Securities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| 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, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | ($ in thousands) | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | Residential mortgage-backed securities | | $ | 46,755 | | | $ | — | | | $ | (4,746) | | | $ | 42,009 | | | Residential collateralized mortgage obligations | | 158,503 | | | — | | | (19,035) | | | 139,468 | | | Municipal securities - tax exempt | | 5,751 | | | 78 | | | (81) | | | 5,748 | | | Total AFS debt securities | | $ | 211,009 | | | $ | 78 | | | $ | (23,862) | | | $ | 187,225 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 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 | | $ | 48,318 | | | $ | — | | | $ | (4,441) | | | $ | 43,877 | | | Residential collateralized mortgage obligations | | 162,142 | | | 67 | | | (17,750) | | | 144,459 | | | Municipal securities - tax exempt | | 5,726 | | | 189 | | | (1) | | | 5,914 | | | Total AFS debt securities | | $ | 216,186 | | | $ | 256 | | | $ | (22,192) | | | $ | 194,250 | | |
|
| 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, 2024, by contractual maturity, are shown below:
| | | | | | | | | | | | | | | | | ($ in thousands) | | Amortized
Cost | | Fair
Value | | After one year through five years | | $ | 1,172 | | | $ | 1,124 | | | After five years through ten years | | 3,141 | | | 2,857 | | | After ten years | | 206,696 | | | 183,244 | | | Total AFS debt securities | | $ | 211,009 | | | $ | 187,225 | | |
|
| 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, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | | 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 | | $ | — | | | $ | — | | | $ | 42,009 | | | $ | (4,746) | | | $ | 42,009 | | | $ | (4,746) | | | Residential collateralized mortgage obligations | | 30,766 | | | (483) | | | 108,702 | | | (18,552) | | | 139,468 | | | (19,035) | | | Municipal securities - tax exempt | | 2,615 | | | (81) | | | — | | | — | | | 2,615 | | | (81) | | | Total AFS debt securities | | $ | 33,381 | | | $ | (564) | | | $ | 150,711 | | | $ | (23,298) | | | $ | 184,092 | | | $ | (23,862) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 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 | | $ | 6,488 | | | $ | (59) | | | $ | 37,389 | | | $ | (4,382) | | | $ | 43,877 | | | $ | (4,441) | | | Residential collateralized mortgage obligations | | 25,439 | | | (177) | | | 105,963 | | | (17,573) | | | 131,402 | | | (17,750) | | | Municipal securities - tax exempt | | 1,842 | | | (1) | | | — | | | — | | | 1,842 | | | (1) | | | Total AFS debt securities | | $ | 33,769 | | | $ | (237) | | | $ | 143,352 | | | $ | (21,955) | | | $ | 177,121 | | | $ | (22,192) | | |
|
| 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, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | ($ in thousands) | | March 31, 2024 | | December 31, 2023 | | FHLB stock | | $ | 12,528 | | | $ | 12,528 | | | Pacific Coast Bankers Bank ("PCBB") stock | | 190 | | | 190 | | | Mutual fund - Community Reinvestment Act ("CRA") qualified | | 3,451 | | | 3,463 | | | Time deposits placed in other banks | | 95 | | | 95 | | | Total other investments | | $ | 16,264 | | | $ | 16,276 | | |
|