Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale Debt Securities

The tables below show the amortized cost and fair value, by type, of the Bank’s available for sale debt securities as of June 30, 2024 and December 31, 2023:

	June 30, 2024
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Available for sale:
U.S. government sponsored agencies	$	149,282	$	127	$	11,424	$	137,985
Mortgage-backed securities: residential		83,283		1		7,855		75,429
Corporate bonds		37,425		—		1,686		35,739
Small Business Administration		43		—		—		43
Total available for sale	$	270,033	$	128	$	20,965	$	249,196
	December 31, 2023
Available for sale:
U.S. government sponsored agencies	$	146,112	$	175	$	10,760	$	135,527
Mortgage-backed securities: residential		85,902		52		7,159		78,795
Corporate bonds		37,298		—		1,787		35,511
Small Business Administration		66		—		1		65
Total available for sale	$	269,378	$	227	$	19,707	$	249,898

Schedule of Available for Sale Debt Securities in a Continuous Unrealized Loss Position

A summary of securities with gross unrealized losses at June 30, 2024 and December 31, 2023 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	June 30, 2024
	Less Than 12 Months				12 Months or More
			Gross				Gross		Total
	Fair		Unrealized		Fair		Unrealized		Unrealized
	Value		Losses		Value		Losses		Losses
Available for sale:
U.S. government sponsored agencies	$	—	$	—	$	131,529	$	11,424	$	11,424
Mortgage-backed securities and small business administration		13,231		48		62,131		7,807		7,855
Corporate bonds		—		—		35,739		1,686		1,686
Total available for sale	$	13,231	$	48	$	229,399	$	20,917	$	20,965
	December 31, 2023
Available for sale:
U.S. government sponsored agencies	$	5,491	$	9	$	126,532	$	10,751	$	10,760
Mortgage-backed securities and small business administration		10,241		98		64,263		7,062		7,160
Corporate bonds		2,507		88		33,004		1,699		1,787
Total available for sale	$	18,239	$	195	$	223,799	$	19,512	$	19,707

Schedule of Amortized Cost Estimated Fair Value and Weighted Average Yields for Available for Sale Debt Securities

The amortized cost and estimated fair value by maturity or next repricing date of investment securities at June 30, 2024 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.

	Amortized		Fair
	Cost		Value
Within one year or less	$	18,240	$	17,347
One through five years		128,626		121,178
After five through ten years		88,997		81,772
Over ten years		34,170		28,899
Total	$	270,033	$	249,196