INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

The following presents the amortized cost, fair value, and allowance for credit losses of debt securities held-to-maturity and the corresponding amounts of gross unrecognized gains and losses as of the date noted (dollars in thousands):


September 30, 2024	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		Allowance for Credit Losses
Debt securities held-to-maturity:
U.S. Treasury debt	$	246	$	2	$	—	$	248	$	—

Corporate bonds	23,654		—		(2,986)		20,668		(71)
Government National Mortgage Association ("GNMA") mortgage-backed securities ("MBS") – residential	31,605		28		(2,437)		29,196		—
Federal National Mortgage Association ("FNMA") MBS – residential	12,507		112		(345)		12,274		—
Government collateralized mortgage obligations ("GMO") and MBS – commercial	5,205		10		(245)		4,970		—
Corporate collateralized mortgage obligations ("CMO") and MBS	3,599		—		(129)		3,470		—
Total debt securities held-to-maturity	$	76,816	$	152	$	(6,142)	$	70,826	$	(71)


December 31, 2023	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		Allowance for Credit Losses
Debt securities held-to-maturity:
U.S. Treasury debt	$	253	$	—	$	(11)	$	242	$	—

Corporate bonds	23,687		—		(3,020)		20,667		(71)
GNMA mortgage-backed securities – residential	34,579		—		(3,410)		31,169		—
FNMA mortgage-backed securities – residential	6,035		—		(509)		5,526		—
Government GMO and MBS – commercial	5,836		9		(377)		5,468		—
Corporate CMO and MBS	3,783		—		(238)		3,545		—
Total debt securities held-to-maturity	$	74,173	$	9	$	(7,565)	$	66,617	$	(71)

Summary of the amortized cost and estimated fair value of held to maturity securities


September 30, 2024	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due between one year and five years	4,312		3,970
Due between five years and ten years	19,407		16,781
Due after ten years	181		165
Securities (CMO and MBS)	52,916		49,910
Total	$	76,816	$	70,826

Allowance for credit losses for HTM securities

The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity by major security type for the periods noted:


	Three Months Ended September 30,
	2024				2023
(dollars in thousands)	Corporate Bonds		Corporate CMO		Corporate Bonds		Corporate CMO
Allowance for credit losses:
Beginning balance	$	71	$	—	$	71	$	—

Provision for credit losses	—		—		—		—
Securities charged-off (recoveries)	—		—		—		—
Total ending allowance balance	$	71	$	—	$	71	$	—


	Nine Months Ended September 30,
	2024				2023
(dollars in thousands)	Corporate Bonds		Corporate CMO		Corporate Bonds		Corporate CMO
Allowance for credit losses:
Beginning balance	$	71	$	—	$	—	$	—
Impact of ASU 2016-13 adoption	—		—		71		—
Provision for credit losses	—		—		—		—
Securities charged-off (recoveries)	—		—		—		—
Total ending allowance balance	$	71	$	—	$	71	$	—