Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Investment income, net of investment expenses	$	3,574	$	1,278	$	7,238	$	2,103
Realized gains on investments	26		7		40		11
Realized losses on investments	(74)		(36)		(108)		(107)
Investment income and realized gains, net of investment expenses	$	3,526	$	1,249	$	7,170	$	2,007

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.


	June 30, 2024
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	36,683	$	17	$	(436)	$	36,264
Obligations of states, municipalities and political subdivisions	18,689		15		(983)		17,721
Corporate bonds	53,327		118		(2,283)		51,162
Residential and commercial mortgage-backed securities	27,470		45		(1,108)		26,407
Other loan-backed and structured securities	4,266		7		(266)		4,007
Total investment securities	$	140,435	$	202	$	(5,076)	$	135,561


	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.


	June 30, 2024
Remaining Time to Maturity	Amortized Cost		Fair Value
Due in one year or less	$	32,773	$	32,636
Due after one year through five years	41,786		40,712
Due after five years through ten years	24,472		22,643
Due after ten years	9,668		9,156
Residential and commercial mortgage-backed securities	27,470		26,407
Other loan-backed and structured securities	4,266		4,007
Total	$	140,435	$	135,561

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 June 30, 2024	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(383)	$	18,392	$	(53)	$	525	$	(436)	$	18,917
Obligations of states, municipalities and political subdivisions	(839)		12,492		(144)		1,609		(983)		14,101
Corporate bonds	(1,964)		33,467		(319)		4,129		(2,283)		37,596
Residential and commercial mortgage-backed securities	(705)		16,438		(403)		2,904		(1,108)		19,342
Other loan-backed and structured securities	(258)		3,411		(8)		51		(266)		3,462
Total securities	$	(4,149)	$	84,200	$	(927)	$	9,218	$	(5,076)	$	93,418


	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