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Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments [Abstract] |
Schedule of Gain and Losses on Investments | The following table summarizes investment income and realized gains and losses on investments during the periods presented.
| Three Months Ended March 31,
| 2024 |  | 2023
Investment income, net of investment expenses | $ | 3,664 |  |  | $ | 825 |
Realized gains on investments | 14 |  |  | 4 |
Realized losses on investments | (34) |  |  | (71) |
Investment income and realized gains, net of investment expenses | $ | 3,644 |  |  | $ | 758 |
Summary of Amortized Cost, Market Value and Unrealized Gains (Losses) of Debt Securities | The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities.
| March 31, 2024
| Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
U.S. Treasuries | $ | 36,212 |  |  | $ | 21 |  |  | $ | (414) |  |  | $ | 35,819 |
Obligations of states, municipalities and political subdivisions | 19,481 |  |  | 52 |  |  | (988) |  |  | 18,545 |
Corporate bonds | 54,417 |  |  | 209 |  |  | (2,213) |  |  | 52,413 |
Residential and commercial mortgage-backed securities | 25,217 |  |  | 54 |  |  | (1,098) |  |  | 24,173 |
Other loan-backed and structured securities | 3,428 |  |  | 12 |  |  | (274) |  |  | 3,166 |
Total investment securities | $ | 138,755 |  |  | $ | 348 |  |  | $ | (4,987) |  |  | $ | 134,116 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
U.S. Treasuries | $ | 43,931 |  |  | $ | 95 |  |  | $ | (330) |  |  | $ | 43,696 |
Obligations of states, municipalities and political subdivisions | 18,281 |  |  | 100 |  |  | (961) |  |  | 17,420 |
Corporate bonds | 51,678 |  |  | 430 |  |  | (2,067) |  |  | 50,041 |
Residential and commercial mortgage-backed securities | 25,452 |  |  | 153 |  |  | (1,004) |  |  | 24,601 |
Other loan-backed and structured securities | 3,694 |  |  | 13 |  |  | (289) |  |  | 3,418 |
Total investment securities | $ | 143,036 |  |  | $ | 791 |  |  | $ | (4,651) |  |  | $ | 139,176 |
Summary of Remaining Time to Maturity | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | March 31, 2024
Remaining Time to Maturity |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 30,358 |  |  | $ | 30,229 |
Due after one year through five years |  | 44,282 |  |  | 43,258 |
Due after five years through ten years |  | 25,697 |  |  | 23,964 |
Due after ten years |  | 9,773 |  |  | 9,326 |
Residential and commercial mortgage-backed securities |  | 25,217 |  |  | 24,173 |
Other loan-backed and structured securities |  | 3,428 |  |  | 3,166 |
Total |  | $ | 138,755 |  |  | $ | 134,116 |
Summary of Securities with Gross Unrealized Loss Position | Securities with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:
|  | Less Than Twelve Months |  | Twelve Months or Greater |  | Total
As of March 31, 2024 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (358) |  |  | $ | 33,077 |  |  | $ | (56) |  |  | $ | 526 |  |  | $ | (414) |  |  | $ | 33,603 |
Obligations of states, municipalities and political subdivisions |  | (839) |  |  | 10,400 |  |  | (149) |  |  | 1,607 |  |  | (988) |  |  | 12,007 |
Corporate bonds |  | (1,859) |  |  | 27,414 |  |  | (354) |  |  | 4,590 |  |  | (2,213) |  |  | 32,004 |
Residential and commercial mortgage-backed securities |  | (692) |  |  | 13,523 |  |  | (406) |  |  | 2,964 |  |  | (1,098) |  |  | 16,487 |
Other loan-backed and structured securities |  | (267) |  |  | 2,565 |  |  | (7) |  |  | 51 |  |  | (274) |  |  | 2,616 |
Total securities |  | $ | (4,015) |  |  | $ | 86,979 |  |  | $ | (972) |  |  | $ | 9,738 |  |  | $ | (4,987) |  |  | $ | 96,717 |
|  | Less Than Twelve Months |  | Twelve Months or Greater |  | Total
As of December 31, 2023 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (280) |  |  | $ | 12,345 |  |  | $ | (50) |  |  | $ | 515 |  |  | $ | (330) |  |  | $ | 12,860 |
Obligations of states, municipalities and political subdivisions |  | (813) |  |  | 8,445 |  |  | (148) |  |  | 1,639 |  |  | (961) |  |  | 10,084 |
Corporate bonds |  | (1,698) |  |  | 21,104 |  |  | (369) |  |  | 4,677 |  |  | (2,067) |  |  | 25,781 |
Residential and commercial mortgage-backed securities |  | (621) |  |  | 8,673 |  |  | (383) |  |  | 3,072 |  |  | (1,004) |  |  | 11,745 |
Other loan-backed and structured securities |  | (281) |  |  | 2,790 |  |  | (8) |  |  | 52 |  |  | (289) |  |  | 2,842 |
Total securities |  | $ | (3,693) |  |  | $ | 53,357 |  |  | $ | (958) |  |  | $ | 9,955 |  |  | $ | (4,651) |  |  | $ | 63,312 |

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