v3.24.1.1.u2

Investment Securities | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities 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 |
There were no securities sold during the three months ended March 31, 2024 or the three months ended March 31, 2023. There was no ACL required on available for sale debt securities in an unrealized loss position at March 31, 2024 and December 31, 2023. The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | 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. There were no securities pledged at March 31, 2024 and December 31, 2023 to secure public deposits and repurchase agreements. Pledged securities at the Federal Reserve’s Bank Term Funding Program (“BTFP”) totaled $170.7 million at December 31, 2023 with no securities pledged as of March 31, 2024 as the program ended during the first quarter 2024. At March 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. 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) |
As of March 31, 2024, management determined the Company does not have the intent to sell, nor is it more likely than not that it will be required to sell, available for sale debt securities in an unrealized loss position at March 31, 2024 before it is able to recover the amortized cost basis. Further, management reviewed the Company’s holdings as of March 31, 2024 and concluded there were no credit-related declines in fair value. Additional information related to the types of securities held at March 31, 2024, other than securities issued or guaranteed by U.S. Government entities or agencies, is as follows: Corporate Securities — There have been no payment defaults on any of the Company’s holdings of corporate debt securities. There are five securities all of which are subordinated debt of other financial institutions with face amounts ranging from $0.5 million to $2 million. Municipal Securities — All of the Company’s holdings of municipal bonds were investment grade and there have been no payment defaults. Summary ratings information at March 31, 2024, based on the amortized cost basis and reflecting the lowest enhanced or underlying rating by Moody’s, Standard & Poors or Fitch, is as follows: AAA - 82% of the portfolio; AA+ - 8%; AA - 10%. Asset-backed Securities — There were three investment grade asset-backed securities, and there have been no payment defaults on these securities. As such, it is deemed the above listed securities are not in an unrealized loss position due to credit-related issues and no further analysis is warranted as of March 31, 2024.

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