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v3.25.1

Investments in Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Held-to-Maturity Securities | Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of held to maturity securities at the dates indicated:
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Fair |
Held-to-maturity: |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
|  | (in thousands) |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities issued by U.S. government-sponsored enterprises |  | $ | 5,588 |  |  | $ | — |  |  | $ | (85 | ) |  | $ | — |  |  | $ | 5,503 |
Mortgage-backed securities |  |  | 43,099 |  |  |  | 42 |  |  |  | (4,515 | ) |  |  | — |  |  |  | 38,626 |
Corporate bonds |  |  | 16,399 |  |  |  | 216 |  |  |  | (396 | ) |  |  | — |  |  |  | 16,219 |
U.S. Treasury securities |  |  | 2,995 |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 3,007 |
Total held-to-maturity securities |  | $ | 68,081 |  |  | $ | 270 |  |  | $ | (4,996 | ) |  | $ | — |  |  | $ | 63,355 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities issued by U.S. government-sponsored enterprises |  | $ | 5,588 |  |  | $ | — |  |  | $ | (138 | ) |  | $ | — |  |  | $ | 5,450 |
Mortgage-backed securities |  |  | 44,261 |  |  |  | 20 |  |  |  | (5,334 | ) |  |  | — |  |  |  | 38,947 |
Corporate bonds |  |  | 17,899 |  |  |  | 192 |  |  |  | (471 | ) |  |  | — |  |  |  | 17,620 |
U.S. Treasury securities |  |  | 5,467 |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | 5,488 |
Total held-to-maturity securities |  | $ | 73,215 |  |  | $ | 233 |  |  | $ | (5,943 | ) |  | $ | — |  |  | $ | 67,505 |
Schedule of Available-for-Sale Securities | The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of available for sale securities at the dates indicated:
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Fair |
Available-for-sale |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
|  | (in thousands) |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 7,483 |  |  | $ | 21 |  |  | $ | (19 | ) |  | $ | — |  |  | $ | 7,485 |
Collateralized mortgage obligation |  |  | 1,446 |  |  |  | — |  |  |  | (18 | ) |  |  | — |  |  |  | 1,428 |
Corporate bonds |  |  | 5,000 |  |  |  | 50 |  |  |  | (13 | ) |  |  | — |  |  |  | 5,037 |
Total available-for-sale securities |  | $ | 13,929 |  |  | $ | 71 |  |  | $ | (50 | ) |  | $ | — |  |  | $ | 13,950 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 4,164 |  |  | $ | — |  |  | $ | (38 | ) |  | $ | — |  |  | $ | 4,126 |
Collateralized mortgage obligation |  |  | 1,452 |  |  |  | — |  |  |  | (14 | ) |  |  | — |  |  |  | 1,438 |
Corporate bonds |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Total available-for-sale securities |  | $ | 6,616 |  |  | $ | — |  |  | $ | (52 | ) |  | $ | — |  |  | $ | 6,564 |
Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities | A schedule of the contractual maturities of available-for-sale and held-to-maturity securities as of March 31, 2025 is presented below:
|  | Available-for-sale |  |  | Held-to-maturity |
|  | Fair |  |  | Amortized |  |  | Fair |
|  | Value |  |  | Cost |  |  | Value |
|  | (in thousands) |
Within 1 year |  | $ | 1,999 |  |  | $ | 14,308 |  |  | $ | 14,180 |
After 1 year through 5 years |  |  | 5,485 |  |  |  | 14,434 |  |  |  | 14,402 |
After 5 years through 10 years |  |  | 988 |  |  |  | 4,918 |  |  |  | 4,714 |
After 10 years |  |  | 5,478 |  |  |  | 34,421 |  |  |  | 30,059 |
Total |  | $ | 13,950 |  |  | $ | 68,081 |  |  | $ | 63,355 |
Schedule of Aggregate Fair Value and Unrealized Losses of Available-for-Sale Securities in a continuous Unrealized Loss Position | The aggregate fair value and unrealized losses of available-for-sale securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of March 31, 2025 and December 31, 2024:
|  |  |  |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | # of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Holdings |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  |  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 2 |  |  | $ | 3,364 |  |  | $ | (19 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,364 |  |  | $ | (19 | )
Collateralized mortgage obligation |  |  | 1 |  |  |  | 1,428 |  |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | 1,428 |  |  |  | (18 | )
Corporate bonds |  |  | 1 |  |  |  | 987 |  |  |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | 987 |  |  |  | (13 | )
Total |  |  | 4 |  |  | $ | 5,779 |  |  | $ | (50 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,779 |  |  | $ | (50 | )
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 2 |  |  | $ | 4,126 |  |  | $ | (38 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,126 |  |  | $ | (38 | )
Collateralized mortgage obligation |  |  | 1 |  |  |  | 1,438 |  |  |  | (14 | ) |  |  | — |  |  |  | — |  |  |  | 1,438 |  |  |  | (14 | )
Total |  |  | 3 |  |  | $ | 5,564 |  |  | $ | (52 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,564 |  |  | $ | (52 | )

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