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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 The amortized cost, estimated fair value and related unrealized gains and losses on securities available-for-sale and unrecognized gains and losses on securities held-to-maturity as of December 31, 2024 and December 31, 2023, respectively, were as follows:
Available-for-sale securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2024 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 13,853 |  |  | $ | 28 |  |  | $ | 128 |  |  | $ | 13,753 |
Mortgage-backed securities | 87,762 |  |  | — |  |  | 19,376 |  |  | 68,386 |
Corporate debt securities | 44,931 |  |  | 111 |  |  | 3,326 |  |  | 41,716 |
Asset-backed securities | 19,058 |  |  | 43 |  |  | 105 |  |  | 18,996 |
Total available-for-sale securities | $ | 165,604 |  |  | $ | 182 |  |  | $ | 22,935 |  |  | $ | 142,851 |
December 31, 2023 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 16,655 |  |  | $ | 77 |  |  | $ | 156 |  |  | $ | 16,576 |
Mortgage-backed securities | 91,091 |  |  | — |  |  | 17,611 |  |  | 73,480 |
Corporate debt securities | 47,158 |  |  | 6 |  |  | 5,990 |  |  | 41,174 |
Asset-backed securities | 24,840 |  |  | 12 |  |  | 339 |  |  | 24,513 |
Total available-for-sale securities | $ | 179,744 |  |  | $ | 95 |  |  | $ | 24,096 |  |  | $ | 155,743 |
Held-to-maturity securities | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
December 31, 2024 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 500 |  |  | $ | — |  |  | $ | 22 |  |  | $ | 478 |
Mortgage-backed securities | 85,004 |  |  | 4 |  |  | 19,864 |  |  | 65,144 |
Total held-to-maturity securities | $ | 85,504 |  |  | $ | 4 |  |  | $ | 19,886 |  |  | $ | 65,622 |
December 31, 2023 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 600 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 565 |
Mortgage-backed securities | 90,629 |  |  | 6 |  |  | 17,938 |  |  | 72,697 |
Total held-to-maturity securities | $ | 91,229 |  |  | $ | 6 |  |  | $ | 17,973 |  |  | $ | 73,262 |
At December 31, 2024, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $33,994 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2024, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2024, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $339 and mortgage-backed securities with a carrying value of $1,766 as collateral against specific municipal deposits. As of December 31, 2024, the Bank also has mortgage-backed securities with a carrying value of $506 pledged as collateral to the Federal Home Loan Bank of Des Moines. At December 31, 2023, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $29,191 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2023, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2023, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $516 and mortgage-backed securities with a carrying value of $1,928 as collateral against specific municipal deposits. As of December 31, 2023, the Bank also has mortgage-backed securities with a carrying value of $179 and U.S. Government Agencies with a carrying value of $415 pledged as collateral to the Federal Home Loan Bank of Des Moines. For the twelve-month period ended December 31, 2024, there were no sales of available-for-sale securities. In June 2024, senior debt of a community development financial institution, classified as available-for-sale securities with a carrying value of $2,082, was exchanged for preferred equity of the financial institution’s operating subsidiary. The exchange resulted in the recognition of $168 of unrealized losses on available-for-sale securities, previously included in other comprehensive income, as well as an additional $270 loss, for a total loss of $438. This total loss of $438 was recognized on the June 30, 2024, consolidated statement of operations as net losses on equity securities. For the twelve-month period ended December 31, 2023, gross sales of available-for-sale securities were $5,105. Gross gains on sale of available-for-sale securities for the twelve-month period ending December 31, 2023, were $12. Gross losses on sale of available-for-sale securities for the twelve-month period ended December 31, 2023, were $0. The estimated fair value of available-for-sale securities at December 31, 2024 and December 31, 2023, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities on mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Expected maturities may differ from contractual maturities on certain securities due to the call feature. Securities not due at a single maturity date are shown separately.
|  | December 31, 2024 |  | December 31, 2023
Available-for-sale securities |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 4,526 |  |  | $ | 4,487 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 8,652 |  |  | 8,715 |  |  | 13,986 |  |  | 13,703 |
Due after five years through ten years |  | 41,380 |  |  | 38,033 |  |  | 45,549 |  |  | 39,701 |
Due after ten years |  | 23,284 |  |  | 23,230 |  |  | 29,118 |  |  | 28,859 |
Total securities with contractual maturities |  | 77,842 |  |  | 74,465 |  |  | 88,653 |  |  | 82,263 |
Mortgage-backed securities |  | 87,762 |  |  | 68,386 |  |  | 91,091 |  |  | 73,480 |
Total available-for-sale securities |  | $ | 165,604 |  |  | $ | 142,851 |  |  | $ | 179,744 |  |  | $ | 155,743 |
|  | December 31, 2024 |  | December 31, 2023
Held-to-maturity securities |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 100 |  |  | $ | 100 |  |  | $ | 100 |  |  | $ | 100 |
Due after one year through five years |  | 400 |  |  | 378 |  |  | 500 |  |  | 465 |
Due after five years through ten years |  | — |  |  | — |  |  | — |  |  | — |
Total securities with contractual maturities |  | 500 |  |  | 478 |  |  | 600 |  |  | 565 |
Mortgage-backed securities |  | 85,004 |  |  | 65,144 |  |  | 90,629 |  |  | 72,697 |
Total held-to-maturity securities |  | $ | 85,504 |  |  | $ | 65,622 |  |  | $ | 91,229 |  |  | $ | 73,262 |
Securities with unrealized losses for which an allowance for credit losses has not been recorded at December 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
|  | Less than 12 Months |  | 12 Months or More |  | Total
Available-for-sale securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 5,472 |  |  | $ | 25 |  |  | $ | 3,334 |  |  | $ | 103 |  |  | $ | 8,806 |  |  | $ | 128 |
Mortgage-backed securities |  | 2,732 |  |  | 112 |  |  | 65,654 |  |  | 19,264 |  |  | 68,386 |  |  | 19,376 |
Corporate debt securities |  | — |  |  | — |  |  | 36,806 |  |  | 3,326 |  |  | 36,806 |  |  | 3,326 |
Asset-backed securities |  | 939 |  |  | 1 |  |  | 12,210 |  |  | 104 |  |  | 13,149 |  |  | 105 |
Total |  | $ | 9,143 |  |  | $ | 138 |  |  | $ | 118,004 |  |  | $ | 22,797 |  |  | $ | 127,147 |  |  | $ | 22,935 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 3,776 |  |  | $ | 5 |  |  | $ | 3,627 |  |  | $ | 151 |  |  | $ | 7,403 |  |  | $ | 156 |
Mortgage-backed securities |  | — |  |  | — |  |  | 73,476 |  |  | 17,611 |  |  | 73,476 |  |  | 17,611 |
Corporate debt securities |  | 3,350 |  |  | 76 |  |  | 35,916 |  |  | 5,914 |  |  | 39,266 |  |  | 5,990 |
Asset-backed securities |  | 3,348 |  |  | 22 |  |  | 20,008 |  |  | 317 |  |  | 23,356 |  |  | 339 |
Total |  | $ | 10,474 |  |  | $ | 103 |  |  | $ | 133,027 |  |  | $ | 23,993 |  |  | $ | 143,501 |  |  | $ | 24,096 |
At December 31, 2024, no ACL was established for available-for-sale securities. Unrealized losses on available-for-sale investment securities have not been recognized into income because the issuers’ bonds are agency backed securities or other securities that all principal and interest is expected to be received on a timely basis. Furthermore, the Company does not intend to sell, and it is likely that management will not be required to sell, the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The issuers continue to make timely principal and interest payments on their bonds. At December 31, 2024, no ACL was established for held-to-maturity securities based on the composition of the securities portfolio. All of our available-for-sale and held-to-maturity investment securities are investment grade securities.

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