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Securities | 9 Months Ended
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Sep. 30, 2023
Securities [Abstract] |
Securities | NOTE 3 – SECURITIES The following tables summarize the amortized cost and fair value of the Company’s available-for-sale securities portfolio at September 30, 2023 and December 31, 2022 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2023 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 9,980 |  | $ | - |  | $ | 2,980 |  | $ | 7,000
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 1,511 |  |  | - |  |  | 38 |  |  | 1,473
Mortgage-backed securities - residential (1) |  |  | 7 |  |  | - |  |  | - |  |  | 7
Total |  | $ | 11,498 |  | $ | - |  | $ | 3,018 |  | $ | 8,480
(1)Unrealized loss is less than $1 resulting in rounding to zero. ‎
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 9,978 |  | $ | - |  | $ | 2,478 |  | $ | 7,500
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 3,025 |  |  | - |  |  | 100 |  |  | 2,925
Mortgage-backed securities - residential |  |  | 17 |  |  | - |  |  | - |  |  | 17
Total |  | $ | 13,020 |  | $ | - |  | $ | 2,578 |  | $ | 10,442
There was no impairment recognized in accumulated other comprehensive loss for securities available for sale at September 30, 2023 or September 30, 2022. There were no sales of securities during the three and nine months ended September 30, 2023 and 2022. The amortized cost and fair value of debt securities at September 30, 2023 and December 31, 2022 are shown in the table below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | September 30, 2023 |  |  | December 31, 2022
|  | (unaudited) |  |  |  |  |  |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 1,511 |  | $ | 1,473 |  | $ | 2,001 |  | $ | 1,961
Due from one to five years |  |  | - |  |  | - |  |  | 1,024 |  |  | 964
Due from five to ten years |  |  | 9,980 |  |  | 7,000 |  |  | 9,978 |  |  | 7,500
Mortgage-backed securities - residential |  |  | 7 |  |  | 7 |  |  | 17 |  |  | 17
Total |  | $ | 11,498 |  | $ | 8,480 |  | $ | 13,020 |  | $ | 10,442
Fair value of securities pledged as collateral was as follows:
| September 30, 2023 |  | December 31, 2022
| (unaudited) |  |  |
Pledged as collateral for: |  |  |  |  |
FHLB advances | $ | 988 |  | $ | 967
Public deposits |  | 486 |  |  | 479
Total | $ | 1,474 |  | $ | 1,446
At September 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity. ‎ The following table summarizes securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position.
September 30, 2023 (unaudited) |  | Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate debt |  | $ | - |  | $ | - |  | $ | 7,000 |  | $ | 2,980 |  | $ | 7,000 |  | $ | 2,980
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | - |  |  | - |  |  | 1,473 |  |  | 38 |  |  | 1,473 |  |  | 38
Mortgage-backed securities - residential (1) |  |  | 2 |  |  | - |  |  | 5 |  |  | - |  |  | 7 |  |  | -
Total temporarily impaired |  | $ | 2 |  | $ | - |  | $ | 8,478 |  | $ | 3,018 |  | $ | 8,480 |  | $ | 3,018
(1)Unrealized loss is less than $1 resulting in rounding to zero.
December 31, 2022 |  | Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate debt |  | $ | - |  | $ | - |  | $ | 7,500 |  | $ | 2,478 |  | $ | 7,500 |  | $ | 2,478
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 1,482 |  |  | 19 |  | $ | 1,443 |  |  | 81 |  |  | 2,925 |  |  | 100
Mortgage-backed securities - residential (1) |  |  | 17 |  |  | - |  |  | - |  |  | - |  |  | 17 |  |  | -
Total temporarily impaired |  | $ | 1,499 |  | $ | 19 |  | $ | 8,943 |  | $ | 2,559 |  | $ | 10,442 |  | $ | 2,578
(1)Unrealized loss is less than $1 resulting in rounding to zero. The unrealized losses at September 30, 2023 and December 31, 2022 were related to one corporate debt security, two mortgage-backed securities and multiple U.S. Treasuries. Because the decline in fair value was attributable to changes in market conditions, and not credit quality, and because the Company did not have the intent to sell these securities and it was likely that it would not be required to sell these securities before their anticipated recovery, the Company did not consider these securities to be impaired at September 30, 2023 and December 31, 2022.

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