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Debt Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Securities [Abstract]  
Amortized Cost and Fair Value of Debt Securities Available-for-sale
The following table summarizes the amortized cost and fair value of debt securities available-for-sale at March 31, 2025 and December 31, 2024 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):

 
(in thousands)
  
Amortized Cost
    
Gross Unrealized
Gains
    
Gross Unrealized
Losses
    
Fair Value
  
Available-for-sale as of March 31, 2025
                        
U.S. Federal agencies
  
$
53
    
$
-
    
$
-
    
$
53
  
Mortgage-backed securities(1)(2)
    
32,525
      
-
      
(2,965
)
    
29,560
  
State and political subdivisions
    
21,146
      
-
      
(1,234
)
    
19,912
  
U.S. Treasuries
    
6,018
      
-
      
(586
)
    
5,432
  
Corporate debt securities
    
5,500
      
-
      
(841
)
    
4,659
  
Total available-for-sale
    
65,242
      
-
      
(5,626
)
    
59,616
  
Total debt securities
    
65,242
      
-
      
(5,626
)
    
59,616
  

 
(in thousands)
  
Amortized Cost
    
Gross Unrealized
Gains
    
Gross Unrealized
Losses
    
Fair Value
  
Available-for-sale as of December 31, 2024
                        
U.S. Federal agencies
  
$
64
    
$
-
    
$
-
    
$
64
  
Mortgage-backed securities(1)(2)
    
33,704
      
-
      
(3,508
)
    
30,196
  
State and political subdivisions
    
21,156
      
-
      
(1,430
)
    
19,726
  
U.S. Treasuries
    
6,021
      
-
      
(695
)
    
5,326
  
Corporate debt securities
    
5,500
      
-
      
(871
)
    
4,629
  
Total available-for-sale
    
66,445
      
-
      
(6,504
)
    
59,941
  
Total debt securities
    
66,445
      
-
      
(6,504
)
    
59,941
  

(1)
All of our mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities.
(2)
Included in amortized cost of mortgage-backed securities is $21.36 million and $21.97 million of residential mortgage-backed securities and $11.16 million and $11.73 million of commercial mortgage-backed securities as of March 31, 2025 and December 31, 2024, respectively.

Contractual Maturity
The amortized cost and estimated fair value of investment securities at March 31, 2025 and December 31, 2024, by contractual maturity, are shown below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties.

(in thousands)
  
Amortized Cost
    
Fair Value
  
Available-for-sale as of March 31, 2025
            
Due in one year or less
  
$
3,015
    
$
2,987
  
Due after one year through five years
    
15,361
      
14,533
  
Due after five years through ten years
    
14,341
      
12,536
  
Due after ten years
    
-
      
-
  
Mortgage-backed securities
    
32,525
      
29,560
  
Total available-for-sale
    
65,242
      
59,616
  

(in thousands)
  
Amortized Cost
    
Fair Value
  
Available-for-sale as of December 31, 2024
            
Due in one year or less
  
$
2,061
    
$
2,028
  
Due after one year through five years
    
16,345
      
15,315
  
Due after five years through ten years
    
14,335
      
12,402
  
Due after ten years
    
-
      
-
  
Mortgage-backed securities
    
33,704
      
30,196
  
Total available-for-sale
    
66,445
      
59,941
  
Realized Gains and Losses from Sale, Repayment and Call of Debt Securities
The following table presents a summary of realized gains and losses from the sale, prepayment and call of debt securities for the three months ended March 31, 2025 and March 31, 2024.

Three Months Ended
March 31,
  
  2025   2024
  
(in thousands)
        
Proceeds from sales, maturities, prepayments and calls
  
$
1,145
    
$
102,322
  
                 
Gross realized gains on sales, prepayments and calls
   $ -     $ -  
Gross realized losses on sales, prepayments and calls
    
-
      
-
  
Total realized (losses), net
   $ -     $ -  
Pledged Securities
The following table details book value of pledged securities as of March 31, 2025 and December 31, 2024:

(in thousands)
March 31,
2025
  
December 31,
2024
  
Book value of pledged securities
  
$
18,435
    
$
19,071
  
Debt Securities in Continuous Unrealized Loss Position
The following table details gross unrealized losses and fair values of investment securities aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024. As of March 31, 2025, the Company had the ability and intent to hold the debt securities classified as available-for-sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased or acquired. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. Management has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statements of comprehensive income.

 
Less than Twelve Months
  
Twelve Months or Longer
  
Total
  
 
Fair Value
  
Gross Unrealized
Losses
  
Fair Value
  
Gross Unrealized
Losses
  
Fair Value
  
Gross Unrealized
Losses
  
(in thousands)
                        
Available-for-sale as of March 31, 2025
                        
U.S. Federal agencies
  
$
-
    
$
-
    
$
53
    
$
-
    
$
53
    
$
-
  
Mortgage-backed securities
    
-
      
-
      
29,560
      
(2,965
)
    
29,560
      
(2,965
)
State and political subdivisions(1)
    
500
      
-
      
19,412
      
(1,234
)
    
19,912
      
(1,234
)
U.S. Treasuries
    
-
      
-
      
5,432
      
(586
)
    
5,432
      
(586
)
Corporate debt securities(2)
    
-
      
-
      
4,659
      
(841
)
    
4,659
      
(841
)
Total available-for-sale
  
$
500
    
$
-
    
$
59,116
    
$
(5,626
)
  
$
59,616
    
$
(5,626
)

 
Less than Twelve Months
  
Twelve Months or Longer
  
Total
  
 
Fair Value
  
Gross Unrealized
Losses
  
Fair Value
  
Gross Unrealized
Losses
  
Fair Value
  
Gross Unrealized
Losses
  
(in thousands)
                        
Available-for-sale as of December 31, 2024
                        
U.S. Federal agencies
  
$
-
    
$
-
    
$
64
    
$
-
    
$
64
    
$
-
  
Mortgage-backed securities
    
-
      
-
      
30,196
    
$
(3,508
)
    
30,196
      
(3,508
)
State and political subdivisions(1)
    
499
      
-
      
19,227
    
$
(1,430
)
    
19,726
      
(1,430
)
U.S. Treasuries
    
-
      
-
      
5,326
    
$
(695
)
    
5,326
      
(695
)
Corporate debt securities(2)
    
-
      
-
      
4,629
    
$
(871
)
    
4,629
      
(871
)
Total available-for-sale
  
$
499
    
$
-
    
$
59,442
    
$
(6,504
)
  
$
59,941
    
$
(6,504
)

(1)
Of our state and political subdivision securities, $18.01 million and $17.83 million are rated BBB+ or better and $1.90 million and $1.90 million are not rated as of March 31, 2025 and December 31, 2024, respectively.
(2)
 Our corporate debt securities are not rated.