
	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale

SBA Pools	$	3,320	$	—	$	(372)	$	2,948
Federal agencies	15,000		—		(956)		14,044
State and municipal obligations	155,681		142		(28,090)		127,733
Mortgage-backed securities - government-sponsored enterprises (GSE) residential	106,885		48		(16,004)		90,929
Corporate obligations	11,500		—		(1,635)		9,865

	292,386		190		(47,057)		245,519
Held to maturity
State and municipal obligations	2,353		7		(58)		2,302
	2,353		7		(58)		2,302

Total investment securities	$	294,739	$	197	$	(47,115)	$	247,821


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale

SBA Pools	$	3,473	$	—	$	(349)	$	3,124
Federal agencies	15,000		—		(939)		14,061
State and municipal obligations	157,102		160		(25,444)		131,818
Mortgage-backed securities - government-sponsored enterprises (GSE) residential	108,586		93		(15,574)		93,105
Corporate obligations	11,500		—		(1,693)		9,807

	295,661		253		(43,999)		251,915
Held to maturity
State and municipal obligations	2,748		7		(38)		2,717
	2,748		7		(38)		2,717

Total investment securities	$	298,409	$	260	$	(44,037)	$	254,632

The amortized cost and fair value of investment securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Within one year	$	1,143	$	1,136	$	365	$	365
One to five years	23,840		22,851		928		928
Five to ten years	49,238		44,128		450		447
After ten years	111,280		86,475		610		562
	185,501		154,590		2,353		2,302
Mortgage-backed securities –GSE residential	106,885		90,929		—		—

Totals	$	292,386	$	245,519	$	2,353	$	2,302

Investment securities with a carrying value of $134,486,000 and $138,306,000 were pledged at March 31, 2026 and December 31, 2025, respectively, to secure certain deposits and for other purposes as permitted or required by law.

Certain investments in debt securities, as reflected in the table below, are reported in the condensed consolidated financial statements and notes at an amount less than their historical cost. Total fair value of these investments at March 31, 2026 and December 31, 2025 was $238,904,000 and $244,503,000, respectively, which is approximately 96% and 96% of the Company’s aggregated available for sale and held to maturity investment portfolio at those dates, respectively. These declines primarily resulted from changes in market interest rates since their purchase.

The Company does not consider available for sale securities with unrealized losses to be experiencing credit losses at March 31, 2026. Management considers it more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities.

Held to maturity securities are financial assets measured at amortized cost. Held to maturity securities are required to have an established allowance for credit losses that represents the portion of the amortized cost basis of a financial asset that is not expected to be collectable. The Company estimates expected credit losses on a collective basis by security type, with consideration given to historical information, credit ratings, and the statistical probability of future losses.

The Company monitors the credit quality of investment securities held to maturity through the use of credit ratings quarterly. As of March 31, 2026, there was no allowance for credit losses recognized on the Company's securities held to maturity portfolio.

The following table summarizes the amortized cost of held to maturity securities by credit quality indicator as of March 31, 2026 and December 31, 2025:

The following tables show the Company’s investment securities by gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:


Description of Securities	March 31, 2026
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale

SBA Pools	$	—	$	—	$	2,719	$	(372)	$	2,719	$	(372)
Federal agencies	—		—		14,044		(956)		14,044		(956)
State and municipal obligations	540		(10)		123,542		(28,080)		124,082		(28,090)
Mortgage-backed securities - GSE residential	1,816		(32)		85,186		(15,972)		87,002		(16,004)
Corporate obligations	—		—		9,865		(1,635)		9,865		(1,635)
Total available for sale	2,356		(42)		235,356		(47,015)		237,712		(47,057)

Held to maturity
State and municipal obligations	277		(3)		915		(55)		1,192		(58)

Total	$	2,633	$	(45)	$	236,271	$	(47,070)	$	238,904	$	(47,115)


Description of Securities	December 31, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale

SBA Pools	$	89	$	—	$	2,856	$	(349)	$	2,945	$	(349)
Federal agencies	—		—		14,061		(939)		14,061		(939)
State and municipal obligations	—		—		127,699		(25,444)		127,699		(25,444)
Mortgage-backed securities - GSE residential	907		(4)		88,088		(15,570)		88,995		(15,574)
Corporate obligations	—		—		9,807		(1,693)		9,807		(1,693)
Total available for sale	996		(4)		242,511		(43,995)		243,507		(43,999)

Held to maturity
State and municipal obligations	—		—		996		(38)		996		(38)

Total	$	996	$	(4)	$	243,507	$	(44,033)	$	244,503	$	(44,037)

Federal Agency Obligations. The unrealized losses on the Company’s investments in direct obligations of U.S. federal agencies were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

SBA Pools and Mortgage-Backed Securities - GSE Residential. The unrealized losses on the Company’s investment in mortgage-backed securities and SBA pools were caused by interest rate changes and illiquidity. The Company expects to recover the amortized cost basis over the term of the securities. The decline in fair value is attributable to changes in interest rates and not credit quality. The Company does not intend to sell the securities and it is not more likely than not the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity.

State, Municipal, and Corporate Obligations. The unrealized losses on the Company’s investments in securities of state, municipal, and corporate obligations were caused by interest rate changes. The contractual terms of those securities do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not

intend to sell the securities and it is not more likely than not the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity.