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Investment Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | NOTE 2 – Investment Securities The amortized costs and fair value of investment securities are as follows:
Schedule of amortized costs and fair value of investment securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(dollars in thousands)Corporate bonds [Member] |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale Asset-backed securities [Member] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds US treasuries [Member] |  | $ | 2,121 |  |  |  | - |  |  |  | 194 |  |  |  | 1,927 |
US treasuries |  |  | 999 |  |  |  | - |  |  |  | 91 |  |  |  | 908 |
US government agencies US government agencies [Member] |  |  | 17,540 |  |  |  | 1 |  |  |  | 1,746 |  |  |  | 15,795 |
State and political subdivisions State and political subdivisions [Member] |  |  | 22,387 |  |  |  | - |  |  |  | 3,065 |  |  |  | 19,322 |
Asset-backed securities Mortgage-backed securities [Member] |  |  | 36,613 |  |  |  | 36 |  |  |  | 111 |  |  |  | 36,538 |
Mortgage-backed securities |  |  | 66,988 |  |  |  | 19 |  |  |  | 9,370 |  |  |  | 57,637 |
Total investment securities available for sale |  | $ | 146,648 |  |  |  | 56 |  |  |  | 14,577 |  |  |  | 132,127 |
|  |  | December 31, 2023 |
|  |  | Amortized |  |  |  | Gross Unrealized |  |  |  | Fair |
(dollars in thousands) |  |  | Cost |  |  |  | Gains |  |  |  | Losses |  |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 2,147 |  |  |  | - |  |  |  | 237 |  |  |  | 1,910 |
US treasuries |  |  | 9,495 |  |  |  | 1 |  |  |  | 102 |  |  |  | 9,394 |
US government agencies |  |  | 20,594 |  |  |  | - |  |  |  | 1,938 |  |  |  | 18,656 |
State and political subdivisions |  |  | 22,642 |  |  |  | 11 |  |  |  | 2,912 |  |  |  | 19,741 |
Asset-backed securities |  |  | 33,450 |  |  |  | 2 |  |  |  | 216 |  |  |  | 33,236 |
Mortgage-backed securities |  |  | 60,730 |  |  |  | - |  |  |  | 8,965 |  |  |  | 51,765 |
Total investment securities available for sale |  | $ | 149,058 |  |  |  | 14 |  |  |  | 14,370 |  |  |  | 134,702 |
During 2024 and 2023, $10.6 million and $16.5 million, respectively, of investment securities matured. No gain or loss was recognized on the maturities of the investment securities. During 2022, approximately $12.6 million of investment securities were sold, resulting in a gross gain on sale of investment securities of $83,000 and a gross loss on sale of investment securities of $71,000. The amortized costs and fair values of investment securities available for sale at December 31, 2024 and 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations.
Schedule of amortized costs and fair values of investment securities available for sale by contractual maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |  |  | December 31, 2023 |
(dollars in thousands) |  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | 470 |  |  |  | 461 |  |  | $ | 9,503 |  |  |  | 9,467 |
Due after one through five years |  |  | 17,897 |  |  |  | 16,154 |  |  |  | 10,222 |  |  |  | 9,279 |
Due after five through ten years |  |  | 29,512 |  |  |  | 26,791 |  |  |  | 32,159 |  |  |  | 28,380 |
Due after ten years |  |  | 98,769 |  |  |  | 88,721 |  |  |  | 97,174 |  |  |  | 87,576 |
Total investment securities |  | $ | 146,648 |  |  |  | 132,127 |  |  | $ | 149,058 |  |  |  | 134,702 |
The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023.
Schedule of gross unrealized losses on investment securities and fair market value of related securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | December 31, 2024 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(dollars in thousands) |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 1 |  |  | $ | 1,927 |  |  | $ | 194 |  |  |  | 1 |  |  | $ | 1,927 |  |  | $ | 194 |
US treasuries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 908 |  |  |  | 91 |  |  |  | 1 |  |  |  | 908 |  |  |  | 91 |
US government agencies |  |  | 1 |  |  |  | 2,694 |  |  |  | 1 |  |  |  | 9 |  |  |  | 10,269 |  |  |  | 1,745 |  |  |  | 10 |  |  |  | 12,963 |  |  |  | 1,746 |
State and political subdivisions |  |  | 3 |  |  |  | 1,436 |  |  |  | 153 |  |  |  | 30 |  |  |  | 17,886 |  |  |  | 2,912 |  |  |  | 33 |  |  |  | 19,322 |  |  |  | 3,065 |
Asset-backed securities |  |  | 6 |  |  |  | 15,828 |  |  |  | 83 |  |  |  | 5 |  |  |  | 5,344 |  |  |  | 28 |  |  |  | 11 |  |  |  | 21,172 |  |  |  | 111 |
Mortgage-backed securities |  |  | 6 |  |  |  | 8,226 |  |  |  | 409 |  |  |  | 61 |  |  |  | 45,360 |  |  |  | 8,961 |  |  |  | 67 |  |  |  | 53,586 |  |  |  | 9,370 |
Total investment securities |  |  | 16 |  |  | $ | 28,184 |  |  | $ | 646 |  |  |  | 107 |  |  | $ | 81,694 |  |  | $ | 13,931 |  |  |  | 123 |  |  | $ | 109,878 |  |  | $ | 14,577 |
|  |  |  |  |  |  |  | December 31, 2023 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(dollars in thousands) |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |  |  | # |  |  | Fair value |  |  | Unrealized losses |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 1 |  |  | $ | 1,910 |  |  | $ | 237 |  |  |  | 1 |  |  | $ | 1,910 |  |  | $ | 237 |
US treasuries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 897 |  |  |  | 102 |  |  |  | 1 |  |  |  | 897 |  |  |  | 102 |
US government agencies |  |  | 2 |  |  |  | 7,533 |  |  |  | 50 |  |  |  | 10 |  |  |  | 11,123 |  |  |  | 1,888 |  |  |  | 12 |  |  |  | 18,656 |  |  |  | 1,938 |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | 18,964 |  |  |  | 2,912 |  |  |  | 30 |  |  |  | 18,964 |  |  |  | 2,912 |
Asset-backed securities |  |  | 8 |  |  |  | 26,746 |  |  |  | 145 |  |  |  | 7 |  |  |  | 4,866 |  |  |  | 71 |  |  |  | 15 |  |  |  | 31,612 |  |  |  | 216 |
Mortgage-backed securities |  |  | 2 |  |  |  | 2,869 |  |  |  | 36 |  |  |  | 62 |  |  |  | 48,896 |  |  |  | 8,929 |  |  |  | 64 |  |  |  | 51,765 |  |  |  | 8,965 |
Total investment securities |  |  | 12 |  |  | $ | 37,148 |  |  | $ | 231 |  |  |  | 111 |  |  | $ | 86,656 |  |  | $ | 14,139 |  |  |  | 123 |  |  | $ | 123,804 |  |  | $ | 14,370 |
At December 31, 2024, the Company had 123 individual investments that were in an unrealized loss position. The unrealized losses were primarily attributable to changes in interest rates, rather than deterioration in credit quality. The individual securities are each investment grade securities. The Company considers factors such as the financial condition of the issuer including credit ratings and specific events affecting the operations of the issuer, volatility of the security, underlying assets that collateralize the debt security, and other industry and macroeconomic conditions. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is no allowance for credit losses on available for sale securities recognized as of December 31, 2024. Other investments are comprised of the following and are recorded at cost which approximates fair value:
Schedule of other investments |  |  |  |  |  |  |  |
|  | December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Federal Home Loan Bank stock |  | $ | 14,516 |  |  | $ | 16,063 |
Other nonmarketable investments |  |  | 4,571 |  |  |  | 3,473 |
Investment in Trust Preferred subsidiaries |  |  | 403 |  |  |  | 403 |
Total other investments |  | $ | 19,490 |  |  | $ | 19,939 |
The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of December 31, 2024 and ultimate recoverability of the par value of the investments is probable. All of the FHLB stock is used to collateralize advances with the FHLB. At December 31, 2024 and 2023, there were no securities pledged as collateral for repurchase agreements from brokers.

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