Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of held to maturity securities at the dates indicated:


			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit		Fair
Held-to-maturity:	Cost		Gains		Losses			Losses		Value
	(in thousands)
March 31, 2025
Debt securities issued by U.S. government-sponsored enterprises	$	5,588	$	—	$	(85	)	$	—	$	5,503
Mortgage-backed securities		43,099		42		(4,515	)		—		38,626
Corporate bonds		16,399		216		(396	)		—		16,219
U.S. Treasury securities		2,995		12		—			—		3,007
Total held-to-maturity securities	$	68,081	$	270	$	(4,996	)	$	—	$	63,355

December 31, 2024
Debt securities issued by U.S. government-sponsored enterprises	$	5,588	$	—	$	(138	)	$	—	$	5,450
Mortgage-backed securities		44,261		20		(5,334	)		—		38,947
Corporate bonds		17,899		192		(471	)		—		17,620
U.S. Treasury securities		5,467		21		—			—		5,488
Total held-to-maturity securities	$	73,215	$	233	$	(5,943	)	$	—	$	67,505

The Company measures expected credit losses on held to maturity securities on a collective basis by major security type. Management classifies the held-to maturity portfolio into the following major security types: U.S. Government Sponsored Enterprises, U.S. Treasury, Agency Mortgage-Backed Securities, and Corporate Bonds.

Held to maturity securities are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three months ended March 31, 2025 and 2024. The Company's investments in corporate bonds are deemed “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) it is more likely than not that the Company will not be required to sell these securities before recovery. Excluded from the table above is accrued interest on held to maturity securities of $296,000 and $378,000 at March 31, 2025 and December 31, 2024, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on held to maturity securities for the three months ended March 31, 2025 and 2024. No securities held by the Company were delinquent on contractual payments at March 31, 2025 and December 31, 2024, nor were any securities placed on non-accrual status for the three months ended March 31, 2025 and 2024.

The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of available for sale securities at the dates indicated:


			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit		Fair
Available-for-sale	Cost		Gains		Losses			Losses		Value
	(in thousands)
March 31, 2025
Mortgage-backed securities	$	7,483	$	21	$	(19	)	$	—	$	7,485
Collateralized mortgage obligation		1,446		—		(18	)		—		1,428
Corporate bonds		5,000		50		(13	)		—		5,037
Total available-for-sale securities	$	13,929	$	71	$	(50	)	$	—	$	13,950

December 31, 2024
Mortgage-backed securities	$	4,164	$	—	$	(38	)	$	—	$	4,126
Collateralized mortgage obligation		1,452		—		(14	)		—		1,438
Corporate bonds		1,000		—		—			—		1,000
Total available-for-sale securities	$	6,616	$	—	$	(52	)	$	—	$	6,564

The Company's available for sale securities are carried at fair value. For available for sale securities in an unrealized loss position, management will first evaluate whether there is intent to sell a security, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security's amortized cost basis to fair value through income. For those available for sale securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, Management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. federal government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, an allowance for credit losses will be established, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when a security is determined to be uncollectible, or when either of the afore-mentioned criteria surrounding intent or requirement to sell have been met. No allowance for credit losses was recorded for AFS securities as of March 31, 2025 and December 31, 2024.

The Company did not record a provision for estimated credit losses on any available for sale securities for the three months ended March 31, 2025 and 2024. Excluded from the table above is accrued interest on available for sale securities of $49,000 and $16,000 at March 31, 2025 and December 31, 2024, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on available for sale securities for the three months ended March 31, 2025 and 2023. No securities held by the Company were delinquent on contractual payments at March 31, 2025 and December 31, 2024, nor were any securities placed on non-accrual status for the three months ended March 31, 2025 and 2024.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. There were no sales of securities during the three months ended March 31, 2025 and 2024.

The aggregate fair value and unrealized losses of available-for-sale securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of March 31, 2025 and December 31, 2024:


			Less than 12 Months					12 Months or Longer				Total
	# of		Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Holdings		Value		Losses			Value		Losses		Value		Losses
								(Dollars in thousands)
March 31, 2025
Available for Sale:
Mortgage-backed securities		2	$	3,364	$	(19	)	$	—	$	—	$	3,364	$	(19	)
Collateralized mortgage obligation		1		1,428		(18	)		—		—		1,428		(18	)
Corporate bonds		1		987		(13	)		—		—		987		(13	)
Total		4	$	5,779	$	(50	)	$	—	$	—	$	5,779	$	(50	)

December 31, 2024
Available for Sale:
Mortgage-backed securities		2	$	4,126	$	(38	)	$	—	$	—	$	4,126	$	(38	)
Collateralized mortgage obligation		1		1,438		(14	)		—		—		1,438		(14	)
Total		3	$	5,564	$	(52	)	$	—	$	—	$	5,564	$	(52	)

Management evaluates securities for expected credit losses at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation.

The actual maturities of certain available-for-sale or held-to-maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of available-for-sale and held-to-maturity securities as of March 31, 2025 is presented below:



	Available-for-sale		Held-to-maturity
	Fair		Amortized		Fair
	Value		Cost		Value
	(in thousands)
Within 1 year	$	1,999	$	14,308	$	14,180
After 1 year through 5 years		5,485		14,434		14,402
After 5 years through 10 years		988		4,918		4,714
After 10 years		5,478		34,421		30,059
Total	$	13,950	$	68,081	$	63,355

The carrying value of securities pledged to secure advances from the Federal Home Loan Bank of Boston (“FHLBB”) was $55.5 million as of March 31, 2025 and December 31, 2024.

The carrying value of securities pledged to secure advances from the Federal Reserve Bank (“FRB”) was $18.2 million and $16.0 million as of March 31, 2025 and December 31, 2024, respectively.