The following table summarizes the amortized cost, fair value and allowance for credit losses (“ACL”) of securities available-for-sale at September 30, 2026 and December 31, 2025, respectively, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss:



(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2026
U.S. Treasuries	$	137,905	$	5	$	(6,598)	$	—	$	131,312

Municipal	15,270		—		(2,587)		—		12,683
Corporate	1,500		—		(57)		—		1,443
Asset-backed securities	4,546		69		—		—		4,615
Mortgage-backed securities	67,373		—		(2,940)		—		64,433
Total	$	226,594	$	74	$	(12,182)	$	—	$	214,486

December 31, 2025
U.S. Treasuries	$	142,381	$	157	$	(5,302)	$	—	$	137,236

Municipal	15,615		66		(1,784)		—		13,897
Corporate	3,500		—		(96)		—		3,404
Asset-backed securities	5,013		13		—		—		5,026
Mortgage-backed securities	71,145		581		(1,206)		—		70,520
Total	$	237,654	$	817	$	(8,388)	$	—	$	230,083

There were no securities sold during the nine months ended September 30, 2026 or the nine months ended September 30, 2025. There was no ACL required on available-for-sale debt securities in an unrealized loss position at September 30, 2026 and December 31, 2025.

The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	September 30, 2026				December 31, 2025
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	25,455	$	25,346	$	54,110	$	53,767
One to five years	114,533		107,992		70,534		67,955
Five to ten years	13,182		11,042		34,346		30,847
Beyond ten years	1,505		1,058		2,506		1,968
Asset-backed securities(1)	4,546		4,615		5,013		5,026
Mortgage-backed securities(1)	67,373		64,433		71,145		70,520
Total	$	226,594	$	214,486	$	237,654	$	230,083

There were no securities pledged to secure public deposits at September 30, 2026, compared to a carrying amount of $1.0 million at December 31, 2025. As of September 30, 2026, approximately $106.8 million of investment securities were pledged as collateral to the FHLB to secure FHLB advances and $101.7 million of investment securities were pledged as collateral to the FRB to support discount window borrowing capacity. As of December 31, 2025, approximately $124.3 million of investment securities were pledged as collateral to the FHLB to secure FHLB advances and $95.5 million of investment securities were pledged as collateral to the FRB to support discount window borrowing

At September 30, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

The following table summarizes debt securities available-for-sale in an unrealized loss position for which an ACL has not been recorded at September 30, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 months				12 months or longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2026
U.S. Treasuries	$	59,781	$	(601)	$	66,580	$	(5,997)	$	126,361	$	(6,598)
Municipal	4,299		(197)		8,384		(2,390)		12,683		(2,587)
Corporate	—		—		1,443		(57)		1,443		(57)

Mortgage-backed securities	47,401		(1,351)		17,032		(1,589)		64,433		(2,940)
Total	$	111,481	$	(2,149)	$	93,439	$	(10,033)	$	204,920	$	(12,182)

December 31, 2025
U.S. Treasuries	$	9,853	$	(32)	$	95,531	$	(5,270)	$	105,384	$	(5,302)

Municipal	—		—		8,998		(1,784)		8,998		(1,784)
Corporate	—		—		3,404		(96)		3,404		(96)

Mortgage-backed securities	214		(29)		18,466		(1,177)		18,680		(1,206)
Total	$	10,067	$	(61)	$	126,399	$	(8,327)	$	136,466	$	(8,388)

At September 30, 2026, there were six treasury securities, three municipal securities, and seventeen mortgage-backed securities that had been in an unrealized loss position for less than twelve months. At December 31, 2025, there was one treasury security and three mortgage-backed securities that had been in an unrealized loss position for less than twelve months. At September 30, 2026, there were seven treasury securities, ten municipal securities, two corporate securities, and ten mortgage-backed securities that had been in an unrealized loss position for greater than twelve months. At December 31, 2025, there were ten treasury securities, ten municipal securities, three corporate securities, and eight mortgage-backed securities that had been in an unrealized loss position for greater than twelve months.

As of September 30, 2026, management determined the Company does not have the intent to sell, nor is it more likely than not that it will be required to sell, available-for-sale debt securities in an unrealized loss position at September 30, 2026 before it is able to recover the amortized cost basis. Further, management reviewed the Company’s holdings as of September 30, 2026 and concluded there were no credit-related declines in fair value. Additional information related to the types of securities held at September 30, 2026, other than securities issued or guaranteed by U.S. Government entities or agencies including U.S. Treasuries and substantially all of the Company’s mortgage-backed securities, is as follows:

Corporate Securities — There have been no payment defaults on any of the Company’s holdings of corporate debt securities. There are two securities, all of which are subordinated debt of other financial institutions with face amounts ranging from $0.5 million to $1 million.

there have been no payment defaults. Summary ratings information at September 30, 2026, based on the amortized cost basis and reflecting the lowest enhanced or underlying rating by Moody’s, Standard & Poors or Fitch, is as follows: AAA - 78% of the portfolio; AA+ - 22%.

As such, it is deemed the above listed securities are not in an unrealized loss position due to credit-related issues and no further analysis is warranted as of September 30, 2026.