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MARKETABLE SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity Securities | The following tables summarize the amortized cost and fair value of available for sale and held to maturity securities as of September 30, 2024 and December 31, 2023 and the corresponding amounts of gross unrealized gains and losses:
September 30, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Treasury securities |  | $ | 14,968 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 14,967 |
Corporate bonds |  |  | 27,823 |  |  |  | — |  |  |  | 1,823 |  |  |  | 26,000 |
Municipal securities |  |  | 2,319 |  |  |  | 122 |  |  |  | — |  |  |  | 2,441 |
Mortgage-backed securities |  |  | 227,136 |  |  |  | 3,202 |  |  |  | 10,904 |  |  |  | 219,434 |
Collateralized mortgage obligations |  |  | 15,921 |  |  |  | 11 |  |  |  | 1,207 |  |  |  | 14,725 |
Total available for sale |  | $ | 288,167 |  |  | $ | 3,338 |  |  | $ | 13,938 |  |  | $ | 277,567 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 9,410 |  |  | $ | — |  |  | $ | 736 |  |  | $ | 8,674 |
Treasury securities |  |  | 29,768 |  |  |  | — |  |  |  | 263 |  |  |  | 29,505 |
Municipal securities |  |  | 156,506 |  |  |  | 578 |  |  |  | 5,538 |  |  |  | 151,546 |
Mortgage-backed securities |  |  | 111,767 |  |  |  | — |  |  |  | 10,945 |  |  |  | 100,822 |
Collateralized mortgage obligations |  |  | 34,460 |  |  |  | — |  |  |  | 5,694 |  |  |  | 28,766 |
Total held to maturity |  | $ | 341,911 |  |  | $ | 578 |  |  | $ | 23,176 |  |  | $ | 319,313 |
December 31, 2023 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 29,882 |  |  | $ | — |  |  | $ | 3,077 |  |  | $ | 26,805 |
Municipal securities |  |  | 2,322 |  |  |  | 182 |  |  |  | — |  |  |  | 2,504 |
Mortgage-backed securities |  |  | 164,419 |  |  |  | 1,014 |  |  |  | 15,621 |  |  |  | 149,812 |
Collateralized mortgage obligations |  |  | 18,757 |  |  |  | 19 |  |  |  | 1,702 |  |  |  | 17,074 |
Total available for sale |  | $ | 215,380 |  |  | $ | 1,215 |  |  | $ | 20,400 |  |  | $ | 196,195 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 9,292 |  |  | $ | — |  |  | $ | 1,066 |  |  | $ | 8,226 |
Treasury securities |  |  | 69,432 |  |  |  | — |  |  |  | 1,038 |  |  |  | 68,394 |
Municipal securities |  |  | 168,175 |  |  |  | 923 |  |  |  | 6,123 |  |  |  | 162,975 |
Mortgage-backed securities |  |  | 119,872 |  |  |  | — |  |  |  | 15,105 |  |  |  | 104,767 |
Collateralized mortgage obligations |  |  | 37,437 |  |  |  | — |  |  |  | 7,276 |  |  |  | 30,161 |
Total held to maturity |  | $ | 404,208 |  |  | $ | 923 |  |  | $ | 30,608 |  |  | $ | 374,523 |
Schedule of Securities with Gross Unrealized Losses | Information pertaining to securities available for sale with gross unrealized losses as of September 30, 2024 and December 31, 2023, for which no allowance for credit losses has been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
September 30, 2024 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Treasury securities |  | $ | (4 | ) |  | $ | 9,881 |  |  | $ | — |  |  | $ | — |  |  | $ | (4 | ) |  | $ | 9,881 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | (1,823 | ) |  |  | 26,000 |  |  |  | (1,823 | ) |  |  | 26,000 |
Mortgage-backed securities |  |  | (233 | ) |  |  | 3,051 |  |  |  | (10,671 | ) |  |  | 105,788 |  |  |  | (10,904 | ) |  |  | 108,839 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | (1,207 | ) |  |  | 12,157 |  |  |  | (1,207 | ) |  |  | 12,157 |
Total available for sale |  | $ | (237 | ) |  | $ | 12,932 |  |  | $ | (13,701 | ) |  | $ | 143,945 |  |  | $ | (13,938 | ) |  | $ | 156,877 |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2023 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  |  | $ | — |  |  | $ | (3,077 | ) |  | $ | 26,805 |  |  | $ | (3,077 | ) |  | $ | 26,805 |
Mortgage-backed securities |  |  | (742 | ) |  |  | 13,308 |  |  |  | (14,879 | ) |  |  | 101,889 |  |  |  | (15,621 | ) |  |  | 115,197 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | (1,702 | ) |  |  | 13,976 |  |  |  | (1,702 | ) |  |  | 13,976 |
Total available for sale |  | $ | (742 | ) |  | $ | 13,308 |  |  | $ | (19,658 | ) |  | $ | 142,670 |  |  | $ | (20,400 | ) |  | $ | 155,978 |
Schedule of Proceeds from Sales of Available for Sale Securities and Associated Gains and Losses | The proceeds from sales of available for sale securities and the associated gains and losses are listed below for the:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Proceeds from sales |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21,268 |
Gross gains |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 184 |
Gross losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (413 | )
Investments Classified by Contractual Maturity Date | The contractual maturities at September 30, 2024 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. Expected maturities may differ from contractual maturities because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties.
|  | Available for Sale |  |  | Held to Maturity |
September 30, 2024 |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due within one year |  | $ | 10,462 |  |  | $ | 10,426 |  |  | $ | 34,512 |  |  | $ | 34,241 |
Due after one year through five years |  |  | 12,032 |  |  |  | 11,951 |  |  |  | 41,115 |  |  |  | 39,991 |
Due after five years through ten years |  |  | 22,616 |  |  |  | 21,031 |  |  |  | 89,580 |  |  |  | 87,178 |
Due after ten years |  |  | — |  |  |  | — |  |  |  | 30,477 |  |  |  | 28,315 |
Mortgage-backed securities |  |  | 227,136 |  |  |  | 219,434 |  |  |  | 111,767 |  |  |  | 100,822 |
Collateralized mortgage obligations |  |  | 15,921 |  |  |  | 14,725 |  |  |  | 34,460 |  |  |  | 28,766 |
Total securities |  | $ | 288,167 |  |  | $ | 277,567 |  |  | $ | 341,911 |  |  | $ | 319,313 |

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