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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Measurements |
Summary of fair value of assets measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Fair Value Measurements at September 30, 2024 Using
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | Significant
​ | ​ | ​ | ​ | ​ | Active Markets for | ​ | Significant Other | ​ | Unobservable
​ | ​ | Balance as of | ​ | Identical Assets | ​ | Observable Inputs | ​ | Inputs
(Dollars in thousands) |  | September 30, 2024 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasuries | ​ | $ | 30,004 | ​ | $ | — | ​ | $ | 30,004 | ​ | $ | —
U.S. government and federal agencies | ​ |  | 13,621 | ​ |  | — | ​ |  | 13,621 | ​ |  | —
Corporate bonds | ​ |  | 2,655 | ​ |  | — | ​ |  | 2,655 | ​ |  | —
U.S. agency collateralized mortgage obligations | ​ |  | 32,906 | ​ |  | — | ​ |  | 32,906 | ​ |  | —
Tax-exempt municipal | ​ |  | 1,221 | ​ |  | — | ​ |  | 1,221 | ​ |  | —
Taxable municipal | ​ |  | 261 | ​ |  | — | ​ |  | 261 | ​ |  | —
U.S. agency mortgage-backed | ​ |  | 63,981 | ​ |  | — | ​ |  | 63,981 | ​ |  | —
Equity securities, at fair value | ​ |  | 2,698 | ​ |  | 2,698 | ​ |  | — | ​ |  | —
Interest rate swap agreements | ​ | ​ | 621 | ​ | ​ | — | ​ | ​ | 621 | ​ | ​ | —
Total assets at fair value | ​ | $ | 147,968 | ​ | $ | 2,698 | ​ | $ | 145,270 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap agreements | ​ | $ | 621 | ​ | $ | — | ​ | $ | 621 | ​ | $ | —
Total liabilities at fair value | ​ | $ | 621 | ​ | $ | — | ​ | $ | 621 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Fair Value Measurements at December 31, 2023 Using
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | Significant
​ | ​ | ​ | ​ | ​ | Active Markets for | ​ | Significant Other | ​ | Unobservable
​ | ​ | Balance as of | ​ | Identical Assets | ​ | Observable Inputs | ​ | Inputs
(Dollars in thousands) | ​ | December 31, 2023 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Securities available-for-sale: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasuries | ​ | $ | 42,977 | ​ | $ | — | ​ | $ | 42,977 | ​ | $ | —
U.S. government and federal agencies | ​ |  | 13,275 | ​ |  | — | ​ |  | 13,275 | ​ |  | —
Corporate bonds | ​ |  | 2,523 | ​ |  | — | ​ |  | 2,523 | ​ |  | —
U.S. agency collateralized mortgage obligations | ​ |  | 34,310 | ​ |  | — | ​ |  | 34,310 | ​ |  | —
Tax-exempt municipal | ​ |  | 1,231 | ​ |  | — | ​ |  | 1,231 | ​ |  | —
Taxable municipal | ​ |  | 587 | ​ |  | — | ​ |  | 587 | ​ |  | —
U.S. agency mortgage-backed | ​ |  | 75,090 | ​ |  | — | ​ |  | 75,090 | ​ |  | —
Equity securities, at fair value | ​ |  | 2,792 | ​ |  | 2,792 | ​ |  | — | ​ |  | —
Interest rate swap agreement | ​ | ​ | 846 | ​ | ​ | — | ​ | ​ | 846 | ​ | ​ | —
Total assets at fair value | ​ | $ | 173,631 | ​ | $ | 2,792 | ​ | $ | 170,839 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap agreement | ​ | $ | 846 | ​ | $ | — | ​ | $ | 846 | ​ | $ | —
Total liabilities at fair value | ​ | $ | 846 | ​ | $ | — | ​ | $ | 846 | ​ | $ | —
Summary of carrying value and estimated fair value of financial instruments | The following tables present the carrying value and estimated fair value, including the level within the fair value hierarchy, of the Company’s financial instruments as of September 30, 2024 and December 31, 2023. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Fair Value Measurements at September 30, 2024 Using
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Carrying Value as of | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | Fair Value as of
(Dollars in thousands) | ​ | September 30, 2024 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | September 30, 2024
Assets: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 177,227 | ​ | $ | 177,227 | ​ | $ | — | ​ | $ | — | ​ | $ | 177,227
Securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Available-for-sale | ​ |  | 144,649 | ​ |  | — | ​ |  | 144,649 | ​ |  | — | ​ |  | 144,649
Held-to-maturity | ​ |  | 92,863 | ​ |  | — | ​ |  | 79,731 | ​ |  | — | ​ |  | 79,731
Equity securities, at fair value | ​ |  | 2,698 | ​ |  | 2,698 | ​ |  | — | ​ |  | — | ​ |  | 2,698
Restricted securities, at cost | ​ | ​ | 7,630 | ​ | ​ | — | ​ | ​ | 7,630 | ​ | ​ | — | ​ | ​ | 7,630
Loans, net | ​ |  | 1,824,117 | ​ |  | — | ​ |  | — | ​ |  | 1,714,937 | ​ |  | 1,714,937
Interest rate swap agreements | ​ | ​ | 621 | ​ | ​ | — | ​ | ​ | 621 | ​ | ​ | — | ​ | ​ | 621
Loan servicing rights | ​ | ​ | 104 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 118 | ​ | ​ | 118
Accrued interest receivable | ​ |  | 5,657 | ​ |  | — | ​ |  | 5,657 | ​ |  | — | ​ |  | 5,657
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Deposits | ​ | $ | 1,936,150 | ​ | $ | — | ​ | $ | 1,940,540 | ​ | $ | — | ​ | $ | 1,940,540
Federal Home Loan Bank advances | ​ |  | 56,000 | ​ |  | — | ​ |  | 56,000 | ​ |  | — | ​ |  | 56,000
Subordinated debt | ​ |  | 24,770 | ​ |  | — | ​ |  | — | ​ |  | 22,306 | ​ |  | 22,306
Interest rate swap agreements | ​ | ​ | 621 | ​ | ​ | — | ​ | ​ | 621 | ​ | ​ | — | ​ | ​ | 621
Accrued interest payable | ​ |  | 2,304 | ​ |  | — | ​ |  | 2,304 | ​ |  | — | ​ |  | 2,304
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Fair Value Measurements at December 31, 2023 Using
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​
​ | ​ | Carrying Value as of | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | Fair Value as of
(Dollars in thousands) | ​ | December 31, 2023 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | December 31, 2023
Assets: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 99,005 | ​ | $ | 99,005 | ​ | $ | — | ​ | $ | — | ​ | $ | 99,005
Securities: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Available-for-sale | ​ |  | 169,993 | ​ |  | — | ​ |  | 169,993 | ​ |  | — | ​ |  | 169,993
Held-to-maturity | ​ |  | 95,505 | ​ |  | — | ​ |  | 79,532 | ​ |  | — | ​ |  | 79,532
Equity securities, at fair value | ​ |  | 2,792 | ​ |  | 2,792 | ​ |  | — | ​ |  | — | ​ |  | 2,792
Restricted securities, at cost | ​ | ​ | 5,012 | ​ | ​ | — | ​ | ​ | 5,012 | ​ | ​ | — | ​ | ​ | 5,012
Loans, net | ​ |  | 1,840,424 | ​ |  | — | ​ |  | — | ​ |  | 1,730,205 | ​ |  | 1,730,205
Interest rate swap agreement | ​ | ​ | 846 | ​ | ​ | — | ​ | ​ | 846 | ​ | ​ | — | ​ | ​ | 846
Loan servicing rights | ​ |  | 22 | ​ |  | — | ​ |  | — | ​ |  | 22 | ​ |  | 22
Accrued interest receivable | ​ |  | 6,110 | ​ |  | — | ​ |  | 6,110 | ​ |  | — | ​ |  | 6,110
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Deposits | ​ | $ | 1,906,600 | ​ | $ | — | ​ | $ | 1,906,835 | ​ | $ | — | ​ | $ | 1,906,835
Federal Reserve Bank borrowings | ​ | ​ | 54,000 | ​ | ​ | ​ | ​ | ​ | 54,000 | ​ | ​ | ​ | ​ | ​ | 54,000
Federal funds purchased | ​ |  | 10,000 | ​ |  | — | ​ |  | 10,000 | ​ |  | — | ​ |  | 10,000
Subordinated debt | ​ | ​ | 24,708 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,873 | ​ | ​ | 21,873
Interest rate swap agreement | ​ | ​ | 846 | ​ | ​ | — | ​ | ​ | 846 | ​ | ​ | — | ​ | ​ | 846
Accrued interest payable | ​ |  | 4,559 | ​ |  | — | ​ |  | 4,559 | ​ |  | — | ​ |  | 4,559
​

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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