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v3.23.1

Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value |
Schedule of assets carried at fair value on a recurring basis | The following tables detail the assets that are carried at fair value on a recurring basis as of the periods shown and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Significant | ​ | Significant
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ |  | Balance |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
​ | ​ | March 31, 2023
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 38,309 | ​ | $ | 38,309 | ​ | $ | — | ​ | $ | —
U.S. government agency mortgage-backed securities-residential | ​ | ​ | 142,529 | ​ | ​ | — | ​ | ​ | 142,529 | ​ | ​ | —
U.S. government agency securities | ​ |  | 22,773 | ​ |  | — | ​ |  | 22,773 | ​ |  | —
Municipal securities | ​ |  | 4,839 | ​ |  | — | ​ |  | 4,709 | ​ |  | 130
Corporate Bonds | ​ | ​ | 12,907 | ​ | ​ | — | ​ | ​ | 12,907 | ​ | ​ | —
Other | ​ |  | 815 | ​ |  | — | ​ |  | 815 | ​ |  | —
Total available for sale securities | ​ | ​ | 222,172 | ​ | ​ | 38,309 | ​ | ​ | 183,733 | ​ | ​ | 130
Loan level interest rate swaps | ​ | ​ | 5,998 | ​ | ​ | — | ​ | ​ | 5,998 | ​ | ​ | —
Total assets | ​ | $ | 228,170 | ​ | $ | 38,309 | ​ | $ | 189,731 | ​ | $ | 130
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan level interest rate swaps | ​ | $ | 5,998 | ​ | $ | — | ​ | $ | 5,998 | ​ | $ | —
Total liabilities | ​ | $ | 5,998 | ​ | $ | — | ​ | $ | 5,998 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 37,857 | ​ | $ | 37,857 | ​ | $ | — | ​ | $ | —
U.S. government agency mortgage-backed securities – residential | ​ | ​ | 144,534 | ​ | ​ | — | ​ | ​ | 144,534 | ​ | ​ | —
U.S. government agency securities | ​ |  | 22,449 | ​ |  | — | ​ |  | 22,449 | ​ |  | —
Municipal securities | ​ |  | 4,786 | ​ |  | — | ​ |  | 4,656 | ​ |  | 130
Corporate Bonds | ​ | ​ | 13,217 | ​ | ​ | — | ​ | ​ | 13,217 | ​ | ​ | —
Other | ​ |  | 816 | ​ |  | — | ​ |  | 816 | ​ |  | —
Total available for sale securities | ​ | ​ | 223,659 | ​ | ​ | 37,857 | ​ | ​ | 185,672 | ​ | ​ | 130
Loan level interest rate swaps | ​ | ​ | 4,548 | ​ | ​ | — | ​ | ​ | 4,548 | ​ | ​ | —
Total assets | ​ | $ | 228,207 | ​ | $ | 37,857 | ​ | $ | 190,220 | ​ | $ | 130
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan level interest rate swaps | ​ | $ | 4,548 | ​ | $ | — | ​ | $ | 4,548 | ​ | $ | —
Total liabilities | ​ | $ | 4,548 | ​ | $ | — | ​ | $ | 4,548 | ​ | $ | —
​
Schedule of assets carried at fair value and measured at fair value on a nonrecurring basis | The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Significant | ​ | Significant
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ |  | Balance |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
​ | ​ | March 31, 2023
Individually analyzed loans, with specific reserves | ​ | $ | 427 | ​ | $ | — | ​ | $ | — | ​ | $ | 427
Total | ​ | $ | 427 | ​ | $ | — | ​ | $ | — | ​ | $ | 427
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
Impaired loans, with specific reserves | ​ | $ | 319 | ​ | $ | — | ​ | $ | — | ​ | $ | 319
Total | ​ | $ | 319 | ​ | $ | — | ​ | $ | — | ​ | $ | 319
​
Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information About Level 3 Fair Value Measurements
​ | ​ | Fair Value | ​ | Valuation | ​ | Unobservable | ​ | Range
​ |  | Estimate |  | Techniques |  | Input |  | (Weighted Average)
​ | ​ | March 31, 2023
Individually analyzed loans, with specific reserves | ​ | $ | 427 |  | Appraisal of collateral | (1) | Liquidation expenses | (3) | 0% to 6%
​ | ​ | ​ | ​ | ​ | ​ | ​ | Appraisal adjustments | (2) | 0% to 20%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
Impaired loans | ​ | $ | 319 |  | Appraisal of collateral | (1) | Liquidation expenses | (3) | 0% to 6%
​ | ​ | ​ | ​ | ​ | ​ | ​ | Appraisal adjustments | (2) | 0% to 20%
(1) | Fair value is generally through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.
(2) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraised value.
(3) | Estimated costs to sell.
Schedule of carrying value and fair values of the financial instruments | As of the following dates, the carrying value and fair values of the Company’s financial instruments were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
​ |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial Assets: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Cash and cash equivalents (Level 1) | ​ | $ | 36,143 | ​ | $ | 36,143 | ​ | $ | 31,384 | ​ | $ | 31,384
Available for sale securities (Level 1) | ​ |  | 38,309 | ​ |  | 38,309 | ​ |  | 37,857 | ​ |  | 37,857
Available for sale securities (Level 2) | ​ |  | 183,733 | ​ |  | 183,733 | ​ |  | 185,672 | ​ |  | 185,672
Available for sale securities (Level 3) | ​ |  | 130 | ​ |  | 130 | ​ |  | 130 | ​ |  | 130
Loan level interest rate swaps (Level 2) | ​ | ​ | 5,998 | ​ | ​ | 5,998 | ​ | ​ | 4,548 | ​ | ​ | 4,548
FHLB stock (Level 2) | ​ |  | 5,450 | ​ |  | 5,450 | ​ |  | 3,258 | ​ |  | 3,258
Loans, net (Level 3) | ​ |  | 1,004,762 | ​ |  | 961,407 | ​ |  | 994,368 | ​ |  | 953,432
Mortgage servicing rights (Level 3) | ​ |  | 2,292 | ​ |  | 4,877 | ​ |  | 2,409 | ​ |  | 5,211
Financial Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Deposits (Level 2) | ​ |  | 1,093,524 | ​ |  | 1,004,184 | ​ |  | 1,129,933 | ​ |  | 1,001,455
Mortgagors' escrow accounts (Level 2) | ​ |  | 8,670 | ​ |  | 8,670 | ​ |  | 9,732 | ​ |  | 9,723
FHLB advances (Level 2) | ​ |  | 106,450 | ​ |  | 106,369 | ​ |  | 57,723 | ​ |  | 57,739
Subordinated debt (Level 2) | ​ |  | 5,155 | ​ |  | 5,155 | ​ |  | 5,155 | ​ |  | 5,155
Loan level interest rate swaps (Level 2) | ​ | ​ | 5,998 | ​ | ​ | 5,998 | ​ | ​ | 4,548 | ​ | ​ | 4,548

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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