Investment Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of Investments in Debt Securities

The following table summarizes the amortized cost, fair value, and allowance for credit losses and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held-to-maturity securities:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
	(dollars in thousands; unaudited)
June 30, 2025
Available-for-sale

U.S. Agency collateralized mortgage obligations	$	34	$	—	$	(1)	$	33	$	—


Total available-for-sale securities	34		—		(1)		33		—

Held-to-maturity
U.S. Agency residential mortgage-backed securities	45,544		407		(333)		45,618		—

Total investment securities	$	45,578	$	407	$	(334)	$	45,651	$	—


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
	(dollars in thousands; unaudited)
December 31, 2024
Available-for-sale


U.S. Agency collateralized mortgage obligations	$	37	$	—	$	(2)	$	35	$	—


Total available-for-sale securities	37		—		(2)		35		—
Held-to-maturity
U.S. Agency residential mortgage-backed securities	47,286		149		(730)		46,705		—
Total investment securities	$	47,323	$	149	$	(732)	$	46,740	$	—

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(dollars in thousands; unaudited)
June 30, 2025




U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations	34		33		45,544		45,618
	$	34	$	33	$	45,544	$	45,618

Summary of Investment Securities Continuous Unrealized Loss Position

The following table shows the investments’ gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(dollars in thousands; unaudited)
June 30, 2025
Available-for-sale

U.S. Agency collateralized mortgage obligations	$	—	$	—	$	33	$	1	$	33	$	1


Total available-for-sale securities	—		—		33		1		33		1
Held-to-maturity
U.S. Agency residential mortgage-backed securities	2,309		3		10,059		330		12,368		333
Total investment securities	$	2,309	$	3	$	10,092	$	331	$	12,401	$	334


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(dollars in thousands; unaudited)
December 31, 2024
Available-for-sale


U.S. Agency collateralized mortgage obligations	$	—	$	—	$	35	$	2	$	35	$	2


Total available-for-sale securities	—		—		35		2		35		2
Held-to-maturity
U.S. Agency residential mortgage-backed securities	27,781		219		10,292		511		38,073		730
Total investment securities	$	27,781	$	219	$	10,327	$	513	$	38,108	$	732