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SECURITIES
 6 Months Ended
Jun. 30, 2026
SECURITIES [Abstract]  
SECURITIES
3.  SECURITIES

Securities available for sale are summarized as follows as of the dates presented below (dollars in thousands):

   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
for Credit
Losses
    
Fair
Value
  
June 30, 2026
                              
Available for sale:
                              
State and municipal
  
$
197,674
    
$
554
    
$
(20,442
)
  
$
-
    
$
177,786
  
Residential mortgage-backed securities
    
288,743
      
107
      
(41,857
)
    
-
      
246,993
  
Commercial mortgage-backed securities
    
50,587
      
-
      
(4,302
)
    
-
      
46,285
  
Commercial collateralized mortgage obligations
    
66,689
      
4
      
(168
)
    
-
      
66,525
  
Asset-backed and other amortizing securities
    
13,001
      
-
      
(951
)
    
-
      
12,050
  
Other securities
    
5,599
      
251
      
(62
)
    
-
      
5,788
  
   
$
622,293
    
$
916
    
$
(67,782
)
  
$
-
    
$
555,427
  
                                         
December 31, 2025
                                        
Available for sale:
                                        
State and municipal
  
$
199,417
    
$
388
    
$
(23,500
)
  
$
-
    
$
176,305
  
Residential mortgage-backed securities
    
302,711
      
130
      
(42,081
)
    
-
      
260,760
  
Commercial mortgage-backed securities
    
48,769
      
-
      
(3,983
)
    
-
      
44,786
  
Commercial collateralized mortgage obligations
    
67,708
      
77
      
(188
)
    
-
      
67,597
  
Asset-backed and other amortizing securities
    
13,972
      
-
      
(840
)
    
-
      
13,132
  
Other securities
    
5,000
      
-
      
(40
)
    
-
      
4,960
  
   
$
637,577
    
$
595
    
$
(70,632
)
  
$
-
    
$
567,540
  

The amortized cost and estimated fair value of securities at June 30, 2026 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Declining-balance securities are shown separately since they are not due at a single maturity date.

   
Available for Sale
  
   
Amortized
Cost
    
Fair Value
  
Within 1 year
  
$
-
    
$
-
  
After 1 year through 5 years
    
5,064
      
5,010
  
After 5 years through 10 years
    
19,481
      
19,012
  
After 10 years
    
178,728
      
159,552
  
Declining-balance securities
    
419,020
      
371,853
  
   
$
622,293
    
$
555,427
  

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

Securities with a carrying value of approximately $447.2 million and $413.7 million at June 30, 2026 and December 31, 2025, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law.
The following table segregates securities with unrealized losses at the dates indicated, by the duration they have been in a loss position for which an allowance for credit losses has not been recorded (dollars in thousands):

 
  
Less than 12 Months
    
12 Months or More
    
Total
  
 
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
June 30, 2026
                                    
State and municipal
  
$
277
    
$
1

 
$
166,348
    
$
20,441

 
$
166,625
    
$
20,442

Residential mortgage-backed securities
    
3,806
      
89

   
236,040
      
41,768

   
239,846
      
41,857

Commercial mortgage-backed securities
    
5,918
      
97

   
40,367
      
4,205

   
46,285
      
4,302

Commercial collateralized mortgage obligations
    
62,708
      
168

   
-
      
-
      
62,708
      
168

Asset-backed and other amortizing securities
    
-
      
-
      
12,050
      
951

   
12,050
      
951

Other securities
    
2,335
      
62

   
-
      
-
      
2,335
      
62

 
  
$
75,044
    
$
417

 
$
454,805
    
$
67,365

 
$
529,849
    
$
67,782

 
                                                
December 31, 2025
                                                
State and municipal
  
$
205
    
$
-
    
$
165,618
    
$
23,500
    
$
165,823
    
$
23,500
  
Residential mortgage-backed securities
    
3,132
      
48
      
249,710
      
42,033
      
252,842
      
42,081
  
Commercial mortgage-backed securities
    
3,503
      
7
      
41,284
      
3,976
      
44,787
      
3,983
  
Commercial collateralized mortgage obligations
    
63,210
      
188
      
-
      
-
      
63,210
      
188
  
Asset-backed and other amortizing securities
    
-
      
-
      
13,132
      
840
      
13,132
      
840
  
Other securities
    
-
      
-
      
4,961
      
40
      
4,961
      
40
  
 
  
$
70,050
    
$
243
    
$
474,705
    
$
70,389
    
$
544,755
    
$
70,632
  

There were 132 securities with an unrealized loss at June 30, 2026, generally due to a continuation of the elevated market interest rate environment. Management evaluates securities available for sale (“AFS”) in unrealized loss positions to determine whether the impairment is due to credit-related factors or non-credit related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for the anticipated recovery in fair value. Management does not have the intent to sell any of the securities in an unrealized loss position and believes that it is not likely that the securities will have to be sold before a recovery of cost. The fair value of these securities is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2026, management believes the unrealized loss positions detailed in the previous table are due to non-credit related factors, including changes in interest rates and other market conditions, and therefore no ACL for AFS securities or losses have been recognized or realized in the consolidated financial statements.