Investment securities available for sales (Tables)

6 Months Ended

Jun. 30, 2024

Investment securities available for sale

Schedule of amortized cost and fair value of investment securities available for sale

The amortized cost and fair value of investment securities available for sale as of June 30, 2024 and December 31, 2023 are as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
June 30, 2024
U.S. Government agency obligations	$	655	$	—	$	(15)	$	640
Mortgage-backed securities		75,745		338		(5,877)		70,206
Municipals		2,263		—		(593)		1,670
Subordinated debt		12,205		32		(1,629)		10,608
	$	90,868	$	370	$	(8,114)	$	83,124
December 31, 2023
U.S. Government agency obligations	$	20,690	$	—	$	(75)	$	20,615
Mortgage-backed securities		77,275		643		(5,381)		72,537
Municipals		2,264		—		(608)		1,656
Subordinated debt		12,449		30		(1,702)		10,777
	$	112,678	$	673	$	(7,766)	$	105,585

Schedule of investment securities available for sale

Investment securities available for sale that have an unrealized loss position at June 30, 2024 and December 31, 2023 are detailed below (in thousands):

	Securities in a loss				Securities in a loss
	position for less than				position for more than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
June 30, 2024
U.S. Government agency obligations	$	—	$	—	$	437		(15)	$	437	$	(15)
Mortgage-backed securities		11,675		(129)		30,598		(5,748)		42,273		(5,877)
Municipals		—		—		1,670		(593)		1,670		(593)
Subordinated debt		497		(2)		9,408		(1,627)		9,905		(1,629)
	$	12,172	$	(131)	$	42,113	$	(7,983)	$	54,285	$	(8,114)
December 31, 2023
U.S. Government agency obligations	$	—	$	—	$	20,289	$	(75)	$	20,289	$	(75)
Mortgage-backed securities		4,631		(24)		30,311		(5,357)		34,942		(5,381)
Municipals		—		—		1,656		(608)		1,656		(608)
Subordinated debt		4,145		(587)		5,937		(1,115)		10,082		(1,702)
	$	8,776	$	(611)	$	58,193	$	(7,155)	$	66,969	$	(7,766)

Schedule of investment by contractual maturity

The amortized cost and estimated fair value of investment securities available for sale as of June 30, 2024, by contractual maturity, are as follows (in thousands):

	Amortized
	Cost		Fair Value
Less than one year	$	2,289	$	2,256
One to five years		47,716		44,210
Five to ten years		23,691		21,848
More than ten years		17,172		14,810
Total	$	90,868	$	83,124