Securities

9 Months Ended

Sep. 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 September 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
September 30, 2025 (unaudited)
Corporate debt	$	9,985	$	—	$	1,785	$	8,200
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		998		1		—		999
Total	$	10,983	$	1	$	1,785	$	9,199


	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 September 30, 2025 or September 30, 2024.

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

The amortized cost and fair value of debt securities at September 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.


	September 30, 2025					December 31, 2024
	(unaudited)
	Amortized Cost		Fair Value		Amortized Cost			Fair Value
Due in one year or less	$	998	$	999	$		982	$	983
Due from five to ten years		9,985		8,200			9,983		7,700
Total	$	10,983	$	9,199	$		10,965	$	8,683

Fair value of securities pledged as collateral was as follows:


	September 30, 2025		December 31, 2024
	(unaudited)
Pledged as collateral for:
Public deposits		749		737
Total	$	749	$	737

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


September 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	$	—	$	—	$	8,200	$	1,785	$	8,200	$	1,785
Total temporarily impaired	$	—	$	—	$	8,200	$	1,785	$	8,200	$	1,785


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 September 30, 2025, 89.1% 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 September 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 with respect to this security at September 30, 2025 and December 31, 2024.