Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investment Securities [Abstract] |
|
| Amortized Cost and Fair Value of Securities |
The amortized cost and fair value of securities are as follows:
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June 30, 2025 |
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Cost |
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Gains |
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Losses |
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Value |
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(Dollars in thousands) |
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SECURITIES |
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Debt Securities Available for Sale |
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|
|
|
|
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U.S. government agencies |
|
$ |
2,005 |
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|
$ |
— |
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|
$ |
(83 |
) |
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|
1,922 |
|
Municipal bonds |
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40,692 |
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— |
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(8,956 |
) |
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31,736 |
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Mortgage-backed securities: |
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Collateralized mortgage obligations-private label |
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8 |
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— |
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— |
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8 |
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Collateralized mortgage obligations-government
sponsored entities |
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9,413 |
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— |
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(1,055 |
) |
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8,358 |
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Government National Mortgage Association |
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50 |
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— |
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(3 |
) |
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47 |
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Federal National Mortgage Association |
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10,298 |
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1 |
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(1,417 |
) |
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8,882 |
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Federal Home Loan Mortgage Corporation |
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4,993 |
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1 |
|
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(836 |
) |
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4,158 |
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Asset-backed securities-private label |
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— |
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27 |
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— |
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27 |
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Asset-backed securities-government sponsored entities |
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1 |
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— |
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— |
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1 |
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Total Debt Securities Available for Sale |
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67,460 |
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29 |
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(12,350 |
) |
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|
55,139 |
|
Equity Securities |
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22 |
|
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|
162 |
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|
|
— |
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|
|
184 |
|
Total Securities |
|
$ |
67,482 |
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|
$ |
191 |
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|
$ |
(12,350 |
) |
|
$ |
55,323 |
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December 31, 2024 |
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Cost |
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Gains |
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Losses |
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Value |
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(Dollars in thousands) |
|
SECURITIES |
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Debt Securities Available for Sale |
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|
|
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|
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U.S. government agencies |
|
$ |
2,006 |
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|
$ |
— |
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|
$ |
(155 |
) |
|
$ |
1,851 |
|
Municipal bonds |
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|
40,719 |
|
|
|
— |
|
|
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(8,431 |
) |
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|
32,288 |
|
Mortgage-backed securities: |
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|
|
|
|
|
|
|
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|
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|
Collateralized mortgage obligations-private label |
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|
9 |
|
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— |
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|
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— |
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|
9 |
|
Collateralized mortgage obligations-government
sponsored entities |
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10,201 |
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— |
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(1,259 |
) |
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8,942 |
|
Government National Mortgage Association |
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54 |
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— |
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(4 |
) |
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50 |
|
Federal National Mortgage Association |
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10,812 |
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— |
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(1,799 |
) |
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9,013 |
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Federal Home Loan Mortgage Corporation |
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5,229 |
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— |
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(989 |
) |
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4,240 |
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Asset-backed securities-private label |
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— |
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28 |
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— |
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28 |
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Asset-backed securities-government sponsored entities |
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1 |
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— |
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— |
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1 |
|
Total Debt Securities Available for Sale |
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69,031 |
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28 |
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(12,637 |
) |
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|
56,422 |
|
Equity Securities |
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|
22 |
|
|
|
51 |
|
|
|
— |
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|
|
73 |
|
Total Securities |
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$ |
69,053 |
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|
$ |
79 |
|
|
$ |
(12,637 |
) |
|
$ |
56,495 |
|
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| Investment in Debt Securities Gross Unrealized Loss |
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:
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Less than 12 months |
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12 months or more |
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Total |
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Gross |
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Gross |
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Gross |
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Unrealized |
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Unrealized |
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Unrealized |
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Fair Value |
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Losses |
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Fair Value |
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Losses |
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Fair Value |
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|
Losses |
|
|
|
(Dollars in thousands) |
|
June 30, 2025 |
|
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|
U.S. government agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,922 |
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|
$ |
(83 |
) |
|
$ |
1,922 |
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|
$ |
(83 |
) |
Municipal bonds |
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|
360 |
|
|
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(20 |
) |
|
$ |
31,376 |
|
|
|
(8,936 |
) |
|
|
31,736 |
|
|
|
(8,956 |
) |
Mortgage-backed securities |
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|
— |
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|
— |
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|
$ |
21,372 |
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(3,311 |
) |
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21,372 |
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(3,311 |
) |
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$ |
360 |
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|
$ |
(20 |
) |
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$ |
54,670 |
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|
$ |
(12,330 |
) |
|
$ |
55,030 |
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|
$ |
(12,350 |
) |
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December 31, 2024 |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,851 |
|
|
$ |
(155 |
) |
|
$ |
1,851 |
|
|
$ |
(155 |
) |
Municipal bonds |
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|
371 |
|
|
|
(9 |
) |
|
|
31,917 |
|
|
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(8,422 |
) |
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|
32,288 |
|
|
|
(8,431 |
) |
Mortgage-backed securities |
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|
86 |
|
|
|
(1 |
) |
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|
22,168 |
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(4,050 |
) |
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22,254 |
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(4,051 |
) |
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$ |
457 |
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|
$ |
(10 |
) |
|
$ |
55,936 |
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|
$ |
(12,627 |
) |
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$ |
56,393 |
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|
$ |
(12,637 |
) |
|
| Scheduled Contractual Maturities of Debt Securities |
Scheduled contractual maturities of debt securities are as follows:
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Fair |
|
|
|
Cost |
|
|
Value |
|
|
|
(Dollars in thousands) |
|
June 30, 2025: |
|
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|
|
|
|
Less than one year |
|
$ |
640 |
|
|
$ |
626 |
|
After one year through five years |
|
|
3,435 |
|
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|
3,285 |
|
After five years through ten years |
|
|
10,912 |
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|
9,455 |
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After ten years |
|
|
27,710 |
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|
20,292 |
|
Mortgage-backed securities |
|
|
24,762 |
|
|
|
21,453 |
|
Asset-backed securities |
|
|
1 |
|
|
|
28 |
|
Total Debt Securities |
|
$ |
67,460 |
|
|
$ |
55,139 |
|
|