DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of held-to-maturity securities reconciliation

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):

December 31, 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	$	—	$	(4)	$	242	$	—
Corporate bonds	23,578		—		(2,801)		20,777		(71)
Government National Mortgage Association ("GNMA") MBS – residential	31,361		—		(3,383)		27,978		—
Federal National Mortgage Association ("FNMA") MBS – residential	12,011		—		(689)		11,322		—
Government collateralized mortgage obligations ("GMO") and MBS – commercial	5,075		5		(483)		4,597		—
Corporate CMO and MBS	3,524		—		(279)		3,245		—
Total debt securities held-to-maturity	$	75,795	$	5	$	(7,639)	$	68,161	$	(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 available for sale securities, excluding sbic with contractual maturity dates

As of December 31, 2024, the amortized cost and estimated fair value of held-to-maturity debt securities have contractual maturity dates shown in the table below (dollars in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

December 31, 2024	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due between one year and five years	4,241		4,015
Due between five years and ten years	19,410		16,844
Due after ten years	173		160
Securities (CMO and MBS)	51,971		47,142
Total	$	75,795	$	68,161

Allowance for credit losses for htm securities

The following table presents the activity in the allowance for credit losses for Held-to-maturity debt securities by major security type for the years ended:

	Year Ended December 31,
	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	$	—