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v3.25.2

Securities | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | Note 2 - Securities Securities available for sale at June 30, 2025 and December 31, 2024 consisted of the following:
|  | June 30, 2025 |
(dollars in thousands) |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
Agencies |  | $ | 463 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 465 |
Corporate securities |  |  | 1,729 |  |  |  | — |  |  |  | 146 |  |  |  | 1,583 |
Mortgage-backed securities |  |  | 18,787 |  |  |  | 13 |  |  |  | 1,734 |  |  |  | 17,066 |
Treasuries |  |  | 16,246 |  |  |  | 3 |  |  |  | 4 |  |  |  | 16,245 |
Total |  | $ | 37,225 |  |  | $ | 18 |  |  | $ | 1,884 |  |  | $ | 35,359 |
|  | December 31, 2024 |
(dollars in thousands) |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
Agencies |  | $ | 528 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 522 |
Corporate securities |  |  | 1,727 |  |  |  | — |  |  |  | 192 |  |  |  | 1,535 |
Mortgage-backed securities |  |  | 22,950 |  |  |  | 6 |  |  |  | 2,062 |  |  |  | 20,894 |
Treasuries |  |  | 14,289 |  |  |  | 19 |  |  |  | — |  |  |  | 14,308 |
Total |  | $ | 39,494 |  |  | $ | 25 |  |  | $ | 2,260 |  |  | $ | 37,259 |
Securities held to maturity at June 30, 2025 and December 31, 2024 consisted of the following:
|  | June 30, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | 3,197 |  |  | $ | — |  |  | $ | 275 |  |  | $ | 2,922 |
Mortgage-backed securities |  |  | 2,635 |  |  |  | 3 |  |  |  | 432 |  |  |  | 2,206 |
Total |  | $ | 5,832 |  |  | $ | 3 |  |  | $ | 707 |  |  | $ | 5,128 |
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | 3,196 |  |  | $ | — |  |  | $ | 336 |  |  | $ | 2,860 |
Mortgage-backed securities |  |  | 2,783 |  |  |  | 2 |  |  |  | 474 |  |  |  | 2,311 |
Total |  | $ | 5,979 |  |  | $ | 2 |  |  | $ | 810 |  |  | $ | 5,171 |
(1) Amount is net of CECL credit reserve of $3,000 at June 30, 2025 and $4,000 at December 31, 2024. The Company pledged securities with an amortized cost of $31.9 million and a fair value of $29.8 m illion at June 30, 2025 to secure deposits from municipalities. At December 31, 2024, the Company pledged securities with an amortized cost of $33.6 million and a fair value of $31.2 million to secure deposits from municipalities. The amortized cost and fair value of securities as of June 30, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.
|  | June 30, 2025 |
|  | Available for sale |  |  | Held to maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
(dollars in thousands) |  | cost |  |  | value |  |  | cost |  |  | value |
Maturing |  |  |  |  |  |  |  |  |  |  |  |
Due under one year |  | $ | 24,819 |  |  | $ | 24,771 |  |  | $ | 153 |  |  | $ | 154 |
Due after one year through five years |  |  | 99 |  |  |  | 97 |  |  |  | 3,302 |  |  |  | 3,022 |
Due after five years through ten years |  |  | 1,720 |  |  |  | 1,552 |  |  |  | 325 |  |  |  | 311 |
Due after ten years |  |  | 10,587 |  |  |  | 8,939 |  |  |  | 2,052 |  |  |  | 1,641 |
Total |  | $ | 37,225 |  |  | $ | 35,359 |  |  | $ | 5,832 |  |  | $ | 5,128 |
All mortgage-backed securities are guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae. Investment securities with unrealized losses for continuous periods of less than 12 months and 12 months or longer are as follows:
|  | Less than 12 months |  |  | Over 12 months |  |  | Total |
|  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |
June 30, 2025 |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |
(dollars in thousands) |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | — |  |  | $ | — |  |  | $ | 146 |  |  | $ | 1,583 |  |  |  | 146 |  |  |  | 1,583 |
Mortgage-backed securities |  |  | 1 |  |  |  | 602 |  |  |  | 1,733 |  |  |  | 14,674 |  |  |  | 1,734 |  |  |  | 15,276 |
Treasuries |  |  | 4 |  |  |  | 9,330 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 9,330 |
Total |  | $ | 5 |  |  | $ | 9,932 |  |  | $ | 1,879 |  |  | $ | 16,257 |  |  | $ | 1,884 |  |  | $ | 26,189 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | 2,922 |  |  |  | 275 |  |  |  | 2,922 |
Mortgage-backed securities |  |  | — |  |  |  | 13 |  |  |  | 432 |  |  |  | 2,084 |  |  |  | 432 |  |  |  | 2,097 |
Total |  | $ | — |  |  | $ | 13 |  |  | $ | 707 |  |  | $ | 5,006 |  |  | $ | 707 |  |  | $ | 5,019 |
|  | Less than 12 months |  |  | Over 12 months |  |  | Total |
|  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |
December 31, 2024 |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |
(dollars in thousands) |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities |  | $ | 6 |  |  | $ | 522 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 522 |
Corporate securities |  |  | — |  |  |  | — |  |  |  | 192 |  |  |  | 1,535 |  |  |  | 192 |  |  |  | 1,535 |
Mortgage-backed securities |  |  | — |  |  |  | 214 |  |  |  | 2,062 |  |  |  | 18,400 |  |  |  | 2,062 |  |  |  | 18,614 |
Total |  | $ | 6 |  |  | $ | 736 |  |  | $ | 2,254 |  |  | $ | 19,935 |  |  | $ | 2,260 |  |  | $ | 20,671 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | — |  |  | $ | — |  |  | $ | 336 |  |  | $ | 2,860 |  |  | $ | 336 |  |  | $ | 2,860 |
Mortgage-backed securities |  |  | 1 |  |  |  | 31 |  |  |  | 473 |  |  |  | 2,162 |  |  |  | 474 |  |  |  | 2,193 |
Total |  | $ | 1 |  |  | $ | 31 |  |  | $ | 809 |  |  | $ | 5,022 |  |  | $ | 810 |  |  | $ | 5,053 |
(1) Fair value amount is net of CECL credit reserve of $3,000 at June 30, 2025 and $4,000 at December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company determined that for its available-for-sale debt securities in an unrealized loss position, it did not intend to sell nor was it more likely than not that it would be required to sell any security and that the decline in fair value was not due to credit factors, but due to changes in interest rates and other factors. Accordingly, at June 30, 2025 and December 31, 2024, the Company did no t record an allowance for credit losses for its available-for-sale debt securities. We monitor the credit quality of HTM debt securities through both internal analysis performed on a quarterly basis and credit ratings when available. The following table reflects the credit ratings for the HTM debt securities at June 30, 2025.
(dollars in thousands) |  | AAA |  |  | A- |  |  | BBB/BBB+ |  |  | BBB- |  |  | Not Rated |  |  | Total |
Corporate securities |  | $ | — |  |  | $ | 500 |  |  | $ | 1,247 |  |  | $ | 700 |  |  | $ | 750 |  |  | $ | 3,197 |
Mortgage-backed securities |  |  | 2,635 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,635 |
|  | $ | 2,635 |  |  | $ | 500 |  |  | $ | 1,247 |  |  | $ | 700 |  |  | $ | 750 |  |  | $ | 5,832 |
The following table provides a breakdown of our HTM debt securities by year of origination at June 30, 2025.
(dollars in thousands) |  | Total |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |
Corporate securities |  | $ | 3,197 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 750 |  |  | $ | 2,447 |  |  | $ | — |
Mortgage-backed securities |  |  | 2,635 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,796 |  |  |  | 93 |  |  |  | 746 |
|  | $ | 5,832 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,546 |  |  | $ | 2,540 |  |  | $ | 746 |
The following table is a roll forward of our allowance for credit losses on HTM debt securities at June 30, 2025 and 2024.
(dollars in thousands) |  | Three Months Ended June 30, 2025 |  |  | Three Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2025 |  |  | Six Months Ended June 30, 2024 |
Beginning balance |  | $ | 3 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 6 |
(Recovery) for credit losses |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Ending Balance |  | $ | 3 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 5 |

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