XML 20 R14.htm IDEA: XBRL DOCUMENT
v3.25.2

Investment Securities | 6 Months Ended
--- | ---
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 3. INVESTMENT SECURITIES Details of investment securities available-for-sale and held-to-maturity as of June 30, 2025 and December 31, 2024 were as follows:
|  | Available-for-Sale |
|  | June 30, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 89,461 |  |  | $ | 1,134 |  |  | $ | (1,638 | ) |  | $ | 88,957 |
Commercial |  |  | 10,431 |  |  |  | 88 |  |  |  | (145 | ) |  |  | 10,374 |
Obligations of U.S. government-sponsored agencies |  |  | 10,584 |  |  |  | 150 |  |  |  | (409 | ) |  |  | 10,325 |
Obligations of states and political subdivisions |  |  | 1,305 |  |  |  | — |  |  |  | (9 | ) |  |  | 1,296 |
Corporate notes |  |  | 17,760 |  |  |  | 45 |  |  |  | (1,270 | ) |  |  | 16,535 |
U.S. Treasury securities |  |  | 30,022 |  |  |  | — |  |  |  | (933 | ) |  |  | 29,089 |
Total |  | $ | 159,563 |  |  | $ | 1,417 |  |  | $ | (4,404 | ) |  | $ | 156,576 |
|  | Held-to-Maturity |
|  | June 30, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 206 |  |  | $ | — |  |  | $ | (6 | ) |  | $ | 200 |
Obligations of U.S. government-sponsored agencies |  |  | 344 |  |  |  | — |  |  |  | (19 | ) |  |  | 325 |
Obligations of states and political subdivisions |  |  | 11 |  |  |  | — |  |  |  | (1 | ) |  |  | 10 |
Total |  | $ | 561 |  |  | $ | — |  |  | $ | (26 | ) |  | $ | 535 |
|  | Available-for-Sale |
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 87,703 |  |  | $ | 347 |  |  | $ | (2,768 | ) |  | $ | 85,282 |
Commercial |  |  | 12,105 |  |  |  | 17 |  |  |  | (202 | ) |  |  | 11,920 |
Obligations of U.S. government-sponsored agencies |  |  | 11,436 |  |  |  | 18 |  |  |  | (620 | ) |  |  | 10,834 |
Obligations of states and political subdivisions |  |  | 1,577 |  |  |  | — |  |  |  | (28 | ) |  |  | 1,549 |
Corporate notes |  |  | 17,757 |  |  |  | 58 |  |  |  | (1,871 | ) |  |  | 15,944 |
U.S. Treasury securities |  |  | 44,019 |  |  |  | — |  |  |  | (1,660 | ) |  |  | 42,359 |
Total |  | $ | 174,597 |  |  | $ | 440 |  |  | $ | (7,149 | ) |  | $ | 167,888 |
|  | Held-to-Maturity |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 264 |  |  | $ | — |  |  | $ | (10 | ) |  | $ | 254 |
Obligations of U.S. government-sponsored agencies |  |  | 384 |  |  |  | — |  |  |  | (27 | ) |  |  | 357 |
Obligations of states and political subdivisions |  |  | 34 |  |  |  | — |  |  |  | (3 | ) |  |  | 31 |
Total |  | $ | 682 |  |  | $ | — |  |  | $ | (40 | ) |  | $ | 642 |
The scheduled maturities of investment securities available-for-sale and held-to-maturity as of June 30, 2025 are presented in the following table:
|  | Available-for-Sale |  |  | Held-to-Maturity |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Maturing within one year |  | $ | 15,417 |  |  | $ | 15,223 |  |  | $ | — |  |  | $ | — |
Maturing after one to five years |  |  | 20,559 |  |  |  | 19,777 |  |  |  | 211 |  |  |  | 207 |
Maturing after five to ten years |  |  | 60,449 |  |  |  | 57,655 |  |  |  | 258 |  |  |  | 241 |
Maturing after ten years |  |  | 63,138 |  |  |  | 63,921 |  |  |  | 92 |  |  |  | 87 |
Total |  | $ | 159,563 |  |  | $ | 156,576 |  |  | $ | 561 |  |  | $ | 535 |
For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments. The following tables reflect fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of June 30, 2025 and December 31, 2024.
|  | Available-for-Sale |
|  | June 30, 2025 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 4,707 |  |  | $ | (20 | ) |  | $ | 25,511 |  |  | $ | (1,618 | )
Commercial |  |  | 829 |  |  |  | (3 | ) |  |  | 4,538 |  |  |  | (142 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 4,655 |  |  |  | (409 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 1,296 |  |  |  | (9 | )
Corporate notes |  |  | — |  |  |  | — |  |  |  | 14,490 |  |  |  | (1,270 | )
U.S. Treasury securities |  |  | — |  |  |  | — |  |  |  | 29,089 |  |  |  | (933 | )
Total |  | $ | 5,536 |  |  | $ | (23 | ) |  | $ | 79,579 |  |  | $ | (4,381 | )
|  | Held-to-Maturity |
|  | June 30, 2025 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | 200 |  |  | $ | (6 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 325 |  |  |  | (19 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | (1 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 535 |  |  | $ | (26 | )
|  | Available-for-Sale |
|  | December 31, 2024 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 41,417 |  |  | $ | (424 | ) |  | $ | 28,520 |  |  | $ | (2,344 | )
Commercial |  |  | 3,374 |  |  |  | (13 | ) |  |  | 5,331 |  |  |  | (189 | )
Obligations of U.S. government-sponsored agencies |  |  | 3,823 |  |  |  | (1 | ) |  |  | 4,457 |  |  |  | (619 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 1,549 |  |  |  | (28 | )
Corporate notes |  |  | — |  |  |  | — |  |  |  | 13,886 |  |  |  | (1,871 | )
U.S. Treasury securities |  |  | — |  |  |  | — |  |  |  | 42,359 |  |  |  | (1,660 | )
Total |  | $ | 48,614 |  |  | $ | (438 | ) |  | $ | 96,102 |  |  | $ | (6,711 | )
|  | Held-to-Maturity |
|  | December 31, 2024 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | 254 |  |  | $ | (10 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 357 |  |  |  | (27 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | (3 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 642 |  |  | $ | (40 | )
Available-for-Sale Considerations For any securities classified as available-for-sale that are in an unrealized loss position as of the balance sheet date, the Company assesses whether or not it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net income. As of June 30, 2025, 92 available-for-sale debt securities had been in a loss position for more than 12 months, and four available-for-sale debt securities had been in a loss position for less than 12 months. As of December 31, 2024, 97 available-for-sale debt securities had been in a loss position for more than 12 months, and 16 available-for-sale debt securities had been in a loss position for less than 12 months. As of June 30, 2025, the Company had the current intent and ability to retain its investments for a period of time that management believes to be sufficient to allow for any anticipated recovery of fair value. As of June 30, 2025 and December 31, 2024, the losses for all available-for-sale securities were considered to be a direct result of the effect that the prevailing interest rate environment had on the value of debt securities and were not related to the creditworthiness of the issuers. Accordingly, no allowance for credit losses ("ACL") was considered necessary related to available-for-sale securities as of June 30, 2025 or December 31, 2024. Accrued interest receivable is excluded from the estimate of credit losses for available-for-sale securities. As of both June 30, 2025 and December 31, 2024, accrued interest receivable totaled $0.7 million with no related ACL and was reported in the accrued interest line on the accompanying consolidated balance sheets. Held-to-Maturity Considerations Each quarter, management evaluates the held-to-maturity investment portfolio on a collective basis by major security type to determine whether an ACL is needed. Qualitative factors are used in the Company’s credit loss assessments, including current and forecasted economic conditions, the characteristics of the debt issuer, and the historic ability of the issuer to make contractual principal and interest payments. Specifically, with regard to mortgage-backed securities or obligations of U.S. government sponsored agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are either backed by the full faith and credit of the U.S. government or the agency. With regard to obligations of states and political subdivisions, management considers issuer bond ratings, historical loss rates for given bond ratings, and whether the issuers continue to make timely principal and interest payments under contractual terms of the securities. Based on these evaluations, no ACL was recorded by the Company for the held-to-maturity investment portfolio as of June 30, 2025 or December 31, 2024. As of both June 30, 2025 and December 31, 2024, accrued interest receivable totaled $2.0 thousand with no related ACL and was reported in the accrued interest line on the accompanying consolidated balance sheets. Pledged Securities Investment securities with a carrying value of $62.6 million and $72.1 million as of June 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits and for other purposes.

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

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