The amortized cost and approximate fair values, together with gross unrealized gains and losses, of debt securities are as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Available-for-sale Debt Securities:
March 31, 2025:
U.S. Government and federal agencies	$	7,640	$	51		(84)	$	7,607
Mortgage-backed:
Government sponsored enterprises (GSEs)- residential		44,105		206		(2,836)		41,475
State and political subdivisions		20,756		24		(1,095)		19,685

	$	72,501	$	281	$	(4,015)	$	68,767


			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Available-for-sale Debt Securities:
December 31, 2024:
U.S. Government and federal agencies	$	8,154	$	—	$	(187)	$	7,967
Mortgage-backed:
Government sponsored enterprises (GSEs)- residential		42,344		71		(3,557)		38,858
State and political subdivisions		20,791		50		(1,008)		19,833

	$	71,289	$	121	$	(4,752)	$	66,658


			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Held-to-maturity Debt Securities:
March 31, 2025
U.S. Government and Federal agencies	$	814	$	—	$	(123)	$	691
Certificates of Deposit		7,108		97		(1)		7,204

	$	7,922	$	97	$	(124)	$	7,895

Held-to-maturity Debt Securities:
December 31, 2024
U.S. Government and Federal agencies	$	815	$	—	$	(140)	$	675
Certificates of Deposit		7,353		113		(1)		7,465

	$	8,168	$	113	$	(141)	$	8,140

The amortized cost and fair value of available-for-sale securities and held-to-maturity debt securities at March 31, 2025 by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-sale				Held-to-maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Within one year	$	1,416	$	1,402	$	3,402	$	3,288
One to five years		8,642		8,460		4,520		4,607
Five to ten years		10,257		9,756		—		—
After ten years		8,081		7,674		—		—
		28,396		27,292		7,922		7,895
Mortgage-backed securities		44,105		41,475		—		—

Totals	$	72,501	$	68,767	$	7,922	$	7,895

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $13,288 at March 31, 2025 and $13,446 at December 31, 2024.

There were no sales of securities for the three months ended March 31, 2025 and 2024.

A portion of available-for-sale investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost.

Total fair value of these investments at March 31, 2025 and December 31, 2024, was $51,185 and $58,999. The following table shows the total available-for-sale securities and aggregate depreciation by security type:


	Number of
	securities in a	Aggregate
	loss position	depreciation
March 31, 2025

U.S. Government and Federal agencies	7	(1.95)	%
Mortgage-backed:
Government sponsored enterprises (GSEs) - residential	169	(8.85)	%
State and political subdivisions	48	(5.81)	%

Total Portfolio	224	(7.27)	%

December 31, 2024

U.S. Government and Federal agencies	13	(2.30)	%
Mortgage-backed:
Government sponsored enterprises (GSEs) - residential	184	(9.40)	%
State and political subdivisions	46	(5.67)	%

Total Portfolio	243	(7.45)	%

These unrealized losses relate principally to the changes in interest rates and are not due to changes in the financial condition of the issuer, the quality of the underlying assets, or applicable credit enhancements. In analyzing whether and allowance for credit losses on debt securities is required, management considers whether the securities are issued by a government body or agency, whether a rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer, and the quality of any underlying assets or credit enhancements. Since management has the ability to hold debt securities for the foreseeable future, no allowance for credit losses related to debt securities has been recorded at March 31, 2025 and December 31, 2024.

Management has evaluated the Company’s held-to-maturities securities unrealized losses and have concluded that no anticipated credit losses are expected and therefore no reserve for losses related to held-to-maturity securities has been included in the Company’s allowance for credit losses.

The following table shows the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024:


	March 31, 2025
	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-sale Debt Securities:
U.S. Government and federal agencies	$	1,453	$	(3)	$	2,773	$	(81)	$	4,226	$	(84)
State and political subdivisions		6,513		(182)		11,251		(913)		17,764		(1,095)
Mortgage backed securities-GSE  residential		4,694		(90)		24,501		(2,746)		29,195		(2,836)
Total AFS securities	$	12,660	$	(275)	$	38,525	$	(3,740)	$	51,185	$	(4,015)


	December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-sale Debt Securities:
U.S. Government and federal agencies	$	4,690	$	(71)	$	3,277	$	(116)	$	7,967	$	(187)
State and political subdivisions		5,947		(89)		10,829		(919)		16,776		(1,008)
Mortgage backed securities-GSE residential		9,750		(217)		24,506		(3,340)		34,256		(3,557)
Total AFS securities	$	20,387	$	(377)	$	38,612	$	(4,375)	$	58,999	$	(4,752)