Securities

9 Months Ended

Sep. 30, 2025

7.Securities

The amortized cost, gross unrealized gains and losses, approximate fair value, and allowance for credit losses of securities available for sale were as follows:



	September 30, 2025
			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit	Fair
	Cost		Gains		Losses			Losses	Value
	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	17,907	$	33	$	-	$	-	$	17,940
U.S. Government agencies		8,000		30		(396)		-		7,634
States and political subdivisions		106,364		-		(16,097)		-		90,267
Corporate obligations		8,401		81		-		-		8,482
Mortgage-backed securities-
government sponsored entities		293,848		2,563		(16,745)		-		279,666
Total debt securities	$	434,520	$	2,707	$	(33,238)	$	-	$	403,989





	December 31, 2024
			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit	Fair
	Cost		Gains		Losses			Losses	Value
	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	19,623	$	12	$	(37)	$	-	$	19,598
U.S. Government agencies		11,998		-		(634)		-		11,364
States and political subdivisions		106,677		-		(19,403)		-		87,274
Mortgage-backed securities-government
sponsored entities		301,992		115		(22,497)		-		279,610
Total debt securities	$	440,290	$	127	$	(42,571)	$	-	$	397,846

The following tables summarize debt securities available for sale in a loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):




	September 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government agencies		-		-		4,604		(396)		4,604		(396)
States and political subdivisions		-		-		88,592		(16,097)		88,592		(16,097)
Mortgage-backed securities-government sponsored entities		40,866		(557)		90,454		(16,188)		131,320		(16,745)
	$	40,866	$	(557)	$	183,650	$	(32,681)	$	224,516	$	(33,238)



	December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	-	$	-	$	9,961	$	(37)	$	9,961	$	(37)
U.S. Government agencies		6,988		(10)		4,376		(624)		11,364		(634)
States and political subdivisions		1,164		(21)		85,620		(19,382)		86,784		(19,403)
Mortgage-backed securities-government sponsored entities		177,674		(1,313)		94,237		(21,184)		271,911		(22,497)
	$	185,826	$	(1,344)	$	194,194	$	(41,227)	$	380,020	$	(42,571)

At September 30, 2025, the Company had 6 debt securities in an unrealized loss position in the less than twelve months category and 179 debt securities in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities. The Company concluded that the decline in the value of these securities was not indicative of a credit loss. The Company did not recognize any credit losses on these available for sale debt securities for the nine months ended September 30, 2025 and 2024. The Company does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of its cost basis.

The amortized cost and fair value of debt securities as of September 30, 2025 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.


	Available for Sale
	Amortized Cost		Fair Value
		(In Thousands)
Due in one year or less	$	14,355	$	14,362
Due after one year through five years		8,027		7,948
Due after five years through ten years		75,483		66,105
Due after ten years		42,807		35,908
		140,672		124,323
Mortgage-backed securities-government sponsored entities		293,848		279,666
	$	434,520	$	403,989

There were no sales of securities available for sale for the three and nine months ended September 30, 2025 and 2024.

Securities with a carrying value of $262,802,000 and $308,777,000 at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.