XML 31 R25.htm IDEA: XBRL DOCUMENT v3.24.3
Investments in Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Held-to-Maturity Securities

Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of held to maturity securities at the dates indicated:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Allowance

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

for Credit

 

 

Fair

 

Held-to-maturity:

 

Cost

 

 

Gains

 

 

Losses

 

 

Losses

 

 

Value

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities issued by U.S. government-sponsored enterprises

 

$

8,337

 

 

$

—

 

 

$

(175

)

 

$

—

 

 

$

8,162

 

Agency mortgage-backed securities

 

 

45,562

 

 

 

160

 

 

 

(4,112

)

 

 

—

 

 

 

41,610

 

Corporate bonds

 

 

17,900

 

 

 

135

 

 

 

(437

)

 

 

—

 

 

 

17,598

 

U.S. Treasury securities

 

 

5,434

 

 

 

37

 

 

 

—

 

 

 

—

 

 

 

5,471

 

Total held-to-maturity securities

 

$

77,233

 

 

$

332

 

 

$

(4,724

)

 

$

—

 

 

$

72,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities issued by U.S. government-sponsored enterprises

 

$

10,225

 

 

$

—

 

 

$

(381

)

 

$

—

 

 

$

9,844

 

Agency mortgage-backed securities

 

 

49,445

 

 

 

36

 

 

 

(5,235

)

 

 

—

 

 

 

44,246

 

Corporate bonds

 

 

14,408

 

 

 

—

 

 

 

(779

)

 

 

—

 

 

 

13,629

 

U.S. Treasury securities

 

 

2,901

 

 

 

—

 

 

 

(30

)

 

 

—

 

 

 

2,871

 

Total held-to-maturity securities

 

$

76,979

 

 

$

36

 

 

$

(6,425

)

 

$

—

 

 

$

70,590

 
Schedule of Available-for-Sale Securities

The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of available-for-sale securities at the dates indicated:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Allowance

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

for Credit

 

 

Fair

 

Available-for-sale

 

Cost

 

 

Gains

 

 

Losses

 

 

Losses

 

 

Value

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency mortgage-backed securities

 

$

4,175

 

 

$

—

 

 

$

(12

)

 

$

—

 

 

$

4,163

 

Total available-for-sale securities

 

$

4,175

 

 

$

—

 

 

$

(12

)

 

$

—

 

 

$

4,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

5,000

 

 

$

4

 

 

$

(1

)

 

$

—

 

 

$

5,003

 

Total available-for-sale securities

 

$

5,000

 

 

$

4

 

 

$

(1

)

 

$

—

 

 

$

5,003

 
Schedule of Aggregate Fair Value and Unrealized Losses of Available-for-Sale Securities in a Continuous Unrealized Loss Position

The aggregate fair value and unrealized losses of available-for-sale securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of September 30, 2024 and December 31, 2023:

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

# of

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

 

Holdings

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency mortgage-backed securities

 

 

2

 

 

$

4,163

 

 

$

(12

)

 

$

-

 

 

$

-

 

 

$

4,163

 

 

$

(12

)

Total

 

 

2

 

 

$

4,163

 

 

$

(12

)

 

$

-

 

 

$

-

 

 

$

4,163

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

1

 

 

$

2,500

 

 

$

(1

)

 

$

-

 

 

$

-

 

 

$

2,500

 

 

$

(1

)

Total

 

 

1

 

 

$

2,500

 

 

$

(1

)

 

$

-

 

 

$

-

 

 

$

2,500

 

 

$

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities A schedule of the contractual maturities of available-for-sale and held-to-maturity securities as of September 30, 2024 is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

Held-to-maturity

 

 

 

Fair

 

 

Amortized

 

 

Fair

 

 

 

Value

 

 

Cost

 

 

Value

 

 

 

 

 

 

 

 

Within 1 year

 

$

2,007

 

 

$

13,793

 

 

$

13,626

 

After 1 year through 5 years

 

 

2,156

 

 

 

21,920

 

 

 

21,805

 

After 5 years through 10 years

 

 

-

 

 

 

3,983

 

 

 

3,808

 

After 10 years

 

 

-

 

 

 

37,537

 

 

 

33,602

 

Total

 

$

4,163

 

 

$

77,233

 

 

$

72,841