v3.25.3

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Fair Value for Credit Losses

The following table summarizes the amortized cost, fair value and allowance for credit losses (“ACL”) of securities available-for-sale at September 30, 2025 and December 31, 2024, respectively, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss:

(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
September 30, 2025
U.S. Treasuries						$	142,562					$	131					$	(6,152)					$	—					$	136,541
Municipal						15,617						33						(1,871)						—						13,779
Corporate						5,000						—						(208)						—						4,792
Asset-backed securities						5,152						56						—						—						5,208
Mortgage-backed securities						73,255						406						(1,341)						—						72,320
Total						$	241,586					$	626					$	(9,572)					$	—					$	232,640
December 31, 2024
U.S. Treasuries						$	136,831					$	42					$	(10,038)					$	—					$	126,835
Municipal						11,698						5						(2,420)						—						9,283
Corporate						5,000						—						(289)						—						4,711
Asset-backed securities						5,501						25						—						—						5,526
Mortgage-backed securities						79,939						2						(2,666)						—						77,275
Total						$	238,969					$	74					$	(15,413)					$	—					$	223,630

Schedule of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

						September 30, 2025												December 31, 2024
(in thousands)						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Within one year						$	54,258					$	53,705					$	20,003					$	19,882
One to five years						70,557						67,476						97,052						90,570
Five to ten years						35,857						31,982						29,785						25,446
Beyond ten years						2,507						1,949						6,689						4,931
Asset-backed securities(1)						5,152						5,208						5,501						5,526
Mortgage-backed securities(1)						73,255						72,320						79,939						77,275
Total						$	241,586					$	232,640					$	238,969					$	223,630

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(1)    Asset-backed and Mortgage-backed securities are due in monthly installments.

Schedule of Investment Portfolio in Continuous Unrealized Loss Position, Fair Value

The following table summarizes debt securities available-for-sale in an unrealized loss position for which an ACL has not been recorded at September 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:

						Less than 12 months												12 months or longer												Total
(in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
September 30, 2025
U.S. Treasuries						$	19,942					$	(2)					$	94,736					$	(6,150)					$	114,678					$	(6,152)
Municipal						—						—						8,914						(1,871)						8,914						(1,871)
Corporate						—						—						4,792						(208)						4,792						(208)
Mortgage-backed securities						11,338						(201)						17,757						(1,140)						29,095						(1,341)
Total						$	31,280					$	(203)					$	126,199					$	(9,369)					$	157,479					$	(9,572)
December 31, 2024
U.S. Treasuries						$	10,883					$	(93)					$	111,196					$	(9,945)					$	122,079					$	(10,038)
Municipal						—						—						8,373						(2,420)						8,373						(2,420)
Corporate						—						—						4,711						(289)						4,711						(289)
Mortgage-backed securities						55,243						(901)						18,272						(1,765)						73,515						(2,666)
Total						$	66,126					$	(994)					$	142,552					$	(14,419)					$	208,678					$	(15,413)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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