Securities

12 Months Ended

Dec. 31, 2024

NOTE 3 – SECURITIES

The following tables summarize the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2024 and December 31, 2023 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, 2024
Corporate debt	$	9,983	$	-	$	2,283	$	7,700
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		982		1		-		983
Total	$	10,965	$	1	$	2,283	$	8,683


	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

There was no impairment recognized in accumulated other comprehensive loss for securities available for sale at December 31, 2024 or December 31, 2023.

There were no sales of securities during the years ended December 31, 2024, December 31, 2023 and December 31, 2022.

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



	December 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	982	$	983	$	1,007	$	988
Due from one to five years		-		-		-		-
Due from five to ten years		9,983		7,700		9,980		7,100
Mortgage-backed securities - residential		-		-		4		4
Total	$	10,965	$	8,683	$	10,991	$	8,092

Fair value of securities pledged was as follows:


	At December 31,
	2024		2023		2022
Pledged as collateral for:
FHLB advances	$	-	$	497	$	967
Public deposits		737		492		479
Total	$	737	$	989	$	1,446

At year-end 2024, 2023 and 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 December 31, 2024 and December 31, 2023 aggregated by major security type and length of time in a continuous unrealized loss position.


December 31, 2024	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	$	-	$	-	$	7,700	$	2,283	$	7,700	$	2,283
Total temporarily impaired	$	-	$	-	$	7,700	$	2,283	$	7,700	$	2,283

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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.

The unrealized loss at December 31, 2024 was 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 declines in fair value were 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, 2024 and December 31, 2023.