Investment Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023:

	September 30, 2024
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Available for sale:
U.S. government sponsored agencies	$	141,411	$	371	$	7,140	$	134,642
Mortgage-backed securities: residential		83,827		123		5,187		78,763
Corporate bonds		31,174		80		660		30,594
Small Business Administration		32		—		—		32
Total available for sale	$	256,444	$	574	$	12,987	$	244,031
	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 September 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:

	September 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	$	—	$	—	$	122,400	$	7,140	$	7,140
Mortgage-backed securities and small business administration		6,371		3		60,391		5,184		5,187
Corporate bonds		—		—		22,963		660		660
Total available for sale	$	6,371	$	3	$	205,754	$	12,984	$	12,987
	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 September 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	$	26,722	$	26,140
One through five years		107,828		103,799
After five through ten years		88,248		84,457
Over ten years		33,646		29,635
Total	$	256,444	$	244,031