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Securities (Tables)

6 Months Ended

Jun. 30, 2025

Debt Securities, Available-for-Sale [Abstract]

Amortized Costs and Fair Values of Securities Available for Sale

Amortized costs and fair values of securities available for sale at June 30, 2025 and December 31, 2024 were as follows:


		Amortized Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Fair Value
		June 30, 2025
		(in thousands)
Obligations of U.S. government corporations and agencies		$	7,980			$	10			$	(56	)		$	7,934
U.S. treasury securities			9,966				—				(10	)			9,956
Mortgage-backed securities			86,037				—				(8,456	)			77,581
Collateralized mortgage obligations			22,915				—				(223	)			22,692
Subordinated debt			3,250				—				(506	)			2,744
		$	130,148			$	10			$	(9,251	)		$	120,907


		December 31, 2024
		(in thousands)
Obligations of U.S. government corporations and agencies		$	8,198			$	—			$	(530	)		$	7,668
Mortgage-backed securities			127,061				—				(22,094	)			104,967
Obligations of states and political subdivisions			4,920				—				(275	)			4,645
Subordinated debt			4,750				—				(700	)			4,050
		$	144,929			$	—			$	(23,599	)		$	121,330

Investments Classified by Contractual Maturity Date

The following table summarizes amounts related to the sale of available for sale securities:


		For the Six Months Ended June 30,
		2025
		(in thousands)
Proceeds from sales		$	86,822

Gross realized gains		$	—
Gross realized losses			(12,425	)
Net realized losses on securities		$	(12,425	)

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


		Amortized Cost				Fair Value
		(in thousands)
Due in one year or less		$	9,966			$	9,956
Due after one year through five years			5,794				5,793
Due after five years through ten years			27,285				26,658
Due after ten years			87,103				78,500
		$	130,148			$	120,907

Fair Value and Gross Unrealized Losses for Securities Available for Sale

The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at June 30, 2025 and December 31, 2024 were as follows:


		Less than 12 months								12 months or more								Total
		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
		June 30, 2025
		(in thousands)
Obligations of U.S. government corporations and agencies		$	3,775			$	56			$	—			$	—			$	3,775			$	56
U.S. treasury securities			9,956				10				—				—				9,956				10
Mortgage-backed securities			43,081				284				29,483				8,172				72,564				8,456
Collateralized mortgage obligations			22,692				223				—				—				22,692				223
Subordinated debt			—				—				2,744				506				2,744				506
Total		$	79,504			$	573			$	32,227			$	8,678			$	111,731			$	9,251


		Less than 12 months								12 months or more								Total
		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
		December 31, 2024
		(in thousands)
Obligations of U.S. government corporations and agencies		$	—			$	—			$	7,668			$	530			$	7,668			$	530
Mortgage-backed securities			—				—				104,967				22,094				104,967				22,094
Obligations of states and political subdivisions			—				—				4,645				275				4,645				275
Subordinated debt			—				—				3,550				700				3,550				700
Total		$	—			$	—			$	120,830			$	23,599			$	120,830			$	23,599

Schedule Composition of Restricted Investments

The composition of restricted investments at June 30, 2025 and December 31, 2024 was as follows:


		June 30, 2025				December 31, 2024
		(in thousands)
Federal Reserve Bank Stock		$	344			$	344
Federal Home Loan Bank Stock			3,302				7,073
Community Bankers’ Bank Stock			140				140
		$	3,786			$	7,557