Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investment Securities

Schedule of amortized cost and estimated fair values of investment securities available-for-sale

The amortized cost and estimated fair values of investment securities available-for-sale at December 31, 2024 and December 31, 2023 are as follows (in thousands):

	December 31, 2024
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
U.S. Government Agencies	$	1,000	$	—	$	(4)	$	996
Mortgage-Backed Securities		94,003		90		(8,674)		85,419
Collateralized Mortgage Obligations		2,459		—		(137)		2,322
Corporate Bonds		4,250		—		—		4,250
Total	$	101,712	$	90	$	(8,815)	$	92,987

	December 31, 2023
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
U.S. Government Agencies	$	1,000	$	—	$	(34)	$	966
Mortgage-Backed Securities		74,072		15		(8,759)		65,328
Collateralized Mortgage Obligations		1,733		—		(126)		1,607
Total	$	76,805	$	15	$	(8,919)	$	67,901

Schedule of gross unrealized losses and estimated fair value of investment securities

The following tables show the gross unrealized losses and estimated fair value of investment securities available-for-sale for which an allowance for credit losses has not been recorded by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2024, and December 31, 2023 (in thousands):

	Securities				Securities
	With Losses Under				With Losses Over
	12 Months				12 Months				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Loss		Value		Loss		Value		Loss
U.S. Government Agencies	$	—	$	—	$	996	$	(4)	$	996	$	(4)
Mortgage-Backed Securities		38,128		(433)		39,103		(8,241)		77,231		(8,674)
Collateralized Mortgage Obligations		962		(10)		1,360		(127)		2,322		(137)
Total	$	39,090	$	(443)	$	41,459	$	(8,372)	$	80,549	$	(8,815)

	Securities				Securities
	With Losses Under				With Losses Over
	12 Months				12 Months				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2023	Value		Loss		Value		Loss		Value		Loss
U.S. Government Agencies	$	—	$	—	$	966	$	(34)	$	966	$	(34)
Mortgage-Backed Securities		498		(2)		63,384		(8,757)		63,882		(8,759)
Collateralized Mortgage Obligations		—		—		1,607		(126)		1,607		(126)
Total	$	498	$	(2)	$	65,957	$	(8,917)	$	66,455	$	(8,919)

Schedule of contractual maturities

The amortized cost and estimated fair value of securities classified as available-for-sale at December 31, 2024, by contractual maturity, are shown in the table below (in thousands).

	Amortized		Fair
(in thousands)	Cost		Value
Available-for-Sale
Due in 1 Year or Less	$	—	$	—
Due after 1 Year through 5 Years		165		158
Due after 5 Years through 10 Years		5,214		5,204
Due after 10 Years		96,333		87,625
Total	$	101,712	$	92,987