INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At September 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	16,290	$	16	$	(2,817)	$	13,489
Agency mortgage-backed securities		53,576		—		(8,089)		45,487
Municipal securities		43,016		2		(13,040)		29,978
Corporate Securities		1,500		—		(238)		1,262
U.S. Government agency securities		45,436		—		(9,715)		35,721
U.S. Treasury securities		16,877		3		(112)		16,768
Total securities available for sale	$	176,695	$	21	$	(34,011)	$	142,705

	At December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	17,596	$	7	$	(2,348)	$	15,255
Agency mortgage-backed securities		58,801		—		(6,908)		51,893
Municipal securities		43,092		1		(10,796)		32,297
Corporate Securities		1,500		—		(175)		1,325
U.S. Government agency securities		45,471		—		(8,891)		36,580
U.S. Treasury securities		6,993		—		(210)		6,783
Total securities available for sale	$	173,453	$	8	$	(29,328)	$	144,133

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position

The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2023 and December 31, 2022 are as follows:

September 30, 2023	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Collateralized mortgage obligations	$	240	$	(3)	$	11,574	$	(2,814)	$	11,814	$	(2,817)
Agency mortgage-backed securities		117		—		45,369		(8,089)		45,486		(8,089)
Municipal securities		4,181		(417)		25,296		(12,623)		29,477		(13,040)
Corporate Securities		—		—		1,263		(238)		1,263		(238)
U.S. Government agency securities		251		—		35,470		(9,715)		35,721		(9,715)
U.S. Treasury securities		—		—		6,885		(112)		6,885		(112)
	$	4,789	$	(420)	$	125,857	$	(33,591)	$	130,646	$	(34,011)

December 31, 2022	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Collateralized mortgage obligations	$	8,315	$	(364)	$	6,127	$	(1,984)	$	14,442	$	(2,348)
Agency mortgage-backed securities		20,029		(1,308)		31,865		(5,600)		51,894		(6,908)
Municipal securities		18,456		(5,438)		13,340		(5,358)		31,796		(10,796)
Corporate Securities		—		—		1,325		(175)		1,325		(175)
U.S. Government agency securities		13,526		(474)		22,767		(8,417)		36,293		(8,891)
U.S. Treasury securities		6,783		(210)		—		—		6,783		(210)
	$	67,109	$	(7,794)	$	75,424	$	(21,534)	$	142,533	$	(29,328)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at September 30, 2023. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

	At September 30, 2023
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	25,888	$	25,614	3.53	%
Over one to five years		12,492		11,596	2.10	%
Over five to ten years		34,320		29,460	2.11	%
Over ten years		103,995		76,035	2.39	%
Total debt securities	$	176,695	$	142,705

_____________________

(1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively.

(2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.