Securities

12 Months Ended

Dec. 31, 2023

NOTE 3 – SECURITIES

The following tables summarize the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2023 and December 31, 2022 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2023
Corporate debt	$	9,980	$	-	$	2,880	$	7,100
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		1,007		-		19		988
Mortgage-backed securities - residential		4		-		-		4
Total	$	10,991	$	-	$	2,899	$	8,092


	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 income (loss) for securities available for sale at December 31, 2023 or December 31, 2022.

There were no sales of securities during the years ended December 31, 2023, December 31, 2022 and December 31, 2021.

The amortized cost and fair value of debt securities at December 31, 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.



	December 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	1,007	$	988	$	2,001	$	1,961
Due from one to five years		-		-		1,024		964
Due from five to ten years		9,980		7,100		9,978		7,500
Mortgage-backed securities - residential		4		4		17		17
Total	$	10,991	$	8,092	$	13,020	$	10,442

Fair value of securities pledged was as follows:


	At December 31,
	2023		2022		2021
Pledged as collateral for:
FHLB advances	$	497	$	967	$	1,016
Public deposits		492		479		501
Mortgage banking derivatives		-		-		1,504
Total	$	989	$	1,446	$	3,021

At year-end 2023, 2022 and 2021, 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 December 31, 2023 and December 31, 2022 aggregated by major security type and length of time in a continuous unrealized loss position.


December 31, 2023	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	$	-	$	-	$	7,100	$	2,880	$	7,100	$	2,880
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		-		-		988		19		988		19
Mortgage-backed securities - residential ⁽¹⁾		1		-		3		-		4		-
Total temporarily impaired	$	1	$	-	$	8,091	$	2,899	$	8,092	$	2,899

⁽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 December 31, 2023 were related to one Corporate debt security, one Mortgage-backed security and two U.S. Treasuries. The unrealized losses at 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 would unlikely be required to sell these securities before their anticipated recovery, the Company did not consider these securities to be impaired at December 31, 2023 and December 31, 2022.