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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
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 securitiesAmortized
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 securities89,933 — 19,254 70,679 
Corporate debt securities47,164 29 5,415 41,778 
Asset-backed securities23,632 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 securities91,091 — 17,611 73,480 
Corporate debt securities47,158 6 5,990 41,174 
Asset-backed securities24,840 12 339 24,513 
Total available for sale securities$179,744 $95 $24,096 $155,743 
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 securitiesAmortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Estimated
Fair Value
March 31, 2024
Obligations of states and political subdivisions$500 $— $34 $466 
Mortgage-backed securities89,442 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 securities90,629 6 17,938 72,697 
Total held to maturity securities$91,229 $6 $17,973 $73,262 
At March 31, 2024, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $28,865 as collateral to secure a line of credit with the Federal Reserve Bank. As of March 31, 2024, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of March 31, 2024, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $442 and mortgage-backed securities with a carrying value of $1,863 as collateral against specific municipal deposits. As of March 31, 2024, the Bank also has mortgage-backed securities with a carrying value of $151 and U.S. Government Agencies with a carrying value of $396 pledged as collateral to the Federal Home Loan Bank of Des Moines.
At December 31, 2023, the Bank had pledged certain of its mortgage-backed securities with a carrying value of $29,191 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2023, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2023, the Bank had pledged certain of its U.S. Government Agency securities with a carrying value of $516 and mortgage-backed securities with a carrying value of $1,928 as collateral against specific municipal deposits. As of December 31, 2023, the Bank also had mortgage-backed securities with a carrying value of $179 and U.S. Government Agencies with a carrying value of $415 pledged as collateral to the Federal Home Loan Bank of Des Moines.
For the three month periods ended March 31, 2024, and March 31, 2023, there were no sales of available for sale 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, 2024December 31, 2023
Available for sale securitiesAmortized
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 years11,166 10,920 13,986 13,703 
Due after five years through ten years44,977 39,687 45,549 39,701 
Due after ten years27,988 27,895 29,118 28,859 
Total securities with contractual maturities86,631 80,993 88,653 82,263 
Mortgage-backed securities89,933 70,679 91,091 73,480 
Total available for sale securities$176,564 $151,672 $179,744 $155,743 

March 31, 2024December 31, 2023
Held to maturity securitiesAmortized
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 years400 369 500 465 
Due after five years through ten years— — — — 
Total securities with contractual maturities500 466 600 565 
Mortgage-backed securities89,442 69,804 90,629 72,697 
Total held to maturity securities$89,942 $70,270 $91,229 $73,262 
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 Months12 Months or MoreTotal
Available for sale securitiesFair
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 securities2 — 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 securities3,350 $76 $35,916 $5,914 $39,266 $5,990 
Asset-backed securities3,348 $22 $20,008 $317 $23,356 $339 
Total $10,474 $103 $133,027 $23,993 $143,501 $24,096 
 
 
At March 31, 2024 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. At March 31, 2024, there were no past due held to maturity securities.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.
The composition of our available for sale portfolios by credit rating as of the dates indicated below was as follows:
March 31, 2024December 31, 2023
Available for sale securitiesAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
U.S. government agency$97,305 $78,026 $98,977 $81,351 
AAA12,386 12,256 9,695 9,508 
AA19,709 19,613 23,913 23,709 
A8,200 7,465 8,200 7,292 
BBB38,964 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, 2024December 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— — — — 
A500 466 600 565 
Total$89,942 $70,270 $91,229 $73,262