Investment Securities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Amortized Cost and Fair Value of Securities Available-For-Sale |
The following table presents the amortized cost and fair value of the securities available-for-sale as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | March 31, 2024 | | | | | | | | | Securities available-for-sale: | | | | | | | | | U.S. government agency and U.S. government sponsored enterprise securities: | | | | | | | | | Residential mortgage-backed securities | | $ | 111,860 | | | $ | 87 | | | $ | (11,764) | | | $ | 100,183 | | Residential collateralized mortgage obligations | | 25,002 | | | 54 | | | (1,628) | | | 23,428 | | SBA loan pool securities | | 7,480 | | | 3 | | | (354) | | | 7,129 | | Municipal bonds | | 3,307 | | | 3 | | | (30) | | | 3,280 | | | Corporate bonds | | 5,000 | | | — | | | (850) | | | 4,150 | | Total securities available-for-sale | | $ | 152,649 | | | $ | 147 | | | $ | (14,626) | | | $ | 138,170 | | | December 31, 2023 | | | | | | | | | Securities available-for-sale: | | | | | | | | | U.S. government agency and U.S. government sponsored enterprise securities: | | | | | | | | | Residential mortgage-backed securities | | $ | 114,485 | | | $ | 199 | | | $ | (10,593) | | | $ | 104,091 | | Residential collateralized mortgage obligations | | 25,611 | | | 63 | | | (1,501) | | | 24,173 | | SBA loan pool securities | | 7,773 | | | 3 | | | (326) | | | 7,450 | | Municipal bonds | | 3,306 | | | 25 | | | (2) | | | 3,329 | | | Corporate bonds | | 5,000 | | | — | | | (720) | | | 4,280 | | Total securities available-for-sale | | $ | 156,175 | | | $ | 290 | | | $ | (13,142) | | | $ | 143,323 | | | | | | | | | | |
|
| Investments Classified by Contractual Maturity Date |
The following table presents the amortized cost and fair value of the securities available-for-sale by contractual maturity as of the date indicated. 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 | | ($ in thousands) | | Amortized Cost | | Fair Value | Within one year | | $ | 862 | | | $ | 861 | | One to five years | | 82 | | | 80 | | Five to ten years | | 5,725 | | | 4,871 | | Greater than ten years | | 1,638 | | | 1,618 | | Residential mortgage-backed securities, residential collateralized mortgage obligations and SBA loan pool securities | | 144,342 | | | 130,740 | | Total | | $ | 152,649 | | | $ | 138,170 | | | | | | |
|
| Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position for which an allowance for credit losses (“ACL”) was not recorded as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Length of Time that Individual Securities Have Been In a Continuous Unrealized Loss Position | | | Less Than 12 Months | | 12 Months or Longer | | Total | | ($ in thousands) | | Fair Value | | Gross Unrealized Losses | | Number of Securities | | Fair Value | | Gross Unrealized Losses | | Number of Securities | | Fair Value | | Gross Unrealized Losses | | Number of Securities | | March 31, 2024 | | | | | | | | | | | | | | | | | | | Securities available-for-sale: | | | | | | | | | | | | | | | | | | | U.S. government agency and U.S. government sponsored enterprise securities: | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 6,936 | | | $ | (88) | | | 10 | | | $ | 82,428 | | | $ | (11,676) | | | 112 | | | $ | 89,364 | | | $ | (11,764) | | | 122 | | Residential collateralized mortgage obligations | | 5,663 | | | (41) | | | 4 | | | 13,283 | | | (1,587) | | | 35 | | | 18,946 | | | (1,628) | | | 39 | | SBA loan pool securities | | — | | | — | | | — | | | 6,349 | | | (354) | | | 14 | | | 6,349 | | | (354) | | | 14 | | Municipal bonds | | 1,505 | | | (27) | | | 4 | | | 440 | | | (3) | | | 2 | | | 1,945 | | | (30) | | | 6 | | | Corporate bonds | | — | | | — | | | — | | | 4,150 | | | (850) | | | 1 | | | 4,150 | | | (850) | | | 1 | | Total securities available-for-sale | | $ | 14,104 | | | $ | (156) | | | 18 | | | $ | 106,650 | | | $ | (14,470) | | | 164 | | | $ | 120,754 | | | $ | (14,626) | | | 182 | | | December 31, 2023 | | | | | | | | | | | | | | | | | | | Securities available-for-sale: | | | | | | | | | | | | | | | | | | | U.S. government agency and U.S. government sponsored enterprise securities: | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 9,252 | | | $ | (41) | | | 8 | | | $ | 78,958 | | | $ | (10,552) | | | 110 | | | $ | 88,210 | | | $ | (10,593) | | | 118 | | Residential collateralized mortgage obligations | | 5,660 | | | (62) | | | 4 | | | 13,919 | | | (1,439) | | | 35 | | | 19,579 | | | (1,501) | | | 39 | | SBA loan pool securities | | — | | | — | | | — | | | 6,627 | | | (326) | | | 14 | | | 6,627 | | | (326) | | | 14 | | | Municipal bonds | | 81 | | | — | | | 1 | | | 362 | | | (2) | | | 1 | | | 443 | | | (2) | | | 2 | | | Corporate bonds | | — | | | — | | | — | | | 4,280 | | | (720) | | | 1 | | | 4,280 | | | (720) | | | 1 | | Total securities available-for-sale | | $ | 14,993 | | | $ | (103) | | | 13 | | | $ | 104,146 | | | $ | (13,040) | | | 161 | | | $ | 119,139 | | | $ | (13,142) | | | 174 | | | | | | | | | | | | | | | | | | | | |
|