INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

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):


March 31, 2025	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)	$	244	$	—

Corporate bonds	23,578		27		(2,333)		21,272		(71)
Government National Mortgage Association ("GNMA") MBS – residential	29,796		3		(2,949)		26,850		—
Federal National Mortgage Association ("FNMA") MBS – residential	11,822		22		(530)		11,314		—
Government CMO and MBS – commercial	4,905		5		(405)		4,505		—
Corporate CMO and MBS	3,499		—		(205)		3,294		—
Total debt securities held-to-maturity	$	73,846	$	57	$	(6,424)	$	67,479	$	(71)


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)
GNMA MBS – residential	31,361		—		(3,383)		27,978		—
FNMA MBS – residential	12,011		—		(689)		11,322		—
Government CMO 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)

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


	March 31, 2025
(dollars in thousands)	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due between one year and five years	4,242		4,184
Due between five years and ten years	19,412		17,176
Due after ten years	170		156
Securities (CMO and MBS)	50,022		45,963
Total	$	73,846	$	67,479

Allowance for credit losses for HTM securities

The following 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 March 31,
	2025				2024
(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	$	—