INVESTMENTS

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

NOTE 5 — INVESTMENTS

The Cooperative has determined fair value of its investments based on Level 2 inputs.

December 31, 2024:		Level 1		Level 2		Level 3		Total
Corporate Bonds - Held to Maturity	$	—	$	2,665	$	—	$	2,665
Fixed Income Funds - Available for Sale		—		710		—		710
Money Market & CD’s		—		4,328		—		4,328
	$	—	$	7,703	$	—	$	7,703
December 31, 2023:
Corporate Bonds - Held to Maturity	$	—	$	6,030	$	—	$	6,030
Fixed Income Funds - Available for Sale		—		685		—		685
Money Market & CD’s		—		601		—		601
	$	—	$	7,316	$	—	$	7,316

The Cooperative’s investments are as follows as of December 31, 2024 and 2023 (in thousands):

		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
December 31, 2024:
Corporate Bonds - Held to Maturity	$	2,669	$	17	$	(21	)	$	2,665
Fixed Income Funds		746				(36	)		710
Money Market & CD’s		4,328		—		—			4,328
	$	7,743	$	17	$	(57	)	$	7,703
December 31, 2023:
Corporate Bonds - Held to Maturity	$	6,050	$	30	$	(50	)	$	6,030
Fixed Income Funds		718				(33	)		685
Money Market & CD’s		601		—		—			601
	$	7,369	$	30	$	(83	)	$	7,316

Corporate bond maturities are as follows as of December 31, 2024 (in thousands):

		Net
		Carrying
		Amount		Fair Value
Due in 1 year or less	$	2,290	$	2,304
Due in 2 to 5 years		327		326
Due in 6 to 10 years		52		35
	$	2,669		$ 2,665

The following table shows the gross unrealized losses and fair value of the Cooperative’s securities with unrealized losses that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023:

		Less than 12 Months					More than 12 Months
				Unrealized					Unrealized
December 31, 2024:		Fair Value		Losses			Fair Value		Losses
Corporate Bonds - Held to Maturity	$	36	$	(15	)	$	95	$	(5	)
Fixed Income Funds		34		—			676		(36	)
	$	70	$	(15	)	$	771	$	(41	)
December 31, 2023:
Corporate Bonds - Held to Maturity	$	1,037	$	(18	)	$	1,433	$	(32	)
Fixed Income Funds		201		(1	)		484		(32	)
	$	1,238	$	(19	)	$	1,917	$	(64	)

The Cooperative has determined that the unrealized losses are deemed to be temporary impairments as of December 31, 2024 and 2023. The Cooperative believes that the unrealized losses generally are caused by interest rate increases and increases in the risk premiums required by market participants rather than an adverse change in cash flows or a fundamental weakness in the credit quality of the issuer or underlying assets.