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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2024 and December 31, 2023, respectively, were as follows:
Available for sale securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2024 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 14,497 |  |  | $ | 55 |  |  | $ | 95 |  |  | $ | 14,457 |
Mortgage-backed securities | 89,439 |  |  | — |  |  | 15,419 |  |  | 74,020 |
Corporate debt securities | 44,925 |  |  | 66 |  |  | 3,940 |  |  | 41,051 |
Asset-backed securities | 20,021 |  |  | 38 |  |  | 155 |  |  | 19,904 |
Total available for sale securities | $ | 168,882 |  |  | $ | 159 |  |  | $ | 19,609 |  |  | $ | 149,432 |
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 September 30, 2024 and December 31, 2023, respectively, were as follows:
Held to maturity securities | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
September 30, 2024 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 500 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 481 |
Mortgage-backed securities | 86,533 |  |  | 8 |  |  | 15,976 |  |  | 70,565 |
Total held to maturity securities | $ | 87,033 |  |  | $ | 8 |  |  | $ | 15,995 |  |  | $ | 71,046 |
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 September 30, 2024 and December 31, 2023, by contractual maturity, is shown below.
| September 30, 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 | 10,857 |  |  | 10,837 |  |  | 13,986 |  |  | 13,703 |
Due after five years through ten years | 41,875 |  |  | 37,952 |  |  | 45,549 |  |  | 39,701 |
Due after ten years | 24,211 |  |  | 24,132 |  |  | 29,118 |  |  | 28,859 |
Total securities with contractual maturities | 79,443 |  |  | 75,412 |  |  | 88,653 |  |  | 82,263 |
Mortgage-backed securities | 89,439 |  |  | 74,020 |  |  | 91,091 |  |  | 73,480 |
Total available for sale securities | $ | 168,882 |  |  | $ | 149,432 |  |  | $ | 179,744 |  |  | $ | 155,743 |
| September 30, 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 |  |  | $ | 99 |  |  | $ | 100 |  |  | $ | 100 |
Due after one year through five years | 400 |  |  | 382 |  |  | 500 |  |  | 465 |
Due after five years through ten years | — |  |  | — |  |  | — |  |  | — |
Total securities with contractual maturities | 500 |  |  | 481 |  |  | 600 |  |  | 565 |
Mortgage-backed securities | 86,533 |  |  | 70,565 |  |  | 90,629 |  |  | 72,697 |
Total held to maturity securities | $ | 87,033 |  |  | $ | 71,046 |  |  | $ | 91,229 |  |  | $ | 73,262 |
Schedule of Available for Sale Securities with Unrealized Losses | Securities with unrealized losses at September 30, 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
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 4,750 |  |  | $ | 11 |  |  | $ | 3,382 |  |  | $ | 84 |  |  | $ | 8,132 |  |  | $ | 95 |
Mortgage-backed securities |  | 2,815 |  |  | 39 |  |  | 71,205 |  |  | 15,380 |  |  | 74,020 |  |  | 15,419 |
Corporate debt securities |  | — |  |  | — |  |  | 36,204 |  |  | 3,940 |  |  | 36,204 |  |  | 3,940 |
Asset-backed securities |  | 1,344 |  |  | 2 |  |  | 12,783 |  |  | 153 |  |  | 14,127 |  |  | 155 |
Total |  | $ | 8,909 |  |  | $ | 52 |  |  | $ | 123,574 |  |  | $ | 19,557 |  |  | $ | 132,483 |  |  | $ | 19,609 |
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 |

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