SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| SECURITIES |
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| Investment Securities Available for Sale and Held to Maturity |
| | | | | | | | | | | | | | | | | | June 30, 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 | | $ | 13,995 | | $ | 19 | | $ | (211) | | $ | — | | $ | 13,803 | U.S. GSE residential collateralized mortgage obligations | | | 13,991 | | | 28 | | | (3) | | | — | | | 14,016 | U.S. GSE commercial mortgage-backed securities | | | 3,965 | | | 23 | | | — | | | — | | | 3,988 | Collateralized loan obligations | | | 42,263 | | | 141 | | | (47) | | | — | | | 42,357 | Corporate bonds | | | 29,267 | | | 133 | | | (928) | | | — | | | 28,472 | Total available for sale securities | | $ | 103,481 | | $ | 344 | | $ | (1,189) | | $ | — | | $ | 102,636 | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | Allowance | | | Amortized | | Unrecognized | | Unrecognized | | | | for Credit | | | Cost | | Gains | | Losses | | Fair Value | | Losses | Held to maturity: | | | | | | | | | | | | | | | | U.S. GSE residential mortgage-backed securities | | $ | 1,128 | | $ | — | | $ | (54) | | $ | 1,074 | | $ | — | U.S. GSE commercial mortgage-backed securities | | | 2,466 | | | — | | | (42) | | | 2,424 | | | — | Total held to maturity securities | | $ | 3,594 | | $ | — | | $ | (96) | | $ | 3,498 | | $ | — |
| | | | | | | | | | | | | | | | | | 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 |
| | | | | | | | | June 30, 2025 | | | Amortized | | Fair | (in thousands) | | Cost | | Value | Securities available for sale: | | | | | | | Due after one year through five years | | $ | 2,958 | | $ | 2,981 | Five to ten years | | | 49,864 | | | 49,167 | Beyond ten years | | | 18,708 | | | 18,681 | U.S. GSE residential mortgage-backed securities | | | 13,995 | | | 13,803 | U.S. GSE residential collateralized mortgage obligations | | | 13,991 | | | 14,016 | U.S. GSE commercial mortgage-backed securities | | | 3,965 | | | 3,988 | Total securities available for sale | | | 103,481 | | | 102,636 | Securities held to maturity: | | | | | | | U.S. GSE residential mortgage-backed securities | | | 1,128 | | | 1,074 | U.S. GSE commercial mortgage-backed securities | | | 2,466 | | | 2,424 | Total securities held to maturity | | | 3,594 | | | 3,498 | Total investment securities | | $ | 107,075 | | $ | 106,134 |
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| Gross Unrealized Losses and Fair Values of Investment Securities |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 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 | | $ | 8,730 | | $ | (90) | | $ | 1,100 | | $ | (121) | | 8 | | $ | 9,830 | | $ | (211) | U.S. GSE residential collateralized mortgage obligations | | | — | | | — | | | 21 | | | (3) | | 1 | | | 21 | | | (3) | Collateralized loan obligations | | | 14,678 | | | (47) | | | — | | | — | | 3 | | | 14,678 | | | (47) | Corporate bonds | | | 3,452 | | | (20) | | | 10,592 | | | (908) | | 9 | | | 14,044 | | | (928) | Total available-for-sale | | $ | 26,860 | | $ | (157) | | $ | 11,713 | | $ | (1,032) | | 21 | | $ | 38,573 | | $ | (1,189) |
| | | | | | | | | | | | | | | | | | | | | | | 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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