The following tables present details of fixed maturity securities available for sale as of December 31, 2025 and 2024:


December 31, 2025 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities	$	45,392	$	160	$	(3,381	)	$	42,171
State and municipalities		19,117		14		(1,251	)		17,880
Agency bonds		139		—		(7	)		132
Total	$	64,648	$	174	$	(4,639	)	$	60,183

December 31, 2024 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities	$	41,475	$	28	$	(4,802	)	$	36,701
State and municipalities		17,373		81		(1,516	)		15,938
Agency bonds		2,179		2		(15	)		2,166
Total	$	61,027	$	111	$	(6,333	)	$	54,805

The amortized cost and estimated fair market value of investment securities as of December 31, 2025 by contractual maturity are presented below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage‑backed securities are included in the table based on their contractual maturities and are reflected in the each category below.


December 31, 2025 (Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	2,436	$	2,415
Due after one year through five years		10,788		10,281
Due after five years through ten years		7,332		7,170
Due after ten years		44,092		40,317
Total	$	64,648	$	60,183

The following tables present information pertaining to securities with gross unrealized losses as of December 31, 2025 and 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position.


	Less than Twelve Months					Twelve Months and Over
December 31, 2025 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities	$	(13	)	$	3,420	$	(3,368	)	$	26,541
State and municipalities		(3	)		22		(1,248	)		14,840
Agency bonds		—			—		(7	)		132
Total	$	(16	)	$	3,442	$	(4,623	)	$	41,513

	Less than Twelve Months					Twelve Months and Over
December 31, 2024 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities	$	(106	)	$	5,423	$	(4,696	)	$	29,619
State and municipalities		(269	)		4,884		(1,247	)		9,939
Agency bonds		—			—		(15	)		166
Total	$	(375	)	$	10,307	$	(5,958	)	$	39,724

As of December 31, 2025 and 2024, the Company had 52 and 58 securities with unrealized losses that have not been recognized in income. The investments are mortgage-backed securities and similar instruments with conservative risk characteristics, all of which are directly or indirectly guaranteed by the U.S. Government. The municipal bond portfolio consists of bonds purchased from the Utah Housing Corporation, which primarily acquires FHA‑insured loans within the state of Utah. The Company regularly reviews investment securities for impairment resulting from credit loss using both qualitative and quantitative criteria, as necessary based on the composition of the portfolio at period end. Based on the Company's assessment, no material impairments for credit losses were recognized during the period. The Company does not intend to sell its investment securities that are in an unrealized loss position and believes that it is unlikely that it will be required to sell these securities before recovery of the amortized cost. As of December 31, 2025 and 2024, the Company did not hold investments in any single issuer with an aggregate book value that exceeded 10% of the Company's equity, other than U.S. Government agency residential mortgage-backed securities issued by the Federal National Mortgage Association.