The amortized cost and estimated fair values of investment securities available-for-sale at December 31, 2025 and December 31, 2024 are as follows:

December 31, 2025

Gross

Estimated

Amortized

Unrealized

Fair

(in thousands)

 

Cost

 

Gains

 

Losses

 

Value

U.S. Government Agencies

1,000

—

(4)

996

Mortgage-Backed Securities

88,432

629

(5,484)

83,577

Collateralized Mortgage Obligations

1,953

—

(74)

1,879

Corporate Bonds

12,625

—

12,625

Total

104,010

629

(5,562)

99,077


	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

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, 2025, and December 31, 2024:

December 31, 2025

Securities

With Losses Under

With Losses Over

12 Months

Total

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

5,420

(20)

44,675

(5,464)

50,095

(5,484)

Collateralized Mortgage Obligations

—

1,879

(74)

1,879

(74)

Total

5,420

(20)

47,550

(5,542)

52,970

(5,562)


	December 31, 2024
	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)

At December 31, 2025, 67 of the Company’s available-for-sale securities had unrealized losses totaling 9.5% of the individual securities’ amortized cost basis and 5.3% of the Company’s total amortized cost basis of the investment securities portfolio. At December 31, 2025, 61 of these 67 securities had been in a continuous loss position for over 12 months. The unrealized losses of these securities are believed to be caused by interest rate increases and changing market conditions and the Company does not intend to sell the securities, and it is not likely to be required to sell these securities prior to maturity. Management has determined that the declines in the fair value of these securities are not attributable to credit losses.

The Company’s securities in an unrealized loss position are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the implicit guarantee of the U.S. government and have a long history of zero credit loss. No allowance for credit losses was recorded for available-for-sale securities at December 31, 2025 and 2024.

The amortized cost and estimated fair value of securities classified as available-for-sale at December 31, 2025, by contractual maturity, are shown in the table below. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly actual maturities may differ from contractual maturities.


		Amortized			Fair
(in thousands)		Cost			Value
Available-for-Sale
Due in 1 Year or Less		$	—		$	—
Due after 1 Year through 5 Years			1,592			1,599
Due after 5 Years through 10 Years			17,084			16,763
Due after 10 Years			85,334			80,715

Total		$	104,010		$	99,077

There was no sales of securities during the year ended December 31, 2025. During the year ended December 31, 2024, the Company recorded no gross gains and gross losses of $1,144,000 to the sales of securities.