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SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Securities Available for Sale | Debt securities available-for-sale ("AFS") at June 30, 2024 and December 31, 2023 were as follows:
| June 30, 2024
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 19,667 |  |  | $ | — |  |  | $ | (47) |  |  | $ | — |  |  | $ | 19,620 |
State & political subdivisions | 105,529 |  |  | 1 |  |  | (14,157) |  |  | — |  |  | 91,373 |
Residential & multi-family mortgage | 234,738 |  |  | 1 |  |  | (35,665) |  |  | — |  |  | 199,074 |
Corporate notes & bonds | 45,414 |  |  | 35 |  |  | (5,111) |  |  | — |  |  | 40,338 |
Pooled SBA | 10,396 |  |  | — |  |  | (901) |  |  | — |  |  | 9,495 |
Total | $ | 415,744 |  |  | $ | 37 |  |  | $ | (55,881) |  |  | $ | — |  |  | $ | 359,900 |
| 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 June 30, 2024 | $ | — |  |  | $ | — |  |  | $ | — |
Three months ended June 30, 2023 | 3,492 |  |  | 30 |  |  | — |
Six months ended June 30, 2024 | — |  |  | — |  |  | — |
Six months ended June 30, 2023 | 13,151 |  |  | 52 |  |  | — |
Schedule of Debt Securities Held-to-maturities | Debt securities held-to-maturity ("HTM") at June 30, 2024 and December 31, 2023 were as follows:
| June 30, 2024
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 273,307 |  |  | $ | — |  |  | $ | (17,938) |  |  | $ | — |  |  | $ | 255,369 |
Residential & multi-family mortgage | 81,262 |  |  | — |  |  | (10,309) |  |  | — |  |  | 70,953 |
Total | $ | 354,569 |  |  | $ | — |  |  | $ | (28,247) |  |  | $ | — |  |  | $ | 326,322 |
| 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 June 30, 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: June 30, 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 | $ | — |  |  | $ | — |  |  | $ | 255,369 |  |  | $ | (17,938) |  |  | $ | 255,369 |  |  | $ | (17,938) |
Residential & multi-family mortgage | — |  |  | — |  |  | 70,953 |  |  | (10,309) |  |  | 70,953 |  |  | (10,309) |
| $ | — |  |  | $ | — |  |  | $ | 326,322 |  |  | $ | (28,247) |  |  | $ | 326,322 |  |  | $ | (28,247) |
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 June 30, 2024:
| Available-for-sale |  | Held-to-maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
1 year or less | $ | 24,475 |  |  | $ | 24,356 |  |  | $ | 72,734 |  |  | $ | 71,496 |
1 year – 5 years | 47,219 |  |  | 44,521 |  |  | 172,567 |  |  | 160,109 |
5 years – 10 years | 77,498 |  |  | 66,476 |  |  | 28,006 |  |  | 23,764 |
After 10 years | 21,418 |  |  | 15,978 |  |  | — |  |  | — |
| 170,610 |  |  | 151,331 |  |  | 273,307 |  |  | 255,369 |
Residential & multi-family mortgage | 234,738 |  |  | 199,074 |  |  | 81,262 |  |  | 70,953 |
Pooled SBA | 10,396 |  |  | 9,495 |  |  | — |  |  | — |
Total debt securities | $ | 415,744 |  |  | $ | 359,900 |  |  | $ | 354,569 |  |  | $ | 326,322 |
Schedule of Available-for-sale Securities with Unrealized Loss Position | AFS debt securities with unrealized losses at June 30, 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: June 30, 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 | $ | 18,639 |  |  | $ | (30) |  |  | $ | 981 |  |  | $ | (17) |  |  | $ | 19,620 |  |  | $ | (47) |
State & political subdivisions | 4,321 |  |  | (183) |  |  | 85,295 |  |  | (13,974) |  |  | 89,616 |  |  | (14,157) |
Residential & multi-family mortgage | 20,119 |  |  | (367) |  |  | 178,878 |  |  | (35,298) |  |  | 198,997 |  |  | (35,665) |
Corporate notes and bonds | 986 |  |  | (14) |  |  | 38,649 |  |  | (5,097) |  |  | 39,635 |  |  | (5,111) |
Pooled SBA | — |  |  | — |  |  | 9,406 |  |  | (901) |  |  | 9,406 |  |  | (901) |
| $ | 44,065 |  |  | $ | (594) |  |  | $ | 313,209 |  |  | $ | (55,287) |  |  | $ | 357,274 |  |  | $ | (55,881) |
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 June 30, 2024 and December 31, 2023 were as follows:
| June 30, 2024 |  | December 31, 2023
Corporate equity securities | $ | 6,004 |  |  | $ | 5,341 |
Mutual funds | 1,657 |  |  | 2,223 |
Money market funds | 409 |  | 1,103 |
Corporate notes | 1,584 |  |  | 634 |
Total | $ | 9,654 |  |  | $ | 9,301 |

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