Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale and held-to-maturity securities

Available-for-sale and held-to-maturity securities have been classified in the consolidated balance sheets according to management’s intent on December 31, 2023, and 2022. The amortized cost of such securities and their approximate fair values were as follows (dollars in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale, December 31, 2023
Mortgage-backed securities	$	36,829	$	—	$	(4,362	)	$	32,467
U.S. Treasuries		3,069		—		(277	)		2,792
U.S. government agencies		287		—		(17	)		270
Municipal obligations		22,921		—		(2,593	)		20,328
Corporate debt		1,000		—		(167	)		833
Total	$	64,106	$	—	$	(7,416	)	$	56,690

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Held-to-maturity, December 31, 2023
Corporate debt	$	5,799		$	—	$	(692	)	$	5,107
Total	$	5,799		$	—	$	(692	)	$	5,107
Allowance for Credit Losses	$	(115	)
Net carrying value of HTM securities	$	5,684

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale, December 31, 2022
Mortgage-backed securities	$	39,709	$	—	$	(5,177	)	$	34,532
U.S. Treasuries		3,083		—		(366	)		2,717
U.S. government agencies		396		—		(26	)		370
Municipal obligations		23,500		—		(3,349	)		20,151
Corporate debt		1,000		—		(188	)		812
Total	$	67,688	$	—	$	(9,106	)	$	58,582

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Held-to-maturity, December 31, 2022
Corporate debt	$	5,832	$	9	$	(409	)	$	5,432
Total	$	5,832	$	9	$	(409	)	$	5,432

Schedule of Securities with unrealized losses

Securities with unrealized losses on December 31, 2023, and 2022, that have not been recognized in income are as follows (dollars in thousands):

	Continued Unrealized Loss for Less than 12 Months				Continued Unrealized Loss for 12 Months or More					Total
Description of securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Available-for-sale, December 31, 2023
Mortgage-backed securities	$	—	$	—	$	30,462	$	(4,362	)	$	30,462	$	(4,362	)
U.S. Treasuries		—		—		2,792		(277	)		2,792		(277	)
U.S. government agencies		—		—		270		(17	)		270		(17	)
Municipal obligations		—		—		20,328		(2,593	)		20,328		(2,593	)
Corporate debt		—		—		833		(167	)		833		(167	)
Total temporarily impaired	$	—	$	—	$	54,685	$	(7,416	)	$	54,685	$	(7,416	)

Held to Maturity December 31, 2023
Corporate debt	$	904	$	(96	)	$	4,203	$	(596	)	5,107	(692	)
Total temporarily impaired	$	904	$	(96	)	$	4,203	$	(596	)	5,107	(692	)

	Continued Unrealized Loss for Less than 12 Months					Continued Unrealized Loss for 12 Months or More					Total
Description of securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Available-for-sale, December 31, 2022
Mortgage-backed securities	$	21,377	$	(2,080	)	$	13,155	$	(3,097	)	$	34,532	$	(5,177	)
U.S. Treasuries		—		—			2,717		(366	)		2,717		(366	)
U.S. government agencies		171		(10	)		199		(16	)		370		(26	)
Municipal obligations		12,547		(1,698	)		7,104		(1,651	)		19,651		(3,349	)
Corporate debt		—		—			812		(188	)		812		(188	)
Total temporarily impaired	$	34,095	$	(3,788	)	$	23,987	$	(5,318	)	$	58,082	$	(9,106	)

Held to Maturity December 31, 2022
Corporate debt	$	2,615	$	(202	)	$	1,793	$	(207	)	4,408	(409	)
Total temporarily impaired	$	2,615	$	(202	)	$	1,793	$	(207	)	4,408	(409	)

Schedule of Amortized Cost and Fair Value of Investment Securities

As of December 31, 2023, the amortized cost and estimated fair value of the debt securities portfolio are shown by contractual maturity dates (dollars in thousands).

	Amortized Cost		Fair Value		Average Yield
Available-for-sale
Due in one year or less	$	805	$	794		2.11	%
Due from one to five years		9,654		8,706		1.76	%
Due from five to ten years		16,818		14,723		2.32	%
Due after ten years		—		—		—
Mortgage-backed securities		36,829		32,467		2.21	%
Total	$	64,106	$	56,690		2.17	%

	Amortized Cost		Fair Value		Average Yield
Held-to-maturity
Due in one year or less	$	—	$	—		—
Due from one to five years		—		—		—
Due from five to ten years		5,799		5,107		4.28	%
Due after ten years		—		—		—
Total	$	5,799	$	5,107		4.28	%

Schedule of Allowance for Credit Losses for Securities Held-To-Maturity

For year ended December 31, 2023	Corporate Bonds
Allowance for credit losses:
Beginning balance	$	—
Impact of ASU 2016-13 adoption		38
Provision for credit losses		77
Securities charged -off (recoveries)		—
Total ending allowance balance		115