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SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

SECURITIES

Investment Securities Available for Sale and Held to Maturity


		March 31, 2024
					Gross			Gross			Allowance
		Amortized			Unrealized			Unrealized			for Credit
(in thousands)		Cost			Gains			Losses			Losses			Fair Value
Available for sale:
U.S. Treasury securities		$	29,952		$	4		$	—		$	—		$	29,956
U.S. GSE residential mortgage-backed securities			297			—			(133)			—			164
Collateralized loan obligations			50,286			296			—			—			50,582
Corporate bonds			13,700			—			(1,693)			—			12,007
Total available for sale securities		$	94,235		$	300		$	(1,826)		$	—		$	92,709

					Gross			Gross						Allowance
		Amortized			Unrecognized			Unrecognized						for Credit
		Cost			Gains			Losses			Fair Value			Losses
Held to maturity:
U.S. GSE residential mortgage-backed securities		$	1,427		$	—		$	(106)		$	1,321		$	—
U.S. GSE commercial mortgage-backed securities			2,546			—			(116)			2,430			—
Total held to maturity securities		$	3,973		$	—		$	(222)		$	3,751		$	—


		December 31, 2023
					Gross			Gross			Allowance
		Amortized			Unrealized			Unrealized			for Credit
(in thousands)		Cost			Gains			Losses			Losses			Fair Value
Available for sale:
U.S. GSE residential mortgage-backed securities		$	309		$	—		$	(108)		$	—		$	201
Collateralized loan obligations			50,283			82			(99)			—			50,266
Corporate bonds			12,700			—			(1,748)			—			10,952
Total available for sale securities		$	63,292		$	82		$	(1,955)		$	—		$	61,419

					Gross			Gross						Allowance
		Amortized			Unrecognized			Unrecognized						for Credit
		Cost			Gains			Losses			Fair Value			Losses
Held to maturity:
U.S. GSE residential mortgage-backed securities		$	1,480		$	—		$	(96)		$	1,384		$	—
U.S. GSE commercial mortgage-backed securities			2,561			—			(110)			2,451			—
Total held to maturity securities		$	4,041		$	—		$	(206)		$	3,835		$	—

Securities Portfolio by Contractual Maturity


		March 31, 2024
		Amortized			Fair
(in thousands)		Cost			Value
Securities available for sale:
Due in one year or less		$	29,952		$	29,956
Due after one year through five years			1,000			1,000
Five to ten years			16,524			14,859
Beyond ten years			46,462			46,730
U.S. GSE residential mortgage-backed securities			297			164
Total securities available for sale			94,235			92,709
Securities held to maturity:
U.S. GSE residential mortgage-backed securities			1,427			1,321
U.S. GSE commercial mortgage-backed securities			2,546			2,430
Total securities held to maturity			3,973			3,751
Total investment securities		$	98,208		$	96,460

Gross Unrealized Losses and Fair Values of Investment Securities


		March 31, 2024
		Less than Twelve Months						Twelve Months or Longer						Total
					Gross						Gross								Gross
					Unrealized						Unrealized			Number of					Unrealized
(in thousands, except number of securities)		Fair Value			Losses			Fair Value			Losses			Securities		Fair Value			Losses
Available-for-sale:
U.S. GSE residential mortgage-backed securities		$	—		$	—		$	164		$	(133)		5		$	164		$	(133)
Corporate bonds			1,116			(84)			9,891			(1,609)		7			11,007			(1,693)
Total available-for-sale		$	1,116		$	(84)		$	10,055		$	(1,742)		12		$	11,171		$	(1,826)


		December 31, 2023
		Less than Twelve Months						Twelve Months or Longer						Total
					Gross						Gross								Gross
					Unrealized						Unrealized			Number of					Unrealized
(in thousands, except number of securities)		Fair Value			Losses			Fair Value			Losses			Securities		Fair Value			Losses
Available-for-sale:
U.S. GSE residential mortgage-backed securities		$	—		$	—		$	201		$	(108)		5		$	201		$	(108)
Collateralized loan obligations			12,352			(99)			—			—		3			12,352			(99)
Corporate bonds			1,080			(120)			9,872			(1,628)		7			10,952			(1,748)
Total available-for-sale		$	13,432		$	(219)		$	10,073		$	(1,736)		15		$	23,505		$	(1,955)