Investments in Securities (Tables)

6 Months Ended

Jun. 30, 2024

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 of held to maturity securities at the dates indicated:

			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit		Fair
Held-to-maturity:	Cost		Gains		Losses			Losses		Value
			(in thousands)
June 30, 2024
Debt securities issued by U.S. government-sponsored enterprises	$	10,234	$	—	$	(305	)	$	—	$	9,929
Agency mortgage-backed securities		46,922		2		(5,505	)		—		41,419
Corporate bonds		17,902		134		(735	)		—		17,301
U.S. Treasury securities		5,400		—		(2	)		—		5,398
Total held-to-maturity securities	$	80,458	$	136	$	(6,547	)	$	—	$	74,047
December 31, 2023
Debt securities issued by U.S. government-sponsored enterprises	$	10,225	$	—	$	(381	)	$	—	$	9,844
Agency mortgage-backed securities		49,445		36		(5,235	)		—		44,246
Corporate bonds		14,408		—		(779	)		—		13,629
U.S. Treasury securities		2,901		—		(30	)		—		2,871
Total held-to-maturity securities	$	76,979	$	36	$	(6,425	)	$	—	$	70,590

Schedule of the Contractual Maturities of Held-to-Maturity Securities

A schedule of the contractual maturities of held-to-maturity securities as of June 30, 2024 is presented below:

	Held-to-maturity
	Amortized		Fair
	Cost		Value
Within 1 year	$	8,582	$	8,536
After 1 year through 5 years		26,317		25,382
After 5 years through 10 years		6,380		6,303
After 10 years		39,179		33,826
Total	$	80,458	$	74,047

Schedule of Available-for-Sale Securities

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 of available-for-sale securities at December 31, 2023:

			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit		Fair
Available-for-sale	Cost		Gains		Losses			Losses		Value
			(in thousands)
December 31, 2023
Debt securities
Corporate bonds	$	5,000	$	4	$	(1	)	$	—	$	5,003
Total available-for-sale securities	$	5,000	$	4	$	(1	)	$	—	$	5,003

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 June 30, 2024 and December 31, 2023:

	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
						(in thousands)
June 30, 2024
Held to Maturity:
Debt securities issued by U.S. government-sponsored enterprises	$	-	$	-		$	9,929	$	(305	)	$	9,929	$	(305	)
Agency mortgage-backed securities		5,154		(46	)		36,141		(5,460	)		41,295		(5,505	)
Corporate bonds		-		-			10,823		(734	)		10,823		(735	)
U.S. Treasury securities		5,398		(2	)		-		-			5,398		(2	)
Total temporarily impaired securities	$	10,552	$	(48	)	$	56,893	$	(6,499	)	$	67,445	$	(6,547	)
December 31, 2023
Held to Maturity:
Debt securities issued by U.S. government-sponsored enterprises	$	2,740	$	(7	)	$	7,104	$	(374	)	$	9,844	$	(381	)
Agency mortgage-backed securities		-		-			38,717		(5,235	)		38,717		(5,235	)
Corporate bonds		2,821		(11	)		10,808		(768	)		13,629		(779	)
U.S. Treasury securities		-		-			2,871		(30	)		2,871		(30	)
Total temporarily impaired securities	$	5,561	$	(18	)	$	59,500	$	(6,407	)	$	65,061	$	(6,425	)
Available for Sale:
Corporate bonds	$	2,500	$	(1	)	$	-	$	-		$	2,500	$	(1	)
Total temporarily impaired securities	$	2,500	$	(1	)	$	-	$	-		$	2,500	$	(1	)