Investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Debt Securities, Available-for-Sale |
The amortized cost, gross unrealized gains and losses, and estimated fair value of investment securities AFS as of June 30, 2025 and December 31, 2024, are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | ($ in thousands) | Amortized
Cost | | Unrealized
Gain | | Unrealized
Loss | | Estimated
Fair Value | U.S. Treasury securities | $ | 30,038 | | | $ | 109 | | | $ | (1) | | | $ | 30,146 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | ($ in thousands) | Amortized
Cost | | Unrealized
Gain | | Unrealized
Loss | | Estimated
Fair Value | U.S. Treasury securities | $ | 30,027 | | | $ | 4 | | | $ | (101) | | | $ | 29,930 | |
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| Schedule of Amortized Cost and Estimated Market Value of Debt Securities |
The following table presents the amortized cost and estimated fair value of investment securities AFS at June 30, 2025, by contractual maturity: | | | | | | | | | | | | | | | | | ($ in thousands) | Amortized
Cost | | Estimated
Fair Value | | | | | | Due in one year or less | $ | 2,498 | | | $ | 2,498 | | | | | | | Due after one year through five years | 27,540 | | | 27,648 | | | | | | | | | | | | | | | | | | | | | | Total securities AFS | $ | 30,038 | | | $ | 30,146 | | | | | |
The amortized cost and estimated market value of debt securities HTM at June 30, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | ($ in thousands) | Amortized
Cost | | Estimated
Fair Value | | Securities held-to-maturity | | | | | Due in one year or less | $ | — | | | $ | — | | | Due after one year through five years | 1,198 | | | 1,159 | | | Due after five years through ten years | 722 | | | 666 | | | Due after ten years | 9,328 | | | 8,182 | | | Total securities held-to-maturity | $ | 11,248 | | | $ | 10,007 | |
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| Schedule of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Values of Held-to-Maturity Securities |
The amortized cost, unrealized gains and losses, and estimated fair values of the Company’s debt securities HTM at June 30, 2025 and December 31, 2024, are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | ($ in thousands) | Amortized
Cost | | Allowance for Credit Losses | | Unrealized
Gain | | Unrealized
Loss | | Estimated
Fair Value | | Mortgage-backed securities | $ | 5,415 | | | $ | — | | | $ | — | | | $ | (599) | | | $ | 4,816 | | | Collateralized mortgage obligations | 5,833 | | | — | | | 4 | | | (646) | | | 5,191 | | | Total securities held-to-maturity | $ | 11,248 | | | $ | — | | | $ | 4 | | | $ | (1,245) | | | $ | 10,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | ($ in thousands) | Amortized
Cost | | Allowance for Credit Losses | | Unrealized
Gain | | Unrealized
Loss | | Estimated
Fair Value | | Mortgage-backed securities | $ | 5,910 | | | $ | — | | | $ | — | | | $ | (746) | | | $ | 5,164 | | | Collateralized mortgage obligations | 6,655 | | | — | | | 8 | | | (770) | | | 5,893 | | | Total securities held-to-maturity | $ | 12,565 | | | $ | — | | | $ | 8 | | | $ | (1,516) | | | $ | 11,057 | |
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| Schedule of Fair Value and Unrealized Losses of Securities in Unrealized Loss Position |
The following table presents the estimated fair value and gross unrealized losses of debt securities HTM and AFS, aggregated by category and length of time in a continuous unrealized loss position at June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Less than 12 months | | 12 Months or More | | Total | | ($ in thousands) | Fair Value | | Unrealized
Losses | | Fair Value | | Unrealized
Losses | | Fair Value | | Unrealized
Losses | | Available-for-sale: | | | | | | | | | | | | | U.S. Treasury securities | $ | 2,498 | | | $ | (1) | | | $ | — | | | $ | — | | | $ | 2,498 | | | $ | (1) | | | Total | $ | 2,498 | | | $ | (1) | | | $ | — | | | $ | — | | | $ | 2,498 | | | $ | (1) | | | | | | | | | | | | | | | Held-to-maturity: | | | | | | | | | | | | | Mortgage-backed securities | $ | 414 | | | $ | (1) | | | $ | 4,401 | | | $ | (598) | | | $ | 4,815 | | | $ | (599) | | | Collateralized mortgage obligations | 606 | | | (7) | | | 3,458 | | | (639) | | | 4,064 | | | (646) | | | Total | $ | 1,020 | | | $ | (8) | | | $ | 7,859 | | | $ | (1,237) | | | $ | 8,879 | | | $ | (1,245) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less than 12 months | | 12 Months or More | | Total | | ($ in thousands) | Fair Value | | Unrealized
Losses | | Fair Value | | Unrealized
Losses | | Fair Value | | Unrealized
Losses | | Available-for-sale: | | | | | | | | | | | | | U.S. Treasury securities | $ | 27,448 | | | $ | (101) | | | $ | — | | | $ | — | | | $ | 27,448 | | | $ | (101) | | | Total | $ | 27,448 | | | $ | (101) | | | $ | — | | | $ | — | | | $ | 27,448 | | | $ | (101) | | | | | | | | | | | | | | Held-to-maturity: | | | | | | | | | | | | | Mortgage-backed securities | $ | — | | | $ | — | | | $ | 5,164 | | | $ | (746) | | | $ | 5,164 | | | $ | (746) | | | Collateralized mortgage obligations | 633 | | | (17) | | | 3,588 | | | (753) | | | 4,221 | | | (770) | | | Total | $ | 633 | | | $ | (17) | | | $ | 8,752 | | | $ | (1,499) | | | $ | 9,385 | | | $ | (1,516) | |
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