SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, and December 31, 2023. The amortized cost of such securities and their approximate fair values were as follows (dollars in thousands):

Available-for-sale	September 30, 2024
	Gross		Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(Dollars in thousands)	Cost		Gains		Losses			Value
Mortgage-backed securities	$	35,262	$	6	$	(3,324	)	$	31,944
U.S. Treasuries		5,044		—		(189	)		4,855
U.S. government agencies		214		—		(6	)		208
Municipal obligations		22,058		—		(1,760	)		20,298
Corporate debt		1,000		—		(114	)		886
Total	$	63,578	$	6	$	(5,393	)	$	58,191

Held-to-maturity	September 30, 2024
	Gross			Gross		Gross			Estimated
	Amortized			Unrealized		Unrealized			Fair
(Dollars in thousands)	Cost			Gains		Losses			Value
Corporate debt	$	5,774		$	—	$	(417	)	$	5,357
Total	$	5,774		$	—	$	(417	)	$	5,357
Allowance for Credit Losses	$	(136	)
Net Carrying Value of Held-to-maturity securities	$	5,638

Available-for-sale	December 31, 2023
	Gross		Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(Dollars in thousands)	Cost		Gains		Losses			Value
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

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

Schedule of Securities with unrealized losses

Securities with unrealized losses on September 30, 2024, and December 31, 2023, 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, September 30, 2024
Mortgage-backed securities	$	1,967	$	(4	)	$	27,191	$	(3,320	)	$	29,158	$	(3,324	)
U.S. Treasuries		1,985		(1	)		2,870		(188	)		4,855		(189	)
U.S. government agencies		—		—			208		(6	)		208		(6	)
Municipal obligations		—		—			19,722		(1,760	)		19,722		(1,760	)
Corporate debt		—		—			886		(114	)		886		(114	)
Total temporarily impaired	$	3,952	$	(5	)	$	50,877	$	(5,388	)	$	54,829	$	(5,393	)

Held to Maturity: September 30, 2024
Corporate debt	$	—	$	—	$	5,357	$	(417	)	$	5,357	$	(417	)
Total temporarily impaired	$	—	$	—	$	5,357	$	(417	)	$	5,357	$	(417	)

	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	)

Schedule of Information regarding Sale of Debt Securities Available-for-Sale

Certain information concerning the sale of debt securities available-for-sale for the three and nine months ended September 30, 2024, and 2023, was as follows (dollars in thousands):

	Three months ended
	September 30, 2024		September 30, 2023
Proceeds from sale	$	—	$	—
Gross realized gains	$	—	$	—
Gross realized losses	$	—	$	—

	Nine months ended
	September 30, 2024		September 30, 2023
Proceeds from sale	$	54,085	$	—
Gross realized gains	$	—	$	—
Gross realized losses	$	—	$	—

Schedule of Amortized Cost and Fair Value of Investment Securities

As of September 30, 2024, 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	$	3,027	$	3,020		4.51	%
Due from one to five years		13,778		12,861		1.74	%
Due from five to ten years		11,511		10,366		2.41	%
Due after ten years		—		—		—
Mortgage-backed securities		35,262		31,944		2.36	%
Total	$	63,578	$	58,191		2.37	%
	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		5,774		5,357		4.31	%
Due after ten years		—		—		—
Total	$	5,774	$	5,357		4.31	%

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

For the three months ended September 30, 2024	Corporate Bonds
Allowance for credit losses:
Beginning balance June 30, 2024	$	136
Provision for credit losses		—
Securities charged off (recoveries)		—
Total ending allowance balance September 30, 2024		136

For the nine months ended September 30, 2024	Corporate Bonds
Allowance for credit losses:
Beginning balance December 31, 2023	$	115
Provision for credit losses		21
Securities charged off (recoveries)		—
Total ending allowance balance September 30, 2024		136