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Securities | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (amounts in thousands):
| March 31, 2025
| Amortized |  | Gross Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | $3,602 |  | $ | - |  | $ | ($365) |  | $ | $3,237
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 81,928 |  | $ | 137 |  | $ | (5,667) |  | $ | 76,398
Mortgage-backed securities |  | 67,579 |  |  | 17 |  |  | (8,912) |  |  | 58,684
Municipals |  | 52,853 |  |  | 7 |  |  | (9,673) |  |  | 43,187
Corporates |  | 15,507 |  |  | - |  |  | (996) |  |  | 14,511
| $ | 217,867 |  | $ | 161 |  | $ | (25,248) |  | $ | 192,780
| December 31, 2024
| Amortized |  | Gross Unrealized |  | Fair
| 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
‎ Note 6 – Securities (continued) The following tables summarize the fair value of securities available-for-sale as of March 31, 2025 and as of December 31, 2024 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):
March 31. 2025 | 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 | $ | 7,875 |  | $ | 147 |  | $ | 52,597 |  | $ | 5,520 |  | $ | 60,472 |  | $ | 5,667
Mortgage-backed securities |  | 2,861 |  |  | 87 |  |  | 54,002 |  |  | 8,825 |  |  | 56,863 |  |  | 8,912
Municipals |  | 1,666 |  |  | 22 |  |  | 40,566 |  |  | 9,651 |  |  | 42,232 |  |  | 9,673
Corporates |  | 7,477 |  |  | 523 |  |  | 7,034 |  |  | 473 |  |  | 14,511 |  |  | 996
| $ | 19,879 |  | $ | 779 |  | $ | 154,199 |  | $ | 24,469 |  | $ | 174,078 |  | $ | 25,248
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
| $ | 24,720 |  | $ | 1,139 |  | $ | 162,457 |  | $ | 27,875 |  | $ | 187,177 |  | $ | 29,014
As of March 31, 2025, the Company owned 119 securities in an unrealized loss position. Of these securities, 28 were S&P rated AAA, 79 were rated AA, 3 were rated A, 3 were rated BBB, and 6 were non-rated. As of March 31, 2025, 54 of these securities were municipal issues, 52 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 March 31, 2025, 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 allowance for credit losses on available-for-sale securities at March 31, 2025. 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 is rated investment grade or higher. As a result, the Company did not have an allowance for credit losses on held-to-maturity securities as of March 31, 2025 or December 31, 2024. All held-to-maturity and available-for-sale securities were current, with no securities past due or on nonaccrual as of March 31, 2025 and December 31, 2024. ‎ Note 6 – Securities (continued) There were no sales of available-for-sale securities during the three months ended March 31, 2025 and March 31, 2024. As of March 31, 2025 and March 31, 2024, the Company had approximately $46,451,000 and $41,658,000 (book value), respectively, of available-for-sale securities pledged as collateral for public deposits. The amortized costs and fair values of securities at March 31, 2025, 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 in Maturities (in thousands) | March 31, 2025
| 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 | 2,418 |  | 2,227
Due after ten years | 1,184 |  | 1,010
Total securities Held-to-maturity | $ 3,602 |  | $ 3,237
| Amortized |  |
| Costs |  | Fair Value
Available-for-sale: |  |  |
Due in one year or less | $ 5,513 |  | $ 5,450
Due after one year through five years | 41,665 |  | 38,904
Due after five years through ten years | 72,622 |  | 66,317
Due after ten years | 98,067 |  | 82,109
Total securities Available-for-sale | $ 217,867 |  | $ 192,780

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