The amortized cost and fair value of securities available for sale with gross unrealized gains and losses, follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
June 30, 2026
U.S. Government bonds	$	251,967	$	103	$	(2,691	)		249,379
Government sponsored enterprises		47,409		—		(1,981	)		45,428
State and municipal bonds		34,784		—		(361	)		34,423
Corporate bonds		18,914		8		(928	)		17,994
Subordinated debt and collateralized debt obligations		13,000		—		(405	)		12,595
Total securities available for sale	$	366,074	$	111	$	(6,366	)	$	359,819


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
December 31, 2025
U.S. Government bonds	$	228,300	$	1,641	$	(629	)	$	229,312
Government sponsored enterprises		47,431		—		(2,221	)		45,210
State and municipal bonds		33,030		—		(339	)		32,691
Corporate bonds		22,431		18		(900	)		21,549
Subordinated debt and collateralized debt obligations		14,000		—		(470	)		13,530
Total securities available for sale	$	345,192	$	1,659	$	(4,559	)	$	342,292

As of June 30, 2026 and December 31, 2025, securities with an amortized cost of $24.2 million and $27.8 million, and an estimated fair value of $21.7 million and $25.5 million, respectively, were pledged to secure public funds and other such purposes as required by law.

The amortized cost and fair value of debt securities by contractual maturity at June 30, 2026, is as follows. Expected maturities will differ from contractual maturities on certain securities because of call or prepayment provisions.


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	55,703	$	55,313
After 1 year through 5 years		212,179		207,670
After 5 years through 10 years		78,422		77,066
Over 10 years		19,770		19,770
	$	366,074	$	359,819

There were no proceeds from sales of securities available for sale or realized gains or losses on available for sale securities for the three months ended June 30, 2026. For the six months ended June 30, 2026, proceeds from sales of securities available for sale amounted to $26.9 million. For the six months ended June 30, 2026, gross realized gains on available for sale securities were $203,000. For the three and six months ended June 30, 2025, proceeds from sales of securities available for sale amounted to $10.9 million, and gross realized losses on available for sale securities were $20,000.

Available for sale securities which are guaranteed by government agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. In assessing the Company’s investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise; Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”), Federal Farm Credit Bank (“FFCB”), or Federal Home Loan Bank (“FHLB”). Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company’s investments. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that remove a government-sponsored enterprise’s ability to draw funds from the U.S. government, or legislative changes to housing policy that reduce or eliminate the U.S. government’s implicit guarantee on such securities. As of June 30, 2026 and December 31, 2025, there was no allowance on available for sale securities.

Information pertaining to securities with gross unrealized losses at June 30, 2026, and as of December 31, 2025 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:


	Less Than Twelve Months				Twelve Months or Greater
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(In thousands)
June 30, 2026
US Government bonds	$	2,371	$	176,926	$	320	$	27,658
Government sponsored enterprises		—		—		1,981		45,428
State and municipal bonds		—		—		361		7,895
Corporate bonds		64		2,936		864		13,051
Subordinated debt and collateralized debt obligations		30		970		375		9,625
Total securities available for sale	$	2,465	$	180,832	$	3,901	$	103,657


	Less Than Twelve Months				Twelve Months or Greater
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2025
US Government bonds	$	159	$	41,150	$	470	$	58,440
Government sponsored enterprises		—		—		2,221		45,210
State and municipal bonds		—		4,825		339		8,103
Corporate bonds		12		987		888		16,543
Subordinated debt and collateralized debt obligations		—		—		470		10,530
Total securities available for sale	$	171	$	46,962	$	4,388	$	138,826

As of June 30, 2026, 86 debt securities have unrealized losses with aggregate depreciation of 2.18% from the Company’s amortized cost basis, all of which is deemed to be unrelated to credit losses.

The unrealized losses on the Company’s investment in U.S. Government, government-sponsored enterprises and state and municipal bonds were primarily caused by interest rate risk. Many of these investments are guaranteed by the U.S. Government or an agency thereof. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the decline in market value is attributable to changes in interest rates and not to credit quality, and because the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to require a credit loss reserve at June 30, 2026 or December 31, 2025.

The Company’s unrealized losses on investments in corporate bonds and subordinated debt relate to investments in companies within the financial services sector. The unrealized losses are primarily caused by (a) recent decreases in profitability and near-term profit forecasts by industry analysts resulting from the sub-prime mortgage market and (b) recent downgrades by several industry analysts. The contractual terms of these investments do not permit the companies to settle the security at a price less than the par value of the investment. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that the bonds would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, it does not consider these investments to require a credit loss reserve at June 30, 2026 or December 31, 2025.

Marketable equity securities consist of common stocks, preferred stocks and money market mutual funds. As of June 30, 2026, and December 31, 2025, the Company held marketable equity securities with an aggregate fair value of $2.4 million and $2.2 million, respectively. Net realized and unrealized gains (losses) recognized in earnings during the three months ended June 30, 2026 and 2025 were $130,000 and ($36,000), respectively. Net realized and unrealized gains (losses) recognized in earnings during the six months ended June 30, 2026, and 2025 were $189,000 and ($51,000), respectively. As of June 30, 2026, and December 31, 2025, net unrealized gains recognized on marketable equity securities still held at the reporting date amounted to $146,000 and $114,000, respectively.