XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Securities | 12 Months Ended
--- | ---
Dec. 31, 2024
Securities [Abstract] |
Securities | ‎ Note 4 - Securities A summary of the amortized cost and fair value of securities, with gross unrealized gains and losses, follows:
| December 31, 2024
| Amortized |  | Gross Unrealized |  | Fair
(in thousands) | Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,606 |  | $ | — |  | $ | (436) |  | $ | 3,170
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations |  | 79,976 |  |  | — |  |  | (6,916) |  |  | 73,060
Mortgage-backed securities |  | 69,312 |  |  | 9 |  |  | (10,348) |  |  | 58,973
Municipals |  | 52,123 |  |  | — |  |  | (10,562) |  |  | 41,561
Corporates |  | 15,510 |  |  | — |  |  | (1,188) |  |  | 14,322
| $ | 216,921 |  | $ | 9 |  | $ | (29,014) |  | $ | 187,916
| December 31, 2023
| Amortized |  | Gross Unrealized |  | Fair
(in thousands) | 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 4 –Securities (continued) The following tables summarize the fair value of securities available for sale as of December 31, 2024 and 2023 and the corresponding amounts of unrealized losses. Management uses the valuation as of year-end in determining when securities are in an unrealized loss position (amounts in thousands):
December 31, 2024 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
(in thousands) | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 11,455 | $ |  | 324 | $ |  | 61,606 |  | $ | 6,592 |  | $ | 73,061 |  | $ | 6,916
Mortgage-backed securities |  | 4,026 |  |  | 176 |  |  | 54,207 |  |  | 10,172 |  |  | 58,233 |  |  | 10,348
Municipals |  | 1,847 |  |  | 31 |  |  | 39,714 |  |  | 10,531 |  |  | 41,561 |  |  | 10,562
Corporates |  | 7,392 |  |  | 608 |  |  | 6,930 |  |  | 580 |  |  | 14,322 |  |  | 1,188
Total | $ | 24,720 |  | $ | 1,139 |  | $ | 162,457 |  | $ | 27,875 |  | $ | 187,177 |  | $ | 29,014
December 31, 2023 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
(in thousands) | 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
Total | $ | 1,799 |  | $ | 25 |  | $ | 173,874 |  | $ | 27,944 |  | $ | 175,673 |  | $ | 27,969
As of December 31, 2024, the Bank owned 123 securities in an unrealized loss position. Of the securities, 28 were S&P rated AAA, 83 were rated AA, three were rated A, three were rated BBB, and six were non-rated. As of December 31, 2024, 54 of these securities were municipal issues, 56 were backed 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 December 31, 2024 and 2023 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 Note 4 –Securities (continued) (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 December 31, 2024 or 2023. 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 December 31, 2024 or December 31, 2023. All held-to-maturity and available for sale securities were current with no securities past due or on non-accrual as of December 31, 2024 and 2023. The amortized costs and fair values of securities at December 31, 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.
| Held-to-Maturity |  | Available-for-Sale
| Amortized |  | Fair |  | Amortized |  | Fair
(in thousands) | Cost |  | Values |  | Cost |  | Values
Due in one year or less | $ | — |  | $ | — |  | $ | 15,524 |  | $ | 15,386
Due after one year through five years |  | — |  |  | — |  |  | 39,295 |  |  | 36,110
Due after five years through ten years |  | 2,419 |  |  | 2,177 |  |  | 63,085 |  |  | 55,408
Due after ten years |  | 1,187 |  |  | 993 |  |  | 99,017 |  |  | 81,012
| $ | 3,606 |  | $ | 3,170 |  | $ | 216,921 |  | $ | 187,916
The Bank received $31,353 and $0 in proceeds from sales of securities available-for-sale in 2024 and 2023, respectively. Gross realized gains amounted to $103 and $0 in 2024 and 2023, respectively. Gross realized losses amounted to $41 and $0 in 2024 and 2023, respectively. At December 31, 2024 and 2023, securities with a carrying value of $50,178 and $43,092, respectively, were pledged as collateral for public deposits and for other purposes as required or permitted by law.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration