Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Held-to-Maturity Securities

Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses at the dates indicated:

			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit		Fair
Held-to-maturity:	Cost		Gains		Losses			Losses		Value
			(in thousands)
September 30, 2023
Debt securities issued by U.S. government-sponsored enterprises	$	10,220	$	—	$	(523	)	$	—	$	9,697
Mortgage-backed securities		47,687		1		(7,368	)		—		40,320
Corporate bonds		11,585		—		(1,080	)		—		10,505
U.S. Treasury securities		5,377		—		(55	)		—		5,322
Total held-to-maturity securities	$	74,869	$	1	$	(9,026	)	$	—	$	65,844
December 31, 2022
Debt securities issued by U.S. government-sponsored enterprises	$	11,213	$	6	$	(578	)	$	—	$	10,641
Mortgage-backed securities		51,864		3		(6,181	)		—		45,686
Corporate bonds		11,612		—		(1,041	)		—		10,571
U.S. Treasury securities		2,902		—		(93	)		—		2,809
Total held-to-maturity securities	$	77,591	$	9	$	(7,893	)	$	—	$	69,707

Schedule of Available-for-Sale Securities

			Gross		Gross		Allowance
	Amortized		Unrealized		Unrealized		for Credit		Fair
Available-for-sale	Cost		Gains		Losses		Losses		Value
			(in thousands)
September 30, 2023
Debt securities
Corporate bonds	$	5,000	$	6	$	—	$	—	$	5,006
Total available-for-sale securities	$	5,000	$	6	$	—	$	—	$	5,006
December 31, 2022
Debt securities
Corporate bonds	$	4,991	$	10	$	—	$	—	$	5,001
Total available-for-sale securities	$	4,991	$	10	$	—	$	—	$	5,001

Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities

A schedule of the contractual maturities of available for sale and held to maturity securities as of September 30, 2023 is presented below:

	Available-
	for-sale		Held-to-maturity
	Fair		Amortized		Fair
	Value		Cost		Value
	(in thousands)
Within 1 year	$	5,006	$	7,267	$	7,183
After 1 year through 5 years		—		21,672		20,324
After 5 years through 10 years		—		3,538		3,068
After 10 years		—		42,392		35,269
Total	$	5,006	$	74,869	$	65,844

Aggregate Fair Value and Unrealized Losses of Securities in a Continuous Unrealized Loss Position

The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of September 30, 2023 and December 31, 2022:

	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
						(in thousands)
September 30, 2023
Held to Maturity:
Debt securities issued by U.S. government-sponsored enterprises	$	2,723	$	(23	)	$	6,974	$	(500	)	$	9,697	$	(523	)
Mortgage-backed securities		7,442		(275	)		32,748		(7,093	)		40,190		(7,368	)
Corporate bonds		-		-			10,505		(1,080	)		10,505		(1,080	)
U.S. Treasury securities		2,476		(1	)		2,846		(54	)		5,322		(55	)
Total temporarily impaired securities	$	12,641	$	(299	)	$	53,073	$	(8,727	)	$	65,714	$	(9,026	)
December 31, 2022
Held to Maturity:
Debt securities issued by U.S. government-sponsored enterprises	$	2,847	$	(40	)	$	5,046	$	(538	)	$	7,893	$	(578	)
Mortgage-backed securities		20,795		(1,294	)		24,710		(4,887	)		45,505		(6,181	)
Corporate bonds		10,571		(1,041	)		-		-			10,571		(1,041	)
U.S. Treasury securities		2,809		(93	)		-		-			2,809		(93	)
Total temporarily impaired securities	$	37,022	$	(2,468	)	$	29,756	$	(5,425	)	$	66,778	$	(7,893	)