Securities

6 Months Ended

Jun. 30, 2025

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, 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
June 30, 2025 (unaudited)
Corporate debt	$	9,984	$	—	$	1,984	$	8,000
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury (1)		996		—		—		996
Total	$	10,980	$	-	$	1,984	$	8,996

(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 June 30, 2025 or June 30, 2024.

There were no sales of securities during the three and six months ended June 30, 2025 and 2024.

The amortized cost and fair value of debt securities at June 30, 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.


	June 30, 2025					December 31, 2024
	(unaudited)
	Amortized Cost		Fair Value		Amortized Cost			Fair Value
Due in one year or less	$	996	$	996	$		982	$	983
Due from five to ten years		9,984		8,000			9,983		7,700
Total	$	10,980	$	8,996	$		10,965	$	8,683

Fair value of securities pledged as collateral was as follows:


	June 30, 2025		December 31, 2024
	(unaudited)
Pledged as collateral for:
Public deposits		746		737
Total	$	746	$	737

At June 30, 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 June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position.


June 30, 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	$	—	$	—	$	8,000	$	1,984	$	8,000	$	1,984
Total temporarily impaired	$	—	$	—	$	8,000	$	1,984	$	8,000	$	1,984


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 June 30, 2025, 88.9% 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 June 30, 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 June 30, 2025 and December 31, 2024.