Available for Sale Securities

12 Months Ended

Dec. 31, 2024

Available for Sale Securities

Available for Sale Securities

2.    Available for Sale Securities

The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:

	December 31, 2024
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	29,841	$	6	$	(154)	$	29,693
U.S. government agency mortgage-backed securities–residential		103,948		—		(10,456)		93,492
U.S. government agency securities		22,010		—		(844)		21,166
Municipal securities(1)		2,717		—		(224)		2,493
Corporate bonds		14,054		—		(1,471)		12,583
Other		642		—		(122)		520
Total	$	173,212	$	6	$	(13,271)	$	159,947

	December 31, 2023
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	25,072	$	—	$	(1,066)	$	24,006
U.S. government agency mortgage-backed securities–residential		156,523		—		(27,943)		128,580
U.S. government agency securities		24,774		—		(1,616)		23,158
Municipal securities(1)		3,163		—		(260)		2,903
Corporate bonds		14,700		—		(2,060)		12,640
Other		763		—		(65)		698
Total	$	224,995	$	—	$	(33,010)	$	191,985

(1)    The issuers of municipal securities are all within New York State.

The following tables present the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position:

	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	9,957	$	(22)	$	4,866	$	(132)	$	14,823	$	(154)
U.S. government agency mortgage-backed securities-residential		44,577		(1,074)		48,915		(9,382)		93,492		(10,456)
U.S. government agency securities		—		—		21,166		(844)		21,166		(844)
Municipal securities		—		—		2,493		(224)		2,493		(224)
Corporate bonds		—		—		12,583		(1,471)		12,583		(1,471)
Other		—		—		497		(122)		497		(122)
Total	$	54,534	$	(1,096)	$	90,520	$	(12,175)	$	145,054	$	(13,271)

	December 31, 2023
	Less Than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	—	$	—	$	24,006	$	(1,066)	$	24,006	$	(1,066)
U.S. government agency mortgage-backed securities-residential		—		—		128,580		(27,943)		128,580		(27,943)
U.S. government agency securities		—		—		23,158		(1,616)		23,158		(1,616)
Municipal securities		512		(18)		2,276		(242)		2,788		(260)
Corporate bonds		—		—		12,640		(2,060)		12,640		(2,060)
Other		672		(65)		—		—		672		(65)
Total	$	1,184	$	(83)	$	190,660	$	(32,927)	$	191,844	$	(33,010)

At December 31, 2024 and 2023, the Company had 172 and 233 individual available-for-sale securities with unrealized losses totaling $13,271 and $33,010, respectively, with an aggregate depreciation of 7.66% and 14.68%, respectively, from the Company’s amortized cost.

Unrealized losses on asset backed securities, state and municipal securities, and corporate bonds have not been recognized into income because the issuers are of high credit quality, we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale securities was recorded for the year ended December 31, 2024.

Treasury securities, federal agency obligations, residential mortgage backed pass-through securities and commercial mortgage backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments.

The Company elected not to measure an allowance for credit losses for accrued interest receivable, because a timely write-off policy exists. A security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual status is reversed against interest income. There were no securities on non-accrual status, and therefore there was no accrued interest related to securities reversed against interest income, for the years ended December 31, 2024 or 2023. Total accrued interest receivable on available for sale securities totaled $498 and $602, at December 31, 2024 and 2023, respectively, and was reported in accrued interest receivable on the consolidated statements of financial condition.

The amortized cost and fair value of available for sale debt securities at December 31, 2024 and 2023, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:

	December 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	34,394	$	34,056	$	15,449	$	15,170
After 1 but within 5 years		20,901		20,113		32,860		30,569
After 5 but within 10 years		13,327		11,766		19,400		16,968
After 10 years		—		—		—		—
Total Maturities		68,622		65,935		67,709		62,707
Mortgage-backed securities		103,948		93,492		156,523		128,580
Other		642		520		763		698
Total	$	173,212	$	159,947	$	224,995	$	191,985

At December 31, 2024 and 2023, available for sale securities with a carrying value of $101,395 and $13,130, respectively, were pledged to secure Federal Home Loan Bank of New York borrowings. In addition, $937 and $57,769 of available for sale securities, respectively, were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRBNY”).

Proceeds from the sale of available for sale securities aggregated $74,987 and $0 for the years ended December 31, 2024 and 2023, respectively. There were no gross gains during the periods ended December 31, 2024 and December 31, 2023. During the periods ended December 31, 2024 and 2023, there were gross losses of $16,041 and $0, respectively, realized on the sales of securities.