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Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments

Unrealized Gain (Loss) on Investments



(in thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Allowance for Credit Losses			Estimated Fair Value
June 30, 2025
Available for Sale:
U.S. treasuries		$	3,865		$	149		$	—		$	—		$	4,014
U.S. government agencies			7,000			—			771			—			6,229
Residential mortgage-backed agencies			24,915			19			3,669			—			21,265
Commercial mortgage-backed agencies			38,217			—			8,066			—			30,151
Collateralized mortgage obligations			20,171			15			2,718			—			17,468
Obligations of states and political subdivisions			8,557			—			254			—			8,303
Corporate bonds			1,000						89			—			911
Collateralized debt obligations			18,738			—			3,497			—			15,241
Total available for sale		$	122,463		$	183		$	19,064		$	—		$	103,582

(in thousands)		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Estimated Fair Value			Allowance for Credit Losses
June 30, 2025
Held to Maturity:
U.S. government agencies		$	68,447		$	—		$	9,143		$	59,304		$	—
Residential mortgage-backed agencies			33,363			32			3,003			30,392			—
Commercial mortgage-backed agencies			21,042			—			5,394			15,648			—
Collateralized mortgage obligations			47,751			—			8,464			39,287			—
Obligations of states and political subdivisions			4,407			173			715			3,865			59
Total held to maturity		$	175,010		$	205		$	26,719		$	148,496		$	59


(in thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Allowance for Credit Losses			Estimated Fair Value
December 31, 2024
Available for Sale:
U.S. government agencies		$	7,000		$	—		$	885		$	—		$	6,115
Residential mortgage-backed agencies			24,621			—			4,425			—			20,196
Commercial mortgage-backed agencies			37,205			—			8,571			—			28,634
Collateralized mortgage obligations			21,069			—			3,343			—			17,726
Obligations of states and political subdivisions			6,533			—			324			—			6,209
Corporate bonds			1,000			—			104			—			896
Collateralized debt obligations			18,686			—			3,968			—			14,718
Total available for sale		$	116,114		$	—		$	21,620		$	—		$	94,494

(in thousands)		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Estimated Fair Value			Allowance for Credit Losses
December 31, 2024
Held to Maturity:
U.S. government agencies		$	68,301		$	—		$	11,192		$	57,109		$	—
Residential mortgage-backed agencies			32,171			1			3,561			28,611			—
Commercial mortgage-backed agencies			21,134			—			5,794			15,340			—
Collateralized mortgage obligations			49,439			—			9,724			39,715			—
Obligations of states and political subdivisions			4,511			177			703			3,985			59
Total held to maturity		$	175,556		$	178		$	30,974		$	144,760		$	59

Gross Unrealized Losses and Fair Values of Securities


		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrealized Losses			Number of Investments		Fair Value			Unrealized Losses			Number of Investments
June 30, 2025
Available for Sale:
U.S. government agencies		$	—		$	—		—		$	6,229		$	771		2
Residential mortgage-backed agencies			—			—		—			17,919			3,669		3
Commercial mortgage-backed agencies			3,099			115		2			27,052			7,951		8
Collateralized mortgage obligations			—			—		—			14,663			2,718		9
Obligations of states and political subdivisions			3,978			36		4			4,075			218		4
Corporate bonds			—			—		—			911			89		1
Collateralized debt obligations			—			—		—			15,241			3,497		9
Total available for sale		$	7,077		$	151		6		$	86,090		$	18,913		36

		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrecognized Losses			Number of Investments		Fair Value			Unrecognized Losses			Number of Investments
June 30, 2025
Held to Maturity:
U.S. government agencies		$	—		$	—		—		$	59,304			9,143		9
Residential mortgage-backed agencies			6,859			64		6			19,875			2,939		35
Commercial mortgage-backed agencies			—			—		—			15,648			5,394		2
Collateralized mortgage obligations			—			—		—			39,287			8,464		8
Obligations of states and political subdivisions			—			—		—			2,153			715		1
Total held to maturity		$	6,859		$	64		6		$	136,267		$	26,655		55


		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrealized Losses			Number of Investments		Fair Value			Unrealized Losses			Number of Investments
December 31, 2024
Available for Sale:
U.S. government agencies		$	—		$	—		—		$	6,115		$	885		2
Residential mortgage-backed agencies			1,974			18		1			18,222			4,407		3
Commercial mortgage-backed agencies			1,688			59		1			26,946			8,512		8
Collateralized mortgage obligations			2,892			50		1			14,834			3,293		9
Obligations of states and political subdivisions			1,224			18		2			3,742			306		3
Corporate Bonds			—			—		—			896			104		1
Collateralized debt obligations			—			—		—			14,718			3,968		9
Total available for sale		$	7,778		$	145		5		$	85,473		$	21,475		35

		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrecognized Losses			Number of Investments		Fair Value			Unrecognized Losses			Number of Investments
December 31, 2024
Held to Maturity:
U.S. government agencies		$	—		$	—		—		$	57,109		$	11,192		9
Residential mortgage-backed agencies			8,291			132		5			20,243			3,429		35
Commercial mortgage-backed agencies			—			—		—			15,340			5,794		2
Collateralized mortgage obligations			—			—		—			39,715			9,724		8
Obligations of states and political subdivisions			—			—		—			2,179			703		1
Total held to maturity		$	8,291		$	132		5		$	134,586		$	30,842		55

Amortized Cost and Fair Values Classified by Contractual Maturity Date



		June 30, 2025
(in thousands)		Amortized Cost			Fair Value
Contractual Maturity
Available for Sale:
Due after one year through five years		$	5,250		$	5,126
Due after five years through ten years			5,398			5,229
Due after ten years			28,512			24,343
			39,160			34,698
Residential mortgage-backed agencies			24,915			21,265
Commercial mortgage-backed agencies			38,217			30,151
Collateralized mortgage obligations			20,171			17,468
Total available for sale		$	122,463		$	103,582
Held to Maturity:
Due after one year through five years		$	17,050		$	16,432
Due after five years through ten years			36,003			31,550
Due after ten years			19,801			15,187
			72,854			63,169
Residential mortgage-backed agencies			33,363			30,392
Commercial mortgage-backed agencies			21,042			15,648
Collateralized mortgage obligations			47,751			39,287
Total held to maturity		$	175,010		$	148,496