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Securities (Tables)
9 Months Ended
Sep. 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 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

 

Investments Classified by Contractual Maturity Date

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

 

Summarizes Amounts Related Sale of Available for Sale Securities

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

)

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 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

 

Schedule Composition of Restricted Investments

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