
	September 30, 2025
	Amortized Cost		Gross Unrealized				Fair Value
(amounts in thousands)			Gains		Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	68,291	$	441	$	(1,196)	$	67,536
Municipal securities	64,837		4		(2,289)		62,552
Agency mortgage-backed securities - residential 1	378,027		615		(23,157)		355,485
Agency mortgage-backed securities - commercial	61,272		139		(902)		60,509
Private label mortgage-backed securities - residential	37,389		243		(732)		36,900
Asset-backed securities	17,458		82		(5)		17,535
Corporate securities	26,017		273		(901)		25,389

Total available-for-sale	$	653,291	$	1,797	$	(29,182)	$	625,906


	September 30, 2025
	Amortized Cost		Gross Unrealized				Fair Value		Allowance for Credit Losses		Net Carrying Value
(amounts in thousands)			Gains		Losses
Securities held-to-maturity
Municipal securities	$	11,014	$	1	$	(521)	$	10,494	$	(3)	$	11,011
Agency mortgage-backed securities - residential	221,144		1,218		(12,438)		209,924		—		221,144
Agency mortgage-backed securities - commercial	5,653		—		(905)		4,748		—		5,653
Corporate securities	24,036		—		(755)		23,281		(119)		23,917
Total held-to-maturity	$	261,847	$	1,219	$	(14,619)	$	248,447	$	(122)	$	261,725

1 Includes $0.2 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of September 30, 2025.


	December 31, 2024
	Amortized Cost		Gross Unrealized				Fair Value
(amounts in thousands)			Gains		Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	83,811	$	487	$	(1,482)	$	82,816
Municipal securities	67,441		—		(3,787)		63,654
Agency mortgage-backed securities - residential 1	300,914		460		(31,733)		269,641
Agency mortgage-backed securities - commercial	64,214		276		(1,159)		63,331
Private label mortgage-backed securities - residential	46,623		186		(988)		45,821
Asset-backed securities	23,802		62		(43)		23,821
Corporate securities	40,049		71		(1,849)		38,271

Total available-for-sale	$	626,854	$	1,542	$	(41,041)	$	587,355


	December 31, 2024
	Amortized Cost		Gross Unrealized				Fair Value		Allowance for Credit Losses		Net Carrying Value
(amounts in thousands)			Gains		Losses
Securities held-to-maturity
Municipal securities	$	12,846	$	—	$	(921)	$	11,925	$	(3)	$	12,843
Agency mortgage-backed securities - residential	201,840		102		(17,530)		184,412		—		201,840
Agency mortgage-backed securities - commercial	5,705		—		(1,157)		4,548		—		5,705
Corporate securities	29,559		—		(1,593)		27,966		(151)		29,408
Total held-to-maturity	$	249,950	$	102	$	(21,201)	$	228,851	$	(154)	$	249,796

1 Includes $0.3 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of December 31, 2024.

Accrued interest receivable on AFS and HTM securities at September 30, 2025 was $2.5 million and $1.0 million, respectively, compared to $2.8 million and $1.1 million, respectively, at December 31, 2024, and is included in accrued interest receivable on the condensed consolidated balance sheet. The Company elected to exclude all accrued interest receivable from securities when estimating credit losses.

At September 30, 2025 and December 31, 2024, approximately 95% and 92%, respectively, of mortgage-backed securities (including both AFS and HTM) held by the Company are issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses; therefore, the Company did not record an ACL on these securities.

Additionally, the Company evaluated credit impairment for individual AFS securities that are in an unrealized loss position and determined that the unrealized losses are unrelated to credit quality and are primarily attributable to changes in interest rates and volatility in the financial markets. As the Company does not intend to sell the AFS securities that are in an unrealized loss position, and it is unlikely that it will be required to sell these securities before recovery of their amortized cost basis, the Company did not record an ACL on these securities.

The Company also evaluated its HTM securities that are in an unrealized loss position and considered issuer bond ratings, historical loss rates for bond ratings and economic forecasts. The ACL on HTM securities at September 30, 2025 was $0.1 million, compared to $0.2 million at December 31, 2024.

The carrying value of securities at September 30, 2025 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-Sale
(amounts in thousands)	Amortized Cost		Fair Value
Within one year	$	594	$	594
One to five years	28,458		27,829
Five to ten years	61,896		61,169
After ten years	68,197		65,885
	159,145		155,477
Agency mortgage-backed securities - residential	378,027		355,485
Agency mortgage-backed securities - commercial	61,272		60,509
Private label mortgage-backed securities - residential	37,389		36,900
Asset-backed securities	17,458		17,535

Total	$	653,291	$	625,906


	Held-to-Maturity
(amounts in thousands)	Amortized Cost		Fair Value
Within one year	$	935	$	928
One to five years	20,561		20,391
Five to ten years	10,514		9,701
After ten years	3,040		2,755
	35,050		33,775
Agency mortgage-backed securities - residential	221,144		209,924
Agency mortgage-backed securities - commercial	5,653		4,748
Total	$	261,847	$	248,447

No available-for-sale securities were sold during the three and nine months ended September 30, 2025 and September 30, 2024. As such, the Company did not realize any gains or losses related to the sale of available-for-sale securities during either time period.

Certain investments in debt securities are reported in the condensed consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at September 30, 2025 and December 31, 2024 was $589.1 million and $603.9 million, which was approximately 66% and 72%, respectively, of the Company’s AFS and HTM securities portfolios. As of September 30, 2025, the Company’s security portfolio consisted of 593 positions, of which 421 were in an unrealized loss position. As of December 31, 2024, the Company’s security portfolio consisted of 579 positions, of which 482 were in an unrealized loss position. The unrealized losses are related to the categories noted below.

The unrealized losses on the Company’s investments in securities issued by U.S. Government-sponsored agencies, municipal organizations and corporate entities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments, before recovery of their amortized cost basis, which may be upon maturity.

The unrealized losses on the Company’s investments in agency mortgage-backed, private label mortgage-backed securities and asset-backed securities were caused primarily by interest rate changes. The Company expects to recover the amortized cost basis over the terms of the securities. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments, before recovery of their amortized cost basis, which may be upon maturity.

The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024.


	September 30, 2025
	Less Than 12 Months				12 Months or Longer				Total
(amounts in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	10,971	$	(75)	$	28,765	$	(1,121)	$	39,736	$	(1,196)
Municipal securities	2,400		(3)		49,492		(2,286)		51,892		(2,289)
Agency mortgage-backed securities- residential	90,486		(240)		172,553		(22,917)		263,039		(23,157)
Agency mortgage-backed securities- commercial	12,829		(35)		26,185		(867)		39,014		(902)
Private label mortgage-backed securities - residential	13,127		(23)		6,751		(709)		19,878		(732)
Asset-backed securities	5,535		—		3,755		(5)		9,290		(5)
Corporate securities	—		—		15,101		(901)		15,101		(901)

Total	$	135,348	$	(376)	$	302,602	$	(28,806)	$	437,950	$	(29,182)


	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total
(amounts in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale
U.S. Government-sponsored agencies	$	16,856	$	(111)	$	29,748	$	(1,371)	$	46,604	$	(1,482)
Municipal securities	8,504		(54)		52,649		(3,733)		61,153		(3,787)
Agency mortgage-backed securities - residential	41,005		(179)		169,483		(31,554)		210,488		(31,733)
Agency mortgage-backed securities - commercial	18,141		(37)		12,027		(1,122)		30,168		(1,159)
Private label mortgage-backed securities - residential	3,003		(14)		7,450		(974)		10,453		(988)
Asset-backed securities	10,299		(43)		—		—		10,299		(43)
Corporate securities	2,994		(6)		27,179		(1,843)		30,173		(1,849)

Total	$	100,802	$	(444)	$	298,536	$	(40,597)	$	399,338	$	(41,041)


	September 30, 2025
	Held-to-Maturity
(amounts in thousands)	Municipal Securities		Mortgage-Backed Securities - Residential		Mortgage-Backed Securities - Commercial		Corporate Securities		Total
AAA equivalent - agency	$	—	$	221,144	$	5,653	$	—	$	226,797
Aa1/AA+	7,051		—		—		—		7,051
Aa2/AA	2,170		—		—		—		2,170
Aa3/AA-	1,793		—		—		—		1,793
A2/A	—		—		—		5,000		5,000

Baa1/BBB+	—		—		—		7,500		7,500
Baa2/BBB	—		—		—		4,000		4,000
Baa3/BBB-	—		—		—		5,536		5,536
Ba1/BB+	—		—		—		2,000		2,000

Total	$	11,014	$	221,144	$	5,653	$	24,036	$	261,847


	December 31, 2024
	Held-to-Maturity
(amounts in thousands)	Municipal Securities		Mortgage-Backed Securities - Residential		Mortgage-Backed Securities - Commercial		Corporate Securities		Total
AAA equivalent - agency	$	—	$	201,840	$	5,705	$	—	$	207,545
Aa1/AA+	8,878		—		—		—		8,878
Aa2/AA	2,175		—		—		—		2,175
Aa3/AA-	1,793		—		—		—		1,793
A2/A	—		—		—		5,000		5,000

Baa1/BBB+	—		—		—		8,500		8,500
Baa2/BBB	—		—		—		5,500		5,500
Baa3/BBB-	—		—		—		8,559		8,559
Ba1/BB+	—		—		—		2,000		2,000

Total	$	12,846	$	201,840	$	5,705	$	29,559	$	249,950

There were no amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statements of operations during the three and nine months ended September 30, 2025 and 2024.