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.