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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-Sale Securities Reconciliation | The amortized cost and fair value of securities available for sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income as of March 31, 2024 and December 31, 2023, respectively, were as follows:
Available for sale securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2024 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 15,835 |  |  | $ | 62 |  |  | $ | 169 |  |  | $ | 15,728 |
Mortgage-backed securities | 89,933 |  |  | — |  |  | 19,254 |  |  | 70,679 |
Corporate debt securities | 47,164 |  |  | 29 |  |  | 5,415 |  |  | 41,778 |
Asset-backed securities | 23,632 |  |  | 31 |  |  | 176 |  |  | 23,487 |
Total available for sale securities | $ | 176,564 |  |  | $ | 122 |  |  | $ | 25,014 |  |  | $ | 151,672 |
December 31, 2023 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 16,655 |  |  | $ | 77 |  |  | $ | 156 |  |  | $ | 16,576 |
Mortgage-backed securities | 91,091 |  |  | — |  |  | 17,611 |  |  | 73,480 |
Corporate debt securities | 47,158 |  |  | 6 |  |  | 5,990 |  |  | 41,174 |
Asset-backed securities | 24,840 |  |  | 12 |  |  | 339 |  |  | 24,513 |
Total available for sale securities | $ | 179,744 |  |  | $ | 95 |  |  | $ | 24,096 |  |  | $ | 155,743 |
Schedule of Held-to-Maturity Securities | The amortized cost and fair value of securities held to maturity and the corresponding amounts of gross unrecognized gains and losses as of March 31, 2024 and December 31, 2023, respectively, were as follows:
Held to maturity securities | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
March 31, 2024 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 500 |  |  | $ | — |  |  | $ | 34 |  |  | $ | 466 |
Mortgage-backed securities | 89,442 |  |  | 4 |  |  | 19,642 |  |  | 69,804 |
Total held to maturity securities | $ | 89,942 |  |  | $ | 4 |  |  | $ | 19,676 |  |  | $ | 70,270 |
December 31, 2023 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 600 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 565 |
Mortgage-backed securities | 90,629 |  |  | 6 |  |  | 17,938 |  |  | 72,697 |
Total held to maturity securities | $ | 91,229 |  |  | $ | 6 |  |  | $ | 17,973 |  |  | $ | 73,262 |
Schedule of Maturity of Securities | The estimated fair value of securities at March 31, 2024 and December 31, 2023, 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.
| March 31, 2024 |  | December 31, 2023
Available for sale securities | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 2,500 |  |  | $ | 2,491 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 11,166 |  |  | 10,920 |  |  | 13,986 |  |  | 13,703 |
Due after five years through ten years | 44,977 |  |  | 39,687 |  |  | 45,549 |  |  | 39,701 |
Due after ten years | 27,988 |  |  | 27,895 |  |  | 29,118 |  |  | 28,859 |
Total securities with contractual maturities | 86,631 |  |  | 80,993 |  |  | 88,653 |  |  | 82,263 |
Mortgage-backed securities | 89,933 |  |  | 70,679 |  |  | 91,091 |  |  | 73,480 |
Total available for sale securities | $ | 176,564 |  |  | $ | 151,672 |  |  | $ | 179,744 |  |  | $ | 155,743 |
| March 31, 2024 |  | December 31, 2023
Held to maturity securities | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 100 |  |  | $ | 97 |  |  | $ | 100 |  |  | $ | 100 |
Due after one year through five years | 400 |  |  | 369 |  |  | 500 |  |  | 465 |
Due after five years through ten years | — |  |  | — |  |  | — |  |  | — |
Total securities with contractual maturities | 500 |  |  | 466 |  |  | 600 |  |  | 565 |
Mortgage-backed securities | 89,442 |  |  | 69,804 |  |  | 90,629 |  |  | 72,697 |
Total held to maturity securities | $ | 89,942 |  |  | $ | 70,270 |  |  | $ | 91,229 |  |  | $ | 73,262 |
Schedule of Available-for-Sale Securities with Unrealized Losses | Securities with unrealized losses at March 31, 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:
|  | Less than 12 Months |  | 12 Months or More |  | Total
Available for sale securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 3,592 |  |  | $ | 9 |  |  | $ | 3,511 |  |  | $ | 160 |  |  | $ | 7,103 |  |  | $ | 169 |
Mortgage-backed securities |  | 2 |  |  | — |  |  | 70,677 |  |  | 19,254 |  |  | 70,679 |  |  | 19,254 |
Corporate debt securities |  | — |  |  | — |  |  | 39,838 |  |  | 5,415 |  |  | 39,838 |  |  | 5,415 |
Asset-backed securities |  | — |  |  | — |  |  | 18,676 |  |  | 176 |  |  | 18,676 |  |  | 176 |
Total |  | $ | 3,594 |  |  | $ | 9 |  |  | $ | 132,702 |  |  | $ | 25,005 |  |  | $ | 136,296 |  |  | $ | 25,014 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 3,776 |  |  | $ | 5 |  |  | $ | 3,627 |  |  | $ | 151 |  |  | $ | 7,403 |  |  | $ | 156 |
Mortgage-backed securities |  | — |  |  | $ | — |  |  | $ | 73,476 |  |  | $ | 17,611 |  |  | $ | 73,476 |  |  | $ | 17,611 |
Corporate debt securities |  | 3,350 |  |  | $ | 76 |  |  | $ | 35,916 |  |  | $ | 5,914 |  |  | $ | 39,266 |  |  | $ | 5,990 |
Asset-backed securities |  | 3,348 |  |  | $ | 22 |  |  | $ | 20,008 |  |  | $ | 317 |  |  | $ | 23,356 |  |  | $ | 339 |
Total |  | $ | 10,474 |  |  | $ | 103 |  |  | $ | 133,027 |  |  | $ | 23,993 |  |  | $ | 143,501 |  |  | $ | 24,096 |
Schedule Of Investment Credit Ratings | The composition of our available for sale portfolios by credit rating as of the dates indicated below was as follows:
| March 31, 2024 |  | December 31, 2023
Available for sale securities | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
U.S. government agency | $ | 97,305 |  |  | $ | 78,026 |  |  | $ | 98,977 |  |  | $ | 81,351 |
AAA | 12,386 |  |  | 12,256 |  |  | 9,695 |  |  | 9,508 |
AA | 19,709 |  |  | 19,613 |  |  | 23,913 |  |  | 23,709 |
A | 8,200 |  |  | 7,465 |  |  | 8,200 |  |  | 7,292 |
BBB | 38,964 |  |  | 34,312 |  |  | 38,959 |  |  | 33,883 |
Non-rated | — |  |  | — |  |  | — |  |  | — |
Total available for sale securities | $ | 176,564 |  |  | $ | 151,672 |  |  | $ | 179,744 |  |  | $ | 155,743 |
The composition of our held to maturity portfolio by credit rating as of the dates indicated was as follows:
| March 31, 2024 |  | December 31, 2023
Held to maturity securities | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
U.S. government agency | $ | 89,442 |  |  | $ | 69,804 |  |  | $ | 90,629 |  |  | $ | 72,697 |
AAA | — |  |  | — |  |  | — |  |  | — |
AA | — |  |  | — |  |  | — |  |  | — |
A | 500 |  |  | 466 |  |  | 600 |  |  | 565 |
Total | $ | 89,942 |  |  | $ | 70,270 |  |  | $ | 91,229 |  |  | $ | 73,262 |

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