SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| SECURITIES |
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| Investment Securities Available for Sale and Held to Maturity |
| | | | | | | | | | | | | | | | | | March 31, 2025 | | | | | | Gross | | Gross | | Allowance | | | | | | Amortized | | Unrealized | | Unrealized | | for Credit | | | | (in thousands) | | Cost | | Gains | | Losses | | Losses | | Fair Value | Available for sale: | | | | | | | | | | | | | | | | U.S. GSE residential mortgage-backed securities | | $ | 10,965 | | $ | 13 | | $ | (205) | | $ | — | | $ | 10,773 | U.S. GSE residential collateralized mortgage obligations | | | 14,798 | | | 42 | | | — | | | — | | | 14,840 | U.S. GSE commercial mortgage-backed securities | | | 1,519 | | | 11 | | | — | | | — | | | 1,530 | Collateralized loan obligations | | | 43,260 | | | 37 | | | (9) | | | — | | | 43,288 | Corporate bonds | | | 23,759 | | | 150 | | | (1,143) | | | — | | | 22,766 | Total available for sale securities | | $ | 94,301 | | $ | 253 | | $ | (1,357) | | $ | — | | $ | 93,197 | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | Allowance | | | Amortized | | Unrecognized | | Unrecognized | | | | for Credit | | | Cost | | Gains | | Losses | | Fair Value | | Losses | Held to maturity: | | | | | | | | | | | | | | | | U.S. GSE residential mortgage-backed securities | | $ | 1,189 | | $ | — | | $ | (63) | | $ | 1,126 | | $ | — | U.S. GSE commercial mortgage-backed securities | | | 2,482 | | | — | | | (52) | | | 2,430 | | | — | Total held to maturity securities | | $ | 3,671 | | $ | — | | $ | (115) | | $ | 3,556 | | $ | — |
| | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Gross | | Gross | | Allowance | | | | | | Amortized | | Unrealized | | Unrealized | | for Credit | | | | (in thousands) | | Cost | | Gains | | Losses | | Losses | | Fair Value | Available for sale: | | | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 19,995 | | $ | 5 | | $ | — | | $ | — | | $ | 20,000 | U.S. GSE residential mortgage-backed securities | | | 11,016 | | | — | | | (371) | | | — | | | 10,645 | U.S. GSE commercial mortgage-backed securities | | | 1,520 | | | — | | | (17) | | | — | | | 1,503 | Collateralized loan obligations | | | 32,271 | | | 206 | | | — | | | — | | | 32,477 | Corporate bonds | | | 20,282 | | | 65 | | | (1,217) | | | — | | | 19,130 | Total available for sale securities | | $ | 85,084 | | $ | 276 | | $ | (1,605) | | $ | — | | $ | 83,755 | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | Allowance | | | Amortized | | Unrecognized | | Unrecognized | | | | | for Credit | | | Cost | | Gains | | Losses | | Fair Value | | Losses | Held to maturity: | | | | | | | | | | | | | | | | U.S. GSE residential mortgage-backed securities | | $ | 1,259 | | $ | — | | $ | (81) | | $ | 1,178 | | $ | — | U.S. GSE commercial mortgage-backed securities | | | 2,499 | | | — | | | (68) | | | 2,431 | | | — | Total held to maturity securities | | $ | 3,758 | | $ | — | | $ | (149) | | $ | 3,609 | | $ | — |
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| Securities Portfolio by Contractual Maturity |
| | | | | | | | | March 31, 2025 | | | Amortized | | Fair | (in thousands) | | Cost | | Value | Securities available for sale: | | | | | | | Due after one year through five years | | $ | 1,000 | | $ | 1,030 | Five to ten years | | | 45,306 | | | 44,301 | Beyond ten years | | | 20,713 | | | 20,723 | U.S. GSE residential mortgage-backed securities | | | 10,965 | | | 10,773 | U.S. GSE residential collateralized mortgage obligations | | | 14,798 | | | 14,840 | U.S. GSE commercial mortgage-backed securities | | | 1,519 | | | 1,530 | Total securities available for sale | | | 94,301 | | | 93,197 | Securities held to maturity: | | | | | | | U.S. GSE residential mortgage-backed securities | | | 1,189 | | | 1,126 | U.S. GSE commercial mortgage-backed securities | | | 2,482 | | | 2,430 | Total securities held to maturity | | | 3,671 | | | 3,556 | Total investment securities | | $ | 97,972 | | $ | 96,753 |
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| Gross Unrealized Losses and Fair Values of Investment Securities |
| | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Less than Twelve Months | | Twelve Months or Longer | | Total | | | | | | Gross | | | | | Gross | | | | | | | Gross | | | | | | Unrealized | | | | | Unrealized | | Number of | | | | | Unrealized | (in thousands, except number of securities) | | Fair Value | | Losses | | Fair Value | | Losses | | Securities | | Fair Value | | Losses | Available-for-sale: | | | | | | | | | | | | | | | | | | | | | U.S. GSE residential mortgage-backed securities | | $ | 5,658 | | $ | (79) | | $ | 1,128 | | $ | (126) | | 8 | | $ | 6,786 | | $ | (205) | Collateralized loan obligations | | | 19,587 | | | (9) | | | — | | | — | | 4 | | | 19,587 | | | (9) | Corporate bonds | | | 1,960 | | | (11) | | | 10,368 | | | (1,132) | | 7 | | | 12,328 | | | (1,143) | Total available-for-sale | | $ | 27,205 | | $ | (99) | | $ | 11,496 | | $ | (1,258) | | 19 | | $ | 38,701 | | $ | (1,357) |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Less than Twelve Months | | Twelve Months or Longer | | Total | | | | | | Gross | | | | | Gross | | | | | | | Gross | | | | | | Unrealized | | | | | Unrealized | | Number of | | | | | Unrealized | (in thousands, except number of securities) | | Fair Value | | Losses | | Fair Value | | Losses | | Securities | | Fair Value | | Losses | Available-for-sale: | | | | | | | | | | | | | | | | | | | | | U.S. GSE residential mortgage-backed securities | | $ | 9,523 | | $ | (227) | | $ | 1,122 | | $ | (144) | | 12 | | $ | 10,645 | | $ | (371) | U.S. GSE commercial mortgage-backed securities | | | 1,503 | | | (17) | | | — | | | — | | 1 | | | 1,503 | | | (17) | Corporate bonds | | | 2,823 | | | (56) | | | 10,338 | | | (1,161) | | 9 | | | 13,161 | | | (1,217) | Total available-for-sale | | $ | 13,849 | | $ | (300) | | $ | 11,460 | | $ | (1,305) | | 22 | | $ | 25,309 | | $ | (1,605) |
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