XML 55 R38.htm IDEA: XBRL DOCUMENT v3.24.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
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