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SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Securities Available for Sale | Debt securities available-for-sale ("AFS") at March 31, 2024 and December 31, 2023 were as follows:
| March 31, 2024
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 19,506 |  |  | $ | — |  |  | $ | (31) |  |  | $ | — |  |  | $ | 19,475 |
State & political subdivisions | 104,979 |  |  | 6 |  |  | (13,743) |  |  | — |  |  | 91,242 |
Residential & multi-family mortgage | 220,199 |  |  | — |  |  | (35,417) |  |  | — |  |  | 184,782 |
Corporate notes & bonds | 48,281 |  |  | 3 |  |  | (5,317) |  |  | — |  |  | 42,967 |
Pooled SBA | 11,029 |  |  | — |  |  | (930) |  |  | — |  |  | 10,099 |
Total | $ | 403,994 |  |  | $ | 9 |  |  | $ | (55,438) |  |  | $ | — |  |  | $ | 348,565 |
| December 31, 2023
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 5,024 |  |  | $ | — |  |  | $ | (36) |  |  | $ | — |  |  | $ | 4,988 |
State & political subdivisions | 105,102 |  |  | 22 |  |  | (13,315) |  |  | — |  |  | 91,809 |
Residential & multi-family mortgage | 225,871 |  |  | 1 |  |  | (34,353) |  |  | — |  |  | 191,519 |
Corporate notes & bonds | 48,459 |  |  | 13 |  |  | (5,333) |  |  | — |  |  | 43,139 |
Pooled SBA | 11,347 |  |  | — |  |  | (847) |  |  | — |  |  | 10,500 |
Total | $ | 395,803 |  |  | $ | 36 |  |  | $ | (53,884) |  |  | $ | — |  |  | $ | 341,955 |
Information pertaining to security sales on AFS securities is as follows:
| Proceeds |  | Gross Gains |  | Gross Losses
Three months ended March 31, 2024 | $ | — |  |  | $ | — |  |  | $ | — |
Three months ended March 31, 2023 | 9,659 |  |  | 22 |  |  | — |
Schedule of Debt Securities Held-to-maturities | Debt securities held-to-maturity ("HTM") at March 31, 2024 and December 31, 2023 were as follows:
| March 31, 2024
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 298,024 |  |  | $ | — |  |  | $ | (19,373) |  |  | $ | — |  |  | $ | 278,651 |
Residential & multi-family mortgage | 83,682 |  |  | — |  |  | (10,195) |  |  | — |  |  | 73,487 |
Total | $ | 381,706 |  |  | $ | — |  |  | $ | (29,568) |  |  | $ | — |  |  | $ | 352,138 |
| December 31, 2023
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 302,945 |  |  | $ | — |  |  | $ | (19,038) |  |  | $ | — |  |  | $ | 283,907 |
Residential & multi-family mortgage | 86,023 |  |  | — |  |  | (9,360) |  |  | — |  |  | 76,663 |
Total | $ | 388,968 |  |  | $ | — |  |  | $ | (28,398) |  |  | $ | — |  |  | $ | 360,570 |
HTM debt securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2024
| Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | — |  |  | $ | — |  |  | $ | 278,651 |  |  | $ | (19,373) |  |  | $ | 278,651 |  |  | $ | (19,373) |
Residential & multi-family mortgage | — |  |  | — |  |  | 73,487 |  |  | (10,195) |  |  | 73,487 |  |  | (10,195) |
| $ | — |  |  | $ | — |  |  | $ | 352,138 |  |  | $ | (29,568) |  |  | $ | 352,138 |  |  | $ | (29,568) |
December 31, 2023
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | — |  |  | $ | — |  |  | $ | 283,907 |  |  | $ | (19,038) |  |  | $ | 283,907 |  |  | $ | (19,038) |
Residential & multi-family mortgage | — |  |  | — |  |  | 76,663 |  |  | (9,360) |  |  | 76,663 |  |  | (9,360) |
| $ | — |  |  | $ | — |  |  | $ | 360,570 |  |  | $ | (28,398) |  |  | $ | 360,570 |  |  | $ | (28,398) |
Schedule of Maturity Distribution of Debt Securities at Amortized Cost and Fair Value | The table below illustrates the maturity distribution of debt securities at amortized cost and fair value as of March 31, 2024:
| Available-for-sale |  | Held-to-maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
1 year or less | $ | 18,688 |  |  | $ | 18,582 |  |  | $ | 87,559 |  |  | $ | 85,994 |
1 year – 5 years | 50,847 |  |  | 48,517 |  |  | 172,326 |  |  | 160,096 |
5 years – 10 years | 81,804 |  |  | 70,462 |  |  | 38,139 |  |  | 32,561 |
After 10 years | 21,427 |  |  | 16,123 |  |  | — |  |  | — |
| 172,766 |  |  | 153,684 |  |  | 298,024 |  |  | 278,651 |
Residential & multi-family mortgage | 220,199 |  |  | 184,782 |  |  | 83,682 |  |  | 73,487 |
Pooled SBA | 11,029 |  |  | 10,099 |  |  | — |  |  | — |
Total debt securities | $ | 403,994 |  |  | $ | 348,565 |  |  | $ | 381,706 |  |  | $ | 352,138 |
Available-for-sale Securities with Unrealized Loss Position | AFS debt securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2024
| Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | 18,028 |  |  | $ | (7) |  |  | $ | 1,447 |  |  | $ | (24) |  |  | $ | 19,475 |  |  | $ | (31) |
State & political subdivisions | 5,266 |  |  | (188) |  |  | 81,595 |  |  | (13,555) |  |  | 86,861 |  |  | (13,743) |
Residential & multi-family mortgage | 112 |  |  | (3) |  |  | 184,580 |  |  | (35,414) |  |  | 184,692 |  |  | (35,417) |
Corporate notes and bonds | 986 |  |  | (14) |  |  | 41,314 |  |  | (5,303) |  |  | 42,300 |  |  | (5,317) |
Pooled SBA | 84 |  |  | (1) |  |  | 9,924 |  |  | (929) |  |  | 10,008 |  |  | (930) |
| $ | 24,476 |  |  | $ | (213) |  |  | $ | 318,860 |  |  | $ | (55,225) |  |  | $ | 343,336 |  |  | $ | (55,438) |
December 31, 2023
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | 2,487 |  |  | $ | (1) |  |  | $ | 1,956 |  |  | $ | (35) |  |  | $ | 4,443 |  |  | $ | (36) |
State & political subdivisions | 749 |  |  | — |  |  | 84,828 |  |  | (13,315) |  |  | 85,577 |  |  | (13,315) |
Residential & multi-family mortgage | — |  |  | — |  |  | 191,436 |  |  | (34,353) |  |  | 191,436 |  |  | (34,353) |
Corporate notes and bonds | 978 |  |  | (22) |  |  | 41,488 |  |  | (5,311) |  |  | 42,466 |  |  | (5,333) |
Pooled SBA | — |  |  | — |  |  | 10,409 |  |  | (847) |  |  | 10,409 |  |  | (847) |
| $ | 4,214 |  |  | $ | (23) |  |  | $ | 330,117 |  |  | $ | (53,861) |  |  | $ | 334,331 |  |  | $ | (53,884) |
Schedule of Trading Securities | Equity securities at March 31, 2024 and December 31, 2023 were as follows:
| March 31, 2024 |  | December 31, 2023
Corporate equity securities | $ | 5,416 |  |  | $ | 5,341 |
Mutual funds | 2,278 |  |  | 2,223 |
Money market funds | 1355 |  | 1,103 |
Corporate notes | 532 |  |  | 634 |
Total | $ | 9,581 |  |  | $ | 9,301 |

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