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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Investment Securities  
Summary of amortized cost and fair value of securities available-for-sale

Investment securities available for sale (AFS):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2023

​

​

​

​

​

GROSS

​

GROSS

​

ALLOWANCE

​

​

​

​

​

​

​

​

UNREALIZED

​

UNREALIZED

​

FOR CREDIT

​

FAIR

​

    

COST BASIS

    

GAINS

    

LOSSES

​

LOSSES

    

VALUE

​

​

(IN THOUSANDS)

U.S. Agency

​

$

11,655

​

$

—

​

$

(1,266)

​

$

—

​

$

10,389

U.S. Agency mortgage-backed securities

​

 

99,945

​

 

17

​

 

(13,126)

​

​

—

​

 

86,836

Municipal

​

 

20,672

​

 

—

​

 

(1,678)

​

​

—

​

 

18,994

Corporate bonds

​

 

60,663

​

 

4

​

 

(5,533)

​

​

(926)

​

 

54,208

Total

​

$

192,935

​

$

21

​

$

(21,603)

​

$

(926)

​

$

170,427

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2023

​

​

​

​

​

GROSS

​

GROSS

​

​

​

​

ALLOWANCE

​

​

​

​

​

UNREALIZED

​

UNREALIZED

​

FAIR

​

FOR CREDIT

​

    

COST BASIS

    

GAINS

    

LOSSES

​

VALUE

    

LOSSES

​

​

(IN THOUSANDS)

U.S. Agency

​

$

2,500

​

$

—

​

$

(444)

​

$

2,056

​

$

—

U.S. Agency mortgage-backed securities

​

​

19,957

​

​

3

​

​

(2,317)

​

​

17,643

​

​

—

Municipal

​

 

33,975

​

 

—

​

 

(3,533)

​

 

30,442

​

 

(2)

Corporate bonds and other securities

​

 

5,400

​

 

—

​

 

(112)

​

 

5,288

​

 

(107)

Total

​

$

61,832

​

$

3

​

$

(6,406)

​

$

55,429

​

$

(109)

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2023

​

​

Available for sale

​

Held to maturity

​

    

Cost Basis

    

Fair Value

    

Cost Basis

    

Fair Value

Within 1 year

​

$

4,220

​

$

4,174

​

$

3,413

​

$

3,376

After 1 year but within 5 years

​

 

48,377

​

 

45,721

​

 

11,926

​

 

11,330

After 5 years but within 10 years

​

 

46,387

​

 

39,518

​

 

25,497

​

 

22,364

Over 10 years

​

 

93,951

​

 

81,014

​

 

20,996

​

 

18,359

Total

​

$

192,935

​

$

170,427

​

$

61,832

​

$

55,429
Schedule of investments with unrealized losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 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

​

$

1,955

​

$

(42)

​

$

8,434

​

$

(1,224)

​

$

10,389

​

$

(1,266)

U.S. Agency mortgage-backed securities

​

​

25,108

​

​

(1,316)

​

​

57,621

​

​

(11,810)

​

​

82,729

​

​

(13,126)

Municipal

​

 

3,766

​

​

(132)

​

​

14,728

​

​

(1,546)

​

​

18,494

​

​

(1,678)

Corporate bonds

​

 

24,229

​

​

(1,723)

​

​

26,477

​

​

(3,810)

​

​

50,706

​

​

(5,533)

Total

​

$

55,058

​

$

(3,213)

​

$

107,260

​

$

(18,390)

​

$

162,318

​

$

(21,603)
Schedule of allowance for credit losses on held to maturity debt securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30, 2023

​

​

Balance at

​

Charge-

​

​

​

​

Provision

​

Balance at

​

​

March 31, 2023

​

Offs

​

Recoveries

​

(Credit)

​

June 30, 2023

U.S. Agency

    

$

—

​

$

—

    

$

—

    

$

—

    

$

—

U.S. Agency mortgage-backed securities

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Municipal

​

​

3

​

​

—

​

​

—

​

​

(1)

​

​

2

Corporate bonds and other securities

​

​

80

​

​

—

​

​

—

​

​

27

​

​

107

Total

​

$

83

​

$

—

​

$

—

​

$

26

​

$

109

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2023

​

​

Balance at

​

Impact of Adopting

​

Charge-

​

​

​

​

Provision

​

Balance at

​

​

December 31, 2022

​

ASU 2016-13

​

Offs

​

Recoveries

​

(Credit)

​

June 30, 2023

U.S. Agency

    

$

—

​

$

—

    

$

—

    

$

—

    

$

—

    

$

—

U.S. Agency mortgage-backed securities

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Municipal

​

​

—

​

​

3

​

​

—

​

​

—

​

​

(1)

​

​

2

Corporate bonds and other securities

​

​

—

​

​

111

​

​

—

​

​

—

​

​

(4)

​

​

107

Total

​

$

—

​

$

114

​

$

—

​

$

—

​

$

(5)

​

$

109
Schedule of amortized cost of held to maturity debt securities aggregated by credit quality indicator

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2023

​

​

Credit Rating

​

​

AAA/AA/A

​

BBB/BB/B

​

Unrated

​

Total

U.S. Agency

    

$

2,500

​

$

—

    

$

—

    

$

2,500

U.S. Agency mortgage-backed securities

​

​

19,957

​

​

—

​

​

—

​

​

19,957

Municipal

​

​

33,975

​

​

—

​

​

—

​

​

33,975

Corporate bonds and other securities

​

​

4,007

​

​

—

​

​

1,393

​

​

5,400

Total

​

$

60,439

​

$

—

​

$

1,393

​

$

61,832