INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENT SECURITIES

Schedule of amortized cost and fair value of securities available-for-sale

The amortized cost and fair value of available-for-sale investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands):

	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
December 31, 2023
Residential government-sponsored mortgage-backed securities	$	110,562	$	72	$	(13,826)	$	96,808
Obligations of states and political subdivisions		33,801		12		(3,733)		30,080
Corporate securities		16,000		—		(1,952)		14,048
Collateralized loan obligations		5,018		—		(36)		4,982
Residential government-sponsored collateralized mortgage obligations		35,927		175		(1,631)		34,471
Government-sponsored agency securities		16,267		—		(2,556)		13,711
Agency commercial mortgage-backed securities		34,059		—		(3,949)		30,110
SBA pool securities		4,257		6		(53)		4,210
Total	$	255,891	$	265	$	(27,736)	$	228,420

	Amortized		Gross Unrealized				Fair
	Cost		Gains		Losses		Value
December 31, 2022
Residential government-sponsored mortgage-backed securities	$	119,371	$	1	$	(16,491)	$	102,881
Obligations of states and political subdivisions		34,103		2		(4,927)		29,178
Corporate securities		16,000		—		(1,172)		14,828
Collateralized loan obligations		5,022		—		(146)		4,876
Residential government-sponsored collateralized mortgage obligations		28,643		—		(2,048)		26,595
Government-sponsored agency securities		17,719		—		(3,103)		14,616
Agency commercial mortgage-backed securities		42,180		—		(4,763)		37,417
SBA pool securities		5,998		13		(87)		5,924
Total	$	269,036	$	16	$	(32,737)	$	236,315

Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities

The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities held-to-maturity were as follows (in thousands):

	Amortized		Gross Unrecognized				Allowance for		Fair
	Cost		Gains		Losses		Credit Losses		Value
December 31, 2023
Residential government-sponsored mortgage-backed securities	$	9,040	$	—	$	(754)	$	—	$	8,286
Obligations of states and political subdivisions		2,391		—		(42)		—		2,349
Residential government-sponsored collateralized mortgage obligations		219		—		(15)		—		204
Total	$	11,650	$	—	$	(811)	$	—	$	10,839

	Amortized		Gross Unrecognized				Allowance for		Fair
	Cost		Gains		Losses		Credit Losses		Value
December 31, 2022
Residential government-sponsored mortgage-backed securities	$	10,522	$	—	$	(1,007)	$	—	$	9,515
Obligations of states and political subdivisions		2,721		3		(46)		—		2,678
Residential government-sponsored collateralized mortgage obligations		277		—		(21)		—		256
Total	$	13,520	$	3	$	(1,074)	$	—	$	12,449

Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity

The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of December 31, 2023, by contractual maturity, were as follows (in thousands). Investment securities not due at a single maturity date are shown separately.

	Available-for-Sale				Held-to-Maturity
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Due within one year	$	—	$	—	$	872	$	870
Due in one to five years		10,030		9,361		580		580
Due in five to ten years		36,738		32,098		939		899
Due after ten years		24,318		21,362		—		—
Residential government-sponsored mortgage-backed securities		110,562		96,808		9,040		8,286
Residential government-sponsored collateralized mortgage obligations		35,927		34,471		219		204
Agency commercial mortgage-backed securities		34,059		30,110		—		—
SBA pool securities		4,257		4,210		—		—
Total	$	255,891	$	228,420	$	11,650	$	10,839

Schedule of unrealized losses on investments

The following tables present information regarding investment securities available-for-sale and held-to-maturity in a continuous unrealized loss position as of December 31, 2023 and 2022 by duration of time in a loss position (in thousands):

	Less than 12 months				12 Months or More				Total
December 31, 2023	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Available-for-Sale	value		Losses		value		Losses		value		Losses
Residential government-sponsored mortgage-backed securities	$	—	$	—	$	93,782	$	(13,826)	$	93,782	$	(13,826)
Obligations of states and political subdivisions		3,945		(19)		23,002		(3,714)		26,947		(3,733)
Corporate securities		939		(61)		13,109		(1,891)		14,048		(1,952)
Collateralized loan obligations		—		—		4,982		(36)		4,982		(36)
Residential government-sponsored collateralized mortgage obligations		—		—		17,306		(1,631)		17,306		(1,631)
Government-sponsored agency securities		—		—		13,711		(2,556)		13,711		(2,556)
Agency commercial mortgage-backed securities		—		—		30,110		(3,949)		30,110		(3,949)
SBA pool securities		301		(1)		2,693		(52)		2,994		(53)
Total	$	5,185	$	(81)	$	198,695	$	(27,655)	$	203,880	$	(27,736)

	Less than 12 months				12 Months or More				Total
December 31, 2023	Fair		Unrecognized		Fair		Unrecognized		Fair		Unrecognized
Held-to-Maturity	value		Losses		value		Losses		value		Losses
Residential government-sponsored mortgage-backed securities	$	—	$	—	$	8,286	$	(754)	$	8,286	$	(754)
Obligations of states and political subdivisions		1,373		(4)		396		(38)		1,769		(42)
Residential government-sponsored collateralized mortgage obligations		—		—		204		(15)		204		(15)
Total	$	1,373	$	(4)	$	8,886	$	(807)	$	10,259	$	(811)

	Less than 12 months				12 Months or More				Total
December 31, 2022	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Available-for-Sale	value		Losses		value		Losses		value		Losses
Residential government-sponsored mortgage-backed securities	$	23,484	$	(2,268)	$	79,283	$	(14,223)	$	102,767	$	(16,491)
Obligations of states and political subdivisions		10,026		(388)		17,609		(4,539)		27,635		(4,927)
Corporate securities		14,828		(1,172)		—		—		14,828		(1,172)
Collateralized loan obligations		—		—		4,876		(146)		4,876		(146)
Residential government-sponsored collateralized mortgage obligations		22,343		(1,375)		4,252		(673)		26,595		(2,048)
Government-sponsored agency securities		1,484		(16)		13,132		(3,087)		14,616		(3,103)
Agency commercial mortgage-backed securities		13,031		(371)		24,386		(4,392)		37,417		(4,763)
SBA pool securities		529		(38)		3,243		(49)		3,772		(87)
Total	$	85,725	$	(5,628)	$	146,781	$	(27,109)	$	232,506	$	(32,737)

	Less than 12 months				12 Months or More				Total
December 31, 2022	Fair		Unrecognized		Fair		Unrecognized		Fair		Unrecognized
Held-to-Maturity	value		Losses		value		Losses		value		Losses
Residential government-sponsored mortgage-backed securities	$	9,457	$	(1,002)	$	58	$	(5)	$	9,515	$	(1,007)
Obligations of states and political subdivisions		1,255		(46)		—		—		1,255		(46)
Residential government-sponsored collateralized mortgage obligations		75		(4)		181		(17)		256		(21)
Total	$	10,787	$	(1,052)	$	239	$	(22)	$	11,026	$	(1,074)