XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

Debt Securities | 3 Months Ended
--- | ---
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Debt Securities | Debt Securities Debt securities available for sale consist of the following at the dates indicated:
| March 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
MBS, residential | $ | 144,433 |  |  | $ | 1,446 |  |  | $ | (1,658) |  |  | $ | 144,221 |
Municipal bonds | 1,923 |  |  | — |  |  | (35) |  |  | 1,888 |
Corporate bonds | 5,000 |  |  | — |  |  | (532) |  |  | 4,468 |
Total | $ | 151,356 |  |  | $ | 1,446 |  |  | $ | (2,225) |  |  | $ | 150,577 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
MBS, residential | $ | 145,748 |  |  | $ | 887 |  |  | $ | (2,488) |  |  | $ | 144,147 |
Municipal bonds | 3,451 |  |  | — |  |  | (55) |  |  | 3,396 |
Corporate bonds | 5,000 |  |  | — |  |  | (532) |  |  | 4,468 |
Total | $ | 154,199 |  |  | $ | 887 |  |  | $ | (3,075) |  |  | $ | 152,011 |
Debt securities available for sale by contractual maturity at March 31, 2025 and December 31, 2024 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.
| March 31, 2025
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | — |  |  | $ | — |
Due after one year through five years | 1,923 |  |  | 1,888 |
Due after five years through ten years | 5,000 |  |  | 4,468 |
Due after ten years | — |  |  | — |
MBS, residential | 144,433 |  |  | 144,221 |
Total | $ | 151,356 |  |  | $ | 150,577 |
| December 31, 2024
| Amortized Cost |  | Estimated Fair Value |  |  |  |
Due within one year | $ | 1,522 |  |  | $ | 1,520 |  |  |  |  |
Due after one year through five years | 1,929 |  |  | 1,876 |  |  |  |  |
Due after five years through ten years | 5,000 |  |  | 4,468 |  |  |  |  |
Due after ten years | — |  |  | — |  |  |  |  |
MBS, residential | 145,748 |  |  | 144,147 |  |  |  |  |
Total | $ | 154,199 |  |  | $ | 152,011 |  |  |  |  |
The Company had no sales of debt securities available for sale and no gross realized gains or losses were recognized during the three months ended March 31, 2025 or 2024. Debt securities available for sale with amortized costs totaling $27,531 and $24,718 and market values of $27,262 and $24,358 at March 31, 2025 and December 31, 2024, respectively, were pledged as collateral to secure various public deposits and other borrowings. The gross unrealized losses and the fair value for debt securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
MBS, residential | $ | 14,769 |  |  | $ | (142) |  |  | $ | 59,701 |  |  | $ | (1,516) |  |  | $ | 74,470 |  |  | $ | (1,658) |
Municipal bonds | — |  |  | — |  |  | 1,888 |  |  | (35) |  |  | 1,888 |  |  | (35) |
Corporate bonds | — |  |  | — |  |  | 3,718 |  |  | (532) |  |  | 3,718 |  |  | (532) |
Total | $ | 14,769 |  |  | $ | (142) |  |  | $ | 65,307 |  |  | $ | (2,083) |  |  | $ | 80,076 |  |  | $ | (2,225) |
| December 31, 2024
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
MBS, residential | $ | 30,995 |  |  | $ | (515) |  |  | $ | 61,515 |  |  | $ | (1,973) |  |  | $ | 92,510 |  |  | $ | (2,488) |
Municipal bonds | — |  |  | — |  |  | 3,396 |  |  | (55) |  |  | 3,396 |  |  | (55) |
Corporate bonds | — |  |  | — |  |  | 3,718 |  |  | (532) |  |  | 3,718 |  |  | (532) |
Total | $ | 30,995 |  |  | $ | (515) |  |  | $ | 68,629 |  |  | $ | (2,560) |  |  | $ | 99,624 |  |  | $ | (3,075) |
The total number of securities with unrealized losses at March 31, 2025 and December 31, 2024 were 153 and 168, respectively. Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. All debt securities available for sale in an unrealized loss position as of March 31, 2025 continue to perform as scheduled and management does not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of management's evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, management considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that securities will be required to be sold. See "Note 1 – Summary of Significant Accounting Policies" in our 2024 Form 10-K for further discussion. Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that management will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring ECLs on investment securities and does not record an ACL on accrued interest receivable. As of March 31, 2025 and December 31, 2024, the accrued interest receivable for debt securities available for sale was $531 and $606, respectively.

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