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Debt Securities
3 Months Ended
Mar. 31, 2025
Debt Securities  
Debt Securities

Note 3:  Debt Securities

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.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

​