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Investment Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Following is a comparison of the amortized cost and approximate fair value of available-for-sale debt securities at December 31, 2024, and December 31, 2023:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value (Carrying Amount)
December 31, 2024 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 2,666 |  |  | $ | — |  |  | $ | (22) |  |  | $ | 2,644 |
U.S. Government sponsored entities and agencies collateralized by mortgage obligations |  | 92,121 |  |  | 4 |  |  | (13,244) |  |  | 78,881 |
Municipal bonds |  | 50,082 |  |  | — |  |  | (7,715) |  |  | 42,367 |
Corporate bonds |  | 34,884 |  |  | 34 |  |  | (1,428) |  |  | 33,490 |
Total securities available for sale |  | $ | 179,753 |  |  | $ | 38 |  |  | $ | (22,409) |  |  | $ | 157,382 |
December 31, 2023 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 6,197 |  |  | $ | 4 |  |  | $ | (45) |  |  | $ | 6,156 |
U.S. Government sponsored entities and agencies collateralized by mortgage obligations |  | 100,487 |  |  | 4 |  |  | (12,307) |  |  | 88,184 |
Municipal bonds |  | 50,382 |  |  | — |  |  | (8,017) |  |  | 42,365 |
Corporate bonds |  | 34,814 |  |  | 24 |  |  | (2,715) |  |  | 32,123 |
U.S. Treasury securities |  | 12,510 |  |  | — |  |  | (72) |  |  | 12,438 |
Total securities available for sale |  | $ | 204,390 |  |  | $ | 32 |  |  | $ | (23,156) |  |  | $ | 181,266 |
At December 31, 2024, and at December 31, 2023, an allowance for credit losses was neither required nor recorded for any investment securities. No proceeds or gross realized gains or losses from sales of available-for-sale debt securities were recorded for the years ended December 31, 2024, and 2023. During the years ended December 31, 2024 and December 31, 2023, the Company sold no equity securities. As market interest rates or risks associated with a security’s issuer continue to change and impact the actual or perceived values of investment securities, the Company may determine that selling these securities and using the proceeds to purchase securities that better suit the Company’s current risk profile is appropriate and beneficial to the Company. There were no losses recorded due to credit-related factors for the periods ended December 31, 2024 or December 31, 2023. The amortized cost and fair value of securities available for sale at December 31, 2024, by contractual maturity, are shown below:
|  | December 31, 2024
(In thousands) |  | Amortized Cost |  | Fair Value (Carrying Amount)
Due in one year or less |  | $ | 5,417 |  |  | $ | 5,364 |
Due after one year through five years |  | 30,808 |  |  | 29,307 |
Due after five years through ten years |  | 51,407 |  |  | 43,830 |
Due after ten years |  | 5 |  |  | 5 |
U.S. Government sponsored entities & agencies collateralized by mortgage obligations |  | 92,116 |  |  | 78,876 |
|  | $ | 179,753 |  |  | $ | 157,382 |
Actual cash flows may differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities on collateralized mortgage obligations cannot be anticipated due to allowed paydowns. At December 31, 2024, and 2023, available-for-sale debt securities with an amortized cost of approximately $90.7 million and $94.3 million (fair value of $77.8 million and $82.9 million, respectively) were pledged as collateral for FHLB borrowings, securitized deposits, and public funds balances. The following summarizes available-for-sale debt securities in an unrealized loss position for which a credit loss has not been recorded at December 31, 2024, and 2023:
|  | Less than 12 Months |  | 12 Months or More |  | Total
(In thousands) |  | Fair Value (Carrying Amount) |  | Unrealized Losses |  | Fair Value (Carrying Amount) |  | Unrealized Losses |  | Fair Value (Carrying Amount) |  | Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | — |  |  | $ | — |  |  | $ | 2,644 |  |  | $ | (22) |  |  | $ | 2,644 |  |  | $ | (22) |
U.S. Government sponsored entities and agencies collateralized by mortgage obligations |  | 1,640 |  |  | (6) |  |  | 76,686 |  |  | (13,238) |  |  | 78,326 |  |  | (13,244) |
Municipal bonds |  | 2,509 |  |  | (501) |  |  | 39,858 |  |  | (7,214) |  |  | 42,367 |  |  | (7,715) |
Corporate bonds |  | 2,791 |  |  | (28) |  |  | 24,696 |  |  | (1,400) |  |  | 27,487 |  |  | (1,428) |
Total available-for-sale |  | $ | 6,940 |  |  | $ | (535) |  |  | $ | 143,884 |  |  | $ | (21,874) |  |  | $ | 150,824 |  |  | $ | (22,409) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | — |  |  | $ | — |  |  | $ | 4,064 |  |  | $ | (45) |  |  | $ | 4,064 |  |  | $ | (45) |
U.S. Government sponsored entities and agencies collateralized by mortgage obligations |  | — |  |  | — |  |  | 87,904 |  |  | (12,307) |  |  | 87,904 |  |  | (12,307) |
Municipal bonds |  | — |  |  | — |  |  | 42,365 |  |  | (8,017) |  |  | 42,365 |  |  | (8,017) |
Corporate bonds |  | — |  |  | — |  |  | 27,286 |  |  | (2,715) |  |  | 27,286 |  |  | (2,715) |
U.S. Treasury securities |  | — |  |  | — |  |  | 12,438 |  |  | (72) |  |  | 12,438 |  |  | (72) |
Total available-for-sale |  | $ | — |  |  | $ | — |  |  | $ | 174,057 |  |  | $ | (23,156) |  |  | $ | 174,057 |  |  | $ | (23,156) |
The following summarizes the number of available-for-sale debt securities in an unrealized loss position for which a credit loss has not been recorded at December 31, 2024, and 2023
|  | December 31,
|  | 2024 |  | 2023
Securities available for sale: |  |  |  |
U.S. Government agencies |  | 5 |  |  | 4 |
U.S. Government sponsored entities and agencies collateralized by mortgage obligations |  | 41 |  |  | 46 |
Municipal bonds |  | 46 |  |  | 45
Corporate bonds |  | 8 |  |  | 8 |
U.S. Treasury securities |  | — |  |  | 2 |
Total available-for-sale |  | 100 |  |  | 105 |
Management has evaluated each available-for-sale investment security in an unrealized loss position to determine if it would be required to sell the security before the fair value increases to amortized cost and whether any unrealized losses are due to credit losses or noncredit factors such as current market rates, which would not require the establishment of an allowance for credit losses. At December 31, 2024, the decline in fair value of the available-for-sale securities is attributed to changes in interest rates and not credit quality. The interest rate increases of 2022 and 2023 led to large decreases in bond prices and increases in yields. The reductions in interest rates during 2024 have led to some price increases but have not returned bonds to their previous values. Because the Company does not intend to sell these securities, and because it is more likely than not that it will not be required to sell these securities before their anticipated recovery, the Company does not consider it necessary to provide an allowance for any available-for-sale security at December 31, 2024. During the year ended December 31, 2024, the Company recognized $28,000 in unrealized losses related to one marketable equity security compared to unrealized gains of $39,000 recognized during the year ended December 31, 2023. The Company had no held-to-maturity securities at December 31, 2024 and December 31, 2023.

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