
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2026
Available for sale:
U.S. agency mortgage-backed	$	291,125	$	288	$	17,673	$	273,740
Collateralized mortgage obligations	51,705		1		968		50,738
Municipal bonds	52,911		1		5,147		47,765
U.S. government agency	10,475		—		489		9,986
Corporate bonds	3,500		—		—		3,500
Total available for sale	$	409,716	$	290	$	24,277	$	385,729
Held to maturity:
Municipal bonds	$	530	$	1	$	—	$	531
Total held to maturity	$	530	$	1	$	—	$	531


(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025
Available for sale:
U.S. agency mortgage-backed	$	284,749	$	402	$	17,501	$	267,650
Collateralized mortgage obligations	61,185		1		859		60,327
Municipal bonds	53,018		3		4,874		48,147
U.S. government agency	11,441		—		438		11,003
Corporate bonds	4,491		9		179		4,321
Total available for sale	$	414,884	$	415	$	23,851	$	391,448
Held to maturity:
Municipal bonds	$	1,065	$	1	$	—	$	1,066
Total held to maturity	$	1,065	$	1	$	—	$	1,066

The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of March 31, 2026 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 3.4 years and 3.3 years at March 31, 2026 and December 31, 2025, respectively.


(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Fair Value
Available for sale:
U.S. agency mortgage-backed	$	16,985	$	80,896	$	85,338	$	90,521	$	273,740
Collateralized mortgage obligations	6,773		31,286		378		12,301		50,738
Municipal bonds	—		12,591		32,826		2,348		47,765
U.S. government agency	—		1,702		8,284		—		9,986
Corporate bonds	—		3,500		—		—		3,500
Total available for sale	$	23,758	$	129,975	$	126,826	$	105,170	$	385,729
Held to maturity:
Municipal bonds	$	531	$	—	$	—	$	—	$	531
Total held to maturity	$	531	$	—	$	—	$	—	$	531


(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Amortized Cost
Available for sale:
U.S. agency mortgage-backed	$	17,177	$	83,847	$	88,702	$	101,399	$	291,125
Collateralized mortgage obligations	6,811		31,770		383		12,741		51,705
Municipal bonds	—		13,159		37,096		2,656		52,911
U.S. government agency	—		1,816		8,659		—		10,475
Corporate bonds	—		3,500		—		—		3,500
Total available for sale	$	23,988	$	134,092	$	134,840	$	116,796	$	409,716
Held to maturity:
Municipal bonds	$	530	$	—	$	—	$	—	$	530
Total held to maturity	$	530	$	—	$	—	$	—	$	530

Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity.

The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost.

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.


(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
March 31, 2026	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	47,887	$	317	$	202,649	$	17,356	$	250,536	$	17,673
Collateralized mortgage obligations	10,363		59		40,368		909		50,731		968
Municipal bonds	1,299		7		45,325		5,140		46,624		5,147
U.S. government agency	3,052		33		6,934		456		9,986		489
Corporate bonds	—		—		3,500		—		3,500		—
Total available for sale	$	62,601	$	416	$	298,776	$	23,861	$	361,377	$	24,277


(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
December 31, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	13,590	$	51	$	220,409	$	17,450	$	233,999	$	17,501
Collateralized mortgage obligations	25		—		60,276		859		60,301		859
Municipal bonds	—		—		46,205		4,874		46,205		4,874
U.S. government agency	—		—		11,003		438		11,003		438
Corporate bonds	—		—		3,320		179		3,320		179
Total available for sale	$	13,615	$	51	$	341,213	$	23,800	$	354,828	$	23,851

At March 31, 2026, 214 of the Company’s debt securities had unrealized losses totaling 6.3% of the individual securities’ amortized cost basis and 5.9% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 189 of the 214 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at March 31, 2026.

At March 31, 2026, it was determined that no ACL was required for the Company's held-to-maturity investment securities. The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at March 31, 2026 and December 31, 2025.

Accrued interest receivable on the Company's investment securities was $1,121,000 and $1,305,000 at March 31, 2026 and December 31, 2025, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.