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Note 2 - Securities Available for Sale

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 2 — Securities Available for Sale

The amortized cost and fair values of the Company’s investment in securities available for sale follow:

		*September 30, 2025*
						*Gross*				*Gross*
		*Amortized*				*unrealized*				*unrealized*
		*cost*				*gains*				*losses*				*Fair value*
		(In Thousands)
Mortgage-backed securities		$	11,603			$	4			$	(1,302	)		$	10,305
Collateralized mortgage obligations:
Government sponsored enterprise issued			162,194				455				(14,643	)			148,006
Private-label issued			6,248				-				(541	)			5,707
Mortgage-related securities			180,045				459				(16,486	)			164,018

Municipal securities			53,394				985				(794	)			53,585
Other debt securities			10,000				-				(1,200	)			8,800
Debt securities			63,394				985				(1,994	)			62,385
Total		$	243,439			$	1,444			$	(18,480	)		$	226,403

		*December 31, 2024*
						*Gross*				*Gross*
		*Amortized*				*unrealized*				*unrealized*
		*cost*				*gains*				*losses*				*Fair value*
		(In Thousands)
Mortgage-backed securities		$	11,285			$	-			$	(1,674	)		$	9,611
Collateralized mortgage obligations
Government sponsored enterprise issued			151,200				77				(19,541	)			131,736
Private-label issued			7,122				-				(722	)			6,400
Mortgage related securities			169,607				77				(21,937	)			147,747

Government sponsored enterprise bonds			2,500				-				(60	)			2,440
Municipal securities			48,023				383				(1,330	)			47,076
Other debt securities			12,500				-				(1,214	)			11,286
Debt securities			63,023				383				(2,604	)			60,802
Total		$	232,630			$	460			$	(24,541	)		$	208,549

The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At September 30, 2025, $72,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities. At December 31, 2024, $114,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities.

The amortized cost and fair values of investment securities by contractual maturity at September 30, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

		*Amortized*				*Fair*
		*Cost*				*Value*
		(In Thousands)
Debt and other securities
Due within one year		$	2,284			$	2,287
Due after one year through five years			15,097				14,072
Due after five years through ten years			18,805				18,647
Due after ten years			27,208				27,379
Mortgage-related securities			180,045				164,018
Total		$	243,439			$	226,403

Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

		*September 30, 2025*
		*Less than 12 months*								*12 months or longer*								*Total*
		*Fair*				*Unrealized*				*Fair*				*Unrealized*				*Fair*				*Unrealized*
		*value*				*loss*				*value*				*loss*				*value*				*loss*
		(In Thousands)
Mortgage-backed securities		$	-			$	-			$	8,720			$	1,302			$	8,720			$	1,302
Collateralized mortgage obligations:
Government sponsored enterprise issued			1,589				12				93,614				14,631				95,203				14,643
Private-label issued			-				-				4,822				541				4,822				541
Municipal securities			3,880				32				6,856				762				10,736				794
Other debt securities			-				-				8,800				1,200				8,800				1,200
Total		$	5,469			$	44			$	122,812			$	18,436			$	128,281			$	18,480

		*December 31, 2024*
		*Less than 12 months*								*12 months or longer*								*Total*
		*Fair*				*Unrealized*				*Fair*				*Unrealized*				*Fair*				*Unrealized*
		*value*				*loss*				*value*				*loss*				*value*				*loss*
		(In Thousands)
Mortgage-backed securities		$	346			$	9			$	9,193			$	1,665			$	9,539			$	1,674
Collateralized mortgage obligations:
Government sponsored enterprise issued			21,145				330				95,587				19,211				116,732				19,541
Private-label issued			-				-				5,445				722				5,445				722
Government sponsored enterprise bonds			-				-				2,440				60				2,440				60
Municipal securities			20,005				334				5,063				996				25,068				1,330
Other debt securities			-				-				11,286				1,214				11,286				1,214
Total		$	41,496			$	673			$	129,014			$	23,868			$	170,510			$	24,541

The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 140 individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of September 30, 2025 and December 31, 2024, no allowance for credit losses on securities was recognized. The Company does not consider its securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost.

During the three and nine months ended September 30, 2025 and September 30, 2024, there were no sales of securities.