Investment Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The tables below show the amortized cost and fair value, by type, of the Company’s available for sale debt securities as of March 31, 2025 and December 31, 2024:


	March 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Available for sale:
U.S. government sponsored agencies	$	142,353	$	250	$	8,662	$	133,941
Mortgage-backed securities		92,464		216		6,066		86,614
Corporate bonds		31,300		1		858		30,443
Small Business Administration		—		—		—		—
Total available for sale	$	266,117	$	467	$	15,586	$	250,998

	December 31, 2024
Available for sale:
U.S. government sponsored agencies	$	147,674	$	68	$	10,909	$	136,833
Mortgage-backed securities		85,708		19		8,444		77,283
Corporate bonds		31,237		—		1,254		29,983
Small Business Administration		20		—		—		20
Total available for sale	$	264,639	$	87	$	20,607	$	244,119

As of March 31, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

The Company evaluates securities for impairment when there has been a decline in fair value below the amortized cost basis at least quarterly. Accordingly, management is able to effectively measure and monitor the unrealized loss position on these securities and because the Company does not intend to sell the securities and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost basis, the Company determined no allowance for credit loss was required as of March 31, 2025 or December 31, 2024.

Accrued interest receivable on investment securities totaled $1.4 million and $1.5 million as of March 31, 2025 and December 31, 2024, respectively, and was reported in accrued interest receivable on the statements of financial condition.

A summary of securities with gross unrealized losses at March 31, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:


	March 31, 2025
	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	$	2,997	$	47	$	116,090	$	8,615	$	8,662
Mortgage-backed securities		12,571		239		56,539		5,827		6,066
Corporate bonds		7,589		35		22,353		823		858
Total available for sale	$	23,157	$	321	$	194,982	$	15,265	$	15,586

	December 31, 2024
Available for sale:
U.S. government sponsored agencies	$	12,337	$	246	$	118,800	$	10,663	$	10,909
Mortgage-backed securities and small business administration		17,590		698		56,203		7,746		8,444
Corporate bonds		7,955		133		22,028		1,121		1,254
Total available for sale	$	37,882	$	1,077	$	197,031	$	19,530	$	20,607

The amortized cost and estimated fair value by maturity or next repricing date of investment securities at March 31, 2025 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	$	4,945	$	4,887
One through five years		82,974		79,742
After five through ten years		77,781		74,308
Over ten years		100,417		92,061
Total	$	266,117	$	250,998

At March 31, 2025 and December 31, 2024, approximately $141 million and $144 million of investments were pledged to secure various deposits or borrowings, respectively.

Additional information related to fair value of investment securities is provided in Note 10.