v3.24.1.1.u2

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Estimated Fair Value of Investment | The following table summarizes the amortized cost, fair value and allowance for credit losses of securities available for sale at March 31, 2024 and December 31, 2023, respectively, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):
(in thousands) |  |  |  |  |  |  |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
March 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 141,347 |  |  | $ | — |  |  | $ | (12,664) |  |  | $ | — |  |  | $ | 128,683 |
Municipal |  | 11,699 |  |  | — |  |  | (2,445) |  |  | — |  |  | 9,254 |
Corporate |  | 5,000 |  |  | — |  |  | (543) |  |  | — |  |  | 4,457 |
Asset-backed securities |  | 6,601 |  |  | 18 |  |  | (38) |  |  | — |  |  | 6,581 |
Mortgage-backed securities |  | 55,546 |  |  | — |  |  | (2,267) |  |  | — |  |  | 53,279 |
Total |  | $ | 220,193 |  |  | $ | 18 |  |  | $ | (17,957) |  |  | $ | — |  |  | $ | 202,254 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 161,420 |  |  | $ | — |  |  | $ | (12,192) |  |  | $ | — |  |  | $ | 149,228 |
Municipal |  | 11,699 |  |  | 4 |  |  | (2,331) |  |  | — |  |  | 9,372 |
Corporate |  | 5,000 |  |  | — |  |  | (587) |  |  | — |  |  | 4,413 |
Asset-backed securities |  | 7,069 |  |  | 13 |  |  | (37) |  |  | — |  |  | 7,045 |
Mortgage-backed securities |  | 40,491 |  |  | — |  |  | (2,220) |  |  | — |  |  | 38,271 |
Total |  | $ | 225,679 |  |  | $ | 17 |  |  | $ | (17,367) |  |  | $ | — |  |  | $ | 208,329 |
Schedule of Investments Classified by Contractual Maturity Date |
|  | March 31, 2024 |  | December 31, 2023
(in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 29,962 |  |  | $ | 29,211 |  |  | $ | 39,918 |  |  | $ | 39,294 |
One to five years |  | 91,580 |  |  | 83,076 |  |  | 101,688 |  |  | 93,218 |
Five to ten years |  | 28,661 |  |  | 24,132 |  |  | 26,215 |  |  | 22,511 |
Beyond ten years |  | 7,843 |  |  | 5,975 |  |  | 10,298 |  |  | 7,990 |
Asset-backed securities(1) |  | 6,601 |  |  | 6,581 |  |  | 7,069 |  |  | 7,045 |
Mortgage-backed securities(1) |  | 55,546 |  |  | 53,279 |  |  | 40,491 |  |  | 38,271 |
Total |  | $ | 220,193 |  |  | $ | 202,254 |  |  | $ | 225,679 |  |  | $ | 208,329 |
_______________ (1) Asset-backed and Mortgage-backed securities are due in monthly installments.
Schedule of Investment Portfolio in Continuous Unrealized Loss Position, Fair Value | The following table summarizes debt securities available for sale in an unrealized loss position for which an ACL has not been recorded at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | Less than 12 months |  | 12 months or longer |  | Total
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | — |  |  | $ | — |  |  | $ | 128,683 |  |  | $ | (12,664) |  |  | $ | 128,683 |  |  | $ | (12,664) |
Municipal |  | 894 |  |  | (3) |  |  | 8,360 |  |  | (2,442) |  |  | 9,254 |  |  | (2,445) |
Corporate |  | — |  |  | — |  |  | 4,457 |  |  | (543) |  |  | 4,457 |  |  | (543) |
Asset-backed securities |  | — |  |  | — |  |  | 4,760 |  |  | (38) |  |  | 4,760 |  |  | (38) |
Mortgage-backed securities |  | 21,234 |  |  | (194) |  |  | 32,045 |  |  | (2,073) |  |  | 53,279 |  |  | (2,267) |
Total |  | $ | 22,128 |  |  | $ | (197) |  |  | $ | 178,305 |  |  | $ | (17,760) |  |  | $ | 200,433 |  |  | $ | (17,957) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | — |  |  | $ | — |  |  | $ | 149,228 |  |  | $ | (12,192) |  |  | $ | 149,228 |  |  | $ | (12,192) |
Municipal |  | — |  |  | — |  |  | 8,473 |  |  | (2,331) |  |  | 8,473 |  |  | (2,331) |
Corporate |  | — |  |  | — |  |  | 4,413 |  |  | (587) |  |  | 4,413 |  |  | (587) |
Asset-backed securities |  | — |  |  | — |  |  | 5,154 |  |  | (37) |  |  | 5,154 |  |  | (37) |
Mortgage-backed securities |  | 6,057 |  |  | (8) |  |  | 32,214 |  |  | (2,212) |  |  | 38,271 |  |  | (2,220) |
Total |  | $ | 6,057 |  |  | $ | (8) |  |  | $ | 199,482 |  |  | $ | (17,359) |  |  | $ | 205,539 |  |  | $ | (17,367) |

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