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Investment Securities
 9 Months Ended
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

)