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Note 2 - Securities Available for Sale | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, none of which had an allowance for credit losses at September 30, 2025 and December 31, 2024:
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One through five years |  | $ | 3,000,000 |  |  | $ | — |  |  | $ | (70,821 | ) |  | $ | 2,929,179 |
Corporate bonds due in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One through five years |  |  | 10,131,978 |  |  |  | 80,442 |  |  |  | (210,021 | ) |  |  | 10,002,399 |
Five through ten years |  |  | 30,585,848 |  |  |  | 520,032 |  |  |  | (852,504 | ) |  |  | 30,253,376 |
Greater than ten years |  |  | 5,849,234 |  |  |  | 225,891 |  |  |  | — |  |  |  | 6,075,125 |
Municipal obligations due in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Five through ten years |  |  | 505,933 |  |  |  | — |  |  |  | (81,653 | ) |  |  | 424,280 |
MBS – residential |  |  | 99,876,238 |  |  |  | 1,066,110 |  |  |  | (1,611,337 | ) |  |  | 99,331,011 |
MBS – commercial |  |  | 13,385,623 |  |  |  | — |  |  |  | (1,653,754 | ) |  |  | 11,731,869 |
Total |  | $ | 163,334,854 |  |  | $ | 1,892,475 |  |  | $ | (4,480,090 | ) |  | $ | 160,747,239 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than one year |  | $ | 10,000,000 |  |  | $ | — |  |  | $ | (55,870 | ) |  | $ | 9,944,130 |
One through five years |  |  | 3,000,000 |  |  |  | — |  |  |  | (151,590 | ) |  |  | 2,848,410 |
Corporate bonds due in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than one year |  |  | 350,000 |  |  |  | 1,090 |  |  |  | — |  |  |  | 351,090 |
One through five years |  |  | 9,112,269 |  |  |  | 83,414 |  |  |  | (64,547 | ) |  |  | 9,131,136 |
Five through ten years |  |  | 25,410,219 |  |  |  | 202,205 |  |  |  | (1,389,376 | ) |  |  | 24,223,048 |
Greater than ten years |  |  | 4,321,924 |  |  |  | 202,576 |  |  |  | — |  |  |  | 4,524,500 |
Municipal obligations due in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than ten years |  |  | 506,706 |  |  |  | — |  |  |  | (108,431 | ) |  |  | 398,275 |
MBS – residential |  |  | 76,661,752 |  |  |  | 53,730 |  |  |  | (2,162,673 | ) |  |  | 74,552,809 |
MBS – commercial |  |  | 16,515,823 |  |  |  | — |  |  |  | (2,181,774 | ) |  |  | 14,334,049 |
Total |  | $ | 145,878,693 |  |  | $ | 543,015 |  |  | $ | (6,114,261 | ) |  | $ | 140,307,447 |
All of the mortgaged-backed securities (“MBSs”) are issued by the Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association. There were no sales of securities during the three and nine months ended September 30, 2025 or September 30, 2024. The age of unrealized losses and the fair value of related securities as of September 30, 2025 and December 31, 2024 were as follows:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | — |  |  | $ | — |  |  | $ | 2,929,179 |  |  | $ | (70,821 | ) |  | $ | 2,929,179 |  |  | $ | (70,821 | )
Corporate bonds |  |  | 3,433,035 |  |  |  | (60,112 | ) |  |  | 11,226,252 |  |  |  | (1,002,413 | ) |  |  | 14,659,287 |  |  |  | (1,062,525 | )
Municipal obligations |  |  | — |  |  |  | — |  |  |  | 424,280 |  |  |  | (81,653 | ) |  |  | 424,280 |  |  |  | (81,653 | )
MBS – residential |  |  | 708,318 |  |  |  | (4,281 | ) |  |  | 13,471,456 |  |  |  | (1,607,056 | ) |  |  | 14,179,774 |  |  |  | (1,611,337 | )
MBS – commercial |  |  | — |  |  |  | — |  |  |  | 11,731,870 |  |  |  | (1,653,754 | ) |  |  | 11,731,870 |  |  |  | (1,653,754 | )
Total |  | $ | 4,141,353 |  |  | $ | (64,393 | ) |  | $ | 39,783,037 |  |  | $ | (4,415,697 | ) |  | $ | 43,924,390 |  |  | $ | (4,480,090 | )
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | — |  |  | $ | — |  |  | $ | 12,792,540 |  |  | $ | (207,460 | ) |  | $ | 12,792,540 |  |  | $ | (207,460 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 15,965,261 |  |  |  | (1,453,923 | ) |  |  | 15,965,261 |  |  |  | (1,453,923 | )
Municipal obligations |  |  | - |  |  |  | - |  |  |  | 398,275 |  |  |  | (108,431 | ) |  |  | 398,275 |  |  |  | (108,431 | )
MBS – residential |  |  | 43,739,606 |  |  |  | (120,511 | ) |  |  | 11,741,816 |  |  |  | (2,042,162 | ) |  |  | 55,481,422 |  |  |  | (2,162,673 | )
MBS – commercial |  |  | - |  |  |  | - |  |  |  | 14,334,049 |  |  |  | (2,181,774 | ) |  |  | 14,334,049 |  |  |  | (2,181,774 | )
Total |  | $ | 43,739,606 |  |  | $ | (120,511 | ) |  | $ | 55,231,941 |  |  | $ | (5,993,750 | ) |  | $ | 98,971,547 |  |  | $ | (6,114,261 | )
Unrealized losses on corporate bonds available for sale are not considered to be credit losses because the bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value was largely due to changes in interest rates and other market conditions. At September 30, 2025, 100% of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies, primarily FNMA and FHLMC, institutions which the government has affirmed its commitment to support. There were 35 securities in a loss position at September 30, 2025. Because the decline in fair value was attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider these losses to be credit-related at September 30, 2025. As of September 30, 2025, no allowance for credit losses ("ACL") was required on available for sale securities. At September 30, 2025 and December 31, 2024, securities available for sale with a carrying value of $5,427,755 and $5,741,240 were pledged to secure public deposits. Securities available for sale at September 30, 2025 and December 31, 2024, which were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York, had a carrying value of $61,746 and $12,881,892, respectively.

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