| Amortized Cost and Fair Value of Investment Securities |
The amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of investment securities at September 30, 2026 and December 31, 2025 were as follows (in thousands):
|
September 30, 2026
|
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Allowance
for Credit
Losses
|
|
|
Fair
Value
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. agency securities
|
|
$
|
50,640 |
|
|
$
|
10 |
|
|
$
|
(3,646 |
)
|
|
$
|
- |
|
|
$
|
47,004 |
|
|
U.S. treasury securities
|
|
|
59,248 |
|
|
|
- |
|
|
|
(1,789 |
)
|
|
|
- |
|
|
|
57,459 |
|
Obligations of state and political subdivisions
|
|
|
137,776 |
|
|
|
46 |
|
|
|
(11,729 |
)
|
|
|
- |
|
|
|
126,093 |
|
|
Corporate obligations
|
|
|
4,830 |
|
|
|
191 |
|
|
|
(130 |
)
|
|
|
- |
|
|
|
4,891 |
|
Mortgage-backed securities in government sponsored entities
|
|
|
258,155 |
|
|
|
36 |
|
|
|
(16,067 |
)
|
|
|
- |
|
|
|
242,124 |
|
|
Total available-for-sale securities
|
|
$
|
510,649 |
|
|
$
|
283 |
|
|
$
|
(33,361 |
)
|
|
$
|
- |
|
|
$
|
477,571 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. agency securities
|
|
$
|
52,651 |
|
|
$
|
12 |
|
|
$
|
(2,908 |
)
|
|
$
|
- |
|
|
$
|
49,755 |
|
|
U.S. treasury securities
|
|
|
84,551 |
|
|
|
225 |
|
|
|
(2,122 |
)
|
|
|
- |
|
|
|
82,654 |
|
Obligations of state and political subdivisions
|
|
|
120,608 |
|
|
|
1,070 |
|
|
|
(5,792 |
)
|
|
|
- |
|
|
|
115,886 |
|
|
Corporate obligations
|
|
|
11,304 |
|
|
|
405 |
|
|
|
(412 |
)
|
|
|
- |
|
|
|
11,297 |
|
Mortgage-backed securities in government sponsored entities
|
|
|
193,405 |
|
|
|
1,103 |
|
|
|
(9,359 |
)
|
|
|
- |
|
|
|
185,149 |
|
|
Total available-for-sale securities
|
|
$
|
462,519 |
|
|
$
|
2,815 |
|
|
$
|
(20,593 |
)
|
|
$
|
- |
|
|
$
|
444,741 |
|
|
| Unrealized Losses and Fair Value of Investments |
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at September 30, 2026 and December 31, 2025 (in thousands). As of September 30, 2026, the Company owned 347 securities whose fair value was less than their cost basis.
|
September 30, 2026
|
|
Less than Twelve Months
|
|
|
Twelve Months or Greater
|
|
|
Total
|
|
| |
|
Fair
Value
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Gross
Unrealized
Losses
|
|
| |
|
| |
|
|
U.S. agency securities
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
42,364 |
|
|
$
|
(3,646 |
)
|
|
$
|
42,364 |
|
|
$
|
(3,646 |
)
|
|
U.S. treasury securities
|
|
|
9,604 |
|
|
|
(141 |
)
|
|
|
47,855 |
|
|
|
(1,648 |
)
|
|
|
57,459 |
|
|
|
(1,789 |
)
|
Obligations of state and political subdivisions
|
|
|
53,799 |
|
|
|
(2,551 |
)
|
|
|
66,358 |
|
|
|
(9,178 |
)
|
|
|
120,157 |
|
|
|
(11,729 |
)
|
|
Corporate obligations
|
|
|
- |
|
|
|
- |
|
|
|
2,017 |
|
|
|
(130 |
)
|
|
|
2,017 |
|
|
|
(130 |
)
|
Mortgage-backed securities in government
sponsored entities
|
|
|
160,741 |
|
|
|
(5,391 |
)
|
|
|
68,481 |
|
|
|
(10,676 |
)
|
|
|
229,222 |
|
|
|
(16,067 |
)
|
|
Total securities
|
|
$
|
224,144 |
|
|
$
|
(8,083 |
)
|
|
$
|
227,075 |
|
|
$
|
(25,278 |
)
|
|
$
|
451,219 |
|
|
$
|
(33,361 |
)
|
|
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. agency securities
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
45,104 |
|
|
$
|
(2,908 |
)
|
|
$
|
45,104 |
|
|
$
|
(2,908 |
)
|
|
U.S. treasury securities
|
|
|
- |
|
|
|
- |
|
|
|
72,784 |
|
|
|
(2,122 |
)
|
|
|
72,784 |
|
|
|
(2,122 |
)
|
Obligations of states and political subdivisions
|
|
|
5,642 |
|
|
|
(98 |
)
|
|
|
72,858 |
|
|
|
(5,694 |
)
|
|
|
78,500 |
|
|
|
(5,792 |
)
|
|
Corporate obligations
|
|
|
- |
|
|
|
- |
|
|
|
6,588 |
|
|
|
(412 |
)
|
|
|
6,588 |
|
|
|
(412 |
)
|
Mortgage-backed securities in government sponsored entities
|
|
|
36,858 |
|
|
|
(247 |
)
|
|
|
79,922 |
|
|
|
(9,112 |
)
|
|
|
116,780 |
|
|
|
(9,359 |
)
|
|
Total securities
|
|
$
|
42,500 |
|
|
$
|
(345 |
)
|
|
$
|
277,256 |
|
|
$
|
(20,248 |
)
|
|
$
|
319,756 |
|
|
$
|
(20,593 |
)
|
|
| Unrealized Gains Related to Equity Securities |
The following table presents the net gains on the Company’s equity investments recognized in earnings during the three and nine month periods ended September 30, 2026 and 2025, and the portion of unrealized gains for the period that relates to equity investments held at September 30, 2026 and 2025 (in thousands):
| |
|
Three Months Ended
September 30,
|
|
|
September 30,
|
|
|
Equity Securities
|
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
Net gains (losses) recognized in equity securities during the period
|
|
$
|
258 |
|
|
$
|
34 |
|
|
$
|
373 |
|
|
$
|
56 |
|
|
Less: Net gains realized on the sale of equity securities during the period
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net unrealized gains (losses)
|
|
$
|
258 |
|
|
$
|
34 |
|
|
$
|
373 |
|
|
$
|
56 |
|
|
| Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of debt securities at September 30, 2026, by contractual maturity, are shown below (in thousands):
|
|
|
Amortized
Cost
|
|
|
Fair Value
|
|
|
Available-for-sale debt securities:
|
|
|
|
|
|
|
|
Due in one year or less
|
|
$
|
55,021 |
|
|
$
|
54,041 |
|
|
Due after one year through five years
|
|
|
99,604 |
|
|
|
93,729 |
|
|
Due after five years through ten years
|
|
|
75,948 |
|
|
|
70,192 |
|
|
Due after ten years
|
|
|
280,076 |
|
|
|
259,609 |
|
|
Total
|
|
$
|
510,649 |
|
|
$
|
477,571 |
|
|