 38 | | | 71 | | | 38 | Trading securities revenue (loss) | | $ | 60 | | $ | 35 | | $ | (3) | | $ | 35 |
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