INVESTMENT SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| INVESTMENT SECURITIES |
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| Schedule of summary of investment securities |
| | | | | | | | | | | | | | | At June 30, 2025 | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | (dollars in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 13,845 | | $ | 9 | | $ | (2,168) | | $ | 11,686 | Agency mortgage-backed securities | | | 40,908 | | | — | | | (4,519) | | | 36,389 | Municipal securities | | | 41,568 | | | 4 | | | (10,917) | | | 30,655 | U.S. Government agency securities | | | 31,342 | | | — | | | (6,848) | | | 24,494 | Corporate Securities | | | 1,500 | | | — | | | (158) | | | 1,342 | | | | | | | | | | | | | | Total securities available for sale | | $ | 129,163 | | $ | 13 | | $ | (24,610) | | $ | 104,566 |
| | | | | | | | | | | | | | | At December 31, 2024 | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | (dollars in thousands) | | Cost | | Gains | | Losses | | Value | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 14,439 | | $ | 21 | | $ | (2,402) | | $ | 12,058 | Agency mortgage-backed securities | | | 44,252 | | | — | | | (5,651) | | | 38,601 | Municipal securities | | | 42,607 | | | 5 | | | (10,201) | | | 32,411 | U.S. Government agency securities | | | 31,368 | | | — | | | (7,830) | | | 23,538 | Corporate Securities | | | 1,500 | | | — | | | (159) | | | 1,341 | | | | | | | | | | | | | | Total securities available for sale | | $ | 134,166 | | $ | 26 | | $ | (26,243) | | $ | 107,949 |
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| Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position |
| | | | | | | | | | | | | | | | | | | June 30, 2025 | | Less than 12 months | | 12 months or more | | Total | Securities available for sale: | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | | Value | | Loss | | Value | | Loss | | Value | | Loss | | | | (dollars in thousands) | Collateralized mortgage obligations | | $ | 1,305 | | $ | — | | $ | 9,043 | | $ | (2,168) | | $ | 10,348 | | $ | (2,168) | Agency mortgage-backed securities | | | 56 | | | — | | | 36,332 | | | (4,519) | | | 36,388 | | | (4,519) | Municipal securities | | | 505 | | | (20) | | | 28,536 | | | (10,897) | | | 29,041 | | | (10,917) | U.S. Government agency securities | | | — | | | — | | | 24,494 | | | (6,848) | | | 24,494 | | | (6,848) | Corporate Securities | | | — | | | — | | | 1,342 | | | (158) | | | 1,342 | | | (158) | | | $ | 1,866 | | $ | (20) | | $ | 99,747 | | $ | (24,590) | | $ | 101,613 | | $ | (24,610) |
| | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less than 12 months | | 12 months or more | | Total | Securities available for sale: | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | | Value | | Loss | | Value | | Loss | | Value | | Loss | | | | (dollars in thousands) | Collateralized mortgage obligations | | $ | 118 | | $ | — | | $ | 9,456 | | $ | (2,402) | | $ | 9,574 | | $ | (2,402) | Agency mortgage-backed securities | | | 66 | | | (1) | | | 38,535 | | | (5,650) | | | 38,601 | | | (5,651) | Municipal securities | | | 1,615 | | | (20) | | | 30,291 | | | (10,181) | | | 31,906 | | | (10,201) | U.S. Government agency securities | | | — | | | — | | | 23,538 | | | (7,830) | | | 23,538 | | | (7,830) | Corporate Securities | | | — | | | — | | | 1,341 | | | (159) | | | 1,341 | | | (159) | | | $ | 1,799 | | $ | (21) | | $ | 103,161 | | $ | (26,222) | | $ | 104,960 | | $ | (26,243) |
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| Schedule of contractual maturities of debt securities |
Shown below are contractual maturities of debt securities at June 30, 2025. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Backed | | | Municipals | | | U.S. Government Agencies | | | Corporates | | | | | | Weighted | | | | | Weighted | | | | | Weighted | | | | | Weighted | | | | Amortized | | Average | | | Amortized | | Average | | | Amortized | | Average | | | Amortized | | Average | | (dollars in thousands) | | Cost | | Yield | | | Cost | | Yield | | | Cost | | Yield | | | Cost | | Yield | | | | | | | | | | | | | | | | | | | | | | | | | | | Due within one year | | $ | 285 | | 5.09 | % | | $ | — | | — | % | | $ | — | | — | % | | $ | — | | — | % | Due over one to five years | | | 1,126 | | 2.30 | | | | 236 | | 1.06 | | | | 3,751 | | 1.29 | | | | — | | — | | Due over five to ten years | | | 14,743 | | 2.17 | | | | 5,687 | | 3.12 | | | | 11,397 | | 1.76 | | | | 1,500 | | 3.75 | | Due over ten years | | | 38,599 | | 2.41 | | | | 35,645 | | 2.56 | | | | 16,194 | | 1.87 | | | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Total securities available for sale | | $ | 54,753 | | 2.35 | % | | $ | 41,568 | | 2.63 | % | | $ | 31,342 | | 1.76 | % | | $ | 1,500 | | 3.75 | % |
(1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively. (2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.
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