Investments in Securities (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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:
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Gross |
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Gross |
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Allowance |
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Amortized |
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Unrealized |
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Unrealized |
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for Credit |
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Fair |
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Held-to-maturity: |
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Cost |
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Gains |
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Losses |
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Losses |
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Value |
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(in thousands) |
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June 30, 2024 |
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Debt securities issued by U.S. government-sponsored enterprises |
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$ |
10,234 |
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$ |
— |
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$ |
(305 |
) |
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$ |
— |
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$ |
9,929 |
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Agency mortgage-backed securities |
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46,922 |
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2 |
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(5,505 |
) |
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— |
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41,419 |
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Corporate bonds |
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17,902 |
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134 |
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(735 |
) |
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— |
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17,301 |
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U.S. Treasury securities |
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5,400 |
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— |
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(2 |
) |
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— |
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5,398 |
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Total held-to-maturity securities |
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$ |
80,458 |
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$ |
136 |
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$ |
(6,547 |
) |
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$ |
— |
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$ |
74,047 |
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December 31, 2023 |
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Debt securities issued by U.S. government-sponsored enterprises |
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$ |
10,225 |
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$ |
— |
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|
$ |
(381 |
) |
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$ |
— |
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$ |
9,844 |
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Agency mortgage-backed securities |
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49,445 |
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36 |
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(5,235 |
) |
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— |
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44,246 |
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Corporate bonds |
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14,408 |
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— |
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(779 |
) |
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— |
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13,629 |
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U.S. Treasury securities |
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2,901 |
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— |
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(30 |
) |
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— |
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2,871 |
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Total held-to-maturity securities |
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$ |
76,979 |
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$ |
36 |
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|
$ |
(6,425 |
) |
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$ |
— |
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$ |
70,590 |
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| 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:
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Held-to-maturity |
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Amortized |
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Fair |
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Cost |
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Value |
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Within 1 year |
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$ |
8,582 |
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$ |
8,536 |
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After 1 year through 5 years |
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26,317 |
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25,382 |
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After 5 years through 10 years |
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6,380 |
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6,303 |
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After 10 years |
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39,179 |
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33,826 |
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Total |
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$ |
80,458 |
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|
$ |
74,047 |
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| 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:
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Gross |
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Gross |
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Allowance |
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Amortized |
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Unrealized |
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Unrealized |
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for Credit |
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Fair |
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Available-for-sale |
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Cost |
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Gains |
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Losses |
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Losses |
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Value |
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(in thousands) |
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December 31, 2023 |
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Debt securities |
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Corporate bonds |
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$ |
5,000 |
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$ |
4 |
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$ |
(1 |
) |
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$ |
— |
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$ |
5,003 |
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Total available-for-sale securities |
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$ |
5,000 |
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$ |
4 |
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$ |
(1 |
) |
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$ |
— |
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$ |
5,003 |
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| 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:
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Less than 12 Months |
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12 Months or Longer |
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Total |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Value |
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Losses |
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Value |
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Losses |
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Value |
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Losses |
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(in thousands) |
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June 30, 2024 |
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Held to Maturity: |
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Debt securities issued by U.S. government-sponsored enterprises |
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$ |
- |
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$ |
- |
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$ |
9,929 |
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$ |
(305 |
) |
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$ |
9,929 |
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$ |
(305 |
) |
Agency mortgage-backed securities |
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5,154 |
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(46 |
) |
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36,141 |
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(5,460 |
) |
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41,295 |
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(5,505 |
) |
Corporate bonds |
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- |
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- |
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10,823 |
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(734 |
) |
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10,823 |
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(735 |
) |
U.S. Treasury securities |
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|
5,398 |
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(2 |
) |
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- |
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- |
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5,398 |
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(2 |
) |
Total temporarily impaired securities |
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$ |
10,552 |
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$ |
(48 |
) |
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$ |
56,893 |
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$ |
(6,499 |
) |
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$ |
67,445 |
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$ |
(6,547 |
) |
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December 31, 2023 |
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Held to Maturity: |
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Debt securities issued by U.S. government-sponsored enterprises |
|
$ |
2,740 |
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|
$ |
(7 |
) |
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$ |
7,104 |
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$ |
(374 |
) |
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$ |
9,844 |
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$ |
(381 |
) |
Agency mortgage-backed securities |
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- |
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- |
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38,717 |
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(5,235 |
) |
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38,717 |
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(5,235 |
) |
Corporate bonds |
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2,821 |
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(11 |
) |
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10,808 |
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(768 |
) |
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13,629 |
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|
(779 |
) |
U.S. Treasury securities |
|
|
- |
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- |
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|
2,871 |
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(30 |
) |
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2,871 |
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(30 |
) |
Total temporarily impaired securities |
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$ |
5,561 |
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$ |
(18 |
) |
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$ |
59,500 |
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$ |
(6,407 |
) |
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$ |
65,061 |
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$ |
(6,425 |
) |
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Available for Sale: |
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|
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|
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|
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Corporate bonds |
|
$ |
2,500 |
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$ |
(1 |
) |
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$ |
- |
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$ |
- |
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$ |
2,500 |
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$ |
(1 |
) |
Total temporarily impaired securities |
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$ |
2,500 |
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$ |
(1 |
) |
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$ |
- |
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$ |
- |
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$ |
2,500 |
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$ |
(1 |
) |
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