SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

SECURITIES

Schedule of Debt Securities Available for Sale and Held to Maturity

The amortized cost and fair value of debt securities as of March 31, 2024 and December 31, 2023, by contractual maturity, are shown in the tables below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid, with or without prepayment penalties. Securities not due at a single maturity date are shown separately.

(Dollars in thousands)	March 31, 2024
					Gross		Gross
	Amortized		Fair		Unrealized		Unrealized
Debt Securities Available for Sale	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
After one year but within five years	$	15,500	$	14,127	$	—	$	(1,373)
		15,500		14,127		—		(1,373)
Obligations of state and political subdivisions
Within one year		500		500		—		—
After one year but within five years		2,518		2,358		—		(160)
After five years but within ten years		4,355		3,604		—		(751)
		7,373		6,462		—		(911)
Corporate debt securities
After one year but within five years		4,592		4,069		—		(523)
After five years but within ten years		13,000		10,347		—		(2,653)
		17,592		14,416		—		(3,176)
Mortgage-backed securities		34,178		31,634		—		(2,544)
Total	$	74,643	$	66,639	$	—	$	(8,004)

(Dollars in thousands)	March 31, 2024
					Gross		Gross
	Amortized		Fair		Unrecognized		Unrecognized
Debt Securities Held to Maturity	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
After one year but within five years	$	21,128	$	20,967	$	—	$	(161)
After five years but within ten years		8,627		8,514		—		(113)
		29,755		29,481		—		(274)
Mortgage-backed securities		168,925		163,701		385		(5,609)
Total	$	198,680	$	193,182	$	385	$	(5,883)

(Dollars in thousands)	December 31, 2023
					Gross		Gross
	Amortized		Fair		Unrealized		Unrealized
Debt Securities Available for Sale	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
After one year but within five years	$	15,500	$	14,173	$	—	$	(1,327)
		15,500		14,173		—		(1,327)
Obligations of state and political subdivisions
Within one year		500		496		—		(4)
After one year but within five years		2,514		2,387		—		(127)
After five years but within ten years		4,355		3,625		—		(730)
		7,369		6,508		—		(861)
Corporate debt securities
After one year but within five years		4,608		4,048		—		(560)
After five years but within ten years		13,000		9,780		—		(3,220)
		17,608		13,828		—		(3,780)
Mortgage-backed securities		35,257		33,055		—		(2,202)
Total	$	75,734	$	67,564	$	—	$	(8,170)

(Dollars in thousands)	December 31, 2023
					Gross		Gross
	Amortized		Fair		Unrecognized		Unrecognized
Debt Securities Held to Maturity	Cost		Value		Gains		Losses
Obligations of U.S. Government sponsored enterprises
After one year but within five years	$	15,886	$	15,984	$	104	$	(6)
After five years but within ten years		13,634		13,702		85		(17)
		29,520		29,686		189		(23)
Mortgage-backed securities		171,124		168,461		1,917		(4,580)
Total	$	200,644	$	198,147	$	2,106	$	(4,603)

Schedule of Gross Unrealized Losses and Fair Value

The following tables summarize debt securities with unrealized and unrecognized losses at March 31, 2024 and December 31, 2023, aggregated by category and length of time in a continuous unrealized loss position.

	Unrealized Losses at March 31, 2024
	Less Than 12 Months					12 Months or More					Total
(Dollars in thousands)	Number					Number					Number
	of	Fair		Unrealized		of	Fair		Unrealized		of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
Securities available for sale
Obligations of U.S. Government sponsored enterprises	—	$	—	$	—	3	$	14,127	$	(1,373)	3	$	14,127	$	(1,373)
Obligations of state and political subdivisions	—		—		—	7		5,962		(911)	7		5,962		(911)
Corporate debt securities	—		—		—	9		14,416		(3,176)	9		14,416		(3,176)
Mortgage-backed securities	—		—		—	33		31,634		(2,544)	33		31,634		(2,544)
Total temporarily impaired securities available for sale	—	$	—	$	—	52	$	66,139	$	(8,004)	52	$	66,139	$	(8,004)

	Unrealized Losses at December 31, 2023
	Less Than 12 Months					12 Months or More					Total
(Dollars in thousands)	Number					Number					Number
	of	Fair		Unrealized		of	Fair		Unrealized		of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
Securities available for sale
Obligations of U.S. Government sponsored enterprises	—	$	—	$	—	3	$	14,173	$	(1,327)	3	$	14,173	$	(1,327)
Obligations of state and political subdivisions	1		1,456		(11)	7		5,052		(850)	8		6,508		(861)
Corporate debt securities	—		—		—	9		13,828		(3,780)	9		13,828		(3,780)
Mortgage-backed securities	—		—		—	34		33,055		(2,202)	34		33,055		(2,202)
Total temporarily impaired securities available for sale	1	$	1,456	$	(11)	53	$	66,108	$	(8,159)	54	$	67,564	$	(8,170)
Securities held to maturity
Obligations of U.S. Government sponsored enterprises	2	$	8,258	$	(23)	—	$	—	$	—	2	$	8,258	$	(23)
Mortgage-backed securities	6		17,894		(480)	16		50,843		(4,100)	22		68,737		(4,580)
Total temporarily impaired securities held to maturity	8	$	26,152	$	(503)	16	$	50,843	$	(4,100)	24	$	76,995	$	(4,603)
Total	9	$	27,608	$	(514)	69	$	116,951	$	(12,259)	78	$	144,559	$	(12,773)

Schedule of amortized cost of held to maturity debt securities by credit quality indicator

The following table summarizes the amortized cost of held to maturity debt securities aggregated by credit quality indicator based on the latest information available as of March 31, 2024.

(Dollars in thousands)
March 31, 2024	AAA		Total
Securities held to maturity
Obligations of U.S. Government sponsored enterprises	$	29,755	$	29,755
Mortgage-backed securities		168,925		168,925
	$	198,680	$	198,680