Securities (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 Amortized Cost, Fair Value, and Corresponding Amounts of Gross Unrealized Gains and Losses for Available for Sale Securities |
The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | ($ in thousands) | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | Residential mortgage-backed securities | | $ | 38,425 | | | $ | — | | | $ | (3,619) | | | $ | 34,806 | | | Residential collateralized mortgage obligations | | 149,107 | | | 573 | | | (14,807) | | | 134,873 | | | Municipal securities - tax exempt | | 5,884 | | | — | | | (563) | | | 5,321 | | | Total AFS debt securities | | $ | 193,416 | | | $ | 573 | | | $ | (18,989) | | | $ | 175,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | ($ in thousands) | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | Residential mortgage-backed securities | | $ | 41,521 | | | $ | — | | | $ | (4,445) | | | $ | 37,076 | | | Residential collateralized mortgage obligations | | 160,187 | | | 312 | | | (17,458) | | | 143,041 | | | Municipal securities - tax exempt | | 5,830 | | | 37 | | | (75) | | | 5,792 | | | Total AFS debt securities | | $ | 207,538 | | | $ | 349 | | | $ | (21,978) | | | $ | 185,909 | | |
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| Schedule of Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity |
The amortized cost and fair value of AFS debt securities as of June 30, 2025, by contractual maturity, are shown below: | | | | | | | | | | | | | | | | | ($ in thousands) | | Amortized
Cost | | Fair
Value | | Within one year | | $ | 39 | | | $ | 38 | | | After one year through five years | | 834 | | | 810 | | | After five years through ten years | | 13,504 | | | 12,368 | | | After ten years | | 179,039 | | | 161,784 | | | Total AFS debt securities | | $ | 193,416 | | | $ | 175,000 | | |
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| Schedule of Unrealized Losses on AFS Debt Securities |
The following tables present the fair values and the associated gross unrealized losses of AFS debt securities, aggregated by length of time that the securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | ($ in thousands) | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 4,915 | | | $ | (87) | | | $ | 29,891 | | | $ | (3,532) | | | $ | 34,806 | | | $ | (3,619) | | | Residential collateralized mortgage obligations | | 5,359 | | | (11) | | | 83,708 | | | (14,796) | | | 89,067 | | | (14,807) | | | Municipal securities - tax exempt | | 3,688 | | | (352) | | | 1,633 | | | (211) | | | 5,321 | | | (563) | | | Total AFS debt securities | | $ | 13,962 | | | $ | (450) | | | $ | 115,232 | | | $ | (18,539) | | | $ | 129,194 | | | $ | (18,989) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Less Than 12 Months | | 12 Months or Longer | | Total | | ($ in thousands) | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | U.S. Government agencies or sponsored agency securities: | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 5,442 | | | $ | (133) | | | $ | 31,634 | | | $ | (4,312) | | | $ | 37,076 | | | $ | (4,445) | | | Residential collateralized mortgage obligations | | 27,614 | | | (214) | | | 93,236 | | | (17,244) | | | 120,850 | | | (17,458) | | | Municipal securities - tax exempt | | 895 | | | (19) | | | 1,788 | | | (56) | | | 2,683 | | | (75) | | | Total AFS debt securities | | $ | 33,951 | | | $ | (366) | | | $ | 126,658 | | | $ | (21,612) | | | $ | 160,609 | | | $ | (21,978) | | |
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| Schedule of Other Investments |
The following table presents the other investment securities, which are included in Other investments on the consolidated balance sheets as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | ($ in thousands) | | June 30, 2025 | | December 31, 2024 | | FHLB stock | | $ | 13,155 | | | $ | 12,615 | | | Pacific Coast Bankers Bank ("PCBB") stock | | 190 | | | 190 | | Mutual fund - Community Reinvestment Act ("CRA") qualified (1) | | 3,651 | | | 3,532 | | | Time deposits placed in other banks | | 105 | | | 100 | | | Total other investments | | $ | 17,101 | | | $ | 16,437 | | |
(1)The Company recorded $12 thousand and $64 thousand unrealized gains for the three and six months ended June 30, 2025, respectively, and $14 thousand and $50 thousand unrealized losses for the three and six months ended June 30, 2024, respectively. The unrealized gains (losses) of the mutual fund are included in other income in the consolidated statements of income.
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