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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of amortized cost and estimated fair value

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

 

 

 

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

 
Summary of fair value of related securities available-for-sale

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

)
Summary of securities available-for-sale by contractual maturity

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