Securities Available-for-Sale (Tables)

9 Months Ended

Sep. 30, 2024

Debt Securities, Available-for-Sale [Abstract]

Schedule of amortized cost and fair value of securities available-for-sale

The amortized cost and fair value of securities available-for-sale, and the corresponding amounts of gross unrealized gains and losses for which an allowance for credit losses has not been recorded, are as follows as of September 30, 2024 and December 31, 2023:

	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
U.S. Government-sponsored enterprises ("GSE") obligations	$	1,648	$	—	$	(216	)	$	1,432
U.S. Government agency small business administration    pools guaranteed by SBA		14,537		33		(708	)		13,862
Collateralized mortgage obligations issued by the    FHLMC, FNMA and GNMA		15,594		110		(441	)		15,263
Residential mortgage-backed GSE securities		42,166		857		(3,249	)		39,774
Municipal bonds		56,894		957		(3,274	)		54,577
Corporate debt		500		—		(13	)		487
Corporate subordinated debt		8,321		105		(817	)		7,609
	$	139,660	$	2,062	$	(8,718	)	$	133,004
	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
U.S. Government-sponsored enterprises ("GSE") obligations	$	1,668	$	—	$	(270	)	$	1,398
U.S. Government agency small business administration    pools guaranteed by SBA		16,410		36		(863	)		15,583
Collateralized mortgage obligations issued by the    FHLMC, FNMA and GNMA		2,958		—		(484	)		2,474
Residential mortgage-backed GSE securities		41,186		653		(3,618	)		38,221
Municipal bonds		57,192		1,087		(3,587	)		54,692
Corporate debt		500		—		(8	)		492
Corporate subordinated debt		10,074		3		(1,083	)		8,994
	$	129,988	$	1,779	$	(9,913	)	$	121,854

Schedule of amortized cost and fair values of securities available-for-sale by contractual maturity

The amortized cost and fair values of securities available-for-sale at September 30, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2024
	Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	—	$	—
Due after one year through five years		500		487
Due after five years through ten years		10,917		9,938
Due after ten years		55,946		53,680
Total U.S. Government-sponsored enterprises obligations ("GSE"),    municipal bonds, corporate debt and corporate subordinated debt		67,363		64,105
U.S. Government agency small business pools guaranteed    by SBA(1)		14,537		13,862
Collateralized mortgage obligations issued by the FHLMC,    FNMA, and GNMA(1)		15,594		15,263
Residential mortgage-backed GSE securities(1)		42,166		39,774
Total	$	139,660	$	133,004

(1) Actual maturities for these debt securities are dependent upon the interest rate environment and prepayments on the underlying loans.

Summary of gross unrealized losses and fair value for those investments with unrealized losses

The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2024 and December 31, 2023.

	Less than 12 Months							More than 12 Months							Total
	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
September 30, 2024
U.S. Government sponsored    enterprises ("GSE") obligations		—	$	—	$	—			3	$	1,433	$	(216	)	$	1,433	$	(216	)
U.S. Government agency small    business administration pools    guaranteed by SBA		3		2,681		(39	)		5		3,827		(669	)		6,508		(708	)
Collateralized mortgage    obligations issued by    the FHLMC, FNMA    and GNMA		2		6,500		(35	)		4		2,385		(406	)		8,885		(441	)
Residential mortgage    backed GSE securities		5		3,647		(84	)		24		16,048		(3,165	)		19,695		(3,249	)
Municipal bonds		1		645		(6	)		50		32,631		(3,268	)		33,276		(3,274	)
Corporate debt		—		—		—			1		487		(13	)		487		(13	)
Corporate subordinated debt		—		—		—			5		4,700		(817	)		4,700		(817	)
		11	$	13,473	$	(164	)		92	$	61,511	$	(8,554	)	$	74,984	$	(8,718	)
December 31, 2023
U.S. Government sponsored    enterprises ("GSE") obligations		—	$	—	$	—			3	$	1,398	$	(270	)	$	1,398	$	(270	)
U.S. Government agency small    business administration pools    guaranteed by SBA		8		8,432		(75	)		5		3,899		(788	)		12,331		(863	)
Collateralized mortgage    obligations issued by    the FHLMC, FNMA    and GNMA		—		—		—			4		2,474		(484	)		2,474		(484	)
Residential mortgage    backed GSE securities		5		4,806		(53	)		23		15,347		(3,565	)		20,153		(3,618	)
Municipal bonds		1		1,941		(10	)		49		30,729		(3,577	)		32,670		(3,587	)
Corporate debt		—		—		—			1		492		(8	)		492		(8	)
Corporate subordinated debt		4		4,080		(82	)		4		4,029		(1,001	)		8,109		(1,083	)
		18	$	19,259	$	(220	)		89	$	58,368	$	(9,693	)	$	77,627	$	(9,913	)