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Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

At December 31, 2024, the Company did not own any debt securities classified as trading or any equity investment securities.

The amortized cost and fair value of AFS securities and the corresponding amounts of gross unrealized gains and losses at December 31, 2024 and 2023 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2024

Municipal bonds	$	6,354	$	11	$	(991)	$	5,374
Agency mortgage-backed securities	2,758		7		(349)		2,416
Total AFS securities	$	9,112	$	18	$	(1,340)	$	7,790

December 31, 2023

Municipal bonds	$	6,394	$	12	$	(878)	$	5,528
Agency mortgage-backed securities	3,145		7		(393)		2,759

Total AFS securities	$	9,539	$	19	$	(1,271)	$	8,287

The amortized cost and fair value of our HTM securities and the corresponding amounts of gross unrealized gains and losses at December 31, 2024 and 2023 are shown in the table below (in thousands):


	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
December 31, 2024

Municipal bonds	$	704	$	—	$	(163)	$	541
Agency mortgage-backed securities	1,426		—		(255)		1,171

Total HTM securities	$	2,130	$	—	$	(418)	$	1,712

December 31, 2023

Municipal bonds	$	704	$	—	$	(164)	$	540
Agency mortgage-backed securities	1,462		—		(215)		1,247

Total HTM securities	$	2,166	$	—	$	(379)	$	1,787

The amortized cost and fair value of AFS and HTM securities at December 31, 2024, by contractual maturity, are shown below (in thousands). Expected maturities of AFS and HTM securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments not due at a single maturity date, primarily agency mortgage-backed securities, are shown separately.


	December 31, 2024
	AFS						HTM
	Amortized Cost		Fair Value		Weighted-Average Yield		Amortized Cost		Fair Value		Weighted-Average Yield
Due in one year or less	$	—	$	—	—	%	$	—	$	—	—	%
Due after one to five years	455		455		5.06		—		—		—
Due after five to ten years	1,200		1,210		5.43		—		—		—
Due after ten years	4,699		3,708		2.60		704		540		3.04
Mortgage-backed securities	2,758		2,417		3.32		1,426		1,172		2.51
Total	$	9,112	$	7,790	3.31	%	$	2,130	$	1,712	2.69	%

There were no pledged securities at December 31, 2024 and 2023. There were no sales of AFS or HTM securities during the years ended December 31, 2024 and 2023.

Accrued interest receivable on securities totaled $48 thousand and $49 thousand at December 31, 2024 and 2023, respectively, in the accompanying Condensed Consolidated Balance Sheets. Accrued interest receivable is excluded from the estimate of expected credit losses.

The following tables summarize the aggregate fair value and gross unrealized loss by length of time of those investments that have been in a continuous unrealized loss position at December 31, 2024 and 2023 (in thousands).


	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS securities

Municipal bonds	$	—	$	—	$	3,708	$	(991)	$	3,708	$	(991)
Agency mortgage-backed securities	44		(2)		2,020		(347)		2,064		(349)

Total AFS securities	$	44	$	(2)	$	5,728	$	(1,338)	$	5,772	$	(1,340)
HTM securities
Municipal bonds	$	—	$	—	$	540	$	(163)	$	540	$	(163)
Agency mortgage-backed securities	—		—		1,172		(255)		1,172		(255)
Total HTM securities	$	—	$	—	$	1,712	$	(418)	$	1,712	$	(418)


	December 31, 2023
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS securities

Municipal bonds	$	—	$	—	$	3,862	$	(878)	$	3,862	$	(878)
Agency mortgage-backed securities	48		(1)		2,290		(392)		2,338		(393)

Total AFS securities	$	48	$	(1)	$	6,152	$	(1,270)	$	6,200	$	(1,271)
HTM securities

Municipal bonds	$	—	$	—	$	540	$	(164)	$	540	$	(164)
Agency mortgage-backed securities	—		—		1,247		(215)		1,247		(215)

Total HTM securities	$	—	$	—	$	1,787	$	(379)	$	1,787	$	(379)

There were no credit losses recognized in earnings during the years ended December 31, 2024 and 2023 relating to the Company's securities.

At December 31, 2024, the securities portfolio consisted of 11 municipal bonds and 11 agency mortgage-backed securities with a fair value of $9.5 million. At December 31, 2023, the securities portfolio consisted of 11 municipal bonds and 12 agency mortgage-backed securities with a fair value of $10.1 million. At December 31, 2024, there was one security in an unrealized loss position for less than 12 months and fifteen securities in an unrealized loss position for more than 12 months. At December 31, 2023, there was one security in an unrealized loss position for less than 12 months and 16 securities in an unrealized loss position for more than 12 months. For both 2024 and 2023, the unrealized losses were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and not related to the underlying credit of the issuers or the underlying collateral. It is expected that these securities will not be settled at a price less than the amortized cost of each investment. The unrealized losses on these investments are not considered credit losses during the years ended December 31, 2024 and 2023, because the decline in fair value is not attributable to credit quality and because we do not intend, and it is not likely that we will be required, to sell these securities before recovery of their amortized cost basis.