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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Securities Available for Sale

The amortized costs, gross unrealized gains and losses, and estimated fair values of investment securities available for sale and investment securities held to maturity at September 30, 2024 and December 31, 2023 as well as the ACL for investment securities held to maturity at September 30, 2024 and December 31, 2023 are summarized as follows:

September 30, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Investment securities available for sale:
Asset-backed securities			$	5,378					$	—					$	(51)					$	5,327
Mortgage-backed securities:
U.S. Government-sponsored enterprises			7,855						107						(484)						7,478
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			19,039						—						(2,752)						16,287
Corporate bonds			8,832						60						—						8,892
Total investment securities available for sale			$	41,104					$	167					$	(3,287)					$	37,984

September 30, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
Investment securities held to maturity:
Corporate bonds			$	2,500					$	—					$	(179)					$	2,321					$	13
Total investment securities held to maturity			$	2,500					$	—					$	(179)					$	2,321					$	13

December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Investment securities available for sale:
Asset-backed securities			$	8,041					$	6					$	(114)					$	7,933
Mortgage-backed securities:
U.S. Government-sponsored enterprises			3,842						—						(606)						3,236
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			20,382						—						(3,284)						17,098
Corporate bonds			11,332						—						(24)						11,308
Total investment securities available for sale			$	43,597					$	6					$	(4,028)					$	39,575

December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
Investment securities held to maturity:
Mortgage-backed securities:
U.S. Government-sponsored enterprises			$	1					$	—					$	—					$	1					$	—
Corporate bonds			2,500						—						(238)						2,262						17
Total investment securities held to maturity			$	2,501					$	—					$	(238)					$	2,263					$	17

`

Schedule of Securities Held to Maturity

The amortized costs, gross unrealized gains and losses, and estimated fair values of investment securities available for sale and investment securities held to maturity at September 30, 2024 and December 31, 2023 as well as the ACL for investment securities held to maturity at September 30, 2024 and December 31, 2023 are summarized as follows:

September 30, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Investment securities available for sale:
Asset-backed securities			$	5,378					$	—					$	(51)					$	5,327
Mortgage-backed securities:
U.S. Government-sponsored enterprises			7,855						107						(484)						7,478
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			19,039						—						(2,752)						16,287
Corporate bonds			8,832						60						—						8,892
Total investment securities available for sale			$	41,104					$	167					$	(3,287)					$	37,984

September 30, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
Investment securities held to maturity:
Corporate bonds			$	2,500					$	—					$	(179)					$	2,321					$	13
Total investment securities held to maturity			$	2,500					$	—					$	(179)					$	2,321					$	13

December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Investment securities available for sale:
Asset-backed securities			$	8,041					$	6					$	(114)					$	7,933
Mortgage-backed securities:
U.S. Government-sponsored enterprises			3,842						—						(606)						3,236
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			20,382						—						(3,284)						17,098
Corporate bonds			11,332						—						(24)						11,308
Total investment securities available for sale			$	43,597					$	6					$	(4,028)					$	39,575

December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
Investment securities held to maturity:
Mortgage-backed securities:
U.S. Government-sponsored enterprises			$	1					$	—					$	—					$	1					$	—
Corporate bonds			2,500						—						(238)						2,262						17
Total investment securities held to maturity			$	2,501					$	—					$	(238)					$	2,263					$	17

`

The following table summarizes investment securities with unrealized losses at September 30, 2024 aggregated by security type and length of time in a continuous unrealized loss position:

			Less than 12 Months												12 Months or Longer												Total
September 30, 2024			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities
Investment securities available for sale:
Asset-backed securities			$	1,575					$	(3)					$	3,752					$	(48)					$	5,327					$	(51)					3
Mortgage-backed securities:
U.S. Government-sponsored enterprises			—						—						2,909						(484)						2,909						(484)						2
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			—						—						16,287						(2,752)						16,287						(2,752)						7
Total investment securities available for sale			$	1,575					$	(3)					$	22,948					$	(3,284)					$	24,523					$	(3,287)					12
Investment securities held to maturity:
Corporate bonds			$	417					$	(83)					$	1,904					$	(96)					$	2,321					$	(179)					3
Total investment securities held to maturity			$	417					$	(83)					$	1,904					$	(96)					$	2,321					$	(179)					3

The following table summarizes investment securities with unrealized losses at December 31, 2023 aggregated by security type and length of time in a continuous unrealized loss position:

			Less than 12 Months												12 Months or Longer												Total
December 31, 2023			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities
Investment securities available for sale:
Asset-backed securities			$	—					$	—					$	5,967					$	(114)					$	5,967					$	(114)					2
Mortgage-backed securities:
U.S. Government-sponsored enterprises			—						—						3,236						(606)						3,236						(606)						2
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			—						—						17,098						(3,284)						17,098						(3,284)						7
Corporate bonds			11,308						(24)						—						—						11,308						(24)						5
Total investment securities available for sale			$	11,308					$	(24)					$	26,301					$	(4,004)					$	37,609					$	(4,028)					16
Investment securities held to maturity:
Corporate bonds			$	—					$	—					$	2,262					$	(238)					$	2,262					$	(238)					3
Total investment securities held to maturity			$	—					$	—					$	2,262					$	(238)					$	2,262					$	(238)					3

Schedule of Investments Classified by Contractual Maturity

The amortized cost and fair value of investment securities as of September 30, 2024 are shown in the table below by contractual maturity. Actual timing may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

			Available for Sale												Held to Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
One to five years			$	8,832					$	8,892					$	1,500					$	1,479
Five to ten years			6,512						6,600						1,000						842
Beyond ten years			25,760						22,492						—						—
Total			$	41,104					$	37,984					$	2,500					$	2,321

Schedule of Allowance for Credit Losses for Investment Securities

The following table presents the activity in the ACL for investment securities HTM by major security type for the three and nine months ended September 30, 2024 and September 30, 2023:

			For the Three Months Ended						For the Nine Months Ended						For the Three Months Ended						For the Nine Months Ended
Corporate Bonds			September 30, 2024												September 30, 2023
Balance at beginning of period			$	14					$	17					$	19					$	—
Impact of adopting ASC 326			—						—						—						18
Provision for credit losses on HTM investment securities			(1)						(4)						—						1
Investment securities charge-offs			—						—						—						—
Investment securities recoveries			—						—						—						—
Balance at end of period			$	13					$	13					$	19					$	19

Schedule of Investment Securities With Unrealized Losses

The following table summarizes investment securities with unrealized losses at September 30, 2024 aggregated by security type and length of time in a continuous unrealized loss position:

			Less than 12 Months												12 Months or Longer												Total
September 30, 2024			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities
Investment securities available for sale:
Asset-backed securities			$	1,575					$	(3)					$	3,752					$	(48)					$	5,327					$	(51)					3
Mortgage-backed securities:
U.S. Government-sponsored enterprises			—						—						2,909						(484)						2,909						(484)						2
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			—						—						16,287						(2,752)						16,287						(2,752)						7
Total investment securities available for sale			$	1,575					$	(3)					$	22,948					$	(3,284)					$	24,523					$	(3,287)					12
Investment securities held to maturity:
Corporate bonds			$	417					$	(83)					$	1,904					$	(96)					$	2,321					$	(179)					3
Total investment securities held to maturity			$	417					$	(83)					$	1,904					$	(96)					$	2,321					$	(179)					3

The following table summarizes investment securities with unrealized losses at December 31, 2023 aggregated by security type and length of time in a continuous unrealized loss position:

			Less than 12 Months												12 Months or Longer												Total
December 31, 2023			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities
Investment securities available for sale:
Asset-backed securities			$	—					$	—					$	5,967					$	(114)					$	5,967					$	(114)					2
Mortgage-backed securities:
U.S. Government-sponsored enterprises			—						—						3,236						(606)						3,236						(606)						2
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises			—						—						17,098						(3,284)						17,098						(3,284)						7
Corporate bonds			11,308						(24)						—						—						11,308						(24)						5
Total investment securities available for sale			$	11,308					$	(24)					$	26,301					$	(4,004)					$	37,609					$	(4,028)					16
Investment securities held to maturity:
Corporate bonds			$	—					$	—					$	2,262					$	(238)					$	2,262					$	(238)					3
Total investment securities held to maturity			$	—					$	—					$	2,262					$	(238)					$	2,262					$	(238)					3

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