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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value |
Reconciliation of Level 3 Available for Sale Debt Securities Measured at Fair Value on Recurring Basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Corporate debt & other securities
​ | ​ | For the nine months ended
(In thousands) |  | September 30, 2024 |  | September 30, 2023
Balance of Recurring Level 3 assets at January 1 |  | $ | 7,979 |  | $ | 4,675
Activity | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding gains (losses) included in other comprehensive income | ​ |  | 28 | ​ |  | (412)
Prinicpal Payments | ​ |  | (213) | ​ |  | —
Unrealized holding losses included in net income | ​ | ​ | (646) | ​ | ​ | —
Balance of recurring Level 3 assets at September 30 | ​ | $ | 7,148 | ​ | $ | 4,263
Balances of Assets Measured at Fair Value on Recurring Basis | The tables below present the balances of assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at September 30, 2024
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets | ​ | Active Markets | ​ | Significant Other | ​ | Significant
​ | ​ | Measured at Fair | ​ | for Identical | ​ | Observable | ​ | Unobservable
(In thousands) |  | Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
Measured on a recurring basis: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities | ​ | $ | 14,838 | ​ | $ | — | ​ | $ | 14,838 | ​ | $ | —
State and political subdivisions | ​ | ​ | 345 | ​ | ​ | — | ​ | ​ | 345 | ​ | ​ | —
Residential mortgage-backed securities | ​ |  | 13,002 | ​ |  | — | ​ |  | 13,002 | ​ |  | —
Asset backed securities | ​ | ​ | 41,802 | ​ | ​ | — | ​ | ​ | 41,802 | ​ | ​ | —
Corporate and other securities | ​ |  | 27,664 | ​ |  | — | ​ |  | 20,516 | ​ |  | 7,148
Total debt securities available for sale | ​ | $ | 97,651 | ​ | $ | — | ​ | $ | 90,503 | ​ | $ | 7,148
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities with readily determinable fair values | ​ | $ | 9,836 | ​ | $ | 9,836 | ​ | $ | — | ​ | $ | —
Total equity securities | ​ | $ | 9,836 | ​ | $ | 9,836 | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap agreements | ​ | $ | 444 | ​ | $ | — | ​ | $ | 444 | ​ | $ | —
Total interest rate swap agreements | ​ | $ | 444 | ​ | $ | — | ​ | $ | 444 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value Measurements at December 31, 2023
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets | ​ | Active Markets | ​ | Significant Other | ​ | Significant
​ | ​ | Measured at Fair | ​ | for Identical | ​ | Observable | ​ | Unobservable
(In thousands) |  | Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
Measured on a recurring basis: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities | ​ | $ | 16,033 | ​ | $ | — | ​ | $ | 16,033 | ​ | $ | —
State and political subdivisions | ​ |  | 360 | ​ | ​ | — | ​ | ​ | 360 | ​ | ​ | —
Residential mortgage-backed securities | ​ |  | 14,077 | ​ |  | — | ​ |  | 14,077 | ​ |  | —
Asset backed securities | ​ | ​ | 35,403 | ​ | ​ | — | ​ | ​ | 35,403 | ​ | ​ | —
Corporate and other securities | ​ |  | 25,892 | ​ |  | — | ​ |  | 17,913 | ​ |  | 7,979
Total debt securities available for sale | ​ | $ | 91,765 | ​ | $ | — | ​ | $ | 83,786 | ​ | $ | 7,979
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities with readily determinable fair values | ​ | $ | 7,802 | ​ | $ | 7,802 | ​ | $ | — | ​ | $ | —
Total equity securities | ​ | $ | 7,802 | ​ | $ | 7,802 | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap agreements | ​ | $ | 918 | ​ | $ | — | ​ | $ | 918 | ​ | $ | —
Total interest rate swap agreements | ​ | $ | 918 | ​ | $ | — | ​ | $ | 918 | ​ | $ | —
Assets and Liabilities Carried on the Balance Sheet by Caption And By Level Within The Hierarchy | The following tables present the assets and liabilities subject to fair value adjustments on a non-recurring basis carried on the balance sheet by caption and by level within the hierarchy (as described above): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at September 30, 2024
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Other | ​ | Significant
​ | ​ | Assets | ​ | Markets for | ​ | Observable | ​ | Unobservable
​ | ​ | Measured at Fair | ​ | Identical Assets | ​ | Inputs | ​ | Inputs
(In thousands) |  | Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Measured on a non-recurring basis: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Financial assets: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Collateral-dependent loans | ​ | $ | 6,569 | ​ | $ | — | ​ | $ | — | ​ | $ | 6,569
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at December 31, 2023
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Other | ​ | Significant
​ | ​ | Assets | ​ | Markets for | ​ | Observable | ​ | Unobservable
​ | ​ | Measured at Fair | ​ | Identical Assets | ​ | Inputs | ​ | Inputs
(In thousands) |  | Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Measured on a non-recurring basis: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Financial assets: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Collateral-dependent loans | ​ | $ | 4,755 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,755
Carrying Amount and Estimated Fair Values of Financial Instruments | The table below presents the carrying amount and estimated fair values of the Company’s financial instruments presented as of September 30, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | September 30, 2024
​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities held to maturity | $ | 36,225 | ​ | $ | — | ​ | $ | 30,546 | ​ | $ | —
SBA loans held for sale |  | 14,621 | ​ |  | — | ​ |  | 15,479 | ​ |  | —
Loans, net of allowance for credit losses |  | 2,175,770 | ​ |  | — | ​ |  | 2,107,537 | ​ |  | 6,569
Financial liabilities: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deposits |  | 2,046,137 | ​ |  | — | ​ |  | 2,041,961 | ​ |  | —
Borrowed funds and subordinated debentures |  | 277,108 | ​ |  | — | ​ |  | 277,999 | ​ |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2023
​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities held to maturity | $ | 36,122 | ​ | $ | — | ​ | $ | 29,656 | ​ | $ | —
SBA loans held for sale |  | 18,242 | ​ |  | — | ​ |  | 19,175 | ​ |  | —
Loans, net of allowance for credit losses |  | 2,127,967 | ​ |  | — | ​ |  | 2,027,084 | ​ |  | 4,755
Financial liabilities: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deposits |  | 1,924,140 | ​ |  | — | ​ |  | 1,915,022 | ​ |  | —
Borrowed funds and subordinated debentures |  | 366,748 | ​ |  | — | ​ |  | 365,879 | ​ |  | —
​ ​

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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