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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investment Securities  
Summary of amortized cost and fair value of securities available-for-sale

Investment securities available for sale (AFS):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

​

​

​

​

GROSS

​

GROSS

​

ALLOWANCE

​

​

​

​

​

​

​

​

UNREALIZED

​

UNREALIZED

​

FOR CREDIT

​

FAIR

​

    

COST BASIS

    

GAINS

    

LOSSES

​

LOSSES

    

VALUE

​

​

(IN THOUSANDS)

U.S. Agency

​

$

6,001

​

$

—

​

$

(735)

​

$

—

​

$

5,266

U.S. Agency mortgage-backed securities

​

 

105,820

​

 

101

​

 

(12,827)

​

​

—

​

 

93,094

Municipal

​

 

10,840

​

 

1

​

 

(813)

​

​

—

​

 

10,028

Corporate bonds

​

 

60,593

​

 

57

​

 

(3,470)

​

​

(116)

​

 

57,064

Total

​

$

183,254

​

$

159

​

$

(17,845)

​

$

(116)

​

$

165,452

Investment securities available for sale (AFS):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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
Summary of amortized cost and fair value of securities held-to-maturity

Investment securities held to maturity (HTM):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

​

​

​

​

GROSS

​

GROSS

​

​

​

​

ALLOWANCE

​

​

​

​

​

UNREALIZED

​

UNREALIZED

​

FAIR

​

FOR CREDIT

​

    

COST BASIS

    

GAINS

    

LOSSES

​

VALUE

    

LOSSES

​

​

(IN THOUSANDS)

U.S. Agency

​

$

2,500

​

$

—

​

$

(391)

​

$

2,109

​

$

—

U.S. Agency mortgage-backed securities

​

​

25,273

​

​

24

​

​

(2,355)

​

​

22,942

​

​

—

Municipal

​

 

32,779

​

 

—

​

 

(2,909)

​

 

29,870

​

 

(2)

Corporate bonds and other securities

​

 

4,415

​

 

—

​

 

(156)

​

 

4,259

​

 

(88)

Total

​

$

64,967

​

$

24

​

$

(5,811)

​

$

59,180

​

$

(90)

Investment securities held to maturity (HTM):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)
Schedule of investment securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

​

Available for sale

​

Held to maturity

​

    

Cost Basis

    

Fair Value

    

Cost Basis

    

Fair Value

Within 1 year

​

$

6,872

​

$

6,794

​

$

2,211

​

$

2,176

After 1 year but within 5 years

​

 

36,195

​

 

34,905

​

 

15,619

​

 

14,909

After 5 years but within 10 years

​

 

39,703

​

 

35,932

​

 

20,918

​

 

18,379

Over 10 years

​

 

100,484

​

 

87,821

​

 

26,219

​

 

23,716

Total

​

$

183,254

​

$

165,452

​

$

64,967

​

$

59,180
Schedule of investments with unrealized losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

​

LESS THAN 12 MONTHS

​

12 MONTHS OR LONGER

​

TOTAL

​

​

FAIR

​

UNREALIZED

​

FAIR

​

UNREALIZED

​

FAIR

​

UNREALIZED

​

    

VALUE

    

LOSSES

    

VALUE

    

LOSSES

    

VALUE

    

LOSSES

U.S. Agency

​

$

—

​

$

—

​

$

5,266

​

$

(735)

​

$

5,266

​

$

(735)

U.S. Agency mortgage-backed securities

​

​

12,296

​

​

(123)

​

​

71,010

​

​

(12,704)

​

​

83,306

​

​

(12,827)

Municipal

​

 

—

​

​

—

​

​

9,778

​

​

(813)

​

​

9,778

​

​

(813)

Corporate bonds

​

 

491

​

​

(9)

​

​

45,784

​

​

(3,461)

​

​

46,275

​

​

(3,470)

Total

​

$

12,787

​

$

(132)

​

$

131,838

​

$

(17,713)

​

$

144,625

​

$

(17,845)
Schedule of allowance for credit losses on available for sale debt securities

The following tables present the activity in the allowance for credit losses on available for sale debt securities by major security type for the three months ended March 31, 2024 and 2023 (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2024

​

​

Balance at December 31, 2023

​

Charge-Offs

​

Recoveries

​

Provision (Recovery)

​

Balance at March 31, 2024

Corporate bonds

​

$

926

​

$

(491)

​

$

—

​

$

(319)

​

$

116

Total

​

$

926

​

$

(491)

​

$

—

​

$

(319)

​

$

116

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2023

​

​

Balance at December 31, 2022

​

Impact of Adopting ASC 326

​

Charge-Offs

​

Recoveries

​

Provision (Recovery)

​

Balance at March 31, 2023

Corporate bonds

​

$

—

​

$

—

​

$

—

​

$

—

​

$

926

​

$

926

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

926

​

$

926
Schedule of allowance for credit losses on held to maturity debt securities

The following tables present the activity in the allowance for credit losses on held to maturity debt securities by major security type for the three months ended March 31, 2024 and 2023 (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2024

​

​

Balance at December 31, 2023

​

Charge-Offs

​

Recoveries

​

Provision (Recovery)

​

Balance at March 31, 2024

U.S. Agency

    

$

—

​

$

—

    

$

—

    

$

—

    

$

—

U.S. Agency mortgage-backed securities

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Municipal

​

​

2

​

​

—

​

​

—

​

​

—

​

​

2

Corporate bonds and other securities

​

​

35

​

​

—

​

​

—

​

​

53

​

​

88

Total

​

$

37

​

$

—

​

$

—

​

$

53

​

$

90

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2023

​

​

Balance at December 31, 2022

​

Impact of Adopting ASC 326

​

Charge-Offs

​

Recoveries

​

Provision (Recovery)

​

Balance at March 31, 2023

U.S. Agency

    

$

—

​

$

—

​

$

—

    

$

—

    

$

—

    

$

—

U.S. Agency mortgage-backed securities

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Municipal

​

​

—

​

​

3

​

​

—

​

​

—

​

​

—

​

​

3

Corporate bonds and other securities

​

​

—

​

​

111

​

​

—

​

​

—

​

​

(31)

​

​

80

Total

​

$

—

​

$

114

​

$

—

​

$

—

​

$

(31)

​

$

83
Schedule of amortized cost of held to maturity debt securities aggregated by credit quality indicator

Specifically, the following table summarizes the amortized cost of held to maturity debt securities at March 31, 2024, aggregated by credit quality indicator (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

​

Credit Rating

​

​

AAA/AA/A

​

BBB/BB/B

​

Unrated

​

Total

U.S. Agency

    

$

2,500

​

$

—

    

$

—

    

$

2,500

U.S. Agency mortgage-backed securities

​

​

25,273

​

​

—

​

​

—

​

​

25,273

Municipal

​

​

32,779

​

​

—

​

​

—

​

​

32,779

Corporate bonds and other securities

​

​

3,000

​

​

—

​

​

1,415

​

​

4,415

Total

​

$

63,552

​

$

—

​

$

1,415

​

$

64,967

​