Investment Securities

3 Months Ended

Mar. 31, 2024

(3) INVESTMENT SECURITIES

The following tables present details of fixed maturity securities available for sale as of March 31, 2024 and December 31, 2023:


March 31, 2024 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	43,804	$	—	$	(5,074	)	$	38,730
State and municipalities		13,550		13		(1,415	)		12,148
Agency bonds		2,185		—		(25	)		2,160
Total	$	59,539	$	13	$	(6,514	)	$	53,038

December 31, 2023 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	44,653	$	—	$	(4,791	)	$	39,862
State and municipalities		13,733		21		(1,501	)		12,253
Agency bonds		2,187		—		(20	)		2,167
Total	$	60,573	$	21	$	(6,312	)	$	54,282

The amortized cost and estimated market value of investment securities at March 31, 2024 by contractual maturity are shown 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.


March 31, 2024 (Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	3,970	$	3,886
Due after one year through five years		5,885		5,662
Due after five years through ten years		8,484		7,414
Due after ten years		41,200		36,076
Total	$	59,539	$	53,038

The following tables show information pertaining to securities with gross unrealized losses at March 31, 2024 and December 31, 2023, 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
March 31, 2024 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	(39	)	$	1,875	$	(5,035	)	$	36,766
State and municipalities		(1	)		41		(1,414	)		12,064
Agency bonds		—			—		(25	)		2,160
Total	$	(40	)	$	1,916	$	(6,474	)	$	50,990

	Less than Twelve Months					Twelve Months and Over
December 31, 2023 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	(78	)	$	5,797	$	(4,714	)	$	33,971
State and municipalities		(204	)		4,839		(1,296	)		7,371
Agency bonds		—			—		(20	)		2,167
Total	$	(282	)	$	10,636	$	(6,030	)	$	43,509

As of March 31, 2024 and December 31, 2023, the Company had 60 securities with unrealized losses that have not been recognized in income. The investments are mortgage-backed securities and similar instruments with lower risk characteristics. 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 our assessment, no material impairments for credit losses were recognized during the period. We presently do not intend to sell our investment securities that are in an unrealized loss position and believe that it is unlikely that we will be required to sell these securities before recovery of our amortized cost.