Investment Securities

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024:


	June 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Available for sale:
U.S. government sponsored agencies	$	137,699	$	113	$	8,446	$	129,366
Mortgage-backed securities		111,872		145		6,707		105,310
Corporate bonds		26,197		11		711		25,497
Small Business Administration		—		—		—		—
Total available for sale	$	275,768	$	269	$	15,864	$	260,173

	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 June 30, 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 June 30, 2025 or December 31, 2024.

Accrued interest receivable on investment securities totaled $1.5 million and $1.5 million as of June 30, 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 June 30, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:


	June 30, 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	$	2,985	$	58	$	116,416	$	8,387	$	8,445
Mortgage-backed securities		35,320		651		54,492		6,056		6,707
Corporate bonds		498		2		20,916		710		712
Total available for sale	$	38,803	$	711	$	191,824	$	15,153	$	15,864

	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 June 30, 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	$	10,012	$	9,873
One through five years		78,159		75,074
After five through ten years		68,568		65,488
Over ten years		119,029		109,738
Total	$	275,768	$	260,173

At June 30, 2025 and December 31, 2024, approximately $1.4 million and $144.2 million of investments were pledged to secure various deposits or borrowings, respectively. In April of 2025, the Federal Reserve released approximately $142.8 million of pledged securities that were held as part of the expired special Bank Term Funding Program.

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