Investment Securities

3 Months Ended

Mar. 31, 2025

(3) INVESTMENT SECURITIES

The following tables present details of fixed maturity securities available for sale as of March 31, 2025 and December 31, 2024:


March 31, 2025 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	48,816	$	33	$	(4,246	)	$	44,603
State and municipalities		16,766		13		(1,124	)		15,655
Agency bonds		179		—		(13	)		166
Total	$	65,761	$	46	$	(5,383	)	$	60,424

December 31, 2024 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	41,475	$	28	$	(4,802	)	$	36,701
State and municipalities		17,373		81		(1,516	)		15,938
Agency bonds		2,179		2		(15	)		2,166
Total	$	61,027	$	111	$	(6,333	)	$	54,805

The amortized cost and estimated fair market value of investment securities at March 31, 2025 by contractual maturity are presented below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


March 31, 2025 (Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	1,339	$	1,338
Due after one year through five years		9,724		9,367
Due after five years through ten years		8,237		7,561
Due after ten years		46,461		42,158
Total	$	65,761	$	60,424

The following tables present information pertaining to securities with gross unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position.


	Less than Twelve Months					Twelve Months and Over
March 31, 2025 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	(49	)	$	5,379	$	(4,197	)	$	28,103
State and municipalities		(134	)		5,894		(990	)		9,718
Agency bonds		—			—		(13	)		166
Total	$	(183	)	$	11,273	$	(5,200	)	$	37,987

	Less than Twelve Months					Twelve Months and Over
December 31, 2024 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	(106	)	$	5,423	$	(4,696	)	$	29,619
State and municipalities		(269	)		4,884		(1,247	)		9,939
Agency bonds		—			—		(15	)		166
Total	$	(375	)	$	10,307	$	(5,958	)	$	39,724

As of March 31, 2025 and December 31, 2024, the Company had 57 and 58 securities with unrealized losses that have not been recognized in income. The investments are mortgage-backed securities and similar instruments with lower risk characteristics. The Company regularly reviews investment securities for impairment resulting from credit loss using both qualitative and quantitative criteria, as necessary based on the composition of the portfolio at period end. Based on the Company's assessment, no material impairments for credit losses were recognized during the period. The Company does not intend to sell its investment securities that are in an unrealized loss position and believes that it is unlikely that it will be required to sell these securities before recovery of the amortized cost. As of March 31, 2025 and December 31, 2024, the Company did not hold investments in any single issuer with an aggregate book value that exceeded 10% of the Company's equity, other than U.S. Government agency residential mortgage-backed securities issued by the Federal National Mortgage Association.