XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Securities | 6 Months Ended
--- | ---
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 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
June 30, 2024 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 9,982 |  | $ | - |  | $ | 2,832 |  | $ | 7,150
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury(1) |  |  | 1,173 |  |  | - |  |  | - |  |  | 1,173
Total |  | $ | 11,155 |  | $ | - |  | $ | 2,832 |  | $ | 8,323
(1)Unrealized gain is less than $1 resulting in rounding to zero.
|  | 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 (1) |  |  | 4 |  |  | - |  |  | - |  |  | 4
Total |  | $ | 10,991 |  | $ | - |  | $ | 2,899 |  | $ | 8,092
(1)Unrealized loss is less than $1 resulting in rounding to zero. There was no impairment recognized in accumulated other comprehensive loss for securities available for sale at June 30, 2024 or June 30, 2023. There were no sales of securities during the three and six months ended June 30, 2024 and 2023. The amortized cost and fair value of debt securities at June 30, 2024 and December 31, 2023 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.
|  | June 30, 2024 |  |  | December 31, 2023
|  | (unaudited) |  |  |  |  |  |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 1,173 |  | $ | 1,173 |  | $ | 1,007 |  | $ | 988
Due from five to ten years |  |  | 9,982 |  |  | 7,150 |  |  | 9,980 |  |  | 7,100
Mortgage-backed securities - residential |  |  | - |  |  | - |  |  | 4 |  |  | 4
Total |  | $ | 11,155 |  | $ | 8,323 |  | $ | 10,991 |  | $ | 8,092
Fair value of securities pledged as collateral was as follows:
| June 30, 2024 |  | December 31, 2023
| (unaudited) |  |  |
Pledged as collateral for: |  |  |  |  |
FHLB advances | $ | - |  | $ | 497
Public deposits |  | 635 |  |  | 492
Total | $ | 635 |  | $ | 989
At June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position.
June 30, 2024 (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 |  | $ | - |  | $ | - |  | $ | 7,150 |  | $ | 2,832 |  | $ | 7,150 |  | $ | 2,832
Total temporarily impaired |  | $ | - |  | $ | - |  | $ | 7,150 |  | $ | 2,832 |  | $ | 7,150 |  | $ | 2,832
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. At June 30, 2024, 85.9% of the Company’s available for sale securities were reported at less than historical cost. At December 31, 2023, 100% of the Company's available for sale securities were reported at less than historical cost. The unrealized losses at June 30, 2024 were related to one Corporate debt security. The unrealized losses at December 31, 2023 were related to one Corporate debt security, one Mortgage-backed security and two 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 record an allowance for credit losses at June 30, 2024 and December 31, 2023. ‎

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration