The amortized costs, gross unrealized gains and losses, and estimated fair values of investment securities available for sale and investment securities held to maturity at June 30, 2025 and December 31, 2024 as well as the ACL for investment securities held to maturity at June 30, 2025 and December 31, 2024 are summarized as follows:


June 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale:
Asset-backed securities	$	3,038	$	2	$	(18)	$	3,022
Mortgage-backed securities:
U.S. Government-sponsored enterprises	5,507		—		(496)		5,011
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises	21,028		—		(2,674)		18,354
Corporate bonds	3,837		32		—		3,869
Total investment securities available for sale	$	33,410	$	34	$	(3,188)	$	30,256


June 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		ACL
Investment securities held to maturity:





Corporate bonds	$	2,500	$	—	$	(131)	$	2,369	$	9
Total investment securities held to maturity	$	2,500	$	—	$	(131)	$	2,369	$	9


December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale:
Asset-backed securities	$	5,029	$	—	$	(39)	$	4,990
Mortgage-backed securities:
U.S. Government-sponsored enterprises	7,791		—		(661)		7,130
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises	18,627		—		(3,341)		15,286
Corporate bonds	8,832		53		—		8,885
Total investment securities available for sale	$	40,279	$	53	$	(4,041)	$	36,291


December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		ACL
Investment securities held to maturity:





Corporate bonds	$	2,500	$	—	$	(154)	$	2,346	$	12
Total investment securities held to maturity	$	2,500	$	—	$	(154)	$	2,346	$	12

The amortized cost and fair value of investment securities as of June 30, 2025 are shown in the table below by contractual maturity. Actual timing may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

No ACL for investment securities AFS was needed at June 30, 2025 or December 31, 2024. Declines in the fair value of the AFS investment portfolio are believed by management to be unrelated to credit losses. When evaluating an investment for credit loss, management considers, among other things, the financial condition of the issuer through the review of credit ratings and, if necessary, corporate financial statements; adverse conditions specifically related to the security such as past due principal or interest; underlying assets that collateralize the debt security; other economic conditions and demographics; and the intent and ability of the Company to hold the investment until the loss position is recovered. Any unrealized losses were largely due to increases in market interest rates over the yields available at the time of purchase. The fair value is expected to recover as the bonds approach their maturity date or market yields for similar investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. At June 30, 2025, the Company did not intend to sell and believed it was not likely to be required to sell the available for sale securities that were in a loss position prior to full recovery.

As of June 30, 2025, there were no past due principal and interest payments associated with the HTM securities. The Company monitors the credit quality of debt securities held to maturity quarterly through the use of credit ratings. However, the corporate bonds that are held to maturity have no credit rating and the corporate bonds in an unrealized loss position at June 30, 2025 are not material to the financial statements. There was an ACL of $9 on corporate bonds HTM at June 30, 2025 and $12 at December 31, 2024, which was calculated based on applying the long-term historical credit loss rate for similarly rated securities.


	For the Three Months Ended		For the Six Months Ended		For the Three Months Ended		For the Six Months Ended
Corporate Bonds	June 30, 2025				June 30, 2024
Balance at beginning of period	$	12	$	12	$	14	$	17

Provision for credit losses on HTM investment securities	(3)		(3)		—		(3)
Investment securities charge-offs	—		—		—		—
Investment securities recoveries	—		—		—		—
Balance at end of period	$	9	$	9	$	14	$	14


	Less than 12 Months				12 Months or Longer				Total
June 30, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
Investment securities available for sale:
Asset-backed securities	$	—	$	—	$	1,529	$	(18)	$	1,529	$	(18)	1
Mortgage-backed securities:
U.S. Government-sponsored enterprises	2,408		(17)		2,603		(479)		5,011		(496)		3
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises	3,231		(1)		15,123		(2,673)		18,354		(2,674)		8

Total investment securities available for sale	$	5,639	$	(18)	$	19,255	$	(3,170)	$	24,894	$	(3,188)	12

Investment securities held to maturity:





Corporate bonds	$	—	$	—	$	2,369	$	(131)	$	2,369	$	(131)	3
Total investment securities held to maturity	$	—	$	—	$	2,369	$	(131)	$	2,369	$	(131)	3


	Less than 12 Months				12 Months or Longer				Total
December 31, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
Investment securities available for sale:
Asset-backed securities	$	1,540	$	(3)	$	3,450	$	(36)	$	4,990	$	(39)	3
Mortgage-backed securities:
U.S. Government-sponsored enterprises	4,412		(51)		2,718		(610)		7,130		(661)		3
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises	—		—		15,286		(3,341)		15,286		(3,341)		7
Corporate bonds	—		—		—		—		—		—		0
Total investment securities available for sale	$	5,952	$	(54)	$	21,454	$	(3,987)	$	27,406	$	(4,041)	13

Investment securities held to maturity:





Corporate bonds	$	416	$	(84)	$	1,930	$	(70)	$	2,346	$	(154)	3
Total investment securities held to maturity	$	416	$	(84)	$	1,930	$	(70)	$	2,346	$	(154)	3