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Investment Securities | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 3. INVESTMENT SECURITIES Details of investment securities available-for-sale and held-to-maturity as of September 30, 2024 and December 31, 2023 were as follows:
|  | Available-for-Sale |
|  | September 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 61,314 |  |  | $ | 1,416 |  |  | $ | (1,971 | ) |  | $ | 60,759 |
Commercial |  |  | 12,893 |  |  |  | 107 |  |  |  | (179 | ) |  |  | 12,821 |
Obligations of U.S. government-sponsored agencies |  |  | 11,439 |  |  |  | 298 |  |  |  | (463 | ) |  |  | 11,274 |
Obligations of states and political subdivisions |  |  | 1,588 |  |  |  | — |  |  |  | (33 | ) |  |  | 1,555 |
Corporate notes |  |  | 17,755 |  |  |  | 5 |  |  |  | (2,243 | ) |  |  | 15,517 |
U.S. Treasury securities |  |  | 44,016 |  |  |  | — |  |  |  | (1,667 | ) |  |  | 42,349 |
Total |  | $ | 149,005 |  |  | $ | 1,826 |  |  | $ | (6,556 | ) |  | $ | 144,275 |
|  | Held-to-Maturity |
|  | September 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 313 |  |  | $ | — |  |  | $ | (9 | ) |  | $ | 304 |
Obligations of U.S. government-sponsored agencies |  |  | 414 |  |  |  | — |  |  |  | (21 | ) |  | $ | 393 |
Obligations of states and political subdivisions |  |  | 42 |  |  |  | — |  |  |  | (3 | ) |  | $ | 39 |
Total |  | $ | 769 |  |  | $ | — |  |  | $ | (33 | ) |  | $ | 736 |
|  | Available-for-Sale |
|  | December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 47,221 |  |  | $ | 580 |  |  | $ | (3,073 | ) |  | $ | 44,728 |
Commercial |  |  | 9,446 |  |  |  | — |  |  |  | (406 | ) |  |  | 9,040 |
Obligations of U.S. government-sponsored agencies |  |  | 11,849 |  |  |  | 158 |  |  |  | (727 | ) |  |  | 11,280 |
Obligations of states and political subdivisions |  |  | 1,621 |  |  |  | — |  |  |  | (63 | ) |  |  | 1,558 |
Corporate notes |  |  | 17,757 |  |  |  | — |  |  |  | (2,800 | ) |  |  | 14,957 |
U.S. Treasury securities |  |  | 56,999 |  |  |  | — |  |  |  | (2,997 | ) |  |  | 54,002 |
Total |  | $ | 144,893 |  |  | $ | 738 |  |  | $ | (10,066 | ) |  | $ | 135,565 |
|  | Held-to-Maturity |
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 575 |  |  | $ | — |  |  | $ | (22 | ) |  | $ | 553 |
Obligations of U.S. government-sponsored agencies |  |  | 471 |  |  |  | — |  |  |  | (34 | ) |  |  | 437 |
Obligations of states and political subdivisions |  |  | 58 |  |  |  | — |  |  |  | (7 | ) |  |  | 51 |
Total |  | $ | 1,104 |  |  | $ | — |  |  | $ | (63 | ) |  | $ | 1,041 |
The scheduled maturities of investment securities available-for-sale and held-to-maturity as of September 30, 2024 are presented in the following table:
|  | Available-for-Sale |  |  | Held-to-Maturity |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Maturing within one year |  | $ | 24,190 |  |  | $ | 23,702 |  |  | $ | — |  |  | $ | — |
Maturing after one to five years |  |  | 28,234 |  |  |  | 26,885 |  |  |  | 287 |  |  |  | 280 |
Maturing after five to ten years |  |  | 51,525 |  |  |  | 47,372 |  |  |  | 326 |  |  |  | 309 |
Maturing after ten years |  |  | 45,056 |  |  |  | 46,316 |  |  |  | 156 |  |  |  | 147 |
Total |  | $ | 149,005 |  |  | $ | 144,275 |  |  | $ | 769 |  |  | $ | 736 |
For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments. The following tables reflect fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2024 and December 31, 2023.
|  | Available-for-Sale |
|  | September 30, 2024 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | — |  |  | $ | — |  |  | $ | 30,705 |  |  | $ | (1,971 | )
Commercial |  |  | — |  |  |  | — |  |  |  | 5,769 |  |  |  | (179 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 4,616 |  |  |  | (463 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 1,555 |  |  |  | (33 | )
Corporate notes |  |  | — |  |  |  | — |  |  |  | 13,512 |  |  |  | (2,243 | )
U.S. Treasury securities |  |  | — |  |  |  | — |  |  |  | 42,349 |  |  |  | (1,667 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 98,506 |  |  | $ | (6,556 | )
|  | Held-to-Maturity |
|  | September 30, 2024 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | 304 |  |  | $ | (9 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 393 |  |  |  | (21 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | (3 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 736 |  |  | $ | (33 | )
|  | Available-for-Sale |
|  | December 31, 2023 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 94 |  |  | $ | (1 | ) |  | $ | 35,584 |  |  | $ | (3,072 | )
Commercial |  |  | 600 |  |  |  | (5 | ) |  |  | 8,408 |  |  |  | (401 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 4,367 |  |  |  | (727 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 1,558 |  |  |  | (63 | )
Corporate notes |  |  | 771 |  |  |  | (229 | ) |  |  | 14,186 |  |  |  | (2,571 | )
U.S. Treasury securities |  |  | — |  |  |  | — |  |  |  | 54,002 |  |  |  | (2,997 | )
Total |  | $ | 1,465 |  |  | $ | (235 | ) |  | $ | 118,105 |  |  | $ | (9,831 | )
|  | Held-to-Maturity |
|  | December 31, 2023 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | 553 |  |  | $ | (22 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 437 |  |  |  | (34 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  | (7 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,041 |  |  | $ | (63 | )

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