MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity Securities

The following tables summarize the amortized cost and fair value of available for sale and held to maturity securities as of September 30, 2023 and December 31, 2022 and the corresponding amounts of gross unrealized gains and losses:

September 30, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Corporate bonds	$	29,902	$	—	$	3,353	$	26,549
Municipal securities		2,322		42		—		2,364
Mortgage-backed securities		151,424		19		19,302		132,141
Collateralized mortgage obligations		19,725		—		2,135		17,590
Total available for sale	$	203,373	$	61	$	24,790	$	178,644
Held to maturity:
U.S. government agencies	$	9,254	$	—	$	1,357	$	7,897
Treasury securities		69,307		—		1,725		67,582
Municipal securities		168,992		104		9,568		159,528
Mortgage-backed securities		122,231		—		19,631		102,600
Collateralized mortgage obligations		38,524		—		8,440		30,084
Total held to maturity	$	408,308	$	104	$	40,721	$	367,691

December 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale:
Corporate bonds	$	29,964	$	—	$	2,177	$	27,787
Municipal securities		10,324		326		8		10,642
Mortgage-backed securities		145,896		1		15,556		130,341
Collateralized mortgage obligations		21,981		3		1,827		20,157
Total available for sale	$	208,165	$	330	$	19,568	$	188,927
Held to maturity:
U.S. government agencies	$	9,141	$	—	$	1,259	$	7,882
Treasury securities		133,735		—		2,921		130,814
Municipal securities		191,680		658		8,285		184,053
Mortgage-backed securities		132,693		—		14,708		117,985
Collateralized mortgage obligations		41,759		—		7,425		34,334
Total held to maturity	$	509,008	$	658	$	34,598	$	475,068

Schedule of Securities with Gross Unrealized Losses

Information pertaining to securities with gross unrealized losses as of September 30, 2023 and December 31, 2022, for which no allowance for credit losses has been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:

	Less Than 12 Months					12 Months or Longer					Total
September 30, 2023	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Corporate bonds	$	—		$	—	$	(3,353	)	$	26,549	$	(3,353	)	$	26,549
Mortgage-backed securities		(454	)		21,642		(18,848	)		98,588		(19,302	)		120,230
Collateralized mortgage obligations		(3	)		3,117		(2,132	)		14,473		(2,135	)		17,590
Total available for sale	$	(457	)	$	24,759	$	(24,333	)	$	139,610	$	(24,790	)	$	164,369
Held to maturity:
U.S. government agencies	$	—		$	—	$	(1,357	)	$	7,897	$	(1,357	)	$	7,897
Treasury securities		(1,725	)		67,582		—			—		(1,725	)		67,582
Municipal securities		(798	)		61,215		(8,770	)		77,783		(9,568	)		138,998
Mortgage-backed securities		—			—		(19,631	)		102,600		(19,631	)		102,600
Collateralized mortgage obligations		—			—		(8,440	)		30,084		(8,440	)		30,084
Total held to maturity	$	(2,523	)	$	128,797	$	(38,198	)	$	218,364	$	(40,721	)	$	347,161

	Less Than 12 Months					12 Months or Longer					Total
December 31, 2022	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
Available for sale:
Corporate bonds	$	(1,518	)	$	20,323	$	(659	)	$	7,464		(2,177	)		27,787
Municipal securities		(8	)		1,659		—			—		(8	)		1,659
Mortgage-backed securities		(6,150	)		74,146		(9,406	)		55,826		(15,556	)		129,972
Collateralized mortgage obligations		(908	)		16,575		(919	)		3,411		(1,827	)		19,986
Total available for sale	$	(8,584	)	$	112,703	$	(10,984	)	$	66,701	$	(19,568	)	$	179,404
Held to maturity:
U.S. government agencies	$	(1,259	)	$	7,882	$	—		$	—	$	(1,259	)	$	7,882
Treasury securities		(2,921	)		130,814		—			—		(2,921	)		130,814
Municipal securities		(7,071	)		118,117		(1,214	)		3,701		(8,285	)		121,818
Mortgage-backed securities		(8,355	)		80,556		(6,353	)		37,429		(14,708	)		117,985
Collateralized mortgage obligations		(1,031	)		10,750		(6,394	)		23,584		(7,425	)		34,334
Total held to maturity	$	(20,637	)	$	348,119	$	(13,961	)	$	64,714	$	(34,598	)	$	412,833

Schedule of Proceeds from Sales of Available for Sale Securities and Associated Gains and Losses

The proceeds from sales of available for sale securities and the associated gains and losses are listed below for the:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023			2022
Proceeds from sales	$	—	$	—	$	21,268		$	—
Gross gains		—		—		184			—
Gross losses		—		—		(413	)		—

Investments Classified by Contractual Maturity Date

The contractual maturities at September 30, 2023 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. Expected maturities may differ from contractual maturities because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties.

	Available for Sale				Held to Maturity
September 30, 2023	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	2,005	$	1,967	$	46,996	$	46,316
Due after one year through five years		7,544		7,145		68,569		65,029
Due after five years through ten years		22,675		19,801		80,411		76,728
Due after ten years		—		—		51,577		46,934
Mortgage-backed securities		151,424		132,141		122,231		102,600
Collateralized mortgage obligations		19,725		17,590		38,524		30,084
Total securities	$	203,373	$	178,644	$	408,308	$	367,691