XML 21 R13.htm IDEA: XBRL DOCUMENT
v3.25.3

Investment Securities | 9 Months Ended
--- | ---
Sep. 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 September 30, 2025 and December 31, 2024 with gross unrealized gains and losses therein:
|  | September 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) |  | $ | 159,819 |  |  | $ | 770 |  |  | $ | (5,323 | ) |  | $ | 155,266 |
U.S. government agency securities |  |  | 11,260 |  |  |  | — |  |  |  | (791 | ) |  |  | 10,469 |
Obligations of state and political subdivisions |  |  | 42,444 |  |  |  | 15 |  |  |  | (2,541 | ) |  |  | 39,918 |
Small business association (SBA) securities |  |  | 1,344 |  |  |  | 5 |  |  |  | (3 | ) |  |  | 1,346 |
U.S. treasury securities |  |  | 2,926 |  |  |  | 3 |  |  |  | — |  |  |  | 2,929 |
Total |  | $ | 217,793 |  |  | $ | 793 |  |  | $ | (8,658 | ) |  | $ | 209,928 |
Note 3 – Investment Securities (continued)
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | 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 September 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) |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) |  | $ | 31,883 |  |  | $ | (121 | ) |  | $ | 27,639 |  |  | $ | (5,202 | ) |  | $ | 59,522 |  |  | $ | (5,323 | )
U.S. government agency securities |  |  | 4,992 |  |  |  | (8 | ) |  |  | 5,635 |  |  |  | (783 | ) |  |  | 10,627 |  |  |  | (791 | )
Obligations of state and political subdivisions |  |  | 759 |  |  |  | — |  |  |  | 31,358 |  |  |  | (2,541 | ) |  |  | 32,117 |  |  |  | (2,541 | )
Small business association (SBA) securities |  |  | 693 |  |  |  | (2 | ) |  |  | 79 |  |  |  | (1 | ) |  |  | 772 |  |  |  | (3 | )
U.S. Treasuries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 38,327 |  |  | $ | (131 | ) |  | $ | 64,711 |  |  | $ | (8,527 | ) |  | $ | 103,038 |  |  | $ | (8,658 | )
|  | 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 | )
Note 3 – Investment Securities (concluded) The amortized cost and fair value of securities available-for-sale at September 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 |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Due in one year or less |  | $ | 2,554 |  |  | $ | 2,555 |
Due after one year through five years |  |  | 10,849 |  |  |  | 10,776 |
Due after five years through ten years |  |  | 41,234 |  |  |  | 38,397 |
Due after ten years |  |  | 3,337 |  |  |  | 2,934 |
Mortgage-backed securities (GSEs) |  |  | 159,819 |  |  |  | 155,266 |
|  | $ | 217,793 |  |  | $ | 209,928 |
The Company uses a defined methodology for allowance for credit losses on its investment securities available-for-sale. The Company did no t have an allowance for credit losses on its investment securities available-for-sale as of September 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 September 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 September 30, 2025. At September 30, 2025, the Company’s available-for-sale securities portfolio consisted of approximately 268 securities, of which 151 available-for-sale securities were in an unrealized loss position for more than twelve months and 24 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 97 municipal securities aggregating $31.3 million with a loss of $2.5 million, 49 mortgage-backed securities-GSE aggregating $27.6 million with a loss of $5.2 million, 1 agency security aggregating $5.6 million with a loss of $783 thousand and 4 SBA securities aggregating $79 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. Accrued interest receivable on investment securities represents interest earned but not yet collected on the Bank’s available-for-sale and held-to-maturity securities portfolios. Accrued interest receivable related to investments, at September 30, 2025, and December 31, 2024, was $7.6 million and $6.5 million, respectively. Accrued interest receivable is generally written off when collection of the underlying interest is deemed uncollectible, which typically occurs when the related security is placed on nonaccrual status. When a security is placed on nonaccrual, previously accrued but uncollected interest is reversed from interest income. There were no investment securities on nonaccrual status and no write-offs of accrued interest receivable for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024. There are no securities pledged as of September 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