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Investment Securities (Tables)
 9 Months Ended
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