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Investment Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
2.
INVESTMENT SECURITIES

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investment securities available for sale are summarized as follows:

 

 

December 31, 2025

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Credit Losses

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Government Agency securities

 

$

11,337

 

 

$

293

 

 

$

(1

)

 

$

—

 

 

$

11,629

 

Obligations of state and political subdivisions

 

 

49,892

 

 

 

81

 

 

 

(2,459

)

 

 

—

 

 

 

47,514

 

Mortgage-backed securities in government-sponsored entities

 

 

203,984

 

 

 

1,223

 

 

 

(2,158

)

 

 

—

 

 

 

203,049

 

Other securities

 

 

434

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

428

 

 

 

$

265,647

 

 

$

1,597

 

 

$

(4,624

)

 

$

—

 

 

$

262,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
 Value

 

 

Allowance for
Credit Losses

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debentures

 

$

12,250

 

 

$

—

 

 

$

(367

)

 

$

11,883

 

 

$

(391

)

Structured mortgage-backed securities

 

 

13,626

 

 

 

—

 

 

 

(298

)

 

 

13,328

 

 

 

—

 

 

 

$

25,876

 

 

$

—

 

 

$

(665

)

 

$

25,211

 

 

$

(391

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Credit Losses

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Government Agency securities

 

$

13,017

 

 

$

96

 

 

$

(40

)

 

$

—

 

 

$

13,073

 

Obligations of state and political subdivisions

 

 

51,254

 

 

 

10

 

 

 

(4,063

)

 

 

—

 

 

 

47,201

 

Mortgage-backed securities in government-sponsored entities

 

 

88,289

 

 

 

61

 

 

 

(3,567

)

 

 

—

 

 

 

84,783

 

Other securities

 

 

542

 

 

 

—

 

 

 

(9

)

 

 

—

 

 

 

533

 

 

 

$

153,102

 

 

$

167

 

 

$

(7,679

)

 

$

—

 

 

$

145,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debentures

 

$

15,250

 

 

$

—

 

 

$

(984

)

 

$

14,266

 

 

$

(459

)

Structured mortgage-backed securities

 

 

16,717

 

 

 

6

 

 

 

(705

)

 

 

16,018

 

 

 

—

 

 

 

$

31,967

 

 

$

6

 

 

$

(1,689

)

 

$

30,284

 

 

$

(459

)

 

The following tables show the Company's gross unrealized loss positions for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time the individual debt securities have been in a continuous unrealized loss position.

 

 

 

December 31, 2025

 

 

 

Less Than Twelve Months

 

 

Twelve Months or Greater

 

 

Total

 

(In Thousands)

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Government Agency Securities

 

$

—

 

 

$

—

 

 

$

1,999

 

 

$

(1

)

 

$

1,999

 

 

$

(1

)

Obligations of state and political subdivisions

 

 

2,720

 

 

 

(4

)

 

 

32,775

 

 

 

(2,455

)

 

 

35,495

 

 

 

(2,459

)

Mortgage-backed securities in government-sponsored entities

 

 

99,036

 

 

 

(563

)

 

 

28,433

 

 

 

(1,595

)

 

 

127,469

 

 

 

(2,158

)

Other securities

 

 

—

 

 

 

—

 

 

 

306

 

 

 

(6

)

 

 

306

 

 

 

(6

)

 

 

$

101,756

 

 

$

(567

)

 

$

63,513

 

 

$

(4,057

)

 

$

165,269

 

 

$

(4,624

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

Less Than Twelve Months

 

 

Twelve Months or Greater

 

 

Total

 

(In Thousands)

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Government Agency Securities

 

$

3,960

 

 

$

(40

)

 

$

—

 

 

$

—

 

 

$

3,960

 

 

$

(40

)

Obligations of state and political subdivisions

 

 

11,433

 

 

 

(273

)

 

 

34,345

 

 

 

(3,790

)

 

 

45,778

 

 

 

(4,063

)

Mortgage-backed securities in government-sponsored entities

 

 

45,629

 

 

 

(902

)

 

 

29,877

 

 

 

(2,665

)

 

 

75,506

 

 

 

(3,567

)

Other securities

 

 

—

 

 

 

—

 

 

 

533

 

 

 

(9

)

 

 

533

 

 

 

(9

)

 

 

$

61,022

 

 

$

(1,215

)

 

$

64,755

 

 

$

(6,464

)

 

$

125,777

 

 

$

(7,679

)

No allowance for credit losses on available for sale debt securities was required at December 31, 2025 or 2024. The Company reviews its position quarterly and believes that as of December 31, 2025 and 2024, the declines outlined in the above tables represent temporary declines, and the Company does not intend to sell, and does not believe it will be required to sell, these debt securities before recovery of their cost basis, which may be at maturity. There were 187 and 210 available for sale debt securities with unrealized losses at December 31, 2025 and 2024, respectively. The Company has concluded that the unrealized losses disclosed above are the result of interest rate changes and market conditions that are not expected to result in the non-collection of principal and interest during the year. Accrued interest receivable on available for sale debt securities totaled $1,260 and $817 at December 31, 2025 and 2024, respectively, which is excluded from the estimate of credit losses.

Accrued interest receivable on held-to-maturity debt securities totaled $195 and $278 at December 31, 2025 and 2024, respectively, which is excluded from the estimate of credit losses.

The Company monitors the credit quality of corporate debentures held to maturity through the use of credit ratings, where available, and financial analysis, including capital monitoring and financial performance analysis. The Company monitors these

securities on a quarterly basis. There were nine and ten held-to-maturity debt securities with unrealized losses at December 31, 2025 and 2024, respectively.

The following tables presents the activity in the allowance for credit losses for corporate debentures held to maturity for the twelve months ended December 31, 2025 and 2024.

 

 

 

For the Year Ended December 31,

 

(in Thousands)

 

2025

 

 Balance, December 31, 2024

 

$

459

 

 Changes in the allowance for credit losses

 

 

(68

)

 Balance, December 31, 2025

 

$

391

 

 

 

 

 

 

 

For the Year Ended December 31,

 

(in Thousands)

 

2024

 

 Balance, December 31, 2023

 

$

512

 

 Credit to allowance for credit losses

 

 

(53

)

 Balance, December 31, 2024

 

$

459

 

 

As of December 31, 2025, amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.

 

 

Available for Sale Securities

 

 

Held to Maturity Securities

 

(In Thousands)

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

Due within one year

 

$

3,088

 

 

$

3,086

 

 

$

—

 

 

$

—

 

Due after one year through five years

 

 

15,151

 

 

 

15,064

 

 

 

3,000

 

 

 

2,994

 

Due after five years through ten years

 

 

18,614

 

 

 

18,414

 

 

 

9,250

 

 

 

8,889

 

Due after ten years

 

 

24,376

 

 

 

22,579

 

 

 

—

 

 

 

—

 

Mortgage-backed securities and Collateralized mortgage obligations

 

 

203,984

 

 

 

203,049

 

 

 

13,626

 

 

 

13,328

 

Other securities

 

 

434

 

 

 

428

 

 

 

—

 

 

 

—

 

 

 

$

265,647

 

 

$

262,620

 

 

$

25,876

 

 

$

25,211

 

 

The following table summarizes sales of debt securities for the year ended December 31, 2024. There were no sales of debt securities for the year ended December 31, 2025.

 

 

 

For the Year Ended December 31,

 

(In Thousands)

 

2024

 

 Proceeds

$

1,691

 

 Gross gains

 

 

4

 

 Gross losses

 

—

 

 Net gains (losses)

$

4

 

 

The tax provision related to these realized gains was approximately $1 as of December 31, 2024.

 

The Company had pledged debt securities with a carrying value of $55,130 and $57,852 to secure public monies as of December 31, 2025 and 2024, respectively.