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Investment Securities | 6 Months Ended
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Jun. 30, 2024
Investment Securities |
Investment Securities |
Note 2. | Investment Securities
The amortized cost and estimated fair values of investment securities available-for-sale at June 30, 2024 and December 31, 2023 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
June 30, 2024 |  | Cost |  | Gains |  | Losses |  | Value
U.S. Government Agencies | ​ | $ | 1,500 | ​ | $ | — | ​ | $ | (29) | ​ | $ | 1,471
Mortgage-Backed Securities | ​ |  | 77,062 | ​ |  | 53 | ​ |  | (7,935) | ​ |  | 69,180
Collateralized Mortgage Obligations | ​ |  | 1,588 | ​ |  | — | ​ |  | (130) | ​ |  | 1,458
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 80,150 | ​ | $ | 53 | ​ | $ | (8,094) | ​ | $ | 72,109
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 June 30, 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
June 30, 2024 |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
U.S. Government Agencies | ​ | $ | — | ​ | $ | — | ​ | $ | 1,471 | ​ | $ | (29) | ​ | $ | 1,471 | ​ | $ | (29)
Mortgage-Backed Securities | ​ |  | 15,626 | ​ |  | (74) | ​ |  | 42,168 | ​ |  | (7,861) | ​ |  | 57,794 | ​ |  | (7,935)
Collateralized Mortgage Obligations | ​ |  | — | ​ |  | — | ​ |  | 1,458 | ​ |  | (130) | ​ |  | 1,458 | ​ |  | (130)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 15,626 | ​ | $ | (74) | ​ | $ | 45,097 | ​ | $ | (8,020) | ​ | $ | 60,723 | ​ | $ | (8,094)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 June 30, 2024, 69 of the Bank’s available-for-sale securities had unrealized losses totaling 11.8% of the individual securities’ amortized cost basis and 10.1% of the Bank’s total amortized cost basis of the investment securities portfolio. At June 30, 2024, 60 of the 69 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 June 30, 2024, and December 31, 2023. The amortized cost and estimated fair value of securities classified as available-for-sale at June 30, 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 | ​ |  | 689 | ​ |  | 678
Due after 5 Years through 10 Years | ​ |  | — | ​ |  | —
Due after 10 Years | ​ |  | 79,461 | ​ |  | 71,431
​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 80,150 | ​ | $ | 72,109
​ There were no sales of available-for-sale securities during the three months ended June 30, 2024 and 2023. The Bank sold $18,685,000 securities available-for-sale and recorded a loss of $1,144,000 during the six months ended June 30, 2024 and there was no sales of available-for-sale securities during the six months ended June 30, 2023.

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