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INVESTMENT SECURITIES (Tables)
9 Months Ended
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 securitiesAmortized
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 securities89,439 — 15,419 74,020 
Corporate debt securities44,925 66 3,940 41,051 
Asset-backed securities20,021 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 securities91,091 — 17,611 73,480 
Corporate debt securities47,158 5,990 41,174 
Asset-backed securities24,840 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 securitiesAmortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Estimated
Fair Value
September 30, 2024
Obligations of states and political subdivisions$500 $— $19 $481 
Mortgage-backed securities86,533 15,976 70,565 
Total held to maturity securities$87,033 $$15,995 $71,046 
December 31, 2023
Obligations of states and political subdivisions$600 $— $35 $565 
Mortgage-backed securities90,629 17,938 72,697 
Total held to maturity securities$91,229 $$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, 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 years10,857 10,837 13,986 13,703 
Due after five years through ten years41,875 37,952 45,549 39,701 
Due after ten years24,211 24,132 29,118 28,859 
Total securities with contractual maturities79,443 75,412 88,653 82,263 
Mortgage-backed securities89,439 74,020 91,091 73,480 
Total available for sale securities$168,882 $149,432 $179,744 $155,743 

September 30, 2024December 31, 2023
Held to maturity securitiesAmortized
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 years400 382 500 465 
Due after five years through ten years— — — — 
Total securities with contractual maturities500 481 600 565 
Mortgage-backed securities86,533 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 Months12 Months or MoreTotal
Available for sale securitiesFair
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 securities2,815 39 71,205 15,380 74,020 15,419 
Corporate debt securities— — 36,204 3,940 36,204 3,940 
Asset-backed securities1,344 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 $$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