Investment securities available for sales (Tables)

3 Months Ended

Mar. 31, 2024

Investment securities available for sale

Schedule of amortized cost and fair value of investment securities available for sale

The amortized cost and fair value of investment securities available for sale as of March 31, 2024 and December 31, 2023 are as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
March 31, 2024
U.S. Government agency obligations	$	695	$	—	$	(17)	$	678
Mortgage-backed securities		75,706		261		(6,060)		69,907
Municipals		2,263		—		(611)		1,652
Subordinated debt		12,202		29		(1,684)		10,547
	$	90,866	$	290	$	(8,372)	$	82,784
December 31, 2023
U.S. Government agency obligations	$	20,690	$	—	$	(75)	$	20,615
Mortgage-backed securities		77,275		643		(5,381)		72,537
Municipals		2,264		—		(608)		1,656
Subordinated debt		12,449		30		(1,702)		10,777
	$	112,678	$	673	$	(7,766)	$	105,585

Schedule of investment securities available for sale

Investment securities available for sale that have an unrealized loss position at March 31, 2024 and December 31, 2023 are detailed below (in thousands):

	Securities in a loss				Securities in a loss
	position for less than				position for more than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
March 31, 2024
U.S. Government agency obligations	$	322	$	(1)	$	356		(16)	$	678	$	(17)
Mortgage-backed securities		10,224		(100)		31,221		(5,960)		41,445		(6,060)
Municipals		—		—		1,652		(611)		1,652		(611)
Subordinated debt		2,789		(443)		7,060		(1,241)		9,849		(1,684)
	$	13,335	$	(544)	$	40,289	$	(7,828)	$	53,624	$	(8,372)
December 31, 2023
U.S. Government agency obligations	$	—	$	—	$	20,289	$	(75)	$	20,289	$	(75)
Mortgage-backed securities		4,631		(24)		30,311		(5,357)		34,942		(5,381)
Municipals		—		—		1,656		(608)		1,656		(608)
Subordinated debt		4,145		(587)		5,937		(1,115)		10,082		(1,702)
	$	8,776	$	(611)	$	58,193	$	(7,155)	$	66,969	$	(7,766)

Schedule of investment by contractual maturity

All of the unrealized losses are attributable to increases in interest rates and not to credit deterioration. Currently, the Company believes that it is probable that the Company will be able to collect all amounts due according to the contractual terms of the investments. Because the declines in fair value are attributable to changes in interest rates and not to credit quality, and because it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company has not recorded an allowance for credit losses on these investments at March 31, 2024.

The amortized cost and estimated fair value of investment securities available for sale as of March 31, 2024, by contractual maturity, are as follows (in thousands):

	Amortized
	Cost		Fair Value
Less than one year	$	—	$	—
One to five years		10,834		10,823
Five to ten years		17,098		15,485
More than ten years		62,934		56,476
Total	$	90,866	$	82,784