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Investment Securities | 3 Months Ended
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Mar. 31, 2024
Investment Securities |
Investment Securities |
Note 2. | Investment Securities
The amortized cost and estimated fair values of investment securities available-for-sale at March 31, 2024 and December 31, 2023 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
March 31, 2024 |  | Cost |  | Gains |  | Losses |  | Value
U.S. Government Agencies | ​ | $ | 1,500 | ​ | $ | — | ​ | $ | (40) | ​ | $ | 1,460
Mortgage-Backed Securities | ​ |  | 59,138 | ​ |  | 8 | ​ |  | (8,350) | ​ |  | 50,796
Collateralized Mortgage Obligations | ​ |  | 1,658 | ​ |  | — | ​ |  | (140) | ​ |  | 1,518
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 62,296 | ​ | $ | 8 | ​ | $ | (8,530) | ​ | $ | 53,774
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 31, 2023 |  | Cost |  | Gains |  | Losses |  | Value
U.S. Government Agencies | ​ | $ | 1,000 | ​ | $ | — | ​ | $ | (34) | ​ | $ | 966
Mortgage-Backed Securities | ​ |  | 74,072 | ​ |  | 15 | ​ |  | (8,759) | ​ |  | 65,328
Collateralized Mortgage Obligations | ​ |  | 1,733 | ​ |  | — | ​ |  | (126) | ​ |  | 1,607
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 76,805 | ​ | $ | 15 | ​ | $ | (8,919) | ​ | $ | 67,901
​ The following tables show the gross unrealized losses and estimated fair value of investment securities available-for-sale for which an allowance for credit losses has not been recorded by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2024, and December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities | ​ | Securities | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | With Losses Under | ​ | With Losses Over | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12 Months | ​ | 12 Months | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
March 31, 2024 |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
U.S. Government Agencies | ​ | $ | — | ​ | $ | — | ​ | $ | 1,460 | ​ | $ | (40) | ​ | $ | 1,460 | ​ | $ | (40)
Mortgage-Backed Securities | ​ |  | 5,253 | ​ |  | (33) | ​ |  | 42,991 | ​ |  | (8,317) | ​ |  | 48,244 | ​ |  | (8,350)
Collateralized Mortgage Obligations | ​ |  | — | ​ |  | — | ​ |  | 1,518 | ​ |  | (140) | ​ |  | 1,518 | ​ |  | (140)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 5,253 | ​ | $ | (33) | ​ | $ | 45,969 | ​ | $ | (8,497) | ​ | $ | 51,222 | ​ | $ | (8,530)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities | ​ | Securities | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | With Losses Under | ​ | With Losses Over | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12 Months | ​ | 12 Months | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
December 31, 2023 |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
U.S. Government Agencies | ​ | $ | — | ​ | $ | — | ​ | $ | 966 | ​ | $ | (34) | ​ | $ | 966 | ​ | $ | (34)
Mortgage-Backed Securities | ​ |  | 498 | ​ |  | (2) | ​ |  | 63,384 | ​ |  | (8,757) | ​ |  | 63,882 | ​ |  | (8,759)
Collateralized Mortgage Obligations | ​ |  | — | ​ |  | — | ​ |  | 1,607 | ​ |  | (126) | ​ |  | 1,607 | ​ |  | (126)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 498 | ​ | $ | (2) | ​ | $ | 65,957 | ​ | $ | (8,917) | ​ | $ | 66,455 | ​ | $ | (8,919)
​ At March 31, 2024, 63 of the Bank’s available-for-sale securities had unrealized losses totaling 14.3% of the individual securities’ amortized cost basis and 13.7% of the Bank’s total amortized cost basis of the investment securities portfolio. At March 31, 2024, 60 of the 63 securities had been in a continuous loss position for over 12 months. The unrealized losses of these securities are believed to be caused by interest rate increases and changing market conditions and the Bank does not intend to sell the securities, and it is not likely to be required to sell these securities prior to maturity. Management has determined that the declines in the fair value of these securities are not attributable to credit losses. All of the mortgage-backed securities and collateralized mortgage obligations in an unrealized loss position are issued or guaranteed by government-sponsored enterprises. No allowance for credit losses was recorded for available-for-sale securities at March 31, 2024, and December 31, 2023. The amortized cost and estimated fair value of securities classified as available-for-sale at March 31, 2024, by contractual maturity, are shown in the table below (in thousands). Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly actual maturities may differ from contractual maturities. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized |  | Fair
​ | ​ | Cost | ​ | Value
Available-for-Sale |  | ​ |  |  | ​ |
Due in 1 Year or Less | ​ | $ | — | ​ | $ | —
Due after 1 Year through 5 Years | ​ |  | 690 | ​ |  | 677
Due after 5 Years through 10 Years | ​ |  | — | ​ |  | —
Due after 10 Years | ​ |  | 61,606 | ​ |  | 53,097
​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 62,296 | ​ | $ | 53,774
​ The bank sold $18,685,000 of securities available-for-sale and recorded a loss of $1,144,000 during the three months ended March 31, 2024. There were no sales of available-for-sale securities during the three months ended March 31, 2023.

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