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v3.25.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Securities | The amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
|  | As of March 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In Thousands) |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 4,991 |  |  | $ | — |  |  | $ | (214 | ) |  |  | 4,777 |
U.S. government agency securities - government-sponsored enterprises |  |  | 3,500 |  |  |  | — |  |  |  | (279 | ) |  |  | 3,221 |
Municipal securities |  |  | 39,893 |  |  |  | — |  |  |  | (5,173 | ) |  |  | 34,720 |
Residential mortgage-backed securities - government issued |  |  | 141,494 |  |  |  | 1,092 |  |  |  | (2,115 | ) |  |  | 140,471 |
Residential mortgage-backed securities - government-sponsored enterprises |  |  | 143,652 |  |  |  | 520 |  |  |  | (9,324 | ) |  |  | 134,848 |
Commercial mortgage-backed securities - government issued |  |  | 2,582 |  |  |  | — |  |  |  | (384 | ) |  |  | 2,198 |
Commercial mortgage-backed securities - government-sponsored enterprises |  |  | 42,848 |  |  |  | 43 |  |  |  | (3,732 | ) |  |  | 39,159 |
|  | $ | 378,960 |  |  | $ | 1,655 |  |  | $ | (21,221 | ) |  | $ | 359,394 |
|  | As of December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In Thousands) |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 4,989 |  |  | $ | — |  |  | $ | (271 | ) |  | $ | 4,718 |
U.S. government agency securities - government-sponsored enterprises |  |  | 3,500 |  |  |  | — |  |  |  | (347 | ) |  |  | 3,153 |
Municipal securities |  |  | 39,997 |  |  |  | — |  |  |  | (5,136 | ) |  |  | 34,861 |
Residential mortgage-backed securities - government issued |  |  | 125,571 |  |  |  | 470 |  |  |  | (2,818 | ) |  |  | 123,223 |
Residential mortgage-backed securities - government-sponsored enterprises |  |  | 145,888 |  |  |  | 234 |  |  |  | (11,357 | ) |  |  | 134,765 |
Commercial mortgage-backed securities - government issued |  |  | 2,665 |  |  |  | — |  |  |  | (441 | ) |  |  | 2,224 |
Commercial mortgage-backed securities - government-sponsored enterprises |  |  | 43,033 |  |  |  | 24 |  |  |  | (4,609 | ) |  |  | 38,448 |
|  | $ | 365,643 |  |  | $ | 728 |  |  | $ | (24,979 | ) |  | $ | 341,392 |
Schedule of Held-to-maturity Securities | The amortized cost and fair value of securities held-to-maturity and the corresponding amounts of gross unrecognized gains and losses were as follows:
|  | As of March 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrecognized Gains |  |  | Gross Unrecognized Losses |  |  | Fair Value |
|  | (In Thousands) |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 3,134 |  |  | $ | — |  |  | $ | (26 | ) |  | $ | 3,108 |
Residential mortgage-backed securities - government issued |  |  | 757 |  |  |  | — |  |  |  | (40 | ) |  |  | 717 |
Residential mortgage-backed securities - government-sponsored enterprises |  |  | 697 |  |  |  | — |  |  |  | (33 | ) |  |  | 664 |
Commercial mortgage-backed securities - government-sponsored enterprises |  |  | 2,002 |  |  |  | — |  |  |  | (52 | ) |  |  | 1,950 |
|  | $ | 6,590 |  |  | $ | — |  |  | $ | (151 | ) |  | $ | 6,439 |
|  | As of December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrecognized Gains |  |  | Gross Unrecognized Losses |  |  | Fair Value |
|  | (In Thousands) |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 3,137 |  |  | $ | — |  |  | $ | (38 | ) |  | $ | 3,099 |
Residential mortgage-backed securities - government issued |  |  | 836 |  |  |  | — |  |  |  | (48 | ) |  |  | 788 |
Residential mortgage-backed securities - government-sponsored enterprises |  |  | 766 |  |  |  | — |  |  |  | (42 | ) |  |  | 724 |
Commercial mortgage-backed securities - government-sponsored enterprises |  |  | 2,002 |  |  |  | — |  |  |  | (78 | ) |  |  | 1,924 |
|  | $ | 6,741 |  |  | $ | — |  |  | $ | (206 | ) |  | $ | 6,535 |
Summary of Amortized Cost and Fair Value by Contractual Maturity | The amortized cost and fair value of securities by contractual maturity at March 31, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations with or without call or prepayment penalties.
|  | Available-for-Sale |  |  | Held-to-Maturity |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In Thousands) |
Due in one year or less |  | $ | 1,500 |  |  | $ | 1,485 |  |  | $ | 1,270 |  |  | $ | 1,265 |
Due in one year through five years |  |  | 18,111 |  |  |  | 17,080 |  |  |  | 1,864 |  |  |  | 1,843 |
Due in five through ten years |  |  | 8,410 |  |  |  | 7,578 |  |  |  | — |  |  |  | — |
Due in over ten years |  |  | 20,363 |  |  |  | 16,575 |  |  |  | — |  |  |  | — |
|  |  | 48,384 |  |  |  | 42,718 |  |  |  | 3,134 |  |  |  | 3,108 |
Residential mortgage-backed securities |  |  | 285,146 |  |  |  | 275,319 |  |  |  | 1,454 |  |  |  | 1,381 |
Commercial mortgage-backed securities |  |  | 45,430 |  |  |  | 41,357 |  |  |  | 2,002 |  |  |  | 1,950 |
|  | $ | 378,960 |  |  | $ | 359,394 |  |  | $ | 6,590 |  |  | $ | 6,439 |
Summary of Unrealized Loss for Securities Available-For-Sale | A summary of unrealized loss information for securities available-for-sale, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:
|  | As of March 31, 2025 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (In Thousands) |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | — |  |  | $ | — |  |  | $ | 4,777 |  |  | $ | 214 |  |  | $ | 4,777 |  |  | $ | 214 |
U.S. government agency securities - government- sponsored enterprises |  |  | — |  |  |  | — |  |  |  | 3,221 |  |  |  | 279 |  |  |  | 3,221 |  |  |  | 279 |
Municipal securities |  |  | — |  |  |  | — |  |  |  | 34,721 |  |  |  | 5,173 |  |  |  | 34,721 |  |  |  | 5,173 |
Residential mortgage-backed securities - government issued |  |  | 15,995 |  |  |  | 51 |  |  |  | 18,779 |  |  |  | 2,064 |  |  |  | 34,774 |  |  |  | 2,115 |
Residential mortgage-backed securities - government-sponsored enterprises |  |  | 32,196 |  |  |  | 413 |  |  |  | 70,126 |  |  |  | 8,911 |  |  |  | 102,322 |  |  |  | 9,324 |
Commercial mortgage-backed securities - government issued |  |  | — |  |  |  | — |  |  |  | 2,198 |  |  |  | 384 |  |  |  | 2,198 |  |  |  | 384 |
Commercial mortgage-backed securities - government-sponsored enterprises |  |  | 10,952 |  |  |  | 186 |  |  |  | 27,206 |  |  |  | 3,546 |  |  |  | 38,158 |  |  |  | 3,732 |
|  | $ | 59,143 |  |  | $ | 650 |  |  | $ | 161,028 |  |  | $ | 20,571 |  |  | $ | 220,171 |  |  | $ | 21,221 |
|  | As of December 31, 2024 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (In Thousands) |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | — |  |  | $ | — |  |  | $ | 4,718 |  |  | $ | 271 |  |  | $ | 4,718 |  |  | $ | 271 |
U.S. government agency securities - government- sponsored enterprises |  |  | — |  |  |  | — |  |  |  | 3,153 |  |  |  | 347 |  |  |  | 3,153 |  |  |  | 347 |
Municipal securities |  |  | — |  |  |  | — |  |  |  | 34,861 |  |  |  | 5,136 |  |  |  | 34,861 |  |  |  | 5,136 |
Residential mortgage-backed securities - government issued |  |  | 40,320 |  |  |  | 374 |  |  |  | 18,999 |  |  |  | 2,444 |  |  |  | 59,319 |  |  |  | 2,818 |
Residential mortgage-backed securities - government-sponsored enterprises |  |  | 43,907 |  |  |  | 995 |  |  |  | 71,103 |  |  |  | 10,362 |  |  |  | 115,010 |  |  |  | 11,357 |
Commercial mortgage-backed securities - government issued |  |  | — |  |  |  | — |  |  |  | 2,224 |  |  |  | 441 |  |  |  | 2,224 |  |  |  | 441 |
Commercial mortgage-backed securities - government-sponsored enterprises |  |  | 10,717 |  |  |  | 425 |  |  |  | 26,751 |  |  |  | 4,184 |  |  |  | 37,468 |  |  |  | 4,609 |
|  | $ | 94,944 |  |  | $ | 1,794 |  |  | $ | 161,809 |  |  | $ | 23,185 |  |  | $ | 256,753 |  |  | $ | 24,979 |
Summary of Unrecognized Loss for Securities Held-To-Maturity | A summary of unrecognized loss information for securities held-to-maturity, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:
|  | As of March 31, 2025
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
|  | (In Thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $960 |  | $5 |  | $2,148 |  | $21 |  | $3,108 |  | $26
Residential mortgage-backed securities - government issued |  | — |  | — |  | 717 |  | 40 |  | 717 |  | 40
Residential mortgage-backed securities - government-sponsored enterprises |  | — |  | — |  | 664 |  | 33 |  | 664 |  | 33
Commercial mortgage-backed securities - government-sponsored enterprises |  | — |  | — |  | 1,950 |  | 52 |  | 1,950 |  | 52
|  | $960 |  | $5 |  | $5,479 |  | $146 |  | $6,439 |  | $151
|  | As of December 31, 2024
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
|  | (In Thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $454 |  | $5 |  | $2,139 |  | $33 |  | $2,593 |  | $38
Residential mortgage-backed securities - government issued |  | — |  | — |  | 788 |  | 48 |  | 788 |  | 48
Residential mortgage-backed securities - government-sponsored enterprises |  | — |  | — |  | 724 |  | 42 |  | 724 |  | 42
Commercial mortgage-backed securities - government-sponsored enterprises |  | — |  | — |  | 1,924 |  | 78 |  | 1,924 |  | 78
|  | $454 |  | $5 |  | $5,575 |  | $201 |  | $6,029 |  | $206

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