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Securities | 9 Months Ended
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Sep. 30, 2025
Debt Securities, Available-for-Sale [Abstract] |
Securities | NOTE 4. Securities Amortized costs and fair values of securities available for sale at September 30, 2025 and December 31, 2024 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
|  | September 30, 2025 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 7,571 |  |  | $ | 24 |  |  | $ | (21 | ) |  | $ | 7,574 |
U.S. treasury securities |  |  | 9,999 |  |  |  | 9 |  |  |  | — |  |  |  | 10,008 |
Mortgage-backed securities |  |  | 83,800 |  |  |  | 414 |  |  |  | (7,051 | ) |  |  | 77,163 |
Collateralized mortgage obligations |  |  | 22,834 |  |  |  | 55 |  |  |  | (100 | ) |  |  | 22,789 |
Subordinated debt |  |  | 4,250 |  |  |  | 8 |  |  |  | (413 | ) |  |  | 3,845 |
|  | $ | 128,454 |  |  | $ | 510 |  |  | $ | (7,585 | ) |  | $ | 121,379 |
|  | 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 |
The Company has elected to exclude accrued interest receivable, totaling $545 thousand at September 30, 2025, from the amortized cost basis of securities. The deferred tax asset on the securities portfolio at September 30, 2025 and December 31, 2024 was $1.5 million and $5.0 million, respectively, and is included in Other Assets in the Consolidated Balance Sheets. In March 2025, balance sheet repositioning transactions were executed. The Bank sold available for sale securities with an amortized cost balance of $99.2 million and reinvested $66.0 million into purchases of available for sale securities. The sale of securities resulted in a net realized pre-tax loss of $12.4 million recognized during nine months ended September 30, 2025. There were no sales of available for sale securities during the three months ended September 30, 2025 or the three and nine months ended September 30, 2024. The following table summarizes amounts related to the sale of available for sale securities:
|  | For the Nine Months Ended September 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 September 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 |  | $ | 9,999 |  |  | $ | 10,008 |
Due after one year through five years |  |  | 13,492 |  |  |  | 13,579 |
Due after five years through ten years |  |  | 19,569 |  |  |  | 19,290 |
Due after ten years |  |  | 85,394 |  |  |  | 78,502 |
|  | $ | 128,454 |  |  | $ | 121,379 |
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 September 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 |
|  | September 30, 2025 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 3,787 |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,787 |  |  | $ | 21 |
U.S. treasury securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 29,921 |  |  |  | 7,051 |  |  |  | 29,921 |  |  |  | 7,051 |
Collateralized mortgage obligations |  |  | 15,384 |  |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 15,384 |  |  |  | 100 |
Subordinated debt |  |  | — |  |  |  | — |  |  |  | 2,837 |  |  |  | 413 |  |  |  | 2,837 |  |  |  | 413 |
Total |  | $ | 19,171 |  |  | $ | 121 |  |  | $ | 32,758 |  |  | $ | 7,464 |  |  | $ | 51,929 |  |  | $ | 7,585 |
|  | 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 |
The reference point for determining when securities are in an unrealized loss position is month end. As such, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. There were 38 debt securities with a fair value below the amortized cost basis, totaling $51.9 million of aggregate fair value as of September 30, 2025. The Company concluded that a credit loss does not exist in its securities portfolio at September 30, 2025 based on the fact that (1) changes in fair value were caused by non-credit-related factors, primarily fluctuations in interest rates, (2) securities with unrealized losses had generally high credit quality, (3) as of September 30, 2025, the Company intends to hold these investments in debt securities to maturity and it is more-likely-than-not that the Company will not be required to sell these investments before a recovery of its investment, and (4) issuers have continued to make timely payments of principal and interest. Additionally, the Company’s mortgage-backed securities and obligations of U.S. government corporations and agencies are entirely issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments. Securities having carrying v alues of $4.0 mi llion, $3.0 million and $92.4 million at September 30, 2025 were pledged as security for trust accounts, a deposit relationship and for borrowing capacity at the Federal Reserve Bank discount window, respectively. The composition of restricted investments at September 30, 2025 and December 31, 2024 was as follows:
|  | September 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 |

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