DEBT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

DEBT SECURITIES

Schedule of securities available for sale and held to maturity

			Gross		Gross		Allowance
	Amortized		Unrealized		Unrealized		for Credit		Fair
	Cost		Gains		Losses		Losses		Value
	(in thousands)
September 30, 2023:
Securities available for sale
U.S. government and government-sponsored enterprise obligations	$	47,143	$	—	$	9,013	$	—	$	38,130
U.S. government agency and government-sponsored residential mortgage-backed securities		300,266		—		71,774		—		228,492
U.S. government-sponsored collateralized mortgage obligations		2,034		—		102		—		1,932
SBA asset-backed securities		1,885		—		161		—		1,724
Corporate bonds		1,000		—		200		—		800
Total securities available for sale	$	352,328	$	—	$	81,250	$	—	$	271,078
Securities held to maturity
U.S. government and government-sponsored enterprise obligations	$	15,000	$	—	$	782	$	—	$	14,218
SBA asset-backed securities		4,795		—		330		—		4,465
Total securities held to maturity	$	19,795	$	—	$	1,112	$	—	$	18,683

			Gross		Gross		Allowance
	Amortized		Unrealized		Unrealized		for Credit		Fair
	Cost		Gains		Losses		Losses		Value
	(in thousands)
December 31, 2022:
Securities available for sale
U.S. government and government-sponsored enterprise obligations	$	47,143	$	—	$	8,649	$	—	$	38,494
U.S. government agency and government-sponsored residential mortgage-backed securities		315,964		—		59,149		—		256,815
U.S. government-sponsored collateralized mortgage obligations		2,612		—		113		—		2,499
SBA asset-backed securities		2,685		—		190		—		2,495
Corporate bonds		1,000		—		154		—		846
Total securities available for sale	$	369,404	$	—	$	68,255	$	—	$	301,149
Securities held to maturity
U.S. government and government-sponsored enterprise obligations	$	15,000	$	—	$	597	$	—	$	14,403
SBA asset-backed securities		4,949		—		78		—		4,871
Total securities held to maturity	$	19,949	$	—	$	675	$	—	$	19,274

Schedule of debt securities by contractual maturity

	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(in thousands)
After 1 year through 5 years	$	6,998	$	6,380	$	15,000	$	14,218
After 5 years through 10 years		41,145		32,550		—		—
Over 10 years		—		—		—		—
		48,143		38,930		15,000		14,218
U.S. government agency and government-sponsored residential mortgage-backed securities		300,266		228,492		—		—
U.S. government-sponsored collateralized mortgage obligations		2,034		1,932		—		—
SBA asset-backed securities		1,885		1,724		4,795		4,465
Total	$	352,328	$	271,078	$	19,795	$	18,683

Schedule of securities with continuous losses

	Less Than Twelve Months				Twelve Months and Over
	Gross				Gross
	Unrealized		Fair		Unrealized		Fair
	Losses		Value		Losses		Value
	(in thousands)
September 30, 2023:
Securities available for sale
U.S. government and government-sponsored enterprise obligations	$	—	$	—	$	9,013	$	38,130
U.S. government agency and government-sponsored residential mortgage-backed securities		—		34		71,774		228,458
U.S. government-sponsored collateralized mortgage obligations		—		—		102		1,932
SBA asset-backed securities		—		—		161		1,724
Corporate bonds		—		—		200		800
	$	—	$	34	$	81,250	$	271,044
Securities held to maturity
U.S. government and government-sponsored enterprise obligations	$	—	$	—		782		14,218
SBA asset-backed securities		330		4,465		—		—
	$	330	$	4,465	$	782	$	14,218
December 31, 2022:
Securities available for sale
U.S. government and government-sponsored enterprise obligations	$	249	$	4,751	$	8,400	$	33,743
U.S. government agency and government-sponsored residential mortgage-backed securities		3,620		35,214		55,529		221,566
U.S. government-sponsored collateralized mortgage obligations		113		2,499		—		—
SBA asset-backed securities		190		2,495		—		—
Corporate bonds		154		846		—		—
	$	4,326	$	45,805	$	63,929	$	255,309
Securities held to maturity
U.S. government and government-sponsored enterprise obligations	$	597	$	14,403	$	—	$	—
SBA asset-backed securities		78		4,871		—		—
	$	675	$	19,274	$	—	$	—