Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following table summarizes the amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2024 and December 31, 2023.

(Dollars in thousands)	Amortized Cost		Gross Unrealized / Unrecognized Gains		Gross Unrealized / Unrecognized Losses			Estimated Fair Value
At March 31, 2024:
Mortgage backed securities	$	12,288	$	22	$	(787	)	$	11,523
Government agencies		19,941		—		(386	)		19,555
Total available for sale securities	$	32,229	$	22	$	(1,173	)	$	31,078
Mortgage backed securities	$	51,997	$	76	$	(6,718	)	$	45,355
Government agencies		3,070		—		(507	)		2,563
Corporate bonds		40,773		—		(3,978	)		36,795
Total held to maturity securities, net	$	95,840	$	76	$	(11,203	)	$	84,713
At December 31, 2023:
Mortgage backed securities	$	15,882	$	25	$	(758	)	$	15,149
Government agencies		29,916		—		(505	)		29,411
Total available for sale securities	$	45,798	$	25	$	(1,263	)	$	44,560
Mortgage backed securities	$	56,928	$	—	$	(6,140	)	$	50,788
Government agencies		3,072		—		(513	)		2,559
Corporate bonds		40,841		—		(4,158	)		36,683
Total held to maturity securities, net	$	100,841	$	—	$	(10,811	)	$	90,030

Summary of maturities available for sale investment securities

The following table summarizes the scheduled maturities of our available for sale and held to maturity investment securities as of March 31, 2024.

	Available for Sale				Held to Maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less that one year	$	18,372	$	18,100	$	13,673	$	13,640
One to five years		4,976		4,846		14,480		14,044
Five to ten years		—		—		19,593		16,885
Beyond ten years		1,448		1,328		20,094		16,036
Securities not due at a single maturity date		7,433		6,804		28,000		24,108
Total investment securities	$	32,229	$	31,078	$	95,840	$	84,713

Summary of Amortized Cost And Fair value Of Available For sale And Held To Maturity Securities

	March 31, 2024				December 31, 2023
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Aaa	$	11,261	$	9,179	$	11,382	$	9,473
Aa1/Aa2/Aa3		3,069		2,563		3,072		2,559
A1/A2/A3		4,774		3,466		4,770		3,543
Not rated		76,736		69,505		81,617		74,455
Total held to maturity securities	$	95,840	$	84,713	$	100,841	$	90,030

Summary of available for sale securities and held to maturity securities continuous unrealized loss position fair value

At March 31, 2024, the Company had 51 securities in an unrealized loss position. At December 31, 2023, the Company had 55 securities in an unrealized loss position. The following table summarizes the unrealized losses for those investment securities, at the respective reporting dates, aggregated by major security type and length of time in a continuous unrealized loss position.

	Less Than 12 Months				More Than 12 Months					Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
At March 31, 2024:
Mortgage backed securities	$	—	$	—	$	9,783	$	(787	)	$	9,783	$	(787	)
Government agencies		—		—		19,555		(386	)		19,555		(386	)
Total available for sale securities	$	—	$	—	$	29,338	$	(1,173	)	$	29,338	$	(1,173	)
Mortgage backed securities	$	—	$	—	$	42,113	$	(6,718	)	$	42,113	$	(6,718	)
Government agencies		—		—		2,563		(507	)		2,563		(507	)
Corporate bonds		—		—		36,795		(3,978	)		36,795		(3,978	)
Total held to maturity securities	$	—	$	—	$	81,472	$	(11,203	)	$	81,472	$	(11,203	)
At December 31, 2023:
Mortgage backed securities	$	—	$	—	$	13,314	$	(758	)	$	13,314	$	(758	)
Government agencies		—		—		29,411		(505	)		29,411		(505	)
Total available for sale securities	$	—	$	—	$	42,725	$	(1,263	)	$	42,725	$	(1,263	)
Mortgage backed securities	$	—	$	—	$	50,788	$	(6,140	)	$	50,788	$	(6,140	)
Government agencies		—		—		2,559		(513	)		2,559		(513	)
Corporate bonds		—		—		36,683		(4,158	)		36,683		(4,158	)
Total held to maturity securities	$	—	$	—	$	90,030	$	(10,811	)	$	90,030	$	(10,811	)

Summary of Allowance For Credit Losses On held To Maturity Securities

The following table presents the balance and activity in the allowance for credit losses on held to maturity securities for the three months ended March 31, 2024 and 2023.

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Beginning balance	$	55	$	—
Adoption of new accounting standard		—		110
Provision for credit losses		20		—
Net charge-offs		—		—
Ending balance	$	75	$	110