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Investment Securities | 9 Months Ended
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Sep. 30, 2025
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 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2025 |
|  | 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] |  | $ | 2,102 |  |  |  | - |  |  |  | 143 |  |  |  | 1,959 |
US treasuries |  |  | 1,000 |  |  |  | - |  |  |  | 56 |  |  |  | 944 |
US government agencies US government agencies [Member] |  |  | 16,361 |  |  |  | 20 |  |  |  | 1,216 |  |  |  | 15,165 |
State and political subdivisions State and political subdivisions [Member] |  |  | 22,199 |  |  |  | - |  |  |  | 2,298 |  |  |  | 19,901 |
Asset-backed securities Mortgage-backed securities [Member] |  |  | 33,842 |  |  |  | 67 |  |  |  | 135 |  |  |  | 33,774 |
Mortgage-backed securities |  |  | 66,202 |  |  |  | 14 |  |  |  | 6,919 |  |  |  | 59,297 |
Total investment securities available for sale |  | $ | 141,706 |  |  |  | 101 |  |  |  | 10,767 |  |  |  | 131,040 |
|  | December 31, 2024 |
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 2,121 |  |  |  | - |  |  |  | 194 |  |  |  | 1,927 |
US treasuries |  |  | 999 |  |  |  | - |  |  |  | 91 |  |  |  | 908 |
US government agencies |  |  | 17,540 |  |  |  | 1 |  |  |  | 1,746 |  |  |  | 15,795 |
State and political subdivisions |  |  | 22,387 |  |  |  | - |  |  |  | 3,065 |  |  |  | 19,322 |
Asset-backed securities |  |  | 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 |
Contractual maturities and yields on the Company’s investment securities at September 30, 2025 and December 31, 2024 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Schedule of maturities and yields on the company’s investment securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | September 30, 2025 |
|  | Less than one year |  |  | One to five years |  |  | Five to ten years |  |  | Over ten years |  |  | Total |
(dollars in thousands) |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  |  | - |  |  | $ | 1,959 |  |  |  | 2.03 | % |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | 1,959 |  |  |  | 2.03 | %
US treasuries |  |  | - |  |  |  | - |  |  |  | 944 |  |  |  | 1.27 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 944 |  |  |  | 1.27 | %
US government agencies |  |  | - |  |  |  | - |  |  |  | 7,348 |  |  |  | 1.25 | % |  |  | 7,817 |  |  |  | 4.64 | % |  |  | - |  |  |  | - |  |  |  | 15,165 |  |  |  | 2.99 | %
State and political subdivisions |  |  | 469 |  |  |  | 2.13 | % |  |  | 3,020 |  |  |  | 1.64 | % |  |  | 5,244 |  |  |  | 2.15 | % |  |  | 11,168 |  |  |  | 2.18 | % |  |  | 19,901 |  |  |  | 2.09 | %
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,463 |  |  |  | 5.21 | % |  |  | 30,311 |  |  |  | 5.52 | % |  |  | 33,774 |  |  |  | 5.49 | %
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 6,633 |  |  |  | 1.27 | % |  |  | 9,557 |  |  |  | 2.76 | % |  |  | 43,107 |  |  |  | 2.61 | % |  |  | 59,297 |  |  |  | 2.48 | %
Total investment securities |  | $ | 469 |  |  |  | 2.13 | % |  | $ | 19,904 |  |  |  | 1.39 | % |  | $ | 26,081 |  |  |  | 3.52 | % |  | $ | 84,586 |  |  |  | 3.60 | % |  | $ | 131,040 |  |  |  | 3.24 | %
|  |  |  |  |  |  |  |  |  |  | December 31, 2024 |
|  | Less than one year |  |  | One to five years |  |  | Five to ten years |  |  | Over ten years |  |  | Total |
(dollars in thousands) |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |  |  | Amount |  |  | Yield |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  |  | - |  |  | $ | 1,927 |  |  |  | 2.02 | % |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | 1,927 |  |  |  | 2.02 | %
US treasuries |  |  | - |  |  |  | - |  |  |  | 908 |  |  |  | 1.27 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 908 |  |  |  | 1.27 | %
US government agencies |  |  | - |  |  |  | - |  |  |  | 5,021 |  |  |  | 1.10 | % |  |  | 10,774 |  |  |  | 4.51 | % |  |  | - |  |  |  | - |  |  |  | 15,795 |  |  |  | 3.43 | %
State and political subdivisions |  |  | 461 |  |  |  | 2.13 | % |  |  | 1,726 |  |  |  | 1.61 | % |  |  | 5,049 |  |  |  | 2.10 | % |  |  | 12,086 |  |  |  | 2.13 | % |  |  | 19,322 |  |  |  | 2.08 | %
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | 6.14 | % |  |  | 3,420 |  |  |  | 5.25 | % |  |  | 33,095 |  |  |  | 5.87 | % |  |  | 36,538 |  |  |  | 5.81 | %
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 6,549 |  |  |  | 1.28 | % |  |  | 7,548 |  |  |  | 3.00 | % |  |  | 43,540 |  |  |  | 2.45 | % |  |  | 57,637 |  |  |  | 2.39 | %
Total investment securities |  | $ | 461 |  |  |  | 2.13 | % |  | $ | 16,154 |  |  |  | 1.35 | % |  | $ | 26,791 |  |  |  | 3.73 | % |  | $ | 88,721 |  |  |  | 3.68 | % |  | $ | 132,127 |  |  |  | 3.40 | %
The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
Schedule of gross unrealized losses on investment securities and fair market value of related securities
|  |  |  |  |  |  |  | September 30, 2025 |
Total investment securities [Member] |  | 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 |  |  | $ | 1,959 |  |  | $ | 143 |  |  |  | 1 |  |  | $ | 1,959 |  |  | $ | 143 |
US treasuries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 944 |  |  |  | 56 |  |  |  | 1 |  |  |  | 944 |  |  |  | 56 |
US government agencies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | 10,801 |  |  |  | 1,216 |  |  |  | 9 |  |  |  | 10,801 |  |  |  | 1,216 |
State and political subdivisions |  |  | 2 |  |  |  | 953 |  |  |  | 95 |  |  |  | 31 |  |  |  | 18,948 |  |  |  | 2,203 |  |  |  | 33 |  |  |  | 19,901 |  |  |  | 2,298 |
Asset-backed securities |  |  | 3 |  |  |  | 7,877 |  |  |  | 74 |  |  |  | 5 |  |  |  | 8,328 |  |  |  | 61 |  |  |  | 8 |  |  |  | 16,205 |  |  |  | 135 |
Mortgage-backed securities |  |  | 4 |  |  |  | 6,147 |  |  |  | 49 |  |  |  | 65 |  |  |  | 52,369 |  |  |  | 6,870 |  |  |  | 69 |  |  |  | 58,516 |  |  |  | 6,919 |
Total investment securities |  |  | 9 |  |  | $ | 14,977 |  |  | $ | 218 |  |  |  | 112 |  |  | $ | 93,349 |  |  | $ | 10,549 |  |  |  | 121 |  |  | $ | 108,326 |  |  | $ | 10,767 |
|  |  |  |  |  |  |  | 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 |
At September 30, 2025, the Company had 121 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 September 30, 2025. Other investments are comprised of the following and are recorded at cost which approximates fair value.
Schedule of other investments |  |  |  |  |  |  |  |
(dollars in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Federal Home Loan Bank stock |  | $ | 14,540 |  |  |  | 14,516 |
Other nonmarketable investments |  |  | 5,123 |  |  |  | 4,571 |
Investment in Trust Preferred subsidiaries |  |  | 403 |  |  |  | 403 |
Total other investments |  | $ | 20,066 |  |  |  | 19,490 |
As of September 30, 2025 and December 31, 2024, there was no ACL for the Company’s securities AFS portfolio. Any credit loss that has not been recorded through an ACL is recognized in accumulated other comprehensive income (loss). All of the FHLB stock is used to collateralize advances with the FHLB. At September 30, 2025, there were no securities pledged as collateral for repurchase agreements from brokers.

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