INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At September 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	14,745	$	18	$	(2,065)	$	12,698
Agency mortgage-backed securities		46,085		—		(4,419)		41,666
Municipal securities		42,913		5		(8,459)		34,459
U.S. Government agency securities		36,375		—		(6,583)		29,792
Corporate Securities		1,500		—		(157)		1,343
Total securities available for sale	$	141,618	$	23	$	(21,683)	$	119,958

	At December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	15,962	$	8	$	(2,309)	$	13,661
Agency mortgage-backed securities		51,930		—		(5,816)		46,114
Municipal securities		42,990		4		(9,265)		33,729
U.S. Government agency securities		45,406		—		(7,712)		37,694
Corporate Securities		1,500		—		(216)		1,284
U.S. Treasury securities		6,999		—		(54)		6,945
Total securities available for sale	$	164,787	$	12	$	(25,372)	$	139,427

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

September 30, 2024	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	$	—	$	—	$	10,034	$	(2,065)	$	10,034	$	(2,065)
Agency mortgage-backed securities		67		—		41,599		(4,419)		41,666		(4,419)
Municipal securities		—				32,319		(8,459)		32,319		(8,459)
U.S. Government agency securities		—		—		29,792		(6,583)		29,792		(6,583)
Corporate Securities		—		—		1,343		(157)		1,343		(157)
	$	67	$	—	$	115,087	$	(21,683)	$	115,154	$	(21,683)

December 31, 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	$	492	$	(1)	$	11,927	$	(2,308)	$	12,419	$	(2,309)
Agency mortgage-backed securities		5		—		46,109		(5,816)		46,114		(5,816)
Municipal securities		2,978		(39)		28,667		(9,226)		31,645		(9,265)
U.S. Government agency securities		220		(1)		37,474		(7,711)		37,694		(7,712)
Corporate Securities		—		—		1,284		(216)		1,284		(216)
U.S. Treasury securities		—		—		6,944		(54)		6,944		(54)
	$	3,695	$	(41)	$	132,405	$	(25,331)	$	136,100	$	(25,372)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at September 30, 2024. 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, 2024
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	6,012	$	6,001	2.67	%
Over one to five years		5,864		5,494	1.74	%
Over five to ten years		31,937		29,085	2.14	%
Over ten years		97,805		79,378	2.38	%
Total debt securities	$	141,618	$	119,958

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(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.