XML 19 R13.htm IDEA: XBRL DOCUMENT
v3.25.2

Investment Securities | 6 Months Ended
--- | ---
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 3 – Investment Securities The following summarizes the amortized cost and fair value of securities available-for-sale at June 30, 2025 and December 31, 2024 with gross unrealized gains and losses therein:
|  | June 30, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) |  | $ | 175,736 |  |  | $ | 743 |  |  | $ | (6,033 | ) |  | $ | 170,445 |
U.S. government agency securities |  |  | 11,260 |  |  |  | 1 |  |  |  | (919 | ) |  |  | 10,341 |
Obligations of state and political subdivisions |  |  | 43,220 |  |  |  | 1 |  |  |  | (3,635 | ) |  |  | 39,587 |
Small business association (SBA) securities |  |  | 1,481 |  |  |  | 8 |  |  |  | (1 | ) |  |  | 1,487 |
U.S. treasury securities |  |  | 2,905 |  |  |  | — |  |  |  | (2 | ) |  |  | 2,903 |
Total |  | $ | 234,602 |  |  | $ | 753 |  |  | $ | (10,590 | ) |  | $ | 224,763 |
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  |  |  |  | (In thousands) |  |  |  |
Available -for-sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) |  | $ | 197,792 |  |  | $ | 422 |  |  | $ | (7,669 | ) |  | $ | 190,545 |
U.S. government agency securities |  |  | 11,260 |  |  |  | 17 |  |  |  | (1,077 | ) |  |  | 10,200 |
Obligations of state and political subdivisions |  |  | 43,895 |  |  |  | 1 |  |  |  | (4,166 | ) |  |  | 39,730 |
Small business association (SBA) securities |  |  | 1,856 |  |  |  | 5 |  |  |  | (4 | ) |  |  | 1,857 |
U.S. treasury securities |  |  | 4,855 |  |  |  | 1 |  |  |  | (17 | ) |  |  | 4,839 |
Total |  | $ | 259,658 |  |  | $ | 446 |  |  | $ | (12,933 | ) |  | $ | 247,171 |
The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available-for-sale at June 30, 2025 and December 31, 2024 are as follows:
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (In thousands) |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) |  | $ | 41,075 |  |  | $ | (278 | ) |  | $ | 28,055 |  |  | $ | (5,755 | ) |  | $ | 69,130 |  |  | $ | (6,033 | )
U.S. government agency securities |  |  | 4,879 |  |  |  | (60 | ) |  |  | 5,400 |  |  |  | (859 | ) |  |  | 10,279 |  |  |  | (919 | )
Obligations of state and political subdivisions |  |  | 2,205 |  |  |  | (4 | ) |  |  | 34,816 |  |  |  | (3,631 | ) |  |  | 37,021 |  |  |  | (3,635 | )
Small business association (SBA) securities |  |  | 165 |  |  |  | — |  |  |  | 85 |  |  |  | (1 | ) |  |  | 250 |  |  |  | (1 | )
U.S. Treasuries |  |  | 2,903 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 2,903 |  |  |  | (2 | )
Total |  | $ | 51,227 |  |  | $ | (344 | ) |  | $ | 68,356 |  |  | $ | (10,246 | ) |  | $ | 119,583 |  |  | $ | (10,590 | )
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (In thousands) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) |  | $ | 122,763 |  |  | $ | (1,157 | ) |  | $ | 29,229 |  |  | $ | (6,512 | ) |  | $ | 151,992 |  |  | $ | (7,669 | )
U.S. government agency securities |  |  | 129 |  |  |  | — |  |  |  | 5,183 |  |  |  | (1,077 | ) |  |  | 5,312 |  |  |  | (1,077 | )
Obligations of state and political subdivisions |  |  | 3,664 |  |  |  | (39 | ) |  |  | 34,320 |  |  |  | (4,127 | ) |  |  | 37,984 |  |  |  | (4,166 | )
Small business association (SBA) securities |  |  | 447 |  |  |  | (1 | ) |  |  | 449 |  |  |  | (3 | ) |  |  | 896 |  |  |  | (4 | )
U.S. Treasuries |  |  | 2,846 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | 2,846 |  |  |  | (17 | )
|  | $ | 129,849 |  |  | $ | (1,214 | ) |  | $ | 69,181 |  |  | $ | (11,719 | ) |  | $ | 199,030 |  |  | $ | (12,933 | )
The amortized cost and fair value of securities available-for-sale at June 30, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties:
|  | Amortized |  |  |  |
|  | Cost |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less |  | $ | 2,122 |  |  | $ | 2,122 |
Due after one year through five years |  |  | 9,427 |  |  |  | 9,334 |
Due after five years through ten years |  |  | 41,975 |  |  |  | 38,369 |
Due after ten years |  |  | 5,342 |  |  |  | 4,493 |
Mortgage-backed securities (GSEs) |  |  | 175,736 |  |  |  | 170,445 |
|  | $ | 234,602 |  |  | $ | 224,763 |
Proceeds from calls and maturities of securities available-for-sale were not significant for the six-month period ended June 30, 2025 or 2024. The Company uses a defined methodology for allowance for credit losses on its investment securities available-for-sale. The Company did not have an allowance for credit losses on its investment securities available-for-sale as of June 30, 2025 or 2024. The Company’s securities primarily consist of the following types of instruments; U.S. guaranteed mortgage-backed securities, U.S. guaranteed agency bonds, state and political subdivision issued bonds, mortgage related securities guaranteed by the SBA and U.S. treasury notes. We believe it is reasonable to expect that the securities with a credit guarantee of the U.S. government will have a zero-credit loss. Therefore, no reserve was recorded for U.S. guaranteed securities or bonds at June 30, 2025. The state and political subdivision securities carry a minimum investment rating of A by either Moody’s or Standard and Poor’s. Some of the smaller municipalities also have insurance to cover the Company in the event of default. Therefore, the Company did not project a credit loss and no reserve was recorded as of June 30, 2025. At June 30, 2025, the Company’s available-for-sale securities portfolio consisted of approximately 270 securities, of which 161 available-for-sale securities were in an unrealized loss position for more than twelve months and 31 available-for-sale securities were in an unrealized loss position for less than twelve months. The available-for-sale securities in an unrealized loss position for more than twelve months consisted of 106 municipal securities aggregating $34.8 million with a loss of $3.6 million, 50 mortgage-backed securities-GSE aggregating $28.0 million with a loss of $5.8 million, 1 agency security aggregating $5.4 million with a loss of $859 thousand and 4 SBA securities aggregating $85 thousand with a loss of $1 thousand. The Company does not intend to sell these securities, and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. Unrealized losses primarily relate to interest rate fluctuations and not credit concerns. There are no securities pledged as of June 30, 2025, and December 31, 2024.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration