v3.24.1.1.u2

Investment Securities (Tables)

3 Months Ended

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

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(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)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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+ References

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Tabular disclosure of unrealized gains and losses on investments.

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