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INVESTMENT SECURITIES (Tables)
3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Held-to-Maturity Debt Securities The amortized cost of held-to-maturity debt securities and their approximate fair values at March 31, 2025 and December 31, 2024 were as follows:
(dollars in thousands)Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated Fair
Value
March 31, 2025
Taxable municipals$553 $— $(76)$477 
(dollars in thousands)Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated Fair
Value
Tax exempt bank-qualified municipals52,641 — (5,789)46,852 
$53,194 $— $(5,865)$47,329 
December 31, 2024
Taxable municipals$553 $— $(90)$463 
Tax exempt bank-qualified municipals52,727 — (5,367)47,360 
$53,280 $— $(5,457)$47,823 
Schedule of Amortized Cost and Fair Value of Available-for-Sale Debt Securities
The amortized cost of available-for-sale debt securities and their approximate fair values at March 31, 2025 and December 31, 2024 were as follows:
(dollars in thousands)Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated Fair
Value
March 31, 2025
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities$81,019 $300 $(3,421)$77,898 
SBA securities 4,689 (80)4,615 
U.S. Treasury7,677 (261)7,419 
U.S. Agency2,000 — (272)1,728 
Collateralized mortgage obligations40,633 135 (2,581)38,187 
Taxable municipals1,007 — (89)918 
Tax exempt bank-qualified municipals830 — (2)828 
$137,855 $444 $(6,706)$131,593 
December 31, 2024
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities$87,930 $109 $(4,765)$83,274 
SBA securities5,423 (97)5,333 
U.S. Treasury12,624 17 (315)12,326 
U.S. Agency2,000 — (330)1,670 
Collateralized mortgage obligations41,615 11 (3,963)37,663 
Taxable municipals1,007 — (98)909 
Tax exempt bank-qualified municipals830 — (4)826 
$151,429 $144 $(9,572)$142,001 
Schedule of Debt Securities Classified by Contractual Maturities
The amortized cost and estimated fair value of all held-to-maturity and available-for-sale debt securities as of March 31, 2025 by contractual maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Held-to-MaturityAvailable-for-Sale
(dollars in thousands)Amortized
Cost
Estimated Fair
Value
Amortized
Cost
Estimated Fair
Value
March 31, 2025
Due in one year or less$— $— $8,668 $8,645 
Due after one year through five years— — 12,583 11,700 
Due after five years through ten years28,023 25,426 14,006 12,791 
Due after ten years25,171 21,903 102,598 98,457 
$53,194 $47,329 $137,855 $131,593 
Schedule of Gross Unrealized Losses and Estimated Fair Values of Available-for-Sale Debt Securities
The gross unrealized losses and related estimated fair values of all available-for-sale debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024 are summarized as follows:
Less than 12 Months12 Months or LongerTotal
(dollars in thousands)Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
March 31, 2025:
Available-for-sale debt securities:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities
$(811)$45,262 $(2,610)$20,793 $(3,421)$66,055 
SBA securities(2)572 (78)2,773 (80)3,345 
U.S. Treasury— — (261)2,434 (261)2,434 
U.S. Agency— — (272)1,728 (272)1,728 
Collateralized mortgage obligations(54)2,650 (2,527)29,328 (2,581)31,978 
Taxable municipals— — (89)418 (89)418 
Tax exempt bank-qualified municipals— — (2)828 (2)828 
$(867)$48,484 $(5,839)$58,302 $(6,706)$106,786 
Less than 12 Months12 Months or LongerTotal
(dollars in thousands)Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
December 31, 2024:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities
$(1,659)$47,792 $(3,106)$20,692 $(4,765)$68,484 
SBA securities(2)924 (95)3,011 (97)3,935 
U.S. Treasury— — (315)2,392 (315)2,392 
U.S. Agency— — (330)1,670 (330)1,670 
Collateralized mortgage obligations(279)7,922 (3,684)28,985 (3,963)36,907 
Taxable municipals— — (98)409 (98)409 
Tax exempt bank-qualified municipals— — (4)826 (4)826 
$(1,940)$56,638 $(7,632)$57,985 $(9,572)$114,623 
Schedule of Restricted Stock Investments
The table below summarizes the Company’s restricted stock investments at March 31, 2025 and December 31, 2024:
(dollars in thousands)March 31,
2025
December 31,
2024
Federal Reserve Bank$15,540 $15,524 
Federal Home Loan Bank15,305 15,305 
$30,845 $30,829 
Schedule of Activity in Qualifying Low Income Housing Projects
The following table presents activity in qualifying low income housing projects for the three months ended March 31, 2025 and 2024 follows:
Three Months Ended
(dollars in thousands)March 31,
2025
March 31,
2024
Proportional amortization
$306 $36 
Tax credits
253 49 
Contributions
114 —