The amortized cost and fair value of securities are as follows:


	June 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in thousands)
SECURITIES
Debt Securities Available for Sale
U.S. government agencies	$	2,005	$	—	$	(83	)		1,922
Municipal bonds		40,692		—		(8,956	)		31,736
Mortgage-backed securities:
Collateralized mortgage obligations-private label		8		—		—			8
Collateralized mortgage obligations-government sponsored entities		9,413		—		(1,055	)		8,358
Government National Mortgage Association		50		—		(3	)		47
Federal National Mortgage Association		10,298		1		(1,417	)		8,882
Federal Home Loan Mortgage Corporation		4,993		1		(836	)		4,158
Asset-backed securities-private label		—		27		—			27
Asset-backed securities-government sponsored entities		1		—		—			1
Total Debt Securities Available for Sale		67,460		29		(12,350	)		55,139
Equity Securities		22		162		—			184
Total Securities	$	67,482	$	191	$	(12,350	)	$	55,323


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in thousands)
SECURITIES
Debt Securities Available for Sale
U.S. government agencies	$	2,006	$	—	$	(155	)	$	1,851
Municipal bonds		40,719		—		(8,431	)		32,288
Mortgage-backed securities:
Collateralized mortgage obligations-private label		9		—		—			9
Collateralized mortgage obligations-government sponsored entities		10,201		—		(1,259	)		8,942
Government National Mortgage Association		54		—		(4	)		50
Federal National Mortgage Association		10,812		—		(1,799	)		9,013
Federal Home Loan Mortgage Corporation		5,229		—		(989	)		4,240
Asset-backed securities-private label		—		28		—			28
Asset-backed securities-government sponsored entities		1		—		—			1
Total Debt Securities Available for Sale		69,031		28		(12,637	)		56,422
Equity Securities		22		51		—			73
Total Securities	$	69,053	$	79	$	(12,637	)	$	56,495

All of the Company's collateralized mortgage obligations are backed by one- to four-family residential mortgages.

At June 30, 2025 and December 31, 2024, fourteen municipal bonds with an amortized cost of $3.8 million and fair value of $2.8 million and eighteen municipal bonds with an amortized cost of $6.2 million and fair value of $4.6 million, respectively, were pledged as collateral for customer deposits in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. At June 30, 2025 and December 31, 2024, no securities were pledged as collateral to the Federal Reserve Bank ("FRB"), to the Federal Home Loan Bank of New York ("FHLBNY"), or for any other purposes.

The following table sets forth the Company’s investment in available for sale debt securities with gross unrealized losses of less than twelve months and gross unrealized losses of twelve months or more and associated fair values for which an allowance for credit losses has not been recorded for the periods indicated:


	Less than 12 months					12 months or more					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
	(Dollars in thousands)
June 30, 2025
U.S. government agencies	$	—	$	—		$	1,922	$	(83	)	$	1,922	$	(83	)
Municipal bonds		360		(20	)	$	31,376		(8,936	)		31,736		(8,956	)
Mortgage-backed securities		—		—		$	21,372		(3,311	)		21,372		(3,311	)
	$	360	$	(20	)	$	54,670	$	(12,330	)	$	55,030	$	(12,350	)


December 31, 2024
U.S. government agencies	$	—	$	—		$	1,851	$	(155	)	$	1,851	$	(155	)
Municipal bonds		371		(9	)		31,917		(8,422	)		32,288		(8,431	)
Mortgage-backed securities		86		(1	)		22,168		(4,050	)		22,254		(4,051	)
	$	457	$	(10	)	$	55,936	$	(12,627	)	$	56,393	$	(12,637	)

As of June 30, 2025, the Company's investment portfolio included two debt securities in the "unrealized losses less than twelve months" category and 168 debt securities in the "unrealized losses twelve months or more" category. As of December 31, 2024, the Company's investment portfolio included seven debt securities in the "unrealized losses less than twelve months" category and 169 debt securities in the "unrealized losses twelve months or more" category.

As of June 30, 2025, the Company had 170 debt securities with a fair value of $55.0 million in an unrealized loss position. As of December 31, 2024, the Company had 176 debt securities with a fair value of $56.4 million in an unrealized loss position. The Company reviews securities in an unrealized loss position to evaluate credit risk. The Company considers payment history, risk ratings from external parties, financial statements for municipal and corporate securities, public statements from issuers and other available credible published sources in evaluating credit risk. No credit risk was found and no allowance for credit losses on securities available for sale was recorded as of June 30, 2025 or December 31, 2024. The unrealized losses are attributed to noncredit-related factors including changes in interest rates and other market conditions. The Company does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The contractual terms of the investments do not permit the issuers to settle the securities at a price less than the cost basis of the investments. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.

Accrued interest of $251,000 as of June 30, 2025 and $254,000 as of December 31, 2024 on available-for-sale debt securities is included in accrued interest receivable on the consolidated statements of financial condition and is excluded from the estimate of credit losses.

During the three and six months ended June 30, 2025 and 2024, the Company did not sell any debt securities.

The Company's mortgage-backed securities and asset-backed securities have stated maturities that may differ from actual maturities due to the borrowers' ability to prepay obligations. Cash flows from such investments are dependent upon the performance of the underlying assets and are generally influenced by interest rates. In the table above, mortgage-backed securities and asset-backed securities are shown in the aggregate.

At June 30, 2025 and December 31, 2024, equity securities consisted of 22,368 shares of Federal Home Loan Mortgage Corporation (“FHLMC”) common stock. During the three months ended June 30, 2025 and 2024, the Company recognized an unrealized gain of $65,000 and $0, respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. During the six months ended June 30, 2025 and 2024, the Company recognized an unrealized gain of $111,000 and $11,000, respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. There were no purchases or sales of equity securities during the three and six months ended June 30, 2025 and 2024.