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Investment Securities | 6 Months Ended
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Jun. 30, 2025
Investment Securities |
Investment Securities |
Note 2. | Investment Securities
The amortized cost and estimated fair values of investment securities available-for-sale at June 30, 2025 and December 31, 2024 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(in thousands) |  | Cost |  | Gains |  | Losses |  | Value
U.S. Government Agencies | ​ | $ | 1,000 | ​ | $ | — | ​ | $ | (11) | ​ | $ | 989
Mortgage-Backed Securities | ​ |  | 93,081 | ​ |  | 426 | ​ |  | (6,708) | ​ |  | 86,799
Collateralized Mortgage Obligations | ​ |  | 2,217 | ​ |  | — | ​ |  | (90) | ​ |  | 2,127
Corporate Bonds | ​ | ​ | 10,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,500
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 106,798 | ​ | $ | 426 | ​ | $ | (6,809) | ​ | $ | 100,415
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(in thousands) |  | Cost |  | Gains |  | Losses |  | Value
U.S. Government Agencies | ​ | $ | 1,000 | ​ | $ | — | ​ | $ | (4) | ​ | $ | 996
Mortgage-Backed Securities | ​ |  | 94,003 | ​ |  | 90 | ​ |  | (8,674) | ​ |  | 85,419
Collateralized Mortgage Obligations | ​ |  | 2,459 | ​ |  | — | ​ |  | (137) | ​ |  | 2,322
Corporate Bonds | ​ | ​ | 4,250 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,250
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 101,712 | ​ | $ | 90 | ​ | $ | (8,815) | ​ | $ | 92,987
​ 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, 2025, and December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ | ​ | Securities | ​ | Securities | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | With Losses Under | ​ | With Losses Over | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12 Months | ​ | 12 Months | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(in thousands) |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
U.S. Government Agencies | ​ | $ | — | ​ | $ | — | ​ | $ | 989 | ​ | $ | (11) | ​ | $ | 989 | ​ | $ | (11)
Mortgage-Backed Securities | ​ |  | 15,331 | ​ |  | (144) | ​ |  | 40,012 | ​ |  | (6,564) | ​ |  | 55,343 | ​ |  | (6,708)
Collateralized Mortgage Obligations | ​ |  | 848 | ​ |  | (7) | ​ |  | 1,279 | ​ |  | (83) | ​ |  | 2,127 | ​ |  | (90)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 16,179 | ​ | $ | (151) | ​ | $ | 42,280 | ​ | $ | (6,658) | ​ | $ | 58,459 | ​ | $ | (6,809)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Securities | ​ | Securities | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | With Losses Under | ​ | With Losses Over | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12 Months | ​ | 12 Months | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(in thousands) |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
U.S. Government Agencies | ​ | $ | — | ​ | $ | — | ​ | $ | 996 | ​ | $ | (4) | ​ | $ | 996 | ​ | $ | (4)
Mortgage-Backed Securities | ​ |  | 38,128 | ​ |  | (433) | ​ |  | 39,103 | ​ |  | (8,241) | ​ |  | 77,231 | ​ |  | (8,674)
Collateralized Mortgage Obligations | ​ |  | 962 | ​ |  | (10) | ​ |  | 1,360 | ​ |  | (127) | ​ |  | 2,322 | ​ |  | (137)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 39,090 | ​ | $ | (443) | ​ | $ | 41,459 | ​ | $ | (8,372) | ​ | $ | 80,549 | ​ | $ | (8,815)
​ At June 30, 2025, 105 of the Company’s available-for-sale securities had unrealized losses totaling 10.4% of the individual securities’ amortized cost basis and 6.4% of the Company’s total amortized cost basis of the investment securities portfolio. At June 30, 2025, 56 of these 105 securities had been in a continuous loss position for over 12 months. At December 31, 2024, 80 of the Company’s available-for-sale securities had unrealized losses totaling 9.9% of the individual securities’ amortized cost basis and 8.7% of the Company’s total amortized cost basis of the investment securities portfolio. At December 31, 2024, 57 of the 80 securities had been in a continuous loss position over 12 months. The unrealized losses of these securities are believed to be caused by market interest rate increases and changing market conditions and the Company 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. The Company’s securities in an unrealized loss position are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the implicit guarantee of the U.S. government and have a long history of zero credit loss. No allowance for credit losses was recorded for available-for-sale securities at June 30, 2025 or December 31, 2024. The amortized cost and estimated fair value of securities classified as available-for-sale at June 30, 2025, 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
(in thousands) | ​ | Cost | ​ | Value
Available-for-Sale |  | ​ |  |  | ​ |
Due in 1 Year or Less | ​ | $ | — | ​ | $ | —
Due after 1 Year through 5 Years | ​ |  | 1,614 | ​ |  | 1,617
Due after 5 Years through 10 Years | ​ |  | 10,348 | ​ |  | 10,341
Due after 10 Years | ​ |  | 94,836 | ​ |  | 88,457
​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 106,798 | ​ | $ | 100,415
​ There were no sales of available-for-sale securities during the three and six months ended June 30, 2025. There were no sales of available-for-sale securities during the three months ended June 30, 2024 and the Company sold $18,685,000 securities available-for-sale and recorded a loss of $1,144,000 during the six months ended June 30, 2024.

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