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Investment Securities | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 2. Investment 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 |
As of June 30, 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 Bank equity. The Bank evaluates securities for impairment when there has been a decline in fair value below the amortized cost basis at least quarterly. Accordingly, management is able to effectively measure and mo nitor the unrealized loss position on these securities and because the Bank does not intend to sell the securities and it is not more-likely-than-not that the Bank will be required to sell the investments before recovery of their amortized cost basis, the Bank determined no allowance for credit loss was required as of June 30, 2024 or December 31, 2023. Accrued interest receivable on investment securities totaled $1.7 million and $1.7 million as of June 30, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable on the balance sheets. 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 |
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 |
At June 30, 2024 and December 31, 2023, approximately $158 million and $170 million of investments were pledged to secure various deposits or borrowings, respectively. Additional information related to fair value of investment securities is provided in note 9.

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