Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of amortized cost and estimated fair values of investment securities available-for-sale

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

Estimated

Amortized

Unrealized

Fair

June 30, 2024

Cost

Gains

Losses

Value

U.S. Government Agencies

1,500

—

(29)

1,471

Mortgage-Backed Securities

77,062

(7,935)

69,180

Collateralized Mortgage Obligations

1,588

—

(130)

1,458

Total

80,150

(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

Schedule of gross unrealized losses and estimated fair value of investment securities

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

With Losses Under

With Losses Over

12 Months

Total

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)

Schedule of contractual maturities

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).


	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