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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available for Sale Debt Securities | The tables below show the amortized cost and fair value, by type, of the Bank’s available for sale debt securities as of June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Fair |
|  | cost |  |  | gains |  |  | losses |  |  | value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies |  | $ | 149,282 |  |  | $ | 127 |  |  | $ | 11,424 |  |  | $ | 137,985 |
Mortgage-backed securities: residential |  |  | 83,283 |  |  |  | 1 |  |  |  | 7,855 |  |  |  | 75,429 |
Corporate bonds |  |  | 37,425 |  |  |  | — |  |  |  | 1,686 |  |  |  | 35,739 |
Small Business Administration |  |  | 43 |  |  |  | — |  |  |  | — |  |  |  | 43 |
Total available for sale |  | $ | 270,033 |  |  | $ | 128 |  |  | $ | 20,965 |  |  | $ | 249,196 |
|  | December 31, 2023 |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies |  | $ | 146,112 |  |  | $ | 175 |  |  | $ | 10,760 |  |  | $ | 135,527 |
Mortgage-backed securities: residential |  |  | 85,902 |  |  |  | 52 |  |  |  | 7,159 |  |  |  | 78,795 |
Corporate bonds |  |  | 37,298 |  |  |  | — |  |  |  | 1,787 |  |  |  | 35,511 |
Small Business Administration |  |  | 66 |  |  |  | — |  |  |  | 1 |  |  |  | 65 |
Total available for sale |  | $ | 269,378 |  |  | $ | 227 |  |  | $ | 19,707 |  |  | $ | 249,898 |
Schedule of Available for Sale Debt Securities in a Continuous Unrealized Loss Position | A summary of securities with gross unrealized losses at June 30, 2024 and December 31, 2023 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
|  | June 30, 2024 |
|  | Less Than 12 Months |  |  | 12 Months or More |  |  |  |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Losses |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 131,529 |  |  | $ | 11,424 |  |  | $ | 11,424 |
Mortgage-backed securities and small business administration |  |  | 13,231 |  |  |  | 48 |  |  |  | 62,131 |  |  |  | 7,807 |  |  |  | 7,855 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 35,739 |  |  |  | 1,686 |  |  |  | 1,686 |
Total available for sale |  | $ | 13,231 |  |  | $ | 48 |  |  | $ | 229,399 |  |  | $ | 20,917 |  |  | $ | 20,965 |
|  | December 31, 2023 |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies |  | $ | 5,491 |  |  | $ | 9 |  |  | $ | 126,532 |  |  | $ | 10,751 |  |  | $ | 10,760 |
Mortgage-backed securities and small business administration |  |  | 10,241 |  |  |  | 98 |  |  |  | 64,263 |  |  |  | 7,062 |  |  |  | 7,160 |
Corporate bonds |  |  | 2,507 |  |  |  | 88 |  |  |  | 33,004 |  |  |  | 1,699 |  |  |  | 1,787 |
Total available for sale |  | $ | 18,239 |  |  | $ | 195 |  |  | $ | 223,799 |  |  | $ | 19,512 |  |  | $ | 19,707 |
Schedule of Amortized Cost Estimated Fair Value and Weighted Average Yields for Available for Sale Debt Securities | The amortized cost and estimated fair value by maturity or next repricing date of investment securities at June 30, 2024 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Within one year or less |  | $ | 18,240 |  |  | $ | 17,347 |
One through five years |  |  | 128,626 |  |  |  | 121,178 |
After five through ten years |  |  | 88,997 |  |  |  | 81,772 |
Over ten years |  |  | 34,170 |  |  |  | 28,899 |
Total |  | $ | 270,033 |  |  | $ | 249,196 |

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