Investments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Gain and Losses on Investments

The following table summarizes investment income and realized gains and losses on investments during the periods presented.


	Three Months Ended March 31,
	2024		2023
Investment income, net of investment expenses	$	3,664	$	825
Realized gains on investments	14		4
Realized losses on investments	(34)		(71)
Investment income and realized gains, net of investment expenses	$	3,644	$	758

Summary of Amortized Cost, Market Value and Unrealized Gains (Losses) of Debt Securities

The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities.


	March 31, 2024
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	36,212	$	21	$	(414)	$	35,819
Obligations of states, municipalities and political subdivisions	19,481		52		(988)		18,545
Corporate bonds	54,417		209		(2,213)		52,413
Residential and commercial mortgage-backed securities	25,217		54		(1,098)		24,173
Other loan-backed and structured securities	3,428		12		(274)		3,166
Total investment securities	$	138,755	$	348	$	(4,987)	$	134,116


	December 31, 2023
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	43,931	$	95	$	(330)	$	43,696
Obligations of states, municipalities and political subdivisions	18,281		100		(961)		17,420
Corporate bonds	51,678		430		(2,067)		50,041
Residential and commercial mortgage-backed securities	25,452		153		(1,004)		24,601
Other loan-backed and structured securities	3,694		13		(289)		3,418
Total investment securities	$	143,036	$	791	$	(4,651)	$	139,176

Summary of Remaining Time to Maturity

Actual maturities may 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
Remaining Time to Maturity	Amortized Cost		Fair Value
Due in one year or less	$	30,358	$	30,229
Due after one year through five years	44,282		43,258
Due after five years through ten years	25,697		23,964
Due after ten years	9,773		9,326
Residential and commercial mortgage-backed securities	25,217		24,173
Other loan-backed and structured securities	3,428		3,166
Total	$	138,755	$	134,116

Summary of Securities with Gross Unrealized Loss Position

Securities with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


	Less Than Twelve Months				Twelve Months or Greater				Total
As of March 31, 2024	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(358)	$	33,077	$	(56)	$	526	$	(414)	$	33,603
Obligations of states, municipalities and political subdivisions	(839)		10,400		(149)		1,607		(988)		12,007
Corporate bonds	(1,859)		27,414		(354)		4,590		(2,213)		32,004
Residential and commercial mortgage-backed securities	(692)		13,523		(406)		2,964		(1,098)		16,487
Other loan-backed and structured securities	(267)		2,565		(7)		51		(274)		2,616
Total securities	$	(4,015)	$	86,979	$	(972)	$	9,738	$	(4,987)	$	96,717


	Less Than Twelve Months				Twelve Months or Greater				Total
As of December 31, 2023	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(280)	$	12,345	$	(50)	$	515	$	(330)	$	12,860
Obligations of states, municipalities and political subdivisions	(813)		8,445		(148)		1,639		(961)		10,084
Corporate bonds	(1,698)		21,104		(369)		4,677		(2,067)		25,781
Residential and commercial mortgage-backed securities	(621)		8,673		(383)		3,072		(1,004)		11,745
Other loan-backed and structured securities	(281)		2,790		(8)		52		(289)		2,842
Total securities	$	(3,693)	$	53,357	$	(958)	$	9,955	$	(4,651)	$	63,312