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Investment Securities
 12 Months Ended
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 CostGross Unrealized GainsGross Unrealized LossesFair 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 obligations92,121 4 (13,244)78,881 
Municipal bonds50,082 — (7,715)42,367 
Corporate bonds34,884 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 obligations100,487 4 (12,307)88,184 
Municipal bonds50,382 — (8,017)42,365 
Corporate bonds34,814 24 (2,715)32,123 
U.S. Treasury securities12,510 — (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 CostFair Value (Carrying Amount)
Due in one year or less$5,417 $5,364 
Due after one year through five years30,808 29,307 
Due after five years through ten years51,407 43,830 
Due after ten years5 5 
U.S. Government sponsored entities & agencies collateralized by mortgage obligations92,116 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 Months12 Months or MoreTotal
(In thousands)Fair Value (Carrying Amount)Unrealized LossesFair Value (Carrying Amount)Unrealized LossesFair 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 obligations1,640 (6)76,686 (13,238)78,326 (13,244)
Municipal bonds2,509 (501)39,858 (7,214)42,367 (7,715)
Corporate bonds2,791 (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,
20242023
Securities available for sale:
U.S. Government agencies5 4 
U.S. Government sponsored entities and agencies collateralized by mortgage obligations41 46 
Municipal bonds46 45
Corporate bonds8 8 
U.S. Treasury securities— 2 
Total available-for-sale100 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.