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v3.23.1

INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2023
INVESTMENT SECURITIES |
Schedule of summary of investment securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At March 31, 2023
​ | ​ | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(dollars in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | 17,090 | ​ | $ | 4 | ​ | $ | (2,217) | ​ | $ | 14,877
Agency mortgage-backed securities | ​ | ​ | 57,170 | ​ | ​ | — | ​ | ​ | (6,078) | ​ | ​ | 51,092
Municipal securities | ​ | ​ | 43,067 | ​ | ​ | 7 | ​ | ​ | (9,641) | ​ | ​ | 33,433
Corporate Securities | ​ | ​ | 1,500 | ​ | ​ | — | ​ | ​ | (185) | ​ | ​ | 1,315
U.S. Government agency securities | ​ | ​ | 45,462 | ​ | ​ | — | ​ | ​ | (8,283) | ​ | ​ | 37,179
U.S. Treasury securities | ​ |  | 6,995 | ​ | ​ | — | ​ |  | (165) | ​ |  | 6,830
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities available for sale | ​ | $ | 171,284 | ​ | $ | 11 | ​ | $ | (26,569) | ​ | $ | 144,726
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31, 2022
​ | ​ | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(dollars in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | 17,596 | ​ | $ | 7 | ​ | $ | (2,348) | ​ | $ | 15,255
Agency mortgage-backed securities | ​ | ​ | 58,801 | ​ |  | — | ​ |  | (6,908) | ​ |  | 51,893
Municipal securities | ​ | ​ | 43,092 | ​ | ​ | 1 | ​ | ​ | (10,796) | ​ | ​ | 32,297
Corporate Securities | ​ | ​ | 1,500 | ​ | ​ | — | ​ | ​ | (175) | ​ | ​ | 1,325
U.S. Government agency securities | ​ | ​ | 45,471 | ​ | ​ | — | ​ | ​ | (8,891) | ​ | ​ | 36,580
U.S. Treasury securities | ​ | ​ | 6,993 | ​ | ​ | — | ​ | ​ | (210) | ​ | ​ | 6,783
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities available for sale | ​ | $ | 173,453 | ​ | $ | 8 | ​ | $ | (29,328) | ​ | $ | 144,133
​ ​
Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position | The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2023 and December 31, 2022 are as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2023 | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
Securities available for sale: | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
​ |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
​ | ​ | (dollars in thousands)
Collateralized mortgage obligations |  | $ | 5,010 |  | $ | (84) |  | $ | 9,114 | ​ | $ | (2,133) |  | $ | 14,124 |  | $ | (2,217)
Agency mortgage-backed securities | ​ | ​ | 11,707 | ​ | ​ | (369) | ​ | ​ | 39,385 | ​ | ​ | (5,709) | ​ | ​ | 51,092 | ​ | ​ | (6,078)
Municipal securities | ​ | ​ | 3,968 | ​ | ​ | (35) | ​ | ​ | 26,882 | ​ | ​ | (9,606) | ​ | ​ | 30,850 | ​ | ​ | (9,641)
Corporate Securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,315 | ​ | ​ | (185) | ​ | ​ | 1,315 | ​ | ​ | (185)
U.S. Government agency securities | ​ | ​ | 12,968 | ​ | ​ | (310) | ​ | ​ | 24,211 | ​ | ​ | (7,973) | ​ | ​ | 37,179 | ​ | ​ | (8,283)
U.S. Treasury securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,830 | ​ | ​ | (165) | ​ | ​ | 6,830 | ​ | ​ | (165)
​ |  | $ | 33,653 |  | $ | (798) |  | $ | 107,737 | ​ | $ | (25,771) |  | $ | 141,390 |  | $ | (26,569)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
Securities available for sale: | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
​ |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
​ | ​ | (dollars in thousands)
Collateralized mortgage obligations |  | $ | 8,315 | ​ | $ | (364) | ​ | $ | 6,127 | ​ | $ | (1,984) | ​ | $ | 14,442 | ​ | $ | (2,348)
Agency mortgage-backed securities | ​ | ​ | 20,029 | ​ | ​ | (1,308) | ​ | ​ | 31,865 | ​ | ​ | (5,600) | ​ | ​ | 51,894 | ​ | ​ | (6,908)
Municipal securities | ​ | ​ | 18,456 | ​ | ​ | (5,438) | ​ | ​ | 13,340 | ​ | ​ | (5,358) | ​ | ​ | 31,796 | ​ | ​ | (10,796)
Corporate Securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,325 | ​ | ​ | (175) | ​ | ​ | 1,325 | ​ | ​ | (175)
U.S. Government agency securities | ​ | ​ | 13,526 | ​ | ​ | (474) | ​ | ​ | 22,767 | ​ | ​ | (8,417) | ​ | ​ | 36,293 | ​ | ​ | (8,891)
U.S. Treasury securities | ​ | ​ | 6,783 | ​ |  | (210) | ​ |  | — | ​ |  | — | ​ |  | 6,783 | ​ |  | (210)
​ |  | $ | 67,109 |  | $ | (7,794) |  | $ | 75,424 | ​ | $ | (21,534) |  | $ | 142,533 |  | $ | (29,328)
​
Schedule of contractual maturities of investment securities | Shown below are contractual maturities of debt securities at March 31, 2023. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair | ​ | Yield
(dollars in thousands) |  | Cost | ​ | Value |  | (1), (2)
Available for sale securities maturing: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​
Within one year | ​ | $ | 6,995 | ​ | $ | 6,830 | ​ | ​ | 2.20 | %
Over one to five years | ​ | ​ | 20,640 | ​ | ​ | 19,731 | ​ | ​ | 2.28 | %
Over five to ten years | ​ |  | 34,805 | ​ |  | 31,332 | ​ |  | 2.06 | %
Over ten years | ​ |  | 108,844 | ​ |  | 86,833 | ​ |  | 2.36 | %
Total debt securities | ​ | $ | 171,284 | ​ | $ | 144,726 | ​ |  | ​ | ​
_____________________ (1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively. (2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.

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