XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.26.1

Note 3 - Investments in Securities | 3 Months Ended
--- | ---
Mar. 31, 2026
Notes to Financial Statements |
Investment in Debt and Equity Securities and Other Trading Assets [Text Block] | NOTE 3 – INVESTMENTS IN SECURITIES Available-for-Sale Securities Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following table summarizes the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of available-for-sale securities at the dates indicated:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Fair |
Available-for-sale |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
|  | (in thousands) |
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 6,316 |  |  | $ | 25 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | 6,337 |
Collateralized mortgage obligations |  |  | 12,271 |  |  |  | 12 |  |  |  | (48 | ) |  |  | — |  |  |  | 12,235 |
Corporate bonds |  |  | 18,233 |  |  |  | 294 |  |  |  | (33 | ) |  |  | — |  |  |  | 18,494 |
Total available-for-sale securities |  | $ | 36,820 |  |  | $ | 331 |  |  | $ | (85 | ) |  | $ | — |  |  | $ | 37,066 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 6,411 |  |  | $ | 51 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 6,459 |
Collateralized mortgage obligations |  |  | 10,937 |  |  |  | 48 |  |  |  | (37 | ) |  |  | — |  |  |  | 10,948 |
Corporate bonds |  |  | 16,732 |  |  |  | 225 |  |  |  | (47 | ) |  |  | — |  |  |  | 16,910 |
Total available-for-sale securities |  | $ | 34,080 |  |  | $ | 324 |  |  | $ | (87 | ) |  | $ | — |  |  | $ | 34,317 |
The Company's available-for-sale securities are carried at fair value. For available-for-sale securities in an unrealized loss position, management will first evaluate whether there is intent to sell a security, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security's amortized cost basis to fair value through income. For those available-for-sale securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. federal government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, an allowance for credit losses will be established, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when a security is determined to be uncollectible, or when either of the aforementioned criteria surrounding intent or requirement to sell have been met. No allowance for credit losses was recorded for available-for-sale securities as of March 31, 2026 and December 31, 2025. The Company did not record a provision for estimated credit losses on any available-for-sale securities for the three months ended March 31, 2026 and 2025. Excluded from the table above is accrued interest on available-for-sale securities of $289,000 and $335,000 at March 31, 2026 and December 31, 2025, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on available-for-sale securities for the three months ended March 31, 2026 and 2025. No securities held by the Company were delinquent on contractual payments at March 31, 2026 and December 31, 2025, nor were any securities placed on non-accrual status for the three months ended March 31, 2026 and 2025. When securities are sold, the amortized cost of the specific security sold is used to compute the gain or loss on the sale. There were no sales of securities during the three months ended March 31, 2026 and 2025. The aggregate fair value and unrealized losses of available-for-sale securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of March 31, 2026 and December 31, 2025:
|  |  |  |  |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | # of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Holdings |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |  |  |  |  |  |
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,356 |  |  | $ | (4 | ) |  | $ | 1,356 |  |  | $ | (4 | )
Collateralized mortgage obligations |  |  | 6 |  |  |  | 8,174 |  |  |  | (30 | ) |  |  | 1,407 |  |  |  | (18 | ) |  |  | 9,581 |  |  |  | (48 | )
Corporate bonds |  |  | 1 |  |  |  | 2,646 |  |  |  | (33 | ) |  |  | — |  |  |  | — |  |  |  | 2,646 |  |  |  | (33 | )
Total |  |  | 8 |  |  | $ | 10,820 |  |  | $ | (63 | ) |  | $ | 2,763 |  |  | $ | (22 | ) |  | $ | 13,583 |  |  | $ | (85 | )
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,362 |  |  | $ | (3 | ) |  | $ | 1,362 |  |  | $ | (3 | )
Collateralized mortgage obligations |  |  | 3 |  |  |  | 3,778 |  |  |  | (15 | ) |  |  | 1,405 |  |  |  | (22 | ) |  |  | 5,183 |  |  |  | (37 | )
Corporate bonds |  |  | 4 |  |  |  | 7,666 |  |  |  | (47 | ) |  |  | — |  |  |  | — |  |  |  | 7,666 |  |  |  | (47 | )
Total |  |  | 8 |  |  | $ | 11,444 |  |  | $ | (62 | ) |  | $ | 2,767 |  |  | $ | (25 | ) |  | $ | 14,211 |  |  | $ | (87 | )
Management evaluates securities for expected credit losses at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Held-to-Maturity Securities The following table summarizes the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of held-to-maturity securities at the dates indicated:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Fair |
Held-to-maturity: |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
|  | (in thousands) |
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 35,492 |  |  | $ | 37 |  |  | $ | (3,465 | ) |  | $ | — |  |  | $ | 32,064 |
Corporate bonds |  |  | 16,132 |  |  |  | 200 |  |  |  | (352 | ) |  |  | — |  |  |  | 15,980 |
Total held-to-maturity securities |  | $ | 51,624 |  |  | $ | 237 |  |  | $ | (3,817 | ) |  | $ | — |  |  | $ | 48,044 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 36,645 |  |  |  | 88 |  |  |  | (3,453 | ) |  |  | — |  |  |  | 33,280 |
Corporate bonds |  |  | 19,119 |  |  |  | 262 |  |  |  | (335 | ) |  |  | — |  |  |  | 19,046 |
Total held-to-maturity securities |  | $ | 55,764 |  |  | $ | 350 |  |  | $ | (3,788 | ) |  | $ | — |  |  | $ | 52,326 |
The Company measures expected credit losses on held-to-maturity securities on a collective basis by major security type. Management classifies the held-to-maturity portfolio into the following major security types: Agency Mortgage-Backed Securities and Corporate Bonds. Mortgage-backed securities are guaranteed by U.S. government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation. The Company's investments in corporate bonds are deemed “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) it is more likely than not that the Company will not be required to sell these securities before recovery. Therefore the Company did not record a provision for estimated credit losses on any held-to-maturity securities during the three months ended March 31, 2026 and 2025. Excluded from the table above is accrued interest on held-to-maturity securities of $271,000 and $237,000 at March 31, 2026 and December 31, 2025, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on held-to-maturity securities for the three months ended March 31, 2026 and 2025. No securities held by the Company were delinquent on contractual payments at March 31, 2026 and December 31, 2025, nor were any securities placed on non-accrual status for the three months ended March 31, 2026 and 2025. Held-to-Maturity and Available-for-Sale Securities The actual maturities of certain available-for-sale or held-to-maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of available-for-sale and held-to-maturity securities as of March 31, 2026 is presented below:
|  | Available-for-sale |  |  | Held-to-maturity |
|  | Fair |  |  | Amortized |  |  | Fair |
|  | Value |  |  | Cost |  |  | Value |
|  | (in thousands) |
Within 1 year |  | $ | 6,955 |  |  | $ | 6,038 |  |  | $ | 6,034 |
After 1 year through 5 years |  |  | 4,189 |  |  |  | 8,017 |  |  |  | 8,052 |
After 5 years through 10 years |  |  | 12,895 |  |  |  | 11,715 |  |  |  | 10,960 |
After 10 years |  |  | 13,027 |  |  |  | 25,854 |  |  |  | 22,998 |
Total |  | $ | 37,066 |  |  | $ | 51,624 |  |  | $ | 48,044 |
The carrying value of securities pledged to secure advances from the Federal Home Loan Bank of Boston (“FHLB”) was $48.7 million and $48.5 million as of March 31, 2026 and December 31, 2025, respectively. The carrying value of securities pledged to secure advances from the Federal Reserve Bank (“FRB”) was $15.6 million and $18.7 million as of March 31, 2026 and December 31, 2025, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investment in debt and equity securities and other assets at fair value and held for trading. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 5: 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 6: 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 7: 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 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration