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INVESTMENT SECURITIES
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of September 30, 2023 and December 31, 2022, respectively, were as follows:
Available for sale securitiesAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
September 30, 2023
U.S. government agency obligations$17,452 $89 $223 $17,318 
Mortgage-backed securities92,722 — 22,991 69,731 
Corporate debt securities47,153 20 6,284 40,889 
Asset-backed securities25,825 27 376 25,476 
Total available for sale securities$183,152 $136 $29,874 $153,414 
December 31, 2022
U.S. government agency obligations$18,373 $173 $233 $18,313 
Mortgage-backed securities97,458 — 18,848 78,610 
Corporate debt securities44,636 — 4,385 40,251 
Asset-backed securities29,877 — 1,060 28,817 
Total available for sale securities$190,344 $173 $24,526 $165,991 
Held to maturity securitiesAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
September 30, 2023
Obligations of states and political subdivisions$600 $— $48 $552 
Mortgage-backed securities91,736 3 23,539 68,200 
Total held to maturity securities$92,336 $3 $23,587 $68,752 
December 31, 2022
Obligations of states and political subdivisions$600 $— $54 $546 
Mortgage-backed securities95,779 7 19,553 76,233 
Total held to maturity securities$96,379 $7 $19,607 $76,779 
At September 30, 2023, the Bank has pledged mortgage-backed securities with a carrying value of $29,542 as collateral against a borrowing line of credit with the Federal Reserve Bank. As of September 30, 2023, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of September 30, 2023, the Bank has pledged U.S. Government Agency securities with a carrying value of $531 and mortgage-backed securities with a carrying value of $1,900 as collateral against specific municipal deposits. As of September 30, 2023, the Bank also has mortgage-backed securities with a carrying value of $688 pledged as collateral to the Federal Home Loan Bank of Des Moines.
At December 31, 2022, the Bank had pledged certain of its mortgage-backed securities with a carrying value of $5,421 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2022, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2022, the Bank had pledged certain of its U.S. Government Agency securities with a carrying value of $2,602 and mortgage-backed securities with a carrying value of $2,219 as collateral against specific municipal deposits. As of December 31, 2022, the Bank also had mortgage-backed securities with a carrying value of $142 pledged as collateral to the Federal Home Loan Bank of Des Moines.
For the three and nine month periods ended September 30, 2023 gross sales of available securities were $0 and $5,105, respectively, gross gains on the sale of available for sale securities were $0 and $12, respectively, and gross losses on the sale of available for sale securities were $0 for both periods.
For the three and nine month periods ended September 30, 2022, there were no sales of available for sale securities.
The estimated fair value of securities at September 30, 2023 and December 31, 2022, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities on mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Expected maturities may differ from contractual maturities on certain agency and municipal securities due to the call feature.
September 30, 2023December 31, 2022
Available for sale securitiesAmortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year or less$— $— $— $— 
Due after one year through five years13,850 13,523 8,525 8,184 
Due after five years through ten years43,761 37,639 45,622 41,427 
Due after ten years32,819 32,521 38,739 37,770 
Total securities with contractual maturities90,430 83,683 92,886 87,381 
Mortgage-backed securities92,722 69,731 97,458 78,610 
Total available for sale securities$183,152 $153,414 $190,344 $165,991 

September 30, 2023December 31, 2022
Held to maturity securitiesAmortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year or less$100 $99 $— $— 
Due after one year through five years500 453 450 415 
Due after five years through ten years— — 150 131 
Total securities with contractual maturities600 552 600 546 
Mortgage-backed securities91,736 68,200 95,779 76,233 
Total held to maturity securities$92,336 $68,752 $96,379 $76,779 
Securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
 Less than 12 Months12 Months or MoreTotal
Available for sale securitiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
September 30, 2023
U.S. government agency obligations$3,961 $— $3,615 $223 $7,576 $223 
Mortgage-backed securities6 — 69,725 22,991 69,731 22,991 
Corporate debt securities4,602 320 34,372 5,964 38,974 6,284 
Asset-backed securities— — 20,789 376 20,789 376 
Total$8,569 $320 $128,501 $29,554 $137,070 $29,874 
December 31, 2022
U.S. government agency obligations$3,169 $138 $1,138 $95 $4,307 $233 
Mortgage-backed securities9,654 896 68,907 17,952 78,561 18,848 
Corporate debt securities21,547 1,688 18,704 2,697 40,251 4,385 
Asset-backed securities7,955 221 20,862 839 28,817 1,060 
Total $42,325 $2,943 $109,611 $21,583 $151,936 $24,526 
 Less than 12 Months12 Months or MoreTotal
Held to maturity securitiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
September 30, 2023
Obligations of states and political subdivisions$— $— $552 $48 $552 $48 
Mortgage-backed securities— — 68,001 23,539 68,001 23,539 
Total$— $— $68,553 $23,587 $68,553 $23,587 
December 31, 2022
Obligations of states and political subdivisions$— $— $546 $54 $546 $54 
Mortgage-backed securities16,627 2,416 59,367 17,137 75,994 19,553 
Total$16,627 $2,416 $59,913 $17,191 $76,540 $19,607 
 
At September 30, 2023 no ACL was established for available for sale or held to maturity securities. Substantially all the held to maturity portfolio is made up of agency backed mortgage securities. These securities are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, the Company does not expect to incur credit losses on these securities. Unrealized losses on available-for-sale investment securities have not been recognized into income because the issuers’ bonds are agency backed securities or other securities that all principal and interest is expected to be received on a timely basis. Furthermore, the Company does not intend to sell, and it is likely that management will not be required to sell, the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The issuers continue to make timely principal and interest payments on their bonds.