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Securities | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024, 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 |
March 31, 2025 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ |  | 9,984 |  |  | $ |  | — |  |  | $ |  | 2,184 |  |  | $ |  | 7,800 |
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury (1) |  |  |  | 993 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 993 |
Total |  | $ |  | 10,977 |  |  | $ |  | - |  |  | $ |  | 2,184 |  |  | $ |  | 8,793 |
(1) Unrealized gain is less than $1 resulting in rounding to zero.
|  | 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 |
There was no impairment recognized in accumulated other comprehensive loss for securities available for sale at March 31, 2025 or March 31, 2024. There were no sales of securities during the three months ended March 31, 2025 and 2024. The amortized cost and fair value of debt securities at March 31, 2025 and December 31, 2024 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.
|  | March 31, 2025 |  |  |  | December 31, 2024 |
|  | (unaudited) |  |  |  |  |  |  |  |  |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ |  | 993 |  |  | $ |  | 993 |  |  | $ |  | 982 |  |  | $ |  | 983 |
Due from five to ten years |  |  |  | 9,984 |  |  |  |  | 7,800 |  |  |  |  | 9,983 |  |  |  |  | 7,700 |
Total |  | $ |  | 10,977 |  |  | $ |  | 8,793 |  |  | $ |  | 10,965 |  |  | $ |  | 8,683 |
Fair value of securities pledged as collateral was as follows:
| March 31, 2025 |  |  | December 31, 2024 |
| (unaudited) |  |  |  |  |
Pledged as collateral for: |  |  |  |  |  |  |
Public deposits |  |  | 745 |  |  |  |  | 737 |
Total | $ |  | 745 |  |  | $ |  | 737 |
At March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position.
March 31, 2025 (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 |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 7,800 |  |  | $ |  | 2,184 |  |  | $ |  | 7,800 |  |  | $ |  | 2,184 |
Total temporarily impaired |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 7,800 |  |  | $ |  | 2,184 |  |  | $ |  | 7,800 |  |  | $ |  | 2,184 |
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 |
At March 31, 2025, 88.7% of the Company’s available for sale securities were reported at less than historical cost. At December 31, 2024, 88.7% of the Company's available for sale securities were reported at less than historical cost. The unrealized losses at March 31, 2025 and December 31, 2024 were related to one Corporate debt security. 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 this security and it was likely that it would not be required to sell this security before its anticipated recovery, the Company did not record an allowance for credit losses at March 31, 2025 and December 31, 2024.

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