Securities (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost, Fair Value, and Corresponding Amounts of Gross Unrealized Gains and Losses for Available for Sale Securities |
The following table summarizes the amortized cost, the corresponding amounts of gross unrealized gains and losses, and estimated fair value of available-for-sale ("AFS") debt securities as of March 31, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | ($ in thousands) | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | Residential mortgage-backed securities | | $ | 53,503 | | | $ | — | | | $ | (4,788) | | | $ | 48,715 | | | Residential collateralized mortgage obligations | | 175,840 | | | 229 | | | (17,880) | | | 158,189 | | | Municipal securities-tax exempt | | 5,653 | | | 210 | | | — | | | 5,863 | | | Total AFS debt securities | | $ | 234,996 | | | $ | 439 | | | $ | (22,668) | | | $ | 212,767 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | ($ in thousands) | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | Residential mortgage-backed securities | | $ | 55,189 | | | $ | — | | | $ | (5,425) | | | $ | 49,764 | | | Residential collateralized mortgage obligations | | 179,953 | | | 1 | | | (19,909) | | | 160,045 | | | Total AFS debt securities | | $ | 235,142 | | | $ | 1 | | | $ | (25,334) | | | $ | 209,809 | | |
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| Schedule of Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity |
The amortized cost and estimated fair value of AFS debt securities as of March 31, 2023, by contractual maturity, are shown below:
| | | | | | | | | | | | | | | | | ($ in thousands) | | Amortized
Cost | | Fair
Value | | After one year through five years | | $ | 1,467 | | | $ | 1,411 | | | After five years through ten years | | 4,503 | | | 4,120 | | | After ten years | | 229,026 | | | 207,236 | | | Total AFS debt securities | | $ | 234,996 | | | $ | 212,767 | | |
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| Schedule of Unrealized Losses on AFS Debt Securities |
The following table presents the fair value and the associated gross unrealized losses on AFS debt securities by length of time those individual securities in each category have been in a continuous loss as of March 31, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | ($ in thousands) | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 15,913 | | | $ | (493) | | | $ | 32,802 | | | $ | (4,295) | | | $ | 48,715 | | | $ | (4,788) | | | Residential collateralized mortgage obligations | | 37,944 | | | (722) | | | 92,180 | | | (17,158) | | | 130,124 | | | (17,880) | | | Total AFS debt securities | | $ | 53,857 | | | $ | (1,215) | | | $ | 124,982 | | | $ | (21,453) | | | $ | 178,839 | | | $ | (22,668) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | ($ in thousands) | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 26,347 | | | $ | (1,485) | | | $ | 23,417 | | | $ | (3,940) | | | $ | 49,764 | | | $ | (5,425) | | | Residential collateralized mortgage obligations | | 81,320 | | | (3,888) | | | 71,604 | | | (16,021) | | | 152,924 | | | (19,909) | | | Total AFS debt securities | | $ | 107,667 | | | $ | (5,373) | | | $ | 95,021 | | | $ | (19,961) | | | $ | 202,688 | | | $ | (25,334) | | |
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| Schedule of Other Investments |
The following table presents the other investment securities, which are included in Other investments on the Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | ($ in thousands) | | March 31, 2023 | | December 31, 2022 | | FHLB stock | | $ | 8,483 | | | $ | 8,483 | | | Pacific Coast Bankers Bank ("PCBB") stock | | 190 | | | 190 | | | Mutual fund - Community Reinvestment Act ("CRA") qualified | | 3,404 | | | 3,330 | | | Time deposits placed in other banks | | 95 | | | 95 | | | Total other investments | | $ | 12,172 | | | $ | 12,098 | | |
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