
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2026
Available for sale:
U.S. agency mortgage-backed	$	341,618	$	28	$	26,922	$	314,724
Collateralized mortgage obligations	43,090		—		1,277		41,813
Municipal bonds	52,703		—		7,587		45,116
U.S. government agency	9,636		—		694		8,942
Corporate bonds	5,000		—		—		5,000
Total available for sale	$	452,047	$	28	$	36,480	$	415,595


(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025
Available for sale:
U.S. agency mortgage-backed	$	284,749	$	402	$	17,501	$	267,650
Collateralized mortgage obligations	61,185		1		859		60,327
Municipal bonds	53,018		3		4,874		48,147
U.S. government agency	11,441		—		438		11,003
Corporate bonds	4,491		9		179		4,321
Total available for sale	$	414,884	$	415	$	23,851	$	391,448
Held to maturity:
Municipal bonds	$	1,065	$	1	$	—	$	1,066
Total held to maturity	$	1,065	$	1	$	—	$	1,066

The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of September 30, 2026 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 3.6 years and 3.3 years at September 30, 2026 and December 31, 2025, respectively.


(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Fair Value
Available for sale:
U.S. agency mortgage-backed	$	8,282	$	112,101	$	86,862	$	107,479	$	314,724
Collateralized mortgage obligations	16,960		13,834		300		10,719		41,813
Municipal bonds	—		13,411		31,282		423		45,116
U.S. government agency	—		1,332		7,610		—		8,942
Corporate bonds	—		—		5,000		—		5,000
Total available for sale	$	25,242	$	140,678	$	131,054	$	118,621	$	415,595


(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Amortized Cost
Available for sale:
U.S. agency mortgage-backed	$	8,326	$	117,533	$	93,636	$	122,123	$	341,618
Collateralized mortgage obligations	17,083		14,318		306		11,383		43,090
Municipal bonds	—		14,429		37,766		508		52,703
U.S. government agency	—		1,444		8,192		—		9,636
Corporate bonds	—		—		5,000		—		5,000
Total available for sale	$	25,409	$	147,724	$	144,900	$	134,014	$	452,047

Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity.

The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ("LTV") ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an allowance for credit losses ("ACL") is recorded, limited by the amount that the fair value of the security is less than its amortized cost.

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.


(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
September 30, 2026	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	134,867	$	5,207	$	177,730	$	21,715	$	312,597	$	26,922
Collateralized mortgage obligations	9,934		164		31,873		1,113		41,807		1,277
Municipal bonds	1,731		71		42,745		7,516		44,476		7,587
U.S. government agency	2,699		137		6,243		557		8,942		694
Corporate bonds	—		—		—		—		—		—
Total available for sale	$	149,231	$	5,579	$	258,591	$	30,901	$	407,822	$	36,480


(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
December 31, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	13,590	$	51	$	220,409	$	17,450	$	233,999	$	17,501
Collateralized mortgage obligations	25		—		60,276		859		60,301		859
Municipal bonds	—		—		46,205		4,874		46,205		4,874
U.S. government agency	—		—		11,003		438		11,003		438
Corporate bonds	—		—		3,320		179		3,320		179
Total available for sale	$	13,615	$	51	$	341,213	$	23,800	$	354,828	$	23,851

At September 30, 2026, 239 of the Company’s debt securities had unrealized losses totaling 8.2% of the individual securities’ amortized cost basis and 8.1% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 181 of the 239 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at September 30, 2026.

At September 30, 2026, it was determined that no ACL was required for the Company's held-to-maturity investment securities. The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at September 30, 2026 and December 31, 2025.

Accrued interest receivable on the Company's investment securities was $1,320,000 and $1,305,000 at September 30, 2026 and December 31, 2025, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.