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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investment Securities |
Summary of amortized cost and fair value of securities available-for-sale | Investment securities available for sale (AFS): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ALLOWANCE | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FOR CREDIT | ​ | FAIR
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | LOSSES |  | VALUE
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 11,575 | ​ | $ | — | ​ | $ | (1,380) | ​ | $ | — | ​ | $ | 10,195
U.S. Agency mortgage-backed securities | ​ |  | 102,655 | ​ |  | 6 | ​ |  | (16,674) | ​ | ​ | — | ​ |  | 85,987
Municipal | ​ |  | 20,160 | ​ |  | — | ​ |  | (1,801) | ​ | ​ | — | ​ |  | 18,359
Corporate bonds | ​ |  | 60,588 | ​ |  | — | ​ |  | (5,151) | ​ | ​ | (926) | ​ |  | 54,511
Total | ​ | $ | 194,978 | ​ | $ | 6 | ​ | $ | (25,006) | ​ | $ | (926) | ​ | $ | 169,052
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ​ | ​ | ​ | ALLOWANCE
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FAIR | ​ | FOR CREDIT
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | VALUE |  | LOSSES
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 2,500 | ​ | $ | — | ​ | $ | (513) | ​ | $ | 1,987 | ​ | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | 19,582 | ​ | ​ | — | ​ | ​ | (3,023) | ​ | ​ | 16,559 | ​ | ​ | —
Municipal | ​ |  | 33,724 | ​ |  | — | ​ |  | (4,119) | ​ |  | 29,605 | ​ |  | (2)
Corporate bonds and other securities | ​ |  | 4,477 | ​ |  | — | ​ |  | (237) | ​ |  | 4,240 | ​ |  | (30)
Total | ​ | $ | 60,283 | ​ | $ | — | ​ | $ | (7,892) | ​ | $ | 52,391 | ​ | $ | (32)
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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | Available for sale | ​ | Held to maturity
​ |  | Cost Basis |  | Fair Value |  | Cost Basis |  | Fair Value
Within 1 year | ​ | $ | 5,395 | ​ | $ | 5,267 | ​ | $ | 2,579 | ​ | $ | 2,513
After 1 year but within 5 years | ​ |  | 46,169 | ​ |  | 43,751 | ​ |  | 14,096 | ​ |  | 13,137
After 5 years but within 10 years | ​ |  | 46,884 | ​ |  | 39,898 | ​ |  | 22,916 | ​ |  | 19,404
Over 10 years | ​ |  | 96,530 | ​ |  | 80,136 | ​ |  | 20,692 | ​ |  | 17,337
Total | ​ | $ | 194,978 | ​ | $ | 169,052 | ​ | $ | 60,283 | ​ | $ | 52,391
Schedule of investments with unrealized losses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 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 | ​ | $ | 497 | ​ | $ | (2) | ​ | $ | 9,698 | ​ | $ | (1,378) | ​ | $ | 10,195 | ​ | $ | (1,380)
U.S. Agency mortgage-backed securities | ​ | ​ | 7,541 | ​ | ​ | (125) | ​ | ​ | 74,123 | ​ | ​ | (16,549) | ​ | ​ | 81,664 | ​ | ​ | (16,674)
Municipal | ​ |  | — | ​ | ​ | — | ​ | ​ | 17,959 | ​ | ​ | (1,801) | ​ | ​ | 17,959 | ​ | ​ | (1,801)
Corporate bonds | ​ |  | 11,380 | ​ | ​ | (544) | ​ | ​ | 39,132 | ​ | ​ | (4,607) | ​ | ​ | 50,512 | ​ | ​ | (5,151)
Total | ​ | $ | 19,418 | ​ | $ | (671) | ​ | $ | 140,912 | ​ | $ | (24,335) | ​ | $ | 160,330 | ​ | $ | (25,006)
Schedule of allowance for credit losses on held to maturity debt securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, 2023
​ | ​ | Balance at | ​ | Charge- | ​ | ​ | ​ | ​ | Provision | ​ | Balance at
​ | ​ | June 30, 2023 | ​ | Offs | ​ | Recoveries | ​ | (Credit) | ​ | September 30, 2023
U.S. Agency |  | $ | — | ​ | $ | — |  | $ | — |  | $ | — |  | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Municipal | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2
Corporate bonds and other securities | ​ | ​ | 107 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (77) | ​ | ​ | 30
Total | ​ | $ | 109 | ​ | $ | — | ​ | $ | — | ​ | $ | (77) | ​ | $ | 32
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended September 30, 2023
​ | ​ | Balance at | ​ | Impact of Adopting | ​ | Charge- | ​ | ​ | ​ | ​ | Provision | ​ | Balance at
​ | ​ | December 31, 2022 | ​ | ASU 2016-13 | ​ | Offs | ​ | Recoveries | ​ | (Credit) | ​ | September 30, 2023
U.S. Agency |  | $ | — | ​ | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Municipal | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 2
Corporate bonds and other securities | ​ | ​ | — | ​ | ​ | 111 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (81) | ​ | ​ | 30
Total | ​ | $ | — | ​ | $ | 114 | ​ | $ | — | ​ | $ | — | ​ | $ | (82) | ​ | $ | 32
Schedule of amortized cost of held to maturity debt securities aggregated by credit quality indicator | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 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 | ​ | ​ | 19,582 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,582
Municipal | ​ | ​ | 33,724 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 33,724
Corporate bonds and other securities | ​ | ​ | 3,006 | ​ | ​ | — | ​ | ​ | 1,471 | ​ | ​ | 4,477
Total | ​ | $ | 58,812 | ​ | $ | — | ​ | $ | 1,471 | ​ | $ | 60,283

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