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Securities | 9 Months Ended
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Sep. 30, 2024
Securities [Abstract] |
Securities | Note 6 – Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of September 30, 2024 and December 31, 2023 (amounts in thousands):
| September 30, 2024
| Amortized |  | Gross Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,610 |  | $ | — |  | $ | (282) |  | $ | 3,328
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 75,352 |  | $ | 274 |  | $ | (5,409) |  | $ | 70,217
Mortgage-backed securities |  | 72,395 |  |  | 61 |  |  | (7,759) |  |  | 64,697
Municipals |  | 51,718 |  |  | 56 |  |  | (8,394) |  |  | 43,380
Corporates |  | 15,513 |  |  | — |  |  | (1,338) |  |  | 14,175
| $ | 214,978 |  | $ | 391 |  | $ | (22,900) |  | $ | 192,469
| December 31, 2023
| Amortized |  | Gross Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,622 |  | $ | — |  | $ | (391) |  | $ | 3,231
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 4,985 |  | $ | — |  | $ | (38) |  | $ | 4,947
U.S. agency obligations |  | 68,515 |  |  | — |  |  | (7,560) |  |  | 60,955
Mortgage-backed securities |  | 103,992 |  |  | 608 |  |  | (9,521) |  |  | 95,079
Municipals |  | 50,856 |  |  | — |  |  | (10,067) |  |  | 40,789
Corporates |  | 15,523 |  |  | — |  |  | (783) |  |  | 14,740
| $ | 243,871 |  | $ | 608 |  | $ | (27,969) |  | $ | 216,510
‎ Note 6 – Securities (continued) The following tables summarize the fair value of securities available-for-sale as of September 30, 2024 and as of December 31, 2023 and the corresponding amounts of unrealized losses. Management uses the valuation as of month-end in determining when securities are in an unrealized loss position (amounts in thousands):
September 30, 2024 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | — |  | $ | — |  | $ | 62,867 |  | $ | 5,409 |  | $ | 62,867 |  | $ | 5,409
Mortgage-backed securities |  | 3,073 |  |  | 38 |  |  | 58,764 |  |  | 7,721 |  |  | 61,837 |  |  | 7,759
Municipals |  | — |  |  | — |  |  | 42,379 |  |  | 8,394 |  |  | 42,379 |  |  | 8,394
Corporates |  | 7,310 |  |  | 689 |  |  | 6,865 |  |  | 649 |  |  | 14,175 |  |  | 1,338
| $ | 10,383 |  | $ | 727 |  | $ | 170,875 |  | $ | 22,173 |  | $ | 181,258 |  | $ | 22,900
December 31, 2023 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | — |  |  | — |  |  | 4,947 |  |  | 38 |  |  | 4,947 |  |  | 38
U.S. agency obligations |  | — |  |  | — |  |  | 60,955 |  |  | 7,560 |  |  | 60,955 |  |  | 7,560
Mortgage-backed securities |  | — |  |  | — |  |  | 62,242 |  |  | 9,521 |  |  | 62,242 |  |  | 9,521
Municipals |  | 1,799 |  |  | 25 |  |  | 38,990 |  |  | 10,042 |  |  | 40,789 |  |  | 10,067
Corporates |  | — |  |  | — |  |  | 6,740 |  |  | 783 |  |  | 6,740 |  |  | 783
| $ | 1,799 |  | $ | 25 |  | $ | 173,874 |  | $ | 27,944 |  | $ | 175,673 |  | $ | 27,969
As of September 30, 2024, the Company owned 121 securities in an unrealized loss position. Of the securities, 28 were S&P rated AAA, 81 were rated AA, three were rated A, three were rated BBB, and six were non-rated. As of September 30, 2024, 53 of these securities were municipal issues, 55 were backed directly or indirectly by the U.S. government, and 13 were issues of publicly traded domestic corporations. The Company monitors its municipal and corporate securities by periodically reviewing the issuer’s cash-flow and revenue streams, as well as other economic factors that could affect the issuer’s ability to service and/or repay the debt. The Company has evaluated available-for-sale securities in an unrealized loss position for credit related impairment at September 30, 2024 and concluded no impairment existed based on a combination of factors, which included: (1) the securities are of high credit quality (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuers to settle the securities at a price less than the par value of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments before recovery of its amortized cost basis, nor is it likely that management will be required to sell the securities. As such, there was no t an allowance for credit losses on available-for-sale securities at September 30, 2024. The Company’s held-to-maturity portfolio is covered by the explicit or implied guarantee of the United States government or one of its agencies and rated investment grade or higher. As a result, the Company did no t have an allowance for credit losses on held-to-maturity securities as of September 30, 2024 or December 31, 2023. All held-to-maturity and available-for-sale securities were current with no securities past due or on nonaccrual as of September 30, 2024. ‎ Note 6 – Securities (continued) Sales of available-for-sale securities were $8,754,000 and $30,298,000 during the three and nine months ended September 30, 2024, which resulted in a net gain of $42,000 and $82,000 for the three and nine months ended September 30, 2024. There were no sales of available-for-sale securities during the three and nine months ended September 30, 2023. As of September 30, 2024, the Company had $46,865,000 (book value) pledged as collateral for public deposits. The amortized costs and fair values of securities at September 30, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Investment Portfolio Maturities (in thousands): | September 30, 2024
| Amortized |  |
| Costs |  | Fair Value
Held-to-maturity: |  |  |
Due in one year or less | $ - |  | $ -
Due after one year through five years | - |  | -
Due after five years through ten years | 2,420 |  | 2,270
Due after ten years | 1,190 |  | 1,058
Total securities Held-to-maturity | $ 3,610 |  | $ 3,328
| Amortized |  |
| Costs |  | Fair Value
Available-for-sale: |  |  |
Due in one year or less | $ 14,520 |  | $ 14,309
Due after one year through five years | 40,249 |  | 37,643
Due after five years through ten years | 61,910 |  | 55,795
Due after ten years | 98,299 |  | 84,722
Total securities Available-for-sale | $ 214,978 |  | $ 192,469

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