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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2024
FAIR VALUE |
Assets Measured at Fair Value on Recurring Basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | ​ | ​ | Fair Value Measurements Using:
​ | ​ | ​ | ​ | Quoted Prices In | ​ | ​ | ​ | Significant
​ |  | ​ |  | Active Markets |  | Significant Other |  | Unobservable
​ | ​ | Carrying | ​ | for Identical Assets | ​ | Observable Inputs | ​ | Inputs
(in thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,956 | ​ | $ | — | ​ | $ | 29,956 | ​ | $ | —
U.S. GSE residential mortgage-backed securities | ​ | ​ | 164 | ​ | ​ | — | ​ | ​ | 164 | ​ | ​ | —
Collateralized loan obligations | ​ | ​ | 50,582 | ​ | ​ | — | ​ | ​ | 50,582 | ​ | ​ | —
Corporate bonds | ​ |  | 12,007 | ​ |  | — | ​ |  | 12,007 | ​ |  | —
Loan servicing rights | ​ | ​ | 5,087 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,087
Derivatives | ​ | ​ | 188 | ​ | ​ | — | ​ | ​ | 188 | ​ | ​ | —
Total | ​ | $ | 97,984 | ​ | $ | — | ​ | $ | 92,897 | ​ | $ | 5,087
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Derivatives | ​ | $ | 666 | ​ | $ | — | ​ | $ | 666 | ​ | $ | —
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | Fair Value Measurements Using:
​ | ​ | ​ | ​ | Quoted Prices In | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | Significant
​ |  | ​ |  | for Identical |  | Significant Other |  | Unobservable
​ | ​ | Carrying | ​ | Assets | ​ | Observable Inputs | ​ | Inputs
(In thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 201 | ​ | $ | — | ​ | $ | 201 | ​ | $ | —
Collateralized loan obligations | ​ | ​ | 50,266 | ​ | ​ | — | ​ | ​ | 50,266 | ​ | ​ | —
Corporate bonds | ​ |  | 10,952 | ​ |  | — | ​ |  | 10,952 | ​ |  | —
Loan servicing rights | ​ | ​ | 4,668 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,668
Total | ​ | $ | 66,087 | ​ | $ | — | ​ | $ | 61,419 | ​ | $ | 4,668
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 2,361 | ​ | $ | — | ​ | $ | 2,361 | ​ | $ | —
Changes in mortgage servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
(in thousands) | ​ | 2024 |  | 2023
Balance at beginning of period |  | $ | 4,668 | ​ | $ | 4,402
Additions | ​ |  | 557 | ​ |  | 212
Adjustment to fair value | ​ |  | (138) | ​ |  | (185)
Balance at end of period | ​ | $ | 5,087 | ​ | $ | 4,429
Assets Measured at Fair Value on a Non-recurring Basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using:
​ | ​ | ​ | ​ | ​ | Quoted Prices In | ​ | ​ | ​ | ​ | Significant
​ |  | ​ | ​ |  | Active Markets |  | Significant Other |  | Unobservable
​ | ​ | Carrying | ​ | for Identical Assets | ​ | Observable Inputs | ​ | Inputs
(in thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Individually evaluated loans - Multi-family | ​ | $ | 1,180 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,180
Summary of additional quantitative information about level 3 fair value measured at fair value on non-nonrecurring |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Range
December 31, 2023 | ​ | Fair Value | ​ | Valuation Technique | ​ | Unobservable Input | ​ | (Weighted Average)
(Dollar in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated loans - Multi-family | ​ | $ | 1,180 | ​ | Appraisal of collateral | ​ | Appraisal and | ​ | ​ | 50.00%
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | adjustments (1) | ​ | ​ | (50.00%)
(1) | The appraisal of the underlying collateral property generally includes various significant unobservable inputs (level 3). This was performed by certified general appraisers. Management adjusted the appraisal downward for factors such as the condition of the property and liquidation expenses. The range of other appraisal adjustments and liquidation expenses are shown as a percentage of the appraisal.
Carrying Amounts and Fair Value of Financial Instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using: | ​ | ​
​ |  |  | ​ |  | Quoted Prices In |  |  | ​ |  |  | ​ |  |  | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Carrying | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | Total Fair
(In thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | Value
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 136,481 | ​ | $ | 136,481 | ​ | $ | — | ​ | $ | — | ​ | $ | 136,481
Securities held-to-maturity | ​ |  | 3,973 | ​ |  | — | ​ |  | 3,751 | ​ |  | — | ​ |  | 3,751
Loans, net | ​ |  | 1,985,642 | ​ |  | — | ​ |  | — | ​ |  | 1,941,105 | ​ |  | 1,941,105
Accrued interest receivable | ​ |  | 12,379 | ​ |  | — | ​ |  | 1,198 | ​ |  | 11,181 | ​ |  | 12,379
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Time deposits | ​ |  | 464,227 | ​ |  | — | ​ |  | 462,372 | ​ |  | — | ​ |  | 462,372
Demand and other deposits | ​ |  | 1,453,035 | ​ |  | 1,453,035 | ​ |  | — | ​ |  | — | ​ |  | 1,453,035
Borrowings | ​ |  | 148,953 | ​ |  | — | ​ |  | 147,533 | ​ |  | — | ​ |  | 147,533
Subordinated debentures | ​ |  | 24,648 | ​ |  | — | ​ |  | 24,740 | ​ |  | — | ​ |  | 24,740
Accrued interest payable | ​ |  | 2,031 | ​ |  | 176 | ​ |  | 1,855 | ​ |  | — | ​ |  | 2,031
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices In | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Carrying | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | Total Fair
(In thousands) | ​ | Amount | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | Value
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | $ | 177,207 |  | $ | 177,207 |  | $ | — |  | $ | — |  | $ | 177,207
Securities held-to-maturity | ​ |  | 4,041 | ​ |  | — | ​ |  | 3,835 | ​ |  | — | ​ |  | 3,835
Loans, net | ​ |  | 1,937,541 | ​ |  | — | ​ |  | — | ​ |  | 1,890,113 | ​ |  | 1,890,113
Accrued interest receivable | ​ |  | 11,915 | ​ |  | — | ​ |  | 1,156 | ​ |  | 10,759 | ​ |  | 11,915
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Time deposits | ​ |  | 522,198 | ​ |  | — | ​ |  | 520,022 | ​ |  | — | ​ |  | 520,022
Demand and other deposits | ​ |  | 1,382,397 | ​ |  | 1,382,397 | ​ |  | — | ​ |  | — | ​ |  | 1,382,397
Borrowings | ​ |  | 128,953 | ​ |  | — | ​ |  | 128,165 | ​ |  | — | ​ |  | 128,165
Subordinated debentures | ​ | ​ | 24,635 | ​ | ​ | — | ​ | ​ | 26,601 | ​ | ​ | — | ​ | ​ | 26,601
Accrued interest payable | ​ |  | 1,724 | ​ |  | 161 | ​ |  | 1,563 | ​ |  | — | ​ |  | 1,724

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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