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v3.23.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investment Securities |
Summary of amortized cost and fair value of securities available-for-sale | Investment securities available for sale (AFS): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ALLOWANCE | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FOR CREDIT | ​ | FAIR
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | LOSSES |  | VALUE
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 12,713 | ​ | $ | 1 | ​ | $ | (1,158) | ​ | $ | — | ​ | $ | 11,556
U.S. Agency mortgage-backed securities | ​ |  | 100,428 | ​ |  | 80 | ​ |  | (11,872) | ​ | ​ | — | ​ |  | 88,636
Municipal | ​ |  | 20,837 | ​ |  | 3 | ​ |  | (1,503) | ​ | ​ | — | ​ |  | 19,337
Corporate bonds | ​ |  | 63,162 | ​ |  | 8 | ​ |  | (3,900) | ​ | ​ | (926) | ​ |  | 58,344
Total | ​ | $ | 197,140 | ​ | $ | 92 | ​ | $ | (18,433) | ​ | $ | (926) | ​ | $ | 177,873
​ Investment securities available for sale (AFS): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FAIR
​ |  | COST BASIS |  | GAINS |  | LOSSES |  | VALUE
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 11,797 | ​ | $ | 1 | ​ | $ | (1,265) | ​ | $ | 10,533
U.S. Agency mortgage-backed securities | ​ |  | 102,631 | ​ |  | 64 | ​ |  | (12,710) | ​ |  | 89,985
Municipal | ​ |  | 20,837 | ​ |  | — | ​ |  | (1,799) | ​ |  | 19,038
Corporate bonds | ​ |  | 63,152 | ​ |  | 30 | ​ |  | (3,230) | ​ |  | 59,952
Total | ​ | $ | 198,417 | ​ | $ | 95 | ​ | $ | (19,004) | ​ | $ | 179,508
​
Summary of amortized cost and fair value of securities held-to-maturity | Investment securities held to maturity (HTM): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ​ | ​ | ​ | ALLOWANCE
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FAIR | ​ | FOR CREDIT
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | VALUE |  | LOSSES
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 2,500 | ​ | $ | — | ​ | $ | (418) | ​ | $ | 2,082 | ​ | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | 18,831 | ​ | ​ | 8 | ​ | ​ | (2,036) | ​ | ​ | 16,803 | ​ | ​ | —
Municipal | ​ |  | 33,983 | ​ |  | 1 | ​ |  | (3,206) | ​ |  | 30,778 | ​ |  | 3
Corporate bonds and other securities | ​ |  | 5,426 | ​ |  | — | ​ |  | (132) | ​ |  | 5,294 | ​ |  | 80
Total | ​ | $ | 60,740 | ​ | $ | 9 | ​ | $ | (5,792) | ​ | $ | 54,957 | ​ | $ | 83
​ Investment securities held to maturity (HTM): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FAIR
​ | ​ | COST BASIS |  | GAINS |  | LOSSES |  | VALUE
​ | ​ | (IN THOUSANDS)
U.S. Agency |  | $ | 2,500 | ​ | $ | — | ​ | $ | (432) | ​ | $ | 2,068
U.S. Agency mortgage-backed securities |  | ​ | 18,877 | ​ | ​ | 8 | ​ | ​ | (2,212) | ​ | ​ | 16,673
Municipal | ​ |  | 33,993 | ​ |  | 2 | ​ |  | (3,880) | ​ |  | 30,115
Corporate bonds and other securities | ​ |  | 6,508 | ​ |  | — | ​ |  | (172) | ​ |  | 6,336
Total | ​ | $ | 61,878 | ​ | $ | 10 | ​ | $ | (6,696) | ​ | $ | 55,192
​
Schedule of investment securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | Available for sale | ​ | Held to maturity
​ |  | Cost Basis |  | Fair Value |  | Cost Basis |  | Fair Value
Within 1 year | ​ | $ | 6,385 | ​ | $ | 6,328 | ​ | $ | 2,425 | ​ | $ | 2,386
After 1 year but within 5 years | ​ |  | 48,222 | ​ |  | 46,066 | ​ |  | 12,381 | ​ |  | 11,889
After 5 years but within 10 years | ​ |  | 47,646 | ​ |  | 42,248 | ​ |  | 25,687 | ​ |  | 22,853
Over 10 years | ​ |  | 94,887 | ​ |  | 83,231 | ​ |  | 20,247 | ​ |  | 17,829
Total | ​ | $ | 197,140 | ​ | $ | 177,873 | ​ | $ | 60,740 | ​ | $ | 54,957
​
Schedule of investments with unrealized losses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | LESS THAN 12 MONTHS | ​ | 12 MONTHS OR LONGER | ​ | TOTAL
​ | ​ | FAIR | ​ | UNREALIZED | ​ | FAIR | ​ | UNREALIZED | ​ | FAIR | ​ | UNREALIZED
​ |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES
U.S. Agency | ​ | $ | 2,448 | ​ | $ | (48) | ​ | $ | 8,107 | ​ | $ | (1,110) | ​ | $ | 10,555 | ​ | $ | (1,158)
U.S. Agency mortgage-backed securities | ​ | ​ | 26,473 | ​ | ​ | (1,161) | ​ | ​ | 56,993 | ​ | ​ | (10,711) | ​ | ​ | 83,466 | ​ | ​ | (11,872)
Municipal | ​ |  | 3,358 | ​ | ​ | (85) | ​ | ​ | 15,216 | ​ | ​ | (1,418) | ​ | ​ | 18,574 | ​ | ​ | (1,503)
Corporate bonds | ​ |  | 26,749 | ​ | ​ | (1,412) | ​ | ​ | 26,586 | ​ | ​ | (2,488) | ​ | ​ | 53,335 | ​ | ​ | (3,900)
Total | ​ | $ | 59,028 | ​ | $ | (2,706) | ​ | $ | 106,902 | ​ | $ | (15,727) | ​ | $ | 165,930 | ​ | $ | (18,433)
​
Schedule of allowance for credit losses on held to maturity debt securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended March 31, 2023
​ | ​ | Balance at | ​ | Impact of Adopting | ​ | Charge- | ​ | ​ | ​ | ​ | Provision | ​ | Balance at
​ | ​ | December 31, 2022 | ​ | ASU 2016-13 | ​ | Offs | ​ | Recoveries | ​ | (Credit) | ​ | March 31, 2023
U.S. Agency |  | $ | — | ​ | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Municipal | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3
Corporate bonds and other securities | ​ | ​ | — | ​ | ​ | 111 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (31) | ​ | ​ | 80
Total | ​ | $ | — | ​ | $ | 114 | ​ | $ | — | ​ | $ | — | ​ | $ | (31) | ​ | $ | 83
​
Schedule of amortized cost of held to maturity debt securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | Credit Rating
​ | ​ | AAA/AA/A | ​ | BBB/BB/B | ​ | Unrated | ​ | Total
U.S. Agency |  | $ | 2,500 | ​ | $ | — |  | $ | — |  | $ | 2,500
U.S. Agency mortgage-backed securities | ​ | ​ | 18,831 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,831
Municipal | ​ | ​ | 33,983 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 33,983
Corporate bonds and other securities | ​ | ​ | 4,010 | ​ | ​ | — | ​ | ​ | 1,416 | ​ | ​ | 5,426
Total | ​ | $ | 59,324 | ​ | $ | — | ​ | $ | 1,416 | ​ | $ | 60,740
​

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