Available for Sale Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Costs and Fair Value of Securities Available for Sale

The amortized costs and fair values of available-for-sale securities were as follows:

	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Obligations of states and political subdivisions	$	16,850	$	—	$	(2,818	)	$	14,032
Government-sponsored mortgage-backed securities		93,499		120		(7,310	)		86,309
Asset-backed securities		3,016		3		(4	)		3,015
Total	$	113,365	$	123	$	(10,132	)	$	103,356

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Obligations of states and political subdivisions	$	17,043	$	3	$	(2,815	)	$	14,231
Government-sponsored mortgage-backed securities		97,674		305		(6,960	)		91,019
Asset-backed securities		3,593		—		(21	)		3,572
Certificates of deposit		745		—		(8	)		737
Total	$	119,055	$	308	$	(9,804	)	$	109,559

Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity

The amortized costs and fair values of available-for-sale securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, expected maturities will differ from contractual maturities for mortgage-backed securities and asset-backed securities, as the expected repayment terms may be less than the underlying mortgage pool contractual maturities. Therefore, these securities are not included in the maturity categories in the maturity summary below.

	June 30, 2024
	Amortized Cost		Fair Value
	(in thousands)
Debt and other securities:
Due in one year or less	$	730	$	718
Due after one through 5 years		260		260
Due after 5 through 10 years		12,945		10,777
Due after 10 years		2,915		2,277
Total debt and other securities		16,850		14,032
Mortgage-related securities		93,499		86,309
Asset-backed securities		3,016		3,015
Total	$	113,365	$	103,356

Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values

Gross unrealized losses on securities available-for-sale and the fair values of the related securities, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position were as follows:

	June 30, 2024
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(in thousands)
Obligations of states and political    subdivisions	$	260	$	—		$	13,772	$	(2,818	)	$	14,032	$	(2,818	)
Government-sponsored mortgage-backed    securities		34,851		(285	)		38,572		(7,025	)		73,423		(7,310	)
Asset-backed securities		1,036		(2	)		540		(2	)		1,576		(4	)
Total	$	36,147	$	(287	)	$	52,884	$	(9,845	)	$	89,031	$	(10,132	)

	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(in thousands)
Obligations of states and political    subdivisions	$	—	$	—		$	13,889	$	(2,815	)	$	13,889	$	(2,815	)
Government-sponsored mortgage-backed    securities		—		—			40,983		(6,960	)		40,983		(6,960	)
Asset-backed securities		1,740		(5	)		1,832		(16	)		3,572		(21	)
Certificates of deposit		—		—			737		(8	)		737		(8	)
Total	$	1,740	$	(5	)	$	57,441	$	(9,799	)	$	59,181	$	(9,804	)

Debt Securities Available For Sale Unrealized Loss Position And Aggregate Depreciation

The following table presents the number of debt securities in an unrealized loss position and the aggregate depreciation from their unamortized cost basis, by security type, as of June 30, 2024 and December 31, 2023.

	June 30, 2024					December 31, 2023
	Number of Securities		Aggregate Depreciation			Number of Securities		Aggregate Depreciation
Obligations of states and political subdivisions		16		16.7	%		16		16.9	%
Government-sponsored mortgage-backed securities		33		9.1	%		25		14.5	%
Asset-backed securities		3		0.3	%		4		0.6	%
Certificates of deposit		—		—			3		1.1	%
Total		52		10.2	%		48		14.2	%