XML 30 R9.htm IDEA: XBRL DOCUMENT
v3.25.3

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following tables provide information on the amortized cost and estimated fair values of investment securities at September 30, 2025 and December 31, 2024.
($ in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for sale securities(1): |  |  |  |  |  |  |  |
September 30, 2025 |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | 22,409 |  |  | $ | 3 |  |  | $ | 1,847 |  |  | $ | 20,565 |
Mortgage-backed securities |  | 161,614 |  |  | 287 |  |  | 5,459 |  |  | 156,442 |
Other debt securities(2) |  | 4,244 |  |  | 469 |  |  | — |  |  | 4,713 |
Total |  | $ | 188,267 |  |  | $ | 759 |  |  | $ | 7,306 |  |  | $ | 181,720 |
December 31, 2024 |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | 22,984 |  |  | $ | 4 |  |  | $ | 2,786 |  |  | $ | 20,202 |
Mortgage-backed securities |  | 130,439 |  |  | 84 |  |  | 8,139 |  |  | 122,384 |
Other debt securities(2) |  | 6,170 |  |  | 469 |  |  | 13 |  |  | 6,626 |
Total |  | $ | 159,593 |  |  | $ | 557 |  |  | $ | 10,938 |  |  | $ | 149,212 |
____________________________________ (1)No available for sale (“AFS”) securities were sold during the three and nine months ended September 30, 2025 and 2024. (2)Other debt securities includes corporate and municipal bond obligations of state and political entities.
($ in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
Held to maturity securities: |  |  |  |  |  |  |  |  |  |
September 30, 2025 |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | 114,884 |  |  | $ | — |  |  | $ | 5,200 |  |  | $ | 109,684 |  |  | $ | — |
Mortgage-backed securities |  | 311,689 |  |  | 101 |  |  | 34,436 |  |  | 277,354 |  |  | — |
Other debt securities(1) |  | 6,962 |  |  | 26 |  |  | 486 |  |  | 6,502 |  |  | 95 |
Total |  | $ | 433,535 |  |  | $ | 127 |  |  | $ | 40,122 |  |  | $ | 393,540 |  |  | $ | 95 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | 132,560 |  |  | $ | — |  |  | $ | 8,555 |  |  | $ | 124,005 |  |  | $ | — |
Mortgage-backed securities |  | 336,755 |  |  | — |  |  | 47,234 |  |  | 289,521 |  |  | — |
Other debt securities(1) |  | 11,965 |  |  | 19 |  |  | 776 |  |  | 11,208 |  |  | 203 |
Total |  | $ | 481,280 |  |  | $ | 19 |  |  | $ | 56,565 |  |  | $ | 424,734 |  |  | $ | 203 |
____________________________________ (1)Other debt securities includes corporate and municipal bond obligations of state and political entities. Equity securities with aggregate fair values of $6.1 million and $5.8 million at September 30, 2025 and December 31, 2024, respectively, are presented separately on the consolidated balance sheets. The fair value adjustments recorded through earnings totaled a gain of $104 thousand and $79 thousand for the three months ended September 30, 2025 and 2024, respectively. The fair value adjustments recorded through earnings totaled a gain of $299 thousand and $38 thousand for the nine months ended September 30, 2025 and 2024, respectively. The following table summarizes the activity in the allowance for credit losses (“ACL”) on held to maturity (“HTM”) securities for the periods presented.
|  | Three Months Ended |  | Nine Months Ended
($ in thousands) |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Balance, beginning of period |  | $ | 199 |  |  | $ | 108 |  |  | $ | 203 |  |  | $ | 94 |
Provision for (reversal of) credit losses, other debt securities |  | (104) |  |  | (7) |  |  | (108) |  |  | 7 |
Balance, end of period |  | $ | 95 |  |  | $ | 101 |  |  | $ | 95 |  |  | $ | 101 |
A reversal of the provision for credit losses of $104 thousand and $7 thousand was recorded on HTM corporate and municipal bonds for the three months ended September 30, 2025 and 2024, respectively. A reversal of the provision for credit losses of $108 thousand and a provision for credit losses of $7 thousand was recorded on HTM corporate and municipal bonds for the nine months ended September 30, 2025 and 2024, respectively. The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024.
|  | Less than 12 Months |  | More than 12 Months |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | 129 |  |  | $ | 1 |  |  | $ | 17,843 |  |  | $ | 1,846 |  |  | $ | 17,972 |  |  | $ | 1,847 |
Mortgage-backed securities |  | 58,809 |  |  | 299 |  |  | 44,034 |  |  | 5,160 |  |  | 102,843 |  |  | 5,459 |
Total |  | $ | 58,938 |  |  | $ | 300 |  |  | $ | 61,877 |  |  | $ | 7,006 |  |  | $ | 120,815 |  |  | $ | 7,306 |
|  | Less than 12 Months |  | More than 12 Months |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | 207 |  |  | $ | — |  |  | $ | 17,422 |  |  | $ | 2,786 |  |  | $ | 17,629 |  |  | $ | 2,786 |
Mortgage-backed securities |  | 56,913 |  |  | 710 |  |  | 48,782 |  |  | 7,429 |  |  | 105,695 |  |  | 8,139 |
Other debt securities |  | — |  |  | — |  |  | 1,988 |  |  | 13 |  |  | 1,988 |  |  | 13 |
Total |  | $ | 57,120 |  |  | $ | 710 |  |  | $ | 68,192 |  |  | $ | 10,228 |  |  | $ | 125,312 |  |  | $ | 10,938 |
There were 114 AFS debt securities with a fair value below the amortized cost basis, with unrealized losses totaling $7.3 million as of September 30, 2025. The Company concluded that a credit loss does not exist in its AFS securities portfolio as of September 30, 2025, and no impairment loss has been recognized based on the fact that (1) changes in fair value were primarily caused by fluctuations in interest rates, (2) securities with unrealized losses had generally high credit quality, (3) the Company intends to hold these investments in debt securities to maturity and it is more likely than not the Company will not be required to sell these investments before a recovery of its investment, and (4) issuers have continued to make timely payments of principal and interest. Additionally, the Company’s mortgage-backed securities are issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments. All HTM and AFS securities were current with no securities past due or on nonaccrual as of September 30, 2025 and December 31, 2024. All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase and are not related to credit concerns. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost bases, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary. There were 114 AFS and 173 HTM securities in an unrealized loss position at September 30, 2025. There were 111 AFS and 187 HTM securities in an unrealized loss position at December 31, 2024. Net unrealized losses of the AFS securities totaled $6.5 million and $10.4 million as of September 30, 2025 and December 31, 2024, respectively. The following table provides information on the amortized cost and estimated fair values of investment securities by contractual maturity date at September 30, 2025.
|  | Available for Sale |  | Held to Maturity
($ in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 2,481 |  |  | $ | 2,483 |  |  | $ | 28,563 |  |  | $ | 28,348 |
Due after one year through five years |  | 21,363 |  |  | 19,690 |  |  | 77,589 |  |  | 74,265 |
Due after five years through ten years |  | 2,556 |  |  | 2,868 |  |  | 5,490 |  |  | 5,026 |
Due after ten years |  | 253 |  |  | 237 |  |  | 10,204 |  |  | 8,547 |
|  | $ | 26,653 |  |  | $ | 25,278 |  |  | $ | 121,846 |  |  | $ | 116,186 |
Mortgage-backed securities |  | 161,614 |  |  | 156,442 |  |  | 311,689 |  |  | 277,354 |
Total |  | $ | 188,267 |  |  | $ | 181,720 |  |  | $ | 433,535 |  |  | $ | 393,540 |
The maturity dates for debt securities are determined using contractual maturity dates. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations without prepayment penalties. The Company has securities that have been pledged as collateral for obligations to federal, state and local government agencies, and other purposes as required or permitted by law, or sold under agreements to repurchase. At September 30, 2025, the aggregate carrying value of pledged AFS and HTM pledged securities was $67.6 million and $211.4 million, respectively. The comparable amounts for December 31, 2024 were $67.9 million and $197.5 million, respectively. The following table sets forth the amortized cost and estimated fair values of securities that have been pledged as collateral for obligations to federal, state and local government agencies, and other purposes as required or permitted by law, or sold under agreements to repurchase at September 30, 2025 and December 31, 2024.
|  | September 30, 2025 |  | December 31, 2024
($ in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Pledged available for sale securities |  | $ | 73,816 |  |  | $ | 67,644 |  |  | $ | 76,280 |  |  | $ | 67,926 |
Pledged held to maturity securities |  | 211,434 |  |  | 191,089 |  |  | 197,474 |  |  | 173,248 |
There were no obligations of any issuer exceeding 10% of stockholders’ equity at September 30, 2025 or December 31, 2024.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration