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Held to Maturity Debt Securities | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Held to Maturity Debt Securities | Held to Maturity Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities, excluding allowances for credit losses of $16,000 and $14,000, as of December 31, 2025 and 2024 (in thousands):
| 2025
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Government-agency obligations | $ | 3,400 |  |  | — |  |  | (22) |  |  |  |  | 3,378 |
State and municipal obligations | 276,600 |  |  | 156 |  |  | (7,045) |  |  |  |  | 269,711 |
Corporate obligations | 2,143 |  |  | — |  |  | (14) |  |  |  |  | 2,129 |
| $ | 282,143 |  |  | 156 |  |  | (7,081) |  |  |  |  | 275,218 |
| 2024
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Government-agency obligations | $ | 9,999 |  |  | — |  |  | (292) |  |  |  |  | 9,707 |
State and municipal obligations | 311,118 |  |  | 689 |  |  | (14,133) |  |  |  |  | 297,674 |
Corporate obligations | 6,520 |  |  | — |  |  | (168) |  |  |  |  | 6,352 |
| $ | 327,637 |  |  | 689 |  |  | (14,593) |  |  |  |  | 313,733 |
Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $2.6 million and $2.9 million as of December 31, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. The amortized cost and fair value of held to maturity debt securities as of December 31, 2025 by contractual maturity, excluding allowances for credit losses of $16,000, as of December 31, 2025 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
| 2025
| Amortized cost |  | Fair value
Due in one year or less | $ | 45,807 |  |  | 45,712 |
Due after one year through five years | 152,602 |  |  | 151,763 |
Due after five years through ten years | 78,986 |  |  | 73,941 |
Due after ten years | 4,748 |  |  | 3,802 |
| $ | 282,143 |  |  | 275,218 |
The Company generally purchases securities for long-term investment purposes, and differences between carrying and fair values may fluctuate during the investment period. The carrying value of held to maturity debt securities that were pledged to secure municipal deposits was $240.7 million and $269.6 million as of December 31, 2025 and 2024, respectively. During 2025, the Company recognized gains of $27,000 and no losses related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $11.7 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2025. During 2024, the Company recognized no gains while losses totaled $1,200 related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $5.5 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2024. During the 2023 period, the Company recognized gains of $45,000 and losses of $15,000 related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $11.6 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2023. Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types: •Government-agency obligations; •Mortgage-backed securities; •State and municipal obligations; and •Corporate obligations. All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal and corporate obligations carry credit ratings from the rating agencies as of December 31, 2025 that were no lower than an A rating and the Company had no securities rated BBB or worse by Moody’s. Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of December 31, 2025 (in thousands):
|  | December 31, 2025
Total Portfolio |  | AAA |  | AA |  | A |  |  |  | Not Rated |  | Total
Government-agency obligations |  | $ | 3,400 |  |  | — |  |  | — |  |  |  |  | — |  |  | 3,400 |
State and municipal obligations |  | 44,930 |  |  | 199,977 |  |  | 20,896 |  |  |  |  | 10,797 |  |  | 276,600 |
Corporate obligations |  | — |  |  | 573 |  |  | 1,570 |  |  |  |  | — |  |  | 2,143 |
|  | $ | 48,330 |  |  | 200,550 |  |  | 22,466 |  |  |  |  | 10,797 |  |  | 282,143 |
|  | December 31, 2024
Total Portfolio |  | AAA |  | AA |  | A |  |  |  | Not Rated |  | Total
Government-agency obligations |  | $ | 9,999 |  |  | — |  |  | — |  |  |  |  | — |  |  | 9,999 |
State and municipal obligations |  | 44,821 |  |  | 234,212 |  |  | 28,735 |  |  |  |  | 3,350 |  |  | 311,118 |
Corporate obligations |  | 501 |  |  | 2,013 |  |  | 3,981 |  |  |  |  | 25 |  |  | 6,520 |
|  | $ | 55,321 |  |  | 236,225 |  |  | 32,716 |  |  |  |  | 3,375 |  |  | 327,637 |
Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. As of December 31, 2025, the held to maturity debt securities portfolio was comprised of 17% rated AAA, 71% rated AA, 8% rated A, and less than 4% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. The following table shows gross unrealized losses and estimated fair value of held to maturity debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2025 and 2024 (in thousands):
|  | December 31, 2025
|  | Less Than 12 months |  | 12 Months or More |  | Total
|  | Fair value |  | Unrealized Losses |  | Fair value |  | Unrealized Losses |  | Fair value |  | Unrealized Losses
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Government-agency obligations |  | $ | — |  |  | — |  |  | 3,378 |  |  | 22 |  |  | 3,378 |  |  | 22 |
Mortgage-backed securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
State and municipal obligations |  | 3,353 |  |  | 1 |  |  | 127,012 |  |  | 7,044 |  |  | 130,365 |  |  | 7,045 |
Corporate obligations |  | — |  |  | — |  |  | 2,129 |  |  | 14 |  |  | 2,129 |  |  | 14 |
Total |  | $ | 3,353 |  |  | 1 |  |  | 132,519 |  |  | 7,080 |  |  | 135,872 |  |  | 7,081 |
The number of securities in an unrealized loss position as of December 31, 2025 totaled 221, compared with 512 as of December 31, 2024. The decrease in the number of securities in an unrealized loss position as of December 31, 2025 was mainly due to lower current market interest rates compared to rates as of December 31, 2024.

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