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v3.25.2

Investment Securities | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 2. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:
|  | June 30, 2025 |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Fair Value |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government Agency securities |  | $ | 13,177 |  |  | $ | 186 |  |  | $ | (18 | ) |  | $ | — |  |  | $ | 13,345 |
Obligations of state and political subdivisions |  |  | 50,758 |  |  |  | 16 |  |  |  | (4,455 | ) |  |  | — |  |  |  | 46,319 |
Mortgage-backed securities in government-sponsored entities |  |  | 111,564 |  |  |  | 544 |  |  |  | (2,554 | ) |  |  | — |  |  |  | 109,554 |
Other securities |  |  | 358 |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | 351 |
|  | $ | 175,857 |  |  | $ | 746 |  |  | $ | (7,034 | ) |  | $ | — |  |  | $ | 169,569 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 12,250 |  |  | $ | — |  |  | $ | (728 | ) |  | $ | 11,522 |  |  | $ | (475 | )
Structured mortgage-backed securities |  |  | 15,034 |  |  |  | 6 |  |  |  | (458 | ) |  |  | 14,582 |  |  |  | — |
|  | $ | 27,284 |  |  | $ | 6 |  |  | $ | (1,186 | ) |  | $ | 26,104 |  |  | $ | (475 | )
|  | December 31, 2024 |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Fair Value |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government Agency securities |  | $ | 13,017 |  |  | $ | 96 |  |  | $ | (40 | ) |  | $ | — |  |  | $ | 13,073 |
Obligations of state and political subdivisions |  |  | 51,254 |  |  |  | 10 |  |  |  | (4,063 | ) |  |  | — |  |  |  | 47,201 |
Mortgage-backed securities in government-sponsored entities |  |  | 88,289 |  |  |  | 61 |  |  |  | (3,567 | ) |  |  | — |  |  |  | 84,783 |
Other securities |  |  | 542 |  |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | 533 |
|  | $ | 153,102 |  |  | $ | 167 |  |  | $ | (7,679 | ) |  | $ | — |  |  | $ | 145,590 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 15,250 |  |  | $ | — |  |  | $ | (984 | ) |  | $ | 14,266 |  |  | $ | (459 | )
Structured mortgage-backed securities |  |  | 16,717 |  |  |  | 6 |  |  |  | (705 | ) |  |  | 16,018 |  |  |  | — |
|  | $ | 31,967 |  |  | $ | 6 |  |  | $ | (1,689 | ) |  | $ | 30,284 |  |  | $ | (459 | )
The following tables summarize the Company's debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.
|  | June 30, 2025 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities |  | $ | 3,982 |  |  | $ | (18 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,982 |  |  | $ | (18 | )
Obligations of state and political subdivisions |  |  | 10,961 |  |  |  | (309 | ) |  |  | 33,554 |  |  |  | (4,146 | ) |  |  | 44,515 |  |  |  | (4,455 | )
Mortgage-backed securities in government-sponsored entities |  |  | 31,384 |  |  |  | (375 | ) |  |  | 31,339 |  |  |  | (2,179 | ) |  |  | 62,723 |  |  |  | (2,554 | )
Other securities |  |  | — |  |  |  | — |  |  |  | 351 |  |  |  | (7 | ) |  |  | 351 |  |  |  | (7 | )
|  | $ | 46,327 |  |  | $ | (702 | ) |  | $ | 65,244 |  |  | $ | (6,332 | ) |  | $ | 111,571 |  |  | $ | (7,034 | )
|  | December 31, 2024 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities |  | $ | 3,960 |  |  | $ | (40 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,960 |  |  | $ | (40 | )
Obligations of state and political subdivisions |  |  | 11,433 |  |  |  | (273 | ) |  |  | 34,345 |  |  |  | (3,790 | ) |  |  | 45,778 |  |  |  | (4,063 | )
Mortgage-backed securities in government-sponsored entities |  |  | 45,629 |  |  |  | (902 | ) |  |  | 29,877 |  |  |  | (2,665 | ) |  |  | 75,506 |  |  |  | (3,567 | )
Other securities |  |  | — |  |  |  | — |  |  |  | 407 |  |  |  | (9 | ) |  |  | 407 |  |  |  | (9 | )
|  | $ | 61,022 |  |  | $ | (1,215 | ) |  | $ | 64,629 |  |  | $ | (6,464 | ) |  | $ | 125,651 |  |  | $ | (7,679 | )
No allowance for credit losses on available for sale debt securities was needed at June 30, 2025 or December 31, 2024. The Company reviews its position quarterly and believes that as of June 30, 2025 and December 31, 2024, the declines outlined in the above tables represent temporary declines, and the Company does not intend to sell, and does not believe it will be required to sell, these debt securities before recovery of their cost basis, which may be at maturity. There were 204 and 210 available for sale debt securities with unrealized losses at June 30, 2025 and December 31, 2024, respectively. The Company has concluded that the unrealized losses disclosed above are the result of interest rate changes and market conditions that are not expected to result in the non-collection of principal and interest during the year. Accrued interest receivable on available for sale debt securities totaled $915 at June 30, 2025 and is excluded from the estimate of credit losses. There were nine and ten held to maturity debt securities with unrealized losses at June 30, 2025 and December 31, 2024, respectively. The Company monitors the credit quality of corporate debentures held to maturity through the use of credit ratings, where available, and financial analysis, including capital monitoring and financial performance analysis. The Company monitors these securities on a quarterly basis. The following tables present the activity in the allowance for credit losses for corporate debentures held to maturity for the three and six months ended June 30, 2025 and 2024.
|  | For the Three Months Ended June 30, |
(in Thousands) |  | 2025 |
Balance, March 31, 2025 |  | $ | 421 |
Changes in the allowance for credit losses |  |  | 54 |
Balance June 30, 2025 |  | $ | 475 |
|  | For the Three Months Ended June 30, |
(in Thousands) |  | 2024 |
Balance, March 31, 2024 |  | $ | 507 |
Changes in the allowance for credit losses |  |  | (5 | )
Balance June 30, 2024 |  | $ | 502 |
|  | For the Six Months Ended June 30, |
(in Thousands) |  | 2025 |
Balance, December 31, 2024 |  | $ | 459 |
Changes in the allowance for credit losses |  |  | 16 |
Balance, June 30, 2025 |  | $ | 475 |
|  | For the Six Months Ended June 30, |
(in Thousands) |  | 2024 |
Balance, December 31, 2023 |  | $ | 512 |
Credit to allowance for credit losses |  |  | (10 | )
Balance, June 30, 2024 |  | $ | 502 |
Accrued interest receivable on held-to-maturity debt securities totaled $197 at June 30, 2025 which is excluded from the estimate of credit losses. As of June 30, 2025, amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.
|  | Available for Sale Securities |  |  | Held to Maturity Securities |
(In Thousands) |  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 222 |  |  | $ | 222 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 16,430 |  |  |  | 16,161 |  |  |  | 3,000 |  |  |  | 2,970 |
Due after five years through ten years |  |  | 22,142 |  |  |  | 21,327 |  |  |  | 9,250 |  |  |  | 8,552 |
Due after ten years |  |  | 25,141 |  |  |  | 21,954 |  |  |  | — |  |  |  | — |
Mortgage-backed securities and Collateralized mortgage obligations |  |  | 111,564 |  |  |  | 109,554 |  |  |  | 15,034 |  |  |  | 14,582 |
Other securities |  |  | 358 |  |  |  | 351 |  |  |  | — |  |  |  | — |
|  | $ | 175,857 |  |  | $ | 169,569 |  |  | $ | 27,284 |  |  | $ | 26,104 |
The following tables summarize sales of debt securities for the three and six months ended June 30, 2024. There were no sales of debt securities for the three and six months ended June 30, 2025.
|  | For the Three Months Ended June 30, |
(In Thousands) |  | 2024 |
Proceeds |  | $ | 1,691 |
Gross gains |  |  | 4 |
Gross losses |  |  | — |
Net gains (losses) |  | $ | 4 |
|  | For the Six Months Ended June 30, |
(In Thousands) |  | 2024 |
Proceeds |  | $ | 1,691 |
Gross gains |  |  | 4 |
Gross losses |  |  | — |
Net gains (losses) |  | $ | 4 |
The tax provision related to these realized gains and losses was approximately $1 as of three and six months ended June 30, 2024. The Company had pledged debt securities with a carrying value of $55,435 and $57,852 to secure public deposits and certain borrowing capacity as of June 30, 2025 and December 31, 2024, respectively.

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