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v3.25.2

Securities (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available for Sale Securities | Securities available for sale at June 30, 2025 and December 31, 2024 consisted of the following:
|  | June 30, 2025 |
(dollars in thousands) |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
Agencies |  | $ | 463 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 465 |
Corporate securities |  |  | 1,729 |  |  |  | — |  |  |  | 146 |  |  |  | 1,583 |
Mortgage-backed securities |  |  | 18,787 |  |  |  | 13 |  |  |  | 1,734 |  |  |  | 17,066 |
Treasuries |  |  | 16,246 |  |  |  | 3 |  |  |  | 4 |  |  |  | 16,245 |
Total |  | $ | 37,225 |  |  | $ | 18 |  |  | $ | 1,884 |  |  | $ | 35,359 |
|  | December 31, 2024 |
(dollars in thousands) |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
Agencies |  | $ | 528 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 522 |
Corporate securities |  |  | 1,727 |  |  |  | — |  |  |  | 192 |  |  |  | 1,535 |
Mortgage-backed securities |  |  | 22,950 |  |  |  | 6 |  |  |  | 2,062 |  |  |  | 20,894 |
Treasuries |  |  | 14,289 |  |  |  | 19 |  |  |  | — |  |  |  | 14,308 |
Total |  | $ | 39,494 |  |  | $ | 25 |  |  | $ | 2,260 |  |  | $ | 37,259 |
Schedule of Securities Held to Maturity | Securities held to maturity at June 30, 2025 and December 31, 2024 consisted of the following:
|  | June 30, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | 3,197 |  |  | $ | — |  |  | $ | 275 |  |  | $ | 2,922 |
Mortgage-backed securities |  |  | 2,635 |  |  |  | 3 |  |  |  | 432 |  |  |  | 2,206 |
Total |  | $ | 5,832 |  |  | $ | 3 |  |  | $ | 707 |  |  | $ | 5,128 |
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | 3,196 |  |  | $ | — |  |  | $ | 336 |  |  | $ | 2,860 |
Mortgage-backed securities |  |  | 2,783 |  |  |  | 2 |  |  |  | 474 |  |  |  | 2,311 |
Total |  | $ | 5,979 |  |  | $ | 2 |  |  | $ | 810 |  |  | $ | 5,171 |
(1) Amount is net of CECL credit reserve of $3,000 at June 30, 2025 and $4,000 at December 31, 2024.
Schedule of Contractual Maturities Securities | The amortized cost and fair value of securities as of June 30, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.
|  | June 30, 2025 |
|  | Available for sale |  |  | Held to maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
(dollars in thousands) |  | cost |  |  | value |  |  | cost |  |  | value |
Maturing |  |  |  |  |  |  |  |  |  |  |  |
Due under one year |  | $ | 24,819 |  |  | $ | 24,771 |  |  | $ | 153 |  |  | $ | 154 |
Due after one year through five years |  |  | 99 |  |  |  | 97 |  |  |  | 3,302 |  |  |  | 3,022 |
Due after five years through ten years |  |  | 1,720 |  |  |  | 1,552 |  |  |  | 325 |  |  |  | 311 |
Due after ten years |  |  | 10,587 |  |  |  | 8,939 |  |  |  | 2,052 |  |  |  | 1,641 |
Total |  | $ | 37,225 |  |  | $ | 35,359 |  |  | $ | 5,832 |  |  | $ | 5,128 |
Schedule of Investment Securities with Unrealized Loss | Investment securities with unrealized losses for continuous periods of less than 12 months and 12 months or longer are as follows:
|  | Less than 12 months |  |  | Over 12 months |  |  | Total |
|  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |
June 30, 2025 |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |
(dollars in thousands) |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | — |  |  | $ | — |  |  | $ | 146 |  |  | $ | 1,583 |  |  |  | 146 |  |  |  | 1,583 |
Mortgage-backed securities |  |  | 1 |  |  |  | 602 |  |  |  | 1,733 |  |  |  | 14,674 |  |  |  | 1,734 |  |  |  | 15,276 |
Treasuries |  |  | 4 |  |  |  | 9,330 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 9,330 |
Total |  | $ | 5 |  |  | $ | 9,932 |  |  | $ | 1,879 |  |  | $ | 16,257 |  |  | $ | 1,884 |  |  | $ | 26,189 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | 2,922 |  |  |  | 275 |  |  |  | 2,922 |
Mortgage-backed securities |  |  | — |  |  |  | 13 |  |  |  | 432 |  |  |  | 2,084 |  |  |  | 432 |  |  |  | 2,097 |
Total |  | $ | — |  |  | $ | 13 |  |  | $ | 707 |  |  | $ | 5,006 |  |  | $ | 707 |  |  | $ | 5,019 |
|  | Less than 12 months |  |  | Over 12 months |  |  | Total |
|  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |
December 31, 2024 |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |
(dollars in thousands) |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities |  | $ | 6 |  |  | $ | 522 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 522 |
Corporate securities |  |  | — |  |  |  | — |  |  |  | 192 |  |  |  | 1,535 |  |  |  | 192 |  |  |  | 1,535 |
Mortgage-backed securities |  |  | — |  |  |  | 214 |  |  |  | 2,062 |  |  |  | 18,400 |  |  |  | 2,062 |  |  |  | 18,614 |
Total |  | $ | 6 |  |  | $ | 736 |  |  | $ | 2,254 |  |  | $ | 19,935 |  |  | $ | 2,260 |  |  | $ | 20,671 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities (1) |  | $ | — |  |  | $ | — |  |  | $ | 336 |  |  | $ | 2,860 |  |  | $ | 336 |  |  | $ | 2,860 |
Mortgage-backed securities |  |  | 1 |  |  |  | 31 |  |  |  | 473 |  |  |  | 2,162 |  |  |  | 474 |  |  |  | 2,193 |
Total |  | $ | 1 |  |  | $ | 31 |  |  | $ | 809 |  |  | $ | 5,022 |  |  | $ | 810 |  |  | $ | 5,053 |
(1) Fair value amount is net of CECL credit reserve of $3,000 at June 30, 2025 and $4,000 at December 31, 2024.
Schedule of Credit Ratings of HTM Debt Securities | We monitor the credit quality of HTM debt securities through both internal analysis performed on a quarterly basis and credit ratings when available. The following table reflects the credit ratings for the HTM debt securities at June 30, 2025.
(dollars in thousands) |  | AAA |  |  | A- |  |  | BBB/BBB+ |  |  | BBB- |  |  | Not Rated |  |  | Total |
Corporate securities |  | $ | — |  |  | $ | 500 |  |  | $ | 1,247 |  |  | $ | 700 |  |  | $ | 750 |  |  | $ | 3,197 |
Mortgage-backed securities |  |  | 2,635 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,635 |
|  | $ | 2,635 |  |  | $ | 500 |  |  | $ | 1,247 |  |  | $ | 700 |  |  | $ | 750 |  |  | $ | 5,832 |
The following table provides a breakdown of our HTM debt securities by year of origination at June 30, 2025.
(dollars in thousands) |  | Total |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |
Corporate securities |  | $ | 3,197 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 750 |  |  | $ | 2,447 |  |  | $ | — |
Mortgage-backed securities |  |  | 2,635 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,796 |  |  |  | 93 |  |  |  | 746 |
|  | $ | 5,832 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,546 |  |  | $ | 2,540 |  |  | $ | 746 |
Summary of Allowance for Credit Losses on HTM Debt Securities | The following table is a roll forward of our allowance for credit losses on HTM debt securities at June 30, 2025 and 2024.
(dollars in thousands) |  | Three Months Ended June 30, 2025 |  |  | Three Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2025 |  |  | Six Months Ended June 30, 2024 |
Beginning balance |  | $ | 3 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 6 |
(Recovery) for credit losses |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Ending Balance |  | $ | 3 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 5 |

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