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

Estimated

Amortized

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

With Losses Under

With Losses Over

12 Months

Total

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.