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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
INVESTMENT SECURITIES |
Summary of amortized cost and fair value of securities available-for-sale | Investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ALLOWANCE | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FOR CREDIT | ​ | FAIR
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | LOSSES |  | VALUE
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 6,035 | ​ | $ | — | ​ | $ | (696) | ​ | $ | — | ​ | $ | 5,339
U.S. Agency mortgage-backed securities | ​ |  | 104,820 | ​ |  | 179 | ​ |  | (11,924) | ​ | ​ | — | ​ |  | 93,075
Municipal | ​ |  | 11,159 | ​ |  | 1 | ​ |  | (800) | ​ | ​ | — | ​ |  | 10,360
Corporate bonds | ​ |  | 62,004 | ​ |  | 46 | ​ |  | (4,187) | ​ | ​ | (926) | ​ |  | 56,937
Total | ​ | $ | 184,018 | ​ | $ | 226 | ​ | $ | (17,607) | ​ | $ | (926) | ​ | $ | 165,711
Investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ​ | ​ | ​ | ALLOWANCE
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FAIR | ​ | FOR CREDIT
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | VALUE |  | LOSSES
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 2,500 | ​ | $ | — | ​ | $ | (379) | ​ | $ | 2,121 | ​ | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | 24,222 | ​ | ​ | 49 | ​ | ​ | (2,058) | ​ | ​ | 22,213 | ​ | ​ | —
Municipal | ​ |  | 32,787 | ​ |  | — | ​ |  | (2,797) | ​ |  | 29,990 | ​ |  | (2)
Corporate bonds and other securities | ​ |  | 4,470 | ​ |  | — | ​ |  | (173) | ​ |  | 4,297 | ​ |  | (35)
Total | ​ | $ | 63,979 | ​ | $ | 49 | ​ | $ | (5,407) | ​ | $ | 58,621 | ​ | $ | (37)
Investment securities held to maturity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | Investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | AT DECEMBER 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | TOTAL
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | U.S. AGENCY | ​ | INVESTMENT
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | MORTGAGE- | ​ | SECURITIES
​ | ​ | ​ | ​ | ​ | ​ | CORPORATE | ​ | BACKED | ​ | AVAILABLE
​ | ​ | U. S. AGENCY | ​ | MUNICIPAL | ​ | BONDS | ​ | SECURITIES | ​ | FOR SALE
​ | ​ | (IN THOUSANDS)
COST BASIS |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Within 1 year | ​ | $ | 500 |  | $ | 2,112 |  | $ | 5,012 |  | $ | — | ​ | $ | 7,624
After 1 year but within 5 years | ​ |  | 176 |  |  | 4,511 |  |  | 29,020 |  |  | 1,667 | ​ |  | 35,374
After 5 years but within 10 years | ​ |  | 4,000 |  |  | 4,536 |  |  | 27,322 |  |  | 5,717 | ​ |  | 41,575
Over 10 years | ​ |  | 1,359 |  |  | — |  |  | 650 |  |  | 97,436 | ​ |  | 99,445
Total | ​ | $ | 6,035 |  | $ | 11,159 |  | $ | 62,004 |  | $ | 104,820 | ​ | $ | 184,018
FAIR VALUE | ​ |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year | ​ | $ | 499 |  | $ | 2,085 |  | $ | 4,940 | ​ | $ | — | ​ | $ | 7,524
After 1 year but within 5 years | ​ |  | 169 |  |  | 4,336 |  |  | 27,762 | ​ |  | 1,615 | ​ |  | 33,882
After 5 years but within 10 years | ​ |  | 3,434 |  |  | 3,939 |  |  | 23,759 | ​ |  | 5,429 | ​ |  | 36,561
Over 10 years | ​ |  | 1,237 |  |  | — |  |  | 476 | ​ |  | 86,031 | ​ |  | 87,744
Total | ​ | $ | 5,339 |  | $ | 10,360 |  | $ | 56,937 | ​ | $ | 93,075 | ​ | $ | 165,711
​ Investment securities held to maturity:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | AT DECEMBER 31, 2023
​ |  | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | TOTAL
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | U.S. AGENCY | ​ | INVESTMENT
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | CORPORATE | ​ | MORTGAGE- | ​ | SECURITIES
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | BONDS AND | ​ | BACKED | ​ | HELD TO
​ | ​ | U.S. AGENCY | ​ | MUNICIPAL | ​ | OTHER | ​ | SECURITIES | ​ | MATURITY
​ | ​ | (IN THOUSANDS)
COST BASIS |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Within 1 year | ​ | $ | — |  | $ | 1,211 |  | $ | 1,000 |  | $ | 971 |  | $ | 3,182
After 1 year but within 5 years | ​ |  | — | ​ |  | 13,108 | ​ |  | 2,002 | ​ |  | — | ​ |  | 15,110
After 5 years but within 10 years | ​ |  | 2,500 | ​ |  | 17,174 | ​ |  | 488 | ​ |  | 1,322 | ​ |  | 21,484
Over 10 years | ​ |  | — | ​ |  | 1,294 | ​ |  | 980 | ​ |  | 21,929 | ​ |  | 24,203
Total | ​ | $ | 2,500 | ​ | $ | 32,787 | ​ | $ | 4,470 | ​ | $ | 24,222 | ​ | $ | 63,979
FAIR VALUE | ​ |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year | ​ | $ | — |  | $ | 1,195 |  | $ | 969 |  | $ | 964 |  | $ | 3,128
After 1 year but within 5 years | ​ |  | — | ​ |  | 12,580 | ​ |  | 1,860 | ​ |  | — | ​ |  | 14,440
After 5 years but within 10 years | ​ |  | 2,121 | ​ |  | 15,143 | ​ |  | 488 | ​ |  | 1,280 | ​ |  | 19,032
Over 10 years | ​ |  | — | ​ |  | 1,072 | ​ |  | 980 | ​ |  | 19,969 | ​ |  | 22,021
Total | ​ | $ | 2,121 | ​ | $ | 29,990 | ​ | $ | 4,297 | ​ | $ | 22,213 | ​ | $ | 58,621
Schedule of investments with unrealized losses | The following table summarizes the available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023, aggregated by security type and length of time in a continuous loss position (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 5,339 | ​ | $ | (696) | ​ | $ | 5,339 | ​ | $ | (696)
U.S. Agency mortgage-backed securities | ​ | ​ | 4,120 | ​ | ​ | (20) | ​ | ​ | 73,511 | ​ | ​ | (11,904) | ​ | ​ | 77,631 | ​ | ​ | (11,924)
Municipal | ​ |  | — | ​ | ​ | — | ​ | ​ | 10,109 | ​ | ​ | (800) | ​ | ​ | 10,109 | ​ | ​ | (800)
Corporate bonds | ​ |  | 8,885 | ​ | ​ | (103) | ​ | ​ | 42,659 | ​ | ​ | (4,084) | ​ | ​ | 51,544 | ​ | ​ | (4,187)
Total | ​ | $ | 13,005 | ​ | $ | (123) | ​ | $ | 131,618 | ​ | $ | (17,484) | ​ | $ | 144,623 | ​ | $ | (17,607)
Schedule of allowance for credit losses on held to maturity debt securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, 2023
​ | ​ | Balance at | ​ | Impact of Adopting | ​ | Charge- | ​ | ​ | ​ | ​ | Provision | ​ | Balance at
​ | ​ | December 31, 2022 | ​ | ASU 2016-13 | ​ | Offs | ​ | Recoveries | ​ | (Credit) | ​ | December 31, 2023
U.S. Agency |  | $ | — | ​ | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Municipal | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 2
Corporate bonds and other securities | ​ | ​ | — | ​ | ​ | 111 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (76) | ​ | ​ | 35
Total | ​ | $ | — | ​ | $ | 114 | ​ | $ | — | ​ | $ | — | ​ | $ | (77) | ​ | $ | 37
Schedule of amortized cost of held to maturity debt securities aggregated by credit quality indicator | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 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 | ​ | ​ | 24,222 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,222
Municipal | ​ | ​ | 32,787 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32,787
Corporate bonds and other securities | ​ | ​ | 3,002 | ​ | ​ | — | ​ | ​ | 1,468 | ​ | ​ | 4,470
Total | ​ | $ | 62,511 | ​ | $ | — | ​ | $ | 1,468 | ​ | $ | 63,979

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