Annual report [Section 13 and 15(d), not S-K Item 405]

Securities (Tables)

v3.26.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
(Dollars in thousands)
Cost
Basis		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Estimated
Fair
Value
December 31, 2025
U.S. government agency securities(1)
$ 8,884  $ -  $ (418) $ 8,466 
Collateralized mortgage obligations and residential mortgage-backed securities(1)
123,833  -  (19,168) 104,665 
Municipal securities 236,168  2  (34,956) 201,214 
Collateralized debt obligations 2,141  -  (259) 1,882 
Total securities available-for-sale $ 371,026  $ 2  $ (54,801) $ 316,227 
1) Includes securities issued or backed by the U.S. government and its agencies and U.S. government sponsored entities.


(Dollars in thousands)
Cost
Basis		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Estimated
Fair
Value
December 31, 2024
U.S. government agency securities(1)
$ 8,884  $ -  $ (823) $ 8,061 
Collateralized mortgage obligations and residential mortgage-backed securities(1)
135,974  -  (26,649) 109,325 
Municipal securities 262,954  -  (48,205) 214,749 
Collateralized debt obligations 2,156  -  (737) 1,419 
Total securities available-for-sale $ 409,968  $ -  $ (76,414) $ 333,554 
1) Includes securities issued or backed by the U.S. government and its agencies and U.S. government sponsored entities.
Schedule of Investments Classified by Contractual Maturity Date
The cost basis and estimated fair value of available-for-sale debt securities at December 31, 2025, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.
(Dollars in thousands)
Available-for-sale
December 31, 2025 Cost
Basis		 Estimated
Fair
Value
Due in one year or less $ -  $ - 
Due from one to five years 13,044  12,367 
Due from five to ten years 39,873  35,800 
Due over ten years 194,276  163,395 
Collateralized mortgage obligations and residential mortgage-backed securities 123,833  104,665 
Total $ 371,026  $ 316,227 
Schedule of Realized Gain (Loss)
Sales of available-for-sale securities were as follows for the quarter ended:
Year Ended December 31
(Dollars in thousands) 2025 2024
Proceeds $ 24,519  $ 14,697 
Gross gains -  - 
Gross losses (1,577) (531)
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
(Dollars in thousands)
Unrealized loss
Beginning Balance, January 1, 2025 $ (58,084)
Period change 16,422 
Ending Balance, December 31, 2025 $ (41,662)
(Dollars in thousands)
Unrealized loss
Beginning balance, January 1, 2024 $ (51,613)
Current period change (6,471)
Ending balance, December 31, 2024 $ (58,084)
Schedule of Unrealized Gain (Loss) on Investments
Securities with gross unrealized losses and the related estimated fair value, segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more at December 31, 2025, and December 31, 2024:
(Dollars in thousands)
Less than 12 months 12 months or longer Total
December 31, 2025 Estimated
Fair
Value		 Unrealized
Losses 		Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Percentage of
Total Portfolio
in Loss Position
U.S. government agency securities $ -  $ -  $ 8,466  $ (418) $ 8,466  $ (418) 100.0 %
Collateralized mortgage obligations and residential mortgage-backed securities -  -  104,665  (19,168) 104,665  (19,168) 100.0 %
Municipal securities -  -  200,469  (34,956) 200,469  (34,956) 99.6 %
Collateralized debt obligations -  -  1,882  (259) 1,882  (259) 100.0 %
Total $ -  $ -  $ 315,482  $ (54,801) $ 315,482  $ (54,801) 99.8 %
Number of securities - 369 369
(Dollars in thousands)
Less than 12 months 12 months or longer Total
December 31, 2024 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Percentage of
Total Portfolio
in Loss Position
U.S. government agency securities $ -  $ -  $ 8,061  $ (823) $ 8,061  $ (823) 100.0 %
Collateralized mortgage obligations and residential mortgage-backed securities -  -  109,325  (26,649) 109,325  (26,649) 100.0 %
Municipal securities 3,310  (156) 211,439  (48,049) 214,749  (48,205) 100.0 %
Collateralized debt obligations -  -  1,419  (737) 1,419  (737) 100.0 %
Total $ 3,310  $ (156) $ 330,244  $ (76,258) $ 333,554  $ (76,414) 100.0 %
Number of securities 4 409 413