Territorial Bancorp (TBNK) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-34403
Entity Registrant Name	Territorial Bancorp Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-4674701
Entity Address, Address Line One	1132 Bishop Street, Suite 2200
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	946-1400
Title of 12(b) Security	Common stock
Trading Symbol	TBNK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,239,149
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001447051
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 65,784	$ 99,859
Investment securities available for sale, at fair value	5,268
Investment securities held to maturity, at amortized cost (fair value of $615,381 and $634,987 at March 31, 2022 and December 31, 2021, respectively)	663,826	636,442
Loans held for sale	1,009
Loans receivable, net	1,295,355	1,302,824
Federal Home Loan Bank stock, at cost	8,197	8,173
Federal Reserve Bank stock, at cost	3,163	3,158
Accrued interest receivable	5,849	5,786
Premises and equipment, net	3,886	4,065
Right-of-use asset, net	14,080	9,982
Bank-owned life insurance	47,189	51,423
Deferred income tax assets, net	1,732	1,927
Prepaid expenses and other assets	12,622	6,963
Total assets	2,127,960	2,130,602
Liabilities:
Deposits	1,675,568	1,681,828
Advances from the Federal Home Loan Bank	141,000	141,000
Securities sold under agreements to repurchase	10,000	10,000
Accounts payable and accrued expenses	22,539	22,638
Lease liability	14,840	10,744
Income taxes payable	2,473	1,863
Advance payments by borrowers for taxes and insurance	3,558	6,207
Total liabilities	1,869,978	1,874,280
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding
Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding 9,285,990 and 9,324,060 shares at March 31, 2022 and December 31, 2021, respectively	93	93
Additional paid-in capital	55,937	56,951
Unearned ESOP shares	(3,303)	(3,425)
Retained earnings	210,882	208,227
Accumulated other comprehensive loss	(5,627)	(5,524)
Total stockholders' equity	257,982	256,322
Total liabilities and stockholders' equity	$ 2,127,960	$ 2,130,602

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Investment securities held to maturity, fair value (in dollars)	$ 615,381	$ 634,987
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, shares issued	9,285,990	9,324,060
Common stock, shares outstanding	9,285,990	9,324,060

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income:
Loans	$ 11,357	$ 13,049
Investment securities	3,423	1,825
Other investments	176	231
Total interest income	14,956	15,105
Interest expense:
Deposits	597	1,317
Advances from the Federal Home Loan Bank	511	536
Securities sold under agreements to repurchase	44	46
Total interest expense	1,152	1,899
Net interest income	13,804	13,206
Reversal of provision for loan losses	(168)	(913)
Net interest income after reversal of provision for loan losses	13,972	14,119
Noninterest income:
Income on bank-owned life insurance	197	188
Gain on sale of investment securities		526
Gain on sale of loans	18	420
Other	1,097	110
Total noninterest income	1,653	2,239
Noninterest expense:
Salaries and employee benefits	5,613	5,523
Occupancy	1,594	1,647
Equipment	1,196	1,130
Federal deposit insurance premiums	141	141
Other general and administrative expenses	1,054	1,113
Total noninterest expense	9,598	9,554
Income before income taxes	6,027	6,804
Income taxes	1,317	1,791
Net income	$ 4,710	$ 5,013
Basic earnings per share (in dollars per share)	$ 0.52	$ 0.55
Diluted earnings per share (in dollars per share)	0.52	0.55
Cash dividends declared per common share (in dollars per share)	$ 0.23	$ 0.23
Basic weighted-average shares outstanding (in shares)	8,980,135	9,130,777
Diluted weighted-average shares outstanding (in shares)	9,014,454	9,153,450
Service and Other Fees
Noninterest income:
Service and other fees	$ 341	$ 995

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Comprehensive Income
Net income	$ 4,710	$ 5,013
Unrealized loss on securities, net of tax	(103)	(86)
Other comprehensive loss, net of tax	(103)	(86)
Comprehensive income	$ 4,607	$ 4,927

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unearned ESOP Shares	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Total
Balance at Dec. 31, 2020	$ 95	$ 61,153	$ (3,915)	$ 200,066	$ (8,691)	$ 248,708
Balance (in shares) at Dec. 31, 2020	9,513,867
Increase (Decrease) in Stockholders' Equity
Net income				5,013		5,013
Other comprehensive loss					(86)	(86)
Cash dividends declared				(2,094)		(2,094)
Share-based compensation		113				113
Share-based compensation (in shares)	20,437
Allocation of ESOP shares		194	123			317
Repurchase of shares of common stock		(319)				(319)
Repurchase of shares of common stock (in shares)	(11,471)
Balance at Mar. 31, 2021	$ 95	61,141	(3,792)	202,985	(8,777)	251,652
Balance (in shares) at Mar. 31, 2021	9,522,833
Balance at Dec. 31, 2021	$ 93	56,951	(3,425)	208,227	(5,524)	256,322
Balance (in shares) at Dec. 31, 2021	9,324,060
Increase (Decrease) in Stockholders' Equity
Net income				4,710		4,710
Other comprehensive loss					(103)	(103)
Cash dividends declared				(2,055)		(2,055)
Share-based compensation		134				134
Share-based compensation (in shares)	15,671
Allocation of ESOP shares		182	122			304
Repurchase of shares of common stock		(1,330)				(1,330)
Repurchase of shares of common stock (in shares)	(53,741)
Balance at Mar. 31, 2022	$ 93	$ 55,937	$ (3,303)	$ 210,882	$ (5,627)	$ 257,982
Balance (in shares) at Mar. 31, 2022	9,285,990

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Stockholders' Equity, Share Data
Cash dividends declared per common share (in dollars per share)	$ 0.23	$ 0.23
Common Stock
Consolidated Statements of Stockholders' Equity, Share Data
Allocation of ESOP shares, shares	12,234	12,234

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 4,710	$ 5,013
Adjustments to reconcile net income to net cash from operating activities:
Reversal of provision for loan losses	(168)	(913)
Depreciation and amortization	317	296
Deferred income tax expense	232	478
Amortization of fees, discounts, and premiums, net	43	(134)
Amortization of right-of-use asset	700	776
Origination of loans held for sale	(3,032)	(10,136)
Proceeds from sales of loans held for sale	1,988	12,498
Gain on sale of loans, net	(7)	(420)
Gain on sale of investment securities available for sale		(106)
Gain on sale of investment securities held to maturity		(420)
ESOP expense	304	317
Share-based compensation expense	134	113
Net (increase) decrease in accrued interest receivable	(63)	142
Net increase in bank-owned life insurance	(197)	(188)
Net increase in prepaid expenses and other assets	(5,661)	(2,709)
Net decrease in accounts payable and accrued expenses	(233)	(342)
Net decrease in lease liability	(702)	(765)
Net decrease in advance payments by borrowers for taxes and insurance	(2,649)	(3,020)
Net increase in income taxes payable	610	881
Net cash from operating activities	(3,674)	1,361
Cash flows from investing activities:
Purchases of investment securities held to maturity	(46,832)	(83,539)
Purchases of investment securities available for sale	(5,408)
Principal repayments on investment securities held to maturity	19,403	30,293
Principal repayments on investment securities available for sale		193
Proceeds from sale of investment securities held to maturity		5,248
Proceeds from sale of investment securities available for sale		1,049
Principal repayments on loans receivable, net of loan originations	7,680	68,527
Purchases of Federal Home Loan Bank stock	(24)	(29)
Purchases of Federal Reserve Bank stock	(5)	(7)
Proceeds from bank-owned life insurance	4,431
Purchases of premises and equipment	(138)	(59)
Net cash from investing activities	(20,893)	21,676
Cash flows from financing activities:
Net (decrease) increase in deposits	(6,260)	27,322
Repurchases of common stock	(1,135)
Cash dividends paid	(2,113)	(3,109)
Net cash from financing activities	(9,508)	24,213
Net (decrease) increase in cash and cash equivalents	(34,075)	47,250
Cash and cash equivalents at beginning of the period	99,859	363,543
Cash and cash equivalents at end of the period	65,784	410,793
Cash paid for:
Interest on deposits and borrowings	1,141	1,892
Income taxes	475	432
Supplemental disclosure of noncash investing and financing activities:
Company stock repurchased through stock swap and net settlement transactions	194	319
Establishment of right-of-use asset, net of incentives and modifications	4,798	2,438
Establishment of lease liability, net of modifications	$ 4,798	$ 2,438

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization
Organization	(1) Organization ​ Territorial Bancorp Inc. (the Company) is a Maryland corporation and is the holding company for Territorial Savings Bank (the Bank). Territorial Savings Bank is a Hawaii state-chartered bank headquartered in Honolulu, Hawaii and is a member of the Federal Reserve System. Territorial Savings Bank has an inactive subsidiary, Territorial Financial Services, Inc. During 2021, another inactive subsidiary, Territorial Real Estate Co., was dissolved.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Basis of Presentation
Basis of Presentation	(2) Basis of Presentation ​ The accompanying unaudited interim condensed consolidated financial statements of Territorial Bancorp Inc. have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited interim condensed consolidated financial statements and notes should be read in conjunction with the Company’s consolidated financial statements and notes thereto filed as part of the Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments necessary for a fair presentation have been made and consist only of normal recurring adjustments. Interim results of operations are not necessarily indicative of results to be expected for the year.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	(3) Recently Issued Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (FASB) amended various sections of the FASB Accounting Standards Codification (ASC) related to the accounting for credit losses on financial instruments. The amendment changes the threshold for recognizing losses from a “probable” to an “expected” model. The new model is referred to as the current expected credit loss model and applies to loans, leases, held-to-maturity investments, loan commitments and financial guarantees. The amendment requires the measurement of all expected credit losses for financial assets as of the reporting date (including historical experience, current conditions and reasonable and supportable forecasts) and enhanced disclosures that will help financial statement users understand the estimates and judgments used in estimating credit losses and evaluating the credit quality of an organization’s portfolio. The amendment is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued an update that delays the effective date of the amendment for smaller reporting companies, as defined by the Securities and Exchange Commission, to fiscal years beginning after December 15, 2022. The Company is a smaller reporting company. The Company will apply the amendment’s provisions as a cumulative-effect adjustment to retained earnings at the beginning of the first period the amendment is effective. The Company has formed a team that is working on an implementation plan to adopt the amendment. The implementation plan will include developing policies, procedures and internal controls over the model. The Company is also working with a software vendor to measure expected losses required by the amendment. The Company is currently evaluating the effects that the adoption of this amendment will have on its consolidated financial statements and expects that the portfolio composition and economic conditions at the time of adoption will influence the accounting adjustment made at the time the amendment is adopted. ​

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents
Cash and Cash Equivalents	(4) Cash and Cash Equivalents ​ The table below presents the balances of cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (Dollars in thousands) 2022 2021 Cash and due from banks ​ $ 11,243 ​ $ 11,662 ​ ​ Interest-earning deposits in other banks ​ 54,541 ​ 88,197 ​ ​ Cash and cash equivalents ​ $ 65,784 ​ $ 99,859 ​ ​ ​ Interest-earning deposits in other banks consist primarily of deposits at the Federal Reserve Bank of San Francisco.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2022
Investment Securities.
Investment Securities	(5) Investment Securities ​ The amortized cost and fair values of investment securities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Gross Unrealized ​ Estimated (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 5,409 ​ $ — $ (141) ​ $ 5,268 ​ Total ​ $ 5,409 ​ $ — $ (141) ​ $ 5,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 663,826 ​ $ 239 $ (48,684) ​ $ 615,381 ​ Total ​ $ 663,826 ​ $ 239 $ (48,684) ​ $ 615,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 636,442 ​ $ 5,699 $ (7,154) ​ $ 634,987 ​ Total ​ $ 636,442 ​ $ 5,699 $ (7,154) ​ $ 634,987 ​ ​ The amortized cost and estimated fair value of investment securities by maturity date at March 31, 2022 are shown below. Incorporated in the maturity schedule are mortgage-backed securities, which are allocated using the contractual maturity as a basis. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated (Dollars in thousands) Cost Fair Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ Due after 10 years ​ $ 5,409 ​ $ 5,268 ​ Total ​ $ 5,409 ​ $ 5,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ Due within 5 years ​ $ 15 ​ $ 15 ​ Due after 5 years through 10 years ​ 25 ​ 24 ​ Due after 10 years ​ 663,786 ​ 615,342 ​ Total ​ $ 663,826 ​ $ 615,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gains and losses and the proceeds from sales of held-to-maturity and available-for-sale securities are shown in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ (Dollars in thousands) 2022 2021 Proceeds from sales ​ $ — ​ $ 6,297 ​ ​ Gross gains ​ — ​ 526 ​ ​ Gross losses ​ — ​ — ​ ​ ​ The Company did not sell any held-to-maturity mortgage-backed securities during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company sold $4.8 million of held-to-maturity mortgage-backed securities and recorded gains of $420,000. The sale of the mortgage-backed securities, for which the Company had already collected a substantial portion of the outstanding purchased principal (at least 85%), were in accordance with the Investments – Debt and Equity Securities topic of the FASB ASC and do not taint management’s assertion of its intent to hold the remaining securities in the held-to-maturity portfolio to maturity. ​ The Company did not sell any available-for-sale mortgage-backed securities during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company sold $943,000 of available-for-sale mortgage-backed securities and recorded gains of $106,000. ​ Investment securities with amortized costs of $146.1 million and $140.6 million at March 31, 2022 and December 31, 2021, respectively, were pledged to secure deposits made by state and local governments, securities sold under agreements to repurchase and transaction clearing accounts. ​ Provided below is a summary of investment securities which were in an unrealized loss position at March 31, 2022 and December 31, 2021. The Company does not intend to sell securities until such time as the value recovers or the securities mature and it is not more likely than not that the Company will be required to sell the securities prior to recovery of value or the securities mature. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Number of Unrealized Description of securities Fair Value Losses Fair Value Losses Securities Fair Value Losses (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 5,268 ​ $ (141) ​ $ — ​ $ — 1 ​ $ 5,268 ​ $ (141) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 552,642 ​ $ (42,932) ​ $ 43,751 ​ $ (5,752) 111 ​ $ 596,393 ​ $ (48,684) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 482,629 ​ $ (6,976) ​ $ 3,681 ​ $ (178) 43 ​ $ 486,310 ​ $ (7,154) ​ ​ Mortgage-Backed Securities. The unrealized losses on the Company’s investment in mortgage-backed securities were caused by increases in market interest rates subsequent to purchase. All of the mortgage-backed securities are guaranteed by Freddie Mac or Fannie Mae, which are U.S. government-sponsored enterprises, or Ginnie Mae, which is a U.S. government agency. Since the decline in market value is attributable to changes in interest rates and not credit quality, and the Company does not intend to sell these investments until maturity and it is not more likely than not that the Company will be required to sell such investments prior to recovery of its cost basis, the Company does not consider these investments to be other-than-temporarily impaired as of March 31, 2022 and December 31, 2021.

Loans Receivable and Allowance

Loans Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2022
Loans Receivable and Allowance for Loan Losses
Loans Receivable and Allowance for Loan Losses	(6) Loans Receivable and Allowance for Loan Losses ​ The components of loans receivable are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (Dollars in thousands) 2022 2021 Real estate loans: ​ ​ ​ ​ ​ ​ ​ First mortgages: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 1,258,453 ​ $ 1,267,537 ​ Multi-family residential ​ 4,913 ​ 5,468 ​ Construction, commercial and other ​ 21,159 ​ 18,590 ​ Home equity loans and lines of credit ​ 6,612 ​ 7,121 ​ Total real estate loans ​ 1,291,137 ​ 1,298,716 ​ Other loans: ​ ​ ​ ​ ​ ​ ​ Loans on deposit accounts ​ 247 ​ 278 ​ Consumer and other loans ​ 8,393 ​ 8,192 ​ Total other loans ​ 8,640 ​ 8,470 ​ Less: ​ ​ ​ ​ ​ ​ ​ Net unearned fees and discounts ​ (1,963) ​ (1,693) ​ Allowance for loan losses ​ (2,459) ​ (2,669) ​ Total unearned fees, discounts and allowance for loan losses ​ (4,422) ​ (4,362) ​ Loans receivable, net ​ $ 1,295,355 ​ $ 1,302,824 ​ ​ The table below presents the activity in the allowance for loan losses by portfolio segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals Three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,814 ​ $ 435 ​ $ 1 ​ $ 89 ​ $ 330 ​ $ 2,669 ​ (Reversal of provision) provision for loan losses ​ (180) ​ (1) ​ — ​ 45 ​ (32) ​ (168) ​ ​ ​ 1,634 ​ 434 ​ 1 ​ 134 ​ 298 ​ 2,501 ​ Charge-offs ​ — ​ — ​ — ​ (42) ​ — ​ (42) ​ Recoveries ​ — ​ — ​ — ​ — ​ — ​ — ​ Net charge-offs ​ — ​ — ​ — ​ (42) ​ — ​ (42) ​ Balance, end of period ​ $ 1,634 ​ $ 434 ​ $ 1 ​ $ 92 ​ $ 298 ​ $ 2,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 3,102 ​ $ 406 ​ $ 1 ​ $ 146 ​ $ 607 ​ $ 4,262 ​ Reversal of provision for loan losses ​ (722) ​ (10) ​ — ​ (3) ​ (178) ​ (913) ​ ​ ​ 2,380 ​ 396 ​ 1 ​ 143 ​ 429 ​ 3,349 ​ Charge-offs ​ — ​ — ​ — ​ (3) ​ — ​ (3) ​ Recoveries ​ — ​ — ​ — ​ — ​ — ​ — ​ Net charge-offs ​ — ​ — ​ — ​ (3) ​ — ​ (3) ​ Balance, end of period ​ $ 2,380 ​ $ 396 ​ $ 1 ​ $ 140 ​ $ 429 ​ $ 3,346 ​ ​ Management considers the allowance for loan losses at March 31, 2022 to be at an appropriate level to provide for probable losses that can be reasonably estimated based on general and specific conditions at that date. While the Company uses the best information it has available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. To the extent actual outcomes differ from the estimates, additional provisions for credit losses may be required that would reduce future earnings. ​ The table below presents the balance in the allowance for loan losses and the recorded investment in loans, net of unearned fees and discounts, by portfolio segment and based on impairment method: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending allowance balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Collectively evaluated for impairment ​ 1,634 ​ 434 ​ 1 ​ 92 ​ 298 ​ 2,459 ​ Total ending allowance balance ​ $ 1,634 ​ $ 434 ​ $ 1 ​ $ 92 ​ $ 298 ​ $ 2,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending loan balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ 3,753 ​ $ — ​ $ 18 ​ $ — ​ $ — ​ $ 3,771 ​ Collectively evaluated for impairment ​ 1,257,718 ​ 21,089 ​ 6,594 ​ 8,642 ​ — ​ 1,294,043 ​ Total ending loan balance ​ $ 1,261,471 ​ $ 21,089 ​ $ 6,612 ​ $ 8,642 ​ $ — ​ $ 1,297,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending allowance balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Collectively evaluated for impairment ​ 1,814 ​ 435 ​ 1 ​ 89 ​ 330 ​ 2,669 ​ Total ending allowance balance ​ $ 1,814 ​ $ 435 ​ $ 1 ​ $ 89 ​ $ 330 ​ $ 2,669 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending loan balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ 3,812 ​ $ — ​ $ 19 ​ $ — ​ $ — ​ $ 3,831 ​ Collectively evaluated for impairment ​ 1,267,560 ​ 18,529 ​ 7,103 ​ 8,470 ​ — ​ 1,301,662 ​ Total ending loan balance ​ $ 1,271,372 ​ $ 18,529 ​ $ 7,122 ​ $ 8,470 ​ $ — ​ $ 1,305,493 ​ ​ The table below presents the balance of impaired loans individually evaluated for impairment by class of loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid Recorded Principal (Dollars in thousands) Investment Balance March 31, 2022: ​ ​ ​ ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 3,753 ​ $ 4,274 ​ Home equity loans and lines of credit ​ 18 ​ 30 ​ Total ​ $ 3,771 ​ $ 4,304 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 3,812 ​ $ 4,299 ​ Home equity loans and lines of credit ​ ​ 19 ​ ​ 31 ​ Total ​ $ 3,831 ​ $ 4,330 ​ ​ The table below presents the average recorded investment and interest income recognized on impaired loans by class of loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, Average Interest Recorded Income (Dollars in thousands) Investment Recognized 2022: ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 3,782 ​ $ 7 ​ Home equity loans and lines of credit ​ 18 ​ — ​ Total ​ $ 3,800 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021: ​ ​ ​ ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 4,795 ​ $ 13 ​ Home equity loans and lines of credit ​ 22 ​ — ​ Total ​ $ 4,817 ​ $ 13 ​ ​ There were no loans individually evaluated for impairment with a related allowance for loan loss as of March 31, 2022 or December 31, 2021. Loans individually evaluated for impairment do not have an allocated allowance for loan loss because they are written down to fair value at the time of impairment. An impaired loan would also not have an allocated allowance if the value of the property securing the loan, less the cost to sell the property, is greater than the loan balance. ​ The Company had 10 nonaccrual loans with a book value of $3.2 million as of March 31, 2022 and 10 nonaccrual loans with a book value of $3.3 million as of December 31, 2021. The Company collected interest on nonaccrual loans of during the three months ended March 31, 2022 and 2021, respectively, but due to accounting and regulatory requirements, the Company recorded the interest payments as a reduction of principal. The Company would have recognized additional interest income of during the three months ended March 31, 2022 and 2021, respectively, had the loans been accruing interest. The Company did t have any loans 90 days or more past due and still accruing interest as of March 31, 2022. The Company had two consumer loans totaling The table below presents the aging of loans and accrual status by class of loans, net of unearned fees and discounts. Loans with a formal loan payment deferral plan in place are not considered contractually past due or delinquent if the borrower is in compliance with the loan payment deferral plan. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans 90 Days or More 30 - 59 60 - 89 90 Days or Past Due Days Past Days Past More Total Past Loans Not Total Nonaccrual and Still (Dollars in thousands) Due Due Past Due Due Past Due Loans Loans Accruing March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 428 ​ $ 367 ​ $ 244 ​ $ 1,039 ​ $ 1,255,526 ​ $ 1,256,565 ​ $ 3,206 ​ $ — ​ Multi-family residential mortgages ​ — ​ — ​ — ​ — ​ 4,906 ​ 4,906 ​ — ​ — ​ Construction, commercial and other mortgages ​ — ​ — ​ — ​ — ​ 21,089 ​ 21,089 ​ — ​ — ​ Home equity loans and lines of credit ​ — ​ — ​ — ​ — ​ 6,612 ​ 6,612 ​ 18 ​ — ​ Loans on deposit accounts ​ — ​ — ​ — ​ — ​ 247 ​ 247 ​ — ​ — ​ Consumer and other ​ 38 ​ — ​ — ​ 38 ​ 8,357 ​ 8,395 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 466 ​ $ 367 ​ $ 244 ​ $ 1,077 ​ $ 1,296,737 ​ $ 1,297,814 ​ $ 3,224 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 129 ​ $ — ​ $ 244 ​ $ 373 ​ $ 1,265,540 ​ $ 1,265,913 ​ $ 3,261 ​ $ — ​ Multi-family residential mortgages ​ — ​ — ​ — ​ — ​ 5,459 ​ 5,459 ​ — ​ — ​ Construction, commercial and other mortgages ​ — ​ — ​ — ​ — ​ 18,529 ​ 18,529 ​ — ​ — ​ Home equity loans and lines of credit ​ — ​ — ​ — ​ — ​ 7,122 ​ 7,122 ​ 19 ​ — ​ Loans on deposit accounts ​ — ​ — ​ — ​ — ​ 278 ​ 278 ​ — ​ — ​ Consumer and other ​ 3 ​ — ​ 24 ​ 27 ​ 8,165 ​ 8,192 ​ — ​ 24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 132 ​ $ — ​ $ 268 ​ $ 400 ​ $ 1,305,093 ​ $ 1,305,493 ​ $ 3,280 ​ $ 24 ​ ​ ​ The Company primarily uses the aging of loans and accrual status to monitor the credit quality of its loan portfolio. When a mortgage loan becomes seriously delinquent ( 90 days or more contractually past due), it displays weaknesses that may result in a loss. As a loan becomes more delinquent, the likelihood of the borrower repaying the loan decreases and the loan becomes more collateral-dependent. A mortgage loan becomes collateral-dependent when the proceeds for repayment can be expected to come only from the sale or operation of the collateral and not from borrower repayments. Generally, appraisals are obtained after a loan becomes collateral-dependent or is four months delinquent. The carrying value of collateral-dependent loans is adjusted to the fair value of the collateral less selling costs. Any commercial real estate, commercial, construction or equity loan that has a loan balance in excess of a specified amount is also periodically reviewed to determine whether the loan exhibits any weaknesses and is performing in accordance with its contractual terms. ​ There were no loans modified in a troubled debt restructuring during the three months ended March 31, 2022 or 2021. There were new troubled debt restructurings within the three months ended March 31, 2022 or 2021 that subsequently defaulted. Loan modifications under the CARES Act and the Interagency Statements issued by bank regulators in 2020 are discussed below. ​ The table below summarizes outstanding troubled debt restructurings by class of loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Accrual Number of Nonaccrual ​ (Dollars in thousands) Loans Status Loans Status Total March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ 3 ​ $ 547 ​ ​ 1 ​ $ 329 ​ $ 876 Total ​ 3 ​ $ 547 ​ ​ 1 ​ $ 329 ​ $ 876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ 3 ​ $ 551 ​ ​ 1 ​ $ 340 ​ $ 891 Total ​ 3 ​ $ 551 ​ ​ 1 ​ $ 340 ​ $ 891 ​ There was one troubled debt restructuring for $125,000 that was 89 days delinquent at March 31, 2022 and one troubled debt restructuring for $126,000 that was 59 days delinquent as of December 31, 2021. Restructurings include deferrals of interest and/or principal payments and temporary or permanent reductions in interest rates due to the financial difficulties of the borrowers. At March 31, 2022, we had ​ The CARES Act provides relief to financial institutions from categorizing eligible loan modifications as troubled debt restructurings over the remaining life of the modified loan. Eligible loan modifications under the CARES Act were required to be related to the COVID-19 pandemic and the borrower’s payments must not have been more than 30 days past due as of December 31, 2019. Loan modifications under the CARES Act must be executed during the period from March 1, 2020 to January 1, 2022. Banking regulators issued similar guidance, which also clarified that a COVID-19 related loan modification should not be considered a troubled debt restructuring if the borrower was not more than 30 days past due on payments at the time the loan modification program was implemented and the modification is considered short-term (not to exceed six months). The Company uses the provisions of the CARES Act and the Interagency Statements to account for the eligible loans receiving modifications. ​ The Company has granted loan payment deferrals to borrowers who have been affected by the COVID-19 pandemic. The table below summarizes loans in the loan payment deferral program by class of loan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ December 31, 2021 ​ (Dollars in thousands) ​ Loans in the Loan Payment Deferral Program ​ Percent of Total Loans ​ Loans in the Loan Payment Deferral Program ​ Percent of Total Loans One- to- four family residential mortgage ​ $ 67,925 ​ 5.2 % ​ $ 74,704 ​ 5.7 % Non-residential mortgage ​ ​ 3,646 ​ 0.3 ​ ​ ​ 3,928 ​ 0.3 ​ Total ​ $ 71,571 ​ 5.5 % ​ $ 78,632 ​ 6.0 % ​ The loans on which the Company has granted loan payment deferrals are included in the ALLL calculation. However, loans performing under a loan payment deferral agreement are not considered contractually past due and are excluded from the past due statistics above. ​ The ratio of the current loan balance to the current tax-assessed value of the property securing the mortgage loans in the payment deferral program averaged 55.5% at March 31, 2022. At March 31, 2022, one- to four-family residential mortgage loans represented 97.2% of the Company’s total loan portfolio balance with a ratio of the current loan balance to the current tax assessed value of the property securing these loans averaging 46.4%. All of the Company’s residential mortgage loans are secured by real estate in Hawaii. ​ As of March 31, 2022, of the $67.9 million total one- to four-family mortgage loans in the loan payment deferral program, $ 59.6 million, or 87.7% , had resumed making full principal and interest payments. The interest on these loans that accrued during the deferral period will be repaid over subsequent years. $ 7.7 million, or 11.2% , of the total one- to four-family mortgage loans in the loan payment deferral program were making interest-only payments. In the loan payment deferral program, there were three one-to four-family mortgage loans which were delinquent: a $398,000 loan that was 59 days delinquent, a $152,000 loan that was 89 days delinquent and a $147,000 loan that was over 150 days delinquent. There were no other loans which have had their deferral period end and not resumed their loan payments. ​ As of March 31, 2022, all of the $3.6 million commercial mortgage, commercial and industrial and home equity lines of credit in the loan payment deferral program had resumed making full principal and interest payments. ​ Since the beginning of the year, there has not been a significant increase in loan delinquencies, significant changes in deposits or significant drawdowns on any lines of credit. We do not have any commercial loans to hotels, businesses in the transportation industry, restaurants or retail establishments. ​ The Company had no real estate owned as of March 31, 2022 or December 31, 2021. There were two one- to four-family residential mortgage loans totaling in the process of foreclosure at March 31, 2022. There were ​ Nearly all of our real estate loans are collateralized by real estate located in the State of Hawaii. Loan-to-value ratios on these real estate loans generally do not exceed ​ During the three months ended March 31, 2022 and 2021, the Company sold mortgage loans held for sale with principal balances of $2.0 million and $12.2 million, respectively, and recognized gains of $18,000 and $420,000, respectively. The Company had ​ The Company serviced loans for others with principal balances of $39.8 million at March 31, 2022 and $41.3 million at December 31, 2021. Of these amounts, million of loan balances relate to securitizations for which the Company continues to hold the related mortgage-backed securities at March 31, 2022 and December 31, 2021, respectively. The amount of contractually specified servicing fees earned for the three months ended March 31, 2022 and 2021 was , respectively. The fees are reported in service and other fees in the Consolidated Statements of Income.

Securities Sold Under Agreement

Securities Sold Under Agreements to Repurchase	3 Months Ended
	Mar. 31, 2022
Securities Sold Under Agreements to Repurchase
Securities Sold Under Agreements to Repurchase	(7) Securities Sold Under Agreements to Repurchase ​ Securities sold under agreements to repurchase are treated as financings and the obligations to repurchase the identical securities sold are reflected as a liability with the securities collateralizing the agreements classified as an asset. Securities sold under agreements to repurchase are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Weighted Weighted Repurchase Average Repurchase Average (Dollars in thousands) Liability Rate Liability Rate Maturing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Over 2 years to 3 years ​ $ 10,000 1.81 % $ 5,000 1.88 % Over 3 years to 4 years ​ — — ​ ​ 5,000 1.73 % Total ​ $ 10,000 1.81 % $ 10,000 1.81 % ​ Below is a summary comparing the carrying value and fair value of securities pledged to secure repurchase agreements, the repurchase liability, and the amount at risk at March 31, 2022. The amount at risk is the greater of the carrying value or fair value over the repurchase liability and refers to the potential loss to the Company if the secured lender fails to return the security at the maturity date of the agreement. All the agreements to repurchase are with JP Morgan Securities and the securities pledged are mortgage-backed securities issued and guaranteed by U.S. government-sponsored enterprises. The repurchase liability cannot exceed of the fair value of securities pledged. In the event of a decline in the fair value of securities pledged to less than the required amount due to market conditions or principal repayments, the Company is obligated to pledge additional securities or other suitable collateral to cure the deficiency. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Carrying Fair Average Value of Value of Repurchase Amount Months to (Dollars in thousands) Securities Securities Liability at Risk Maturity Maturing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Over 90 days ​ $ 11,055 ​ $ 10,587 ​ $ 10,000 ​ $ 1,055 33 ​ ​

Offsetting of Financial Liabili

Offsetting of Financial Liabilities	3 Months Ended
	Mar. 31, 2022
Offsetting of Financial Liabilities
Offsetting of Financial Liabilities	(8) Offsetting of Financial Liabilities ​ The following table presents our securities sold under agreements to repurchase that are subject to a right of offset in the event of default. See Note 7, Securities Sold Under Agreements to Repurchase, for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amount of Gross Amount Not Offset in the Gross Amount Gross Amount Liabilities Balance Sheet of Recognized Offset in the Presented in the Financial Cash Collateral (Dollars in thousands) Liabilities Balance Sheet Balance Sheet Instruments ​ Pledged Net Amount March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities sold under agreements to repurchase ​ $ 10,000 ​ $ — ​ $ 10,000 ​ $ 10,000 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities sold under agreements to repurchase ​ $ 10,000 ​ $ — ​ $ 10,000 ​ $ 10,000 ​ $ — ​ $ — ​

Employee Stock Ownership Plan

Employee Stock Ownership Plan	3 Months Ended
	Mar. 31, 2022
Employee Stock Ownership Plan
Employee Stock Ownership Plan
Employee Stock Ownership Plan	(9) Employee Stock Ownership Plan ​ Effective January 1, 2009, Territorial Savings Bank adopted an Employee Stock Ownership Plan (ESOP) for eligible employees. The ESOP borrowed , of the total number of shares issued by the Company in its initial public offering. The shares were acquired at a price of ​ The loan is secured by the shares purchased with the loan proceeds and will be repaid by the ESOP over the 20-year term of the loan with funds from Territorial Savings Bank’s contributions to the ESOP and dividends payable on the shares. The interest rate on the ESOP loan is an adjustable rate equal to the prime rate, as published in The Wall Street Journal . The interest rate adjusts annually and will be the prime rate on the first business day of the calendar year. ​ Shares purchased by the ESOP are held by a trustee in an unallocated suspense account, and shares are released annually from the suspense account on a pro-rata basis as principal and interest payments are made by the ESOP to the Company. The trustee allocates the shares released among participants on the basis of each participant’s proportional share of compensation relative to all participants. As shares are committed to be released from the suspense account, Territorial Savings Bank reports compensation expense based on the average fair value of shares released with a corresponding credit to stockholders’ equity. The shares committed to be released are considered outstanding for earnings per share computations. Compensation expense recognized for the three months ended March 31, 2022 and 2021 amounted to , respectively. ​ Shares held by the ESOP trust were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, 2022 2021 Allocated shares ​ 553,103 ​ 540,869 ​ ​ Unearned shares ​ 330,297 ​ 342,531 ​ ​ Total ESOP shares ​ 883,400 ​ 883,400 ​ ​ Fair value of unearned shares, in thousands ​ $ 7,927 ​ $ 8,649 ​ ​ ​ The ESOP restoration plan is a nonqualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the ESOP’s benefit formula. The supplemental cash payments consist of payments representing shares that cannot be allocated to the participants under the ESOP due to IRS limitations imposed on tax-qualified plans. We accrue for these benefits over the period during which employees provide services to earn these benefits. For the three months ended March 31, 2022 and 2021, we accrued , respectively, for the ESOP restoration plan.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
2010 Equity Incentive Plan
Share-Based Compensation
Share-Based Compensation	(10) Share-Based Compensation ​ The shareholders of Territorial Bancorp Inc. have adopted the 2010 Equity Incentive Plan and the 2019 Equity Incentive Plan. These plans provide for the award of stock options and restricted stock to key officers and directors. In accordance with the Compensation – Stock Compensation topic of the FASB ASC, the cost of the equity incentive plans is based on the fair value of the awards on the grant date. The fair value of time-based restricted stock is based on the closing price of the Company’s stock on the grant date. The fair value of performance-based stock that will vest based on a performance condition is based on the closing price of the Company’s stock on the date of grant. The fair value of performance-based restricted stock that will vest on a market condition is based on a Monte Carlo valuation of the Company’s stock on the date of grant. The fair value of time-based stock options is estimated using a Black-Scholes option pricing model using assumptions for dividend yield, stock price volatility, risk-free interest rate and option term. These assumptions are based on our judgments regarding future events, are subjective in nature, and cannot be determined with precision. The cost of the awards will be recognized on a straight-line basis over the three , five - or six-year vesting period during which participants are required to provide services in exchange for the awards. No new awards can be made under the 2010 Equity Plan, but awards previously made can continue to vest. There are 146,347 shares remaining available for new awards under the 2019 Equity Plan. ​ The Company recognized compensation expense, measured as the fair value of the share-based award on the date of grant, on a straight-line basis over the vesting period. Share-based compensation is recorded in the Consolidated Statements of Income as a component of salaries and employee benefits with a corresponding increase in stockholders’ equity. The table below presents information on compensation expense and the related tax benefit for all share-based awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In thousands) 2022 2021 Compensation expense ​ $ 134 ​ $ 113 ​ Income tax benefit ​ 37 ​ 31 ​ ​ Stock Options ​ The table below presents the stock option activity for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Life (years) ​ (in thousands) Options outstanding at December 31, 2021 3,085 ​ $ 23.62 0.67 ​ $ 5 ​ Granted — ​ — — ​ — ​ Exercised — ​ — — ​ — ​ Forfeited — ​ — — ​ — ​ Expired — ​ — — ​ — ​ Options outstanding at March 31, 2022 ​ 3,085 ​ $ 23.62 0.42 ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at December 31, 2020 3,085 ​ $ 23.62 1.67 ​ $ 1 ​ Granted — ​ — — ​ — ​ Exercised — ​ — — ​ — ​ Forfeited — ​ — — ​ — ​ Expired — ​ — — ​ — ​ Options outstanding at March 31, 2021 3,085 ​ $ 23.62 1.42 ​ $ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable at March 31, 2022 3,085 ​ $ 23.62 0.42 ​ $ 1 ​ ​ There were no options exercised or vested during the three months ended March 31, 2022 and 2021. As of March 31, 2022, the Company had ​ Restricted Stock ​ Restricted stock awards are accounted for as fixed grants using the fair value of the Company’s stock at the time of grant. Unvested restricted stock may not be disposed of or transferred during the vesting period. Restricted stock carries the right to receive dividends, although dividends attributable to restricted stock are retained by the Company until the shares vest, at which time they are paid to the award recipient. Unvested restricted stock that is time-based contain nonforfeitable dividend rights. Accrued dividends on restricted stock that do not vest based on performance or market conditions are forfeited. ​ The table below presents the time-based restricted stock activity: ​ ​ ​ ​ ​ ​ ​ ​ Weighted Time-Based Average Grant Restricted Date Fair Stock Value Unvested at December 31, 2021 23,208 ​ $ 24.61 ​ Granted — ​ — ​ Vested 8,001 ​ 23.75 ​ Forfeited — ​ — ​ Unvested at March 31, 2022 15,207 ​ $ 25.06 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 23,695 ​ $ 24.24 ​ Granted 182 ​ 21.05 ​ Vested 11,336 ​ 25.81 ​ Forfeited — ​ — ​ Unvested at March 31, 2021 12,541 ​ $ 22.77 ​ ​ As of March 31, 2022, the Company had $282,000 of unrecognized compensation costs related to time-based restricted stock. ​ The table below presents the performance-based restricted stock units (PRSUs) that will vest on a performance condition: ​ ​ ​ ​ ​ ​ ​ Performance- ​ ​ ​ ​ Based Restricted ​ ​ ​ Stock Units Weighted ​ ​ Based on a ​ Average Grant ​ ​ Performance ​ Date Fair Condition Value Unvested at December 31, 2021 41,583 ​ $ 24.68 Granted — ​ — Vested 7,670 ​ 27.30 Forfeited 4,768 ​ 27.30 Unvested at March 31, 2022 29,145 ​ $ 23.56 ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 40,585 ​ $ 25.83 Granted 219 ​ 21.05 Vested 7,473 ​ 30.73 Forfeited 4,545 ​ 30.73 Unvested at March 31, 2021 28,786 ​ $ 23.75 ​ The fair value of these PRSUs is based on the fair value of the Company’s stock on the date of grant. As of March 31, 2022, the Company had $42,000 of unrecognized compensation costs related to these PRSUs. Performance will be measured over a three-year performance period and will be cliff vested. The performance condition is measured quarterly by comparing the Company’s three-year return on average equity to a peer group of banks. The Company’s percentile ranking in the peer group is used to adjust the number of PRSUs that are expected to vest. ​ The table below presents the PRSUs that will vest on a market condition: ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance- ​ ​ ​ ​ ​ Based Restricted ​ Monte Carlo ​ ​ Stock Units ​ Valuation of ​ ​ Based on a ​ the Company's Market Condition Stock Unvested at December 31, 2021 10,396 ​ $ 24.03 Granted — ​ ​ — Vested — ​ — Forfeited 3,110 ​ 24.45 Unvested at March 31, 2022 7,286 ​ $ 23.85 ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 10,147 ​ $ 24.69 Granted 55 ​ ​ 22.16 Vested 1,628 ​ 30.73 Forfeited 1,377 ​ 30.73 Unvested at March 31, 2021 7,197 ​ $ 23.15 ​ As of March 31, 2022, the Company had $56,000 of unrecognized compensation costs related to the PRSUs that are based on a market condition. The market value of PRSUs that will vest on a market condition is determined by a Monte Carlo valuation of the Company’s stock as of the grant date. Performance will be measured over a three-year performance period and will be cliff vested. The market condition is measured quarterly by comparing the Company’s three-year average total stock return to a peer group of other banks. The Company’s percentile ranking in the peer group determines how many PRSUs will vest.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Earnings Per Share	(11) Earnings Per Share ​ Holders of unvested restricted stock accrue dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Unvested restricted stock awards that are time-based contain nonforfeitable rights to dividends or dividend equivalents and are considered to be participating securities in the earnings per share computation using the two-class method. Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings. Unvested restricted stock awards that vest based on performance or market conditions are not considered to be participating securities in the earnings per share calculation because accrued dividends on shares that do not vest are forfeited. ​ The table below presents the information used to compute basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ (Dollars in thousands, except per share data) 2022 2021 Net income ​ $ 4,710 ​ $ 5,013 ​ ​ ​ Income allocated to participating securities ​ ​ (24) ​ ​ (2) ​ ​ ​ Net income available to common shareholders ​ $ 4,686 ​ $ 5,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares used in: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ 8,980,135 ​ 9,130,777 ​ ​ ​ Dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options and restricted stock units ​ 34,319 ​ 22,673 ​ ​ ​ Diluted earnings per share ​ 9,014,454 ​ 9,153,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share, basic ​ $ 0.52 ​ $ 0.55 ​ ​ ​ Net income per common share, diluted ​ $ 0.52 ​ $ 0.55 ​ ​ ​ ​

Other Comprehensive Loss

Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Other Comprehensive Loss
Other Comprehensive Loss	(12) Other Comprehensive Loss ​ The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded Unrealized Pension (Gain)/Loss on (Dollars in thousands) Liability Securities Total Three months ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at beginning of period ​ $ 5,524 ​ $ — ​ $ 5,524 ​ Other comprehensive loss, net of taxes ​ — ​ 103 ​ 103 ​ Net current period other comprehensive loss ​ — ​ 103 ​ 103 ​ Balances at end of period ​ $ 5,524 ​ $ 103 ​ $ 5,627 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at beginning of period ​ $ 8,967 ​ $ (276) ​ $ 8,691 ​ Other comprehensive loss, net of taxes ​ ​ — ​ ​ 3 ​ ​ 3 ​ Amounts reclassified from other comprehensive income, net of taxes ​ — ​ 83 ​ 83 ​ Net current period other comprehensive loss ​ — ​ 86 ​ 86 ​ Balances at end of period ​ $ 8,967 ​ $ (190) ​ $ 8,777 ​ ​ The table below presents the tax effect on each component of accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 2021 Pretax After Tax Pretax After Tax (Dollars in thousands) Amount Tax Amount Amount Tax Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss on securities ​ $ 141 ​ $ (38) ​ $ 103 ​ $ 4 ​ $ (1) ​ $ 3 ​ Amount reclassified from other comprehensive income ​ ​ — ​ ​ — ​ ​ — ​ ​ 113 ​ ​ (30) ​ ​ 83 ​ Total ​ $ 141 ​ $ (38) ​ $ 103 ​ $ 117 ​ $ (31) ​ $ 86 ​ ​ ​ ​

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Revenue Recognition	(13) Revenue Recognition ​ The Company’s contracts with customers are generally short-term in nature, with cycles of one year or less. These can range from an immediate term for services such as wire transfers, foreign currency exchanges and cashier’s check purchases, to several days for services such as processing annuity and mutual fund sales. Some contracts may be of an ongoing nature, such as providing deposit account services, including ATM access, check processing, account analysis and check ordering. However, provision of an assessable service and payment for such service is usually concurrent or closely timed. Contracts related to financial instruments, such as loans, investments and debt, are excluded from the scope of this reporting requirement. ​ After analyzing the Company’s revenue sources, including the amount of revenue received, the timing of services rendered and the timing of payment for these services, the Company has determined that the rendering of services and the payment for such services are generally closely matched. Any differences are not material to the Company’s Consolidated Financial Statements. Accordingly, the Company generally records income when payment for services is received. ​ Revenue from contracts with customers is reported in service and other fees in other noninterest income in the Consolidated Statements of Income. The table below reconciles the revenue from contracts with customers and other revenue reported in those line items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and ​ ​ ​ ​ (Dollars in thousands) Other Fees Other Total Three months ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ $ 310 ​ $ 44 ​ $ 354 Other revenue ​ ​ 31 ​ ​ 1,053 ​ ​ 1,084 Total ​ $ 341 ​ $ 1,097 ​ $ 1,438 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ $ 957 ​ $ 82 ​ $ 1,039 Other revenue ​ ​ 38 ​ ​ 28 ​ ​ 66 Total ​ $ 995 ​ $ 110 ​ $ 1,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	​ (14) Leases ​ The table below presents lease costs and other information for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, (Dollars in thousands) 2022 2021 Lease costs: ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 762 ​ $ 856 ​ Short-term lease costs ​ 15 ​ 6 ​ Variable lease costs ​ 38 ​ 43 ​ Total lease costs ​ $ 815 ​ $ 905 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in measurement of lease liabilities ​ $ 763 ​ $ 845 ​ ROU assets obtained in exchange for new operating lease liabilities ​ $ 4,798 ​ $ 2,438 ​ ​ At March 31, 2022, future minimum rental commitments under noncancellable operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 2,190 ​ ​ ​ ​ ​ ​ 2023 ​ 2,629 ​ ​ ​ ​ ​ ​ 2024 ​ 2,423 ​ ​ ​ ​ ​ ​ 2025 ​ 1,694 ​ ​ ​ ​ ​ ​ 2026 ​ 1,491 ​ ​ ​ ​ ​ ​ Thereafter ​ 11,707 ​ ​ ​ ​ ​ ​ Total ​ ​ 22,134 ​ ​ ​ ​ ​ ​ Less lease incentives to be received in 2022 ​ ​ (4,996) ​ ​ ​ ​ ​ ​ Less present value discount ​ ​ (2,298) ​ ​ ​ ​ ​ ​ Present value of leases ​ $ 14,840 ​ ​ ​ ​ ​ ​ ​ The table below presents other lease related information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ Weighted-average remaining lease term (years) ​ 8.92 ​ ​ 6.33 ​ ​ Weighted-average discount rate ​ ​ 1.90 % ​ ​ 2.20 % ​ ​

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value
Fair Value	(15) Fair Value ​ In accordance with the Fair Value Measurements and Disclosures topic of the FASB ASC, the Company groups its financial assets and liabilities measured or disclosed at fair value into three levels based on the markets in which the financial assets and liabilities are traded and the reliability of the assumptions used to determine fair value as follows: ​ ● Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. ​ ● Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. ​ ● Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect management’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that require the use of significant judgment or estimation. ​ In accordance with the Fair Value Measurements and Disclosures topic, the Company bases its fair values on the price that it would expect to receive if an asset were sold or the price that it would expect to pay to transfer a liability in an orderly transaction between market participants at the measurement date. Also as required, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. ​ The Company uses fair value measurements to determine fair value disclosures. Investment securities available for sale and derivatives are recorded at fair value on a recurring basis. From time to time, the Company may be required to record other financial assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans and investments, and mortgage servicing assets. These nonrecurring fair value adjustments typically involve application of the lower of cost or fair value accounting or write-downs of individual assets. ​ Investment Securities Available for Sale. ​ Interest Rate Contracts. The Company may enter into interest rate lock commitments with borrowers on loans intended to be sold. To manage interest rate risk on the lock commitments, the Company may also enter into forward loan sale commitments. The interest rate lock commitments and forward loan sale commitments are treated as derivatives and are recorded at their fair value determined by referring to prices quoted in the secondary market for similar contracts. The fair value inputs are considered Level 2 inputs. Interest rate contracts that are classified as assets are included with prepaid expenses and other assets on the Consolidated Balance Sheet while interest rate contracts that are classified as liabilities are included with accounts payable and accrued expenses. ​ The estimated fair values of the Company’s financial instruments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ Fair Value Measurements Using (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 65,784 ​ $ 65,784 ​ $ 65,784 ​ $ — ​ $ — ​ Investment securities available for sale ​ ​ 5,268 ​ ​ 5,268 ​ ​ — ​ ​ 5,268 ​ ​ — ​ Investment securities held to maturity ​ 663,826 ​ ​ 615,381 ​ ​ — ​ ​ 615,381 ​ ​ — ​ Loans held for sale ​ 1,009 ​ ​ 1,009 ​ ​ — ​ ​ 1,009 ​ ​ — ​ Loans receivable, net ​ 1,295,355 ​ ​ 1,225,100 ​ ​ — ​ ​ — ​ ​ 1,225,100 ​ FHLB stock ​ 8,197 ​ ​ 8,197 ​ ​ — ​ ​ 8,197 ​ ​ — ​ FRB stock ​ ​ 3,163 ​ ​ 3,163 ​ ​ — ​ ​ 3,163 ​ ​ — ​ Accrued interest receivable ​ 5,849 ​ ​ 5,849 ​ ​ 19 ​ ​ 1,242 ​ ​ 4,588 ​ Interest rate contracts ​ 77 ​ ​ 77 ​ ​ — ​ ​ 77 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 1,675,568 ​ ​ 1,673,224 ​ ​ — ​ ​ 1,453,007 ​ ​ 220,217 ​ Advances from the Federal Home Loan Bank ​ 141,000 ​ ​ 136,908 ​ ​ — ​ ​ 136,908 ​ ​ — ​ Securities sold under agreements to repurchase ​ 10,000 ​ ​ 9,751 ​ ​ — ​ ​ 9,751 ​ ​ — ​ Accrued interest payable ​ 50 ​ ​ 50 ​ ​ — ​ ​ 37 ​ ​ 13 ​ Interest rate contracts ​ 24 ​ ​ 24 ​ ​ — ​ ​ 24 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 99,859 ​ $ 99,859 ​ $ 99,859 ​ $ — ​ $ — ​ Investment securities held to maturity ​ 636,442 ​ ​ 634,987 ​ ​ — ​ ​ 634,987 ​ ​ — ​ Loans receivable, net ​ 1,302,824 ​ ​ 1,314,609 ​ ​ — ​ ​ — ​ ​ 1,314,609 ​ FHLB stock ​ 8,173 ​ ​ 8,173 ​ ​ — ​ ​ 8,173 ​ ​ — ​ FRB stock ​ ​ 3,158 ​ ​ 3,158 ​ ​ — ​ ​ 3,158 ​ ​ — ​ Accrued interest receivable ​ 5,786 ​ ​ 5,786 ​ ​ 16 ​ ​ 1,126 ​ ​ 4,644 ​ Interest rate contracts ​ 9 ​ ​ 9 ​ ​ — ​ ​ 9 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 1,681,828 ​ ​ 1,682,078 ​ ​ — ​ ​ 1,456,773 ​ ​ 225,305 ​ Advances from the Federal Home Loan Bank ​ 141,000 ​ ​ 141,867 ​ ​ — ​ ​ 141,867 ​ ​ — ​ Securities sold under agreements to repurchase ​ 10,000 ​ ​ 10,143 ​ ​ — ​ ​ 10,143 ​ ​ — ​ Accrued interest payable ​ 35 ​ ​ 35 ​ ​ — ​ ​ 34 ​ ​ 1 ​ Interest rate contracts ​ 9 ​ ​ 9 ​ ​ — ​ ​ 9 ​ ​ — ​ ​ At March 31, 2022 and December 31, 2021, neither the commitment fees received on commitments to extend credit nor the fair value thereof was material to the Consolidated Financial Statements of the Company. ​ The table below presents the balance of assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Level 1 Level 2 Level 3 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts — assets ​ $ — ​ $ 77 ​ $ — ​ $ 77 ​ Interest rate contracts — liabilities ​ — ​ (24) ​ — ​ (24) ​ Investment securities available for sale ​ ​ — ​ ​ 5,268 ​ ​ — ​ ​ 5,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts — assets ​ $ — ​ $ 9 ​ $ — ​ $ 9 ​ Interest rate contracts — liabilities ​ — ​ (9) ​ — ​ (9) ​ ​ The table below presents the balance of assets measured at fair value on a nonrecurring basis as of March 31, 2022 and the related loss for the three months ended March 31, 2022. There were assets measured at fair value on a nonrecurring basis as of December 31, 2021. There were ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ (Dollars in thousands) Adjustment Date ​ Level 1 Level 2 Level 3 Total ​ Total Losses March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ 3/31/2022 ​ ​ — ​ ​ 1,009 ​ ​ — ​ ​ 1,009 ​ ​ (42) ​ ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	(16) Subsequent Events ​ On April 28, 2022, the Board of Directors of Territorial Bancorp Inc. declared a quarterly cash dividend of $0.23 per share of common stock. The dividend is expected to be paid on May 26, 2022 to stockholders of record as of May 12, 2022.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents
Schedule of balances of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (Dollars in thousands) 2022 2021 Cash and due from banks ​ $ 11,243 ​ $ 11,662 ​ ​ Interest-earning deposits in other banks ​ 54,541 ​ 88,197 ​ ​ Cash and cash equivalents ​ $ 65,784 ​ $ 99,859 ​ ​

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investment Securities.
Schedule of amortized cost and fair values of investment securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Gross Unrealized ​ Estimated (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 5,409 ​ $ — $ (141) ​ $ 5,268 ​ Total ​ $ 5,409 ​ $ — $ (141) ​ $ 5,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 663,826 ​ $ 239 $ (48,684) ​ $ 615,381 ​ Total ​ $ 663,826 ​ $ 239 $ (48,684) ​ $ 615,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 636,442 ​ $ 5,699 $ (7,154) ​ $ 634,987 ​ Total ​ $ 636,442 ​ $ 5,699 $ (7,154) ​ $ 634,987 ​ ​
Schedule of amortized cost and estimated fair value of investment securities by maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated (Dollars in thousands) Cost Fair Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ Due after 10 years ​ $ 5,409 ​ $ 5,268 ​ Total ​ $ 5,409 ​ $ 5,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ Due within 5 years ​ $ 15 ​ $ 15 ​ Due after 5 years through 10 years ​ 25 ​ 24 ​ Due after 10 years ​ 663,786 ​ 615,342 ​ Total ​ $ 663,826 ​ $ 615,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of realized gains and losses and proceeds from sales of securities held to maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ (Dollars in thousands) 2022 2021 Proceeds from sales ​ $ — ​ $ 6,297 ​ ​ Gross gains ​ — ​ 526 ​ ​ Gross losses ​ — ​ — ​ ​
Summary of investment securities in an unrealized loss position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Number of Unrealized Description of securities Fair Value Losses Fair Value Losses Securities Fair Value Losses (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 5,268 ​ $ (141) ​ $ — ​ $ — 1 ​ $ 5,268 ​ $ (141) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 552,642 ​ $ (42,932) ​ $ 43,751 ​ $ (5,752) 111 ​ $ 596,393 ​ $ (48,684) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government-sponsored mortgage-backed securities ​ $ 482,629 ​ $ (6,976) ​ $ 3,681 ​ $ (178) 43 ​ $ 486,310 ​ $ (7,154) ​ ​

Loans Receivable and Allowanc_2

Loans Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Loans Receivable and Allowance for Loan Losses
Schedule of components of loans receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ (Dollars in thousands) 2022 2021 Real estate loans: ​ ​ ​ ​ ​ ​ ​ First mortgages: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 1,258,453 ​ $ 1,267,537 ​ Multi-family residential ​ 4,913 ​ 5,468 ​ Construction, commercial and other ​ 21,159 ​ 18,590 ​ Home equity loans and lines of credit ​ 6,612 ​ 7,121 ​ Total real estate loans ​ 1,291,137 ​ 1,298,716 ​ Other loans: ​ ​ ​ ​ ​ ​ ​ Loans on deposit accounts ​ 247 ​ 278 ​ Consumer and other loans ​ 8,393 ​ 8,192 ​ Total other loans ​ 8,640 ​ 8,470 ​ Less: ​ ​ ​ ​ ​ ​ ​ Net unearned fees and discounts ​ (1,963) ​ (1,693) ​ Allowance for loan losses ​ (2,459) ​ (2,669) ​ Total unearned fees, discounts and allowance for loan losses ​ (4,422) ​ (4,362) ​ Loans receivable, net ​ $ 1,295,355 ​ $ 1,302,824 ​
Schedule of activity in allowance for loan losses on loans receivable and by portfolio segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals Three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,814 ​ $ 435 ​ $ 1 ​ $ 89 ​ $ 330 ​ $ 2,669 ​ (Reversal of provision) provision for loan losses ​ (180) ​ (1) ​ — ​ 45 ​ (32) ​ (168) ​ ​ ​ 1,634 ​ 434 ​ 1 ​ 134 ​ 298 ​ 2,501 ​ Charge-offs ​ — ​ — ​ — ​ (42) ​ — ​ (42) ​ Recoveries ​ — ​ — ​ — ​ — ​ — ​ — ​ Net charge-offs ​ — ​ — ​ — ​ (42) ​ — ​ (42) ​ Balance, end of period ​ $ 1,634 ​ $ 434 ​ $ 1 ​ $ 92 ​ $ 298 ​ $ 2,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 3,102 ​ $ 406 ​ $ 1 ​ $ 146 ​ $ 607 ​ $ 4,262 ​ Reversal of provision for loan losses ​ (722) ​ (10) ​ — ​ (3) ​ (178) ​ (913) ​ ​ ​ 2,380 ​ 396 ​ 1 ​ 143 ​ 429 ​ 3,349 ​ Charge-offs ​ — ​ — ​ — ​ (3) ​ — ​ (3) ​ Recoveries ​ — ​ — ​ — ​ — ​ — ​ — ​ Net charge-offs ​ — ​ — ​ — ​ (3) ​ — ​ (3) ​ Balance, end of period ​ $ 2,380 ​ $ 396 ​ $ 1 ​ $ 140 ​ $ 429 ​ $ 3,346 ​ ​
Schedule of balance in allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending allowance balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Collectively evaluated for impairment ​ 1,634 ​ 434 ​ 1 ​ 92 ​ 298 ​ 2,459 ​ Total ending allowance balance ​ $ 1,634 ​ $ 434 ​ $ 1 ​ $ 92 ​ $ 298 ​ $ 2,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending loan balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ 3,753 ​ $ — ​ $ 18 ​ $ — ​ $ — ​ $ 3,771 ​ Collectively evaluated for impairment ​ 1,257,718 ​ 21,089 ​ 6,594 ​ 8,642 ​ — ​ 1,294,043 ​ Total ending loan balance ​ $ 1,261,471 ​ $ 21,089 ​ $ 6,612 ​ $ 8,642 ​ $ — ​ $ 1,297,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending allowance balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Collectively evaluated for impairment ​ 1,814 ​ 435 ​ 1 ​ 89 ​ 330 ​ 2,669 ​ Total ending allowance balance ​ $ 1,814 ​ $ 435 ​ $ 1 ​ $ 89 ​ $ 330 ​ $ 2,669 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending loan balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ 3,812 ​ $ — ​ $ 19 ​ $ — ​ $ — ​ $ 3,831 ​ Collectively evaluated for impairment ​ 1,267,560 ​ 18,529 ​ 7,103 ​ 8,470 ​ — ​ 1,301,662 ​ Total ending loan balance ​ $ 1,271,372 ​ $ 18,529 ​ $ 7,122 ​ $ 8,470 ​ $ — ​ $ 1,305,493 ​ ​
Schedule of balance of impaired loans individually evaluated for impairment by class of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid Recorded Principal (Dollars in thousands) Investment Balance March 31, 2022: ​ ​ ​ ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 3,753 ​ $ 4,274 ​ Home equity loans and lines of credit ​ 18 ​ 30 ​ Total ​ $ 3,771 ​ $ 4,304 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 3,812 ​ $ 4,299 ​ Home equity loans and lines of credit ​ ​ 19 ​ ​ 31 ​ Total ​ $ 3,831 ​ $ 4,330 ​
Schedule of average recorded investment and interest income recognized on impaired loans by class of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, Average Interest Recorded Income (Dollars in thousands) Investment Recognized 2022: ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 3,782 ​ $ 7 ​ Home equity loans and lines of credit ​ 18 ​ — ​ Total ​ $ 3,800 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021: ​ ​ ​ ​ ​ ​ ​ With no related allowance recorded: ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 4,795 ​ $ 13 ​ Home equity loans and lines of credit ​ 22 ​ — ​ Total ​ $ 4,817 ​ $ 13 ​
Schedule of aging of loans and accrual status by class of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans 90 Days or More 30 - 59 60 - 89 90 Days or Past Due Days Past Days Past More Total Past Loans Not Total Nonaccrual and Still (Dollars in thousands) Due Due Past Due Due Past Due Loans Loans Accruing March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 428 ​ $ 367 ​ $ 244 ​ $ 1,039 ​ $ 1,255,526 ​ $ 1,256,565 ​ $ 3,206 ​ $ — ​ Multi-family residential mortgages ​ — ​ — ​ — ​ — ​ 4,906 ​ 4,906 ​ — ​ — ​ Construction, commercial and other mortgages ​ — ​ — ​ — ​ — ​ 21,089 ​ 21,089 ​ — ​ — ​ Home equity loans and lines of credit ​ — ​ — ​ — ​ — ​ 6,612 ​ 6,612 ​ 18 ​ — ​ Loans on deposit accounts ​ — ​ — ​ — ​ — ​ 247 ​ 247 ​ — ​ — ​ Consumer and other ​ 38 ​ — ​ — ​ 38 ​ 8,357 ​ 8,395 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 466 ​ $ 367 ​ $ 244 ​ $ 1,077 ​ $ 1,296,737 ​ $ 1,297,814 ​ $ 3,224 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ $ 129 ​ $ — ​ $ 244 ​ $ 373 ​ $ 1,265,540 ​ $ 1,265,913 ​ $ 3,261 ​ $ — ​ Multi-family residential mortgages ​ — ​ — ​ — ​ — ​ 5,459 ​ 5,459 ​ — ​ — ​ Construction, commercial and other mortgages ​ — ​ — ​ — ​ — ​ 18,529 ​ 18,529 ​ — ​ — ​ Home equity loans and lines of credit ​ — ​ — ​ — ​ — ​ 7,122 ​ 7,122 ​ 19 ​ — ​ Loans on deposit accounts ​ — ​ — ​ — ​ — ​ 278 ​ 278 ​ — ​ — ​ Consumer and other ​ 3 ​ — ​ 24 ​ 27 ​ 8,165 ​ 8,192 ​ — ​ 24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 132 ​ $ — ​ $ 268 ​ $ 400 ​ $ 1,305,093 ​ $ 1,305,493 ​ $ 3,280 ​ $ 24 ​
Summary of troubled debt restructurings by class of loan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Accrual Number of Nonaccrual ​ (Dollars in thousands) Loans Status Loans Status Total March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ 3 ​ $ 547 ​ ​ 1 ​ $ 329 ​ $ 876 Total ​ 3 ​ $ 547 ​ ​ 1 ​ $ 329 ​ $ 876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential mortgages ​ 3 ​ $ 551 ​ ​ 1 ​ $ 340 ​ $ 891 Total ​ 3 ​ $ 551 ​ ​ 1 ​ $ 340 ​ $ 891
Summarizes loans in the loan payment deferral program by class of loan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ December 31, 2021 ​ (Dollars in thousands) ​ Loans in the Loan Payment Deferral Program ​ Percent of Total Loans ​ Loans in the Loan Payment Deferral Program ​ Percent of Total Loans One- to- four family residential mortgage ​ $ 67,925 ​ 5.2 % ​ $ 74,704 ​ 5.7 % Non-residential mortgage ​ ​ 3,646 ​ 0.3 ​ ​ ​ 3,928 ​ 0.3 ​ Total ​ $ 71,571 ​ 5.5 % ​ $ 78,632 ​ 6.0 %

Securities Sold Under Agreeme_2

Securities Sold Under Agreements to Repurchase (Tables)	3 Months Ended
	Mar. 31, 2022
Securities Sold Under Agreements to Repurchase
Summary of securities sold under agreements to repurchase	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Weighted Weighted Repurchase Average Repurchase Average (Dollars in thousands) Liability Rate Liability Rate Maturing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Over 2 years to 3 years ​ $ 10,000 1.81 % $ 5,000 1.88 % Over 3 years to 4 years ​ — — ​ ​ 5,000 1.73 % Total ​ $ 10,000 1.81 % $ 10,000 1.81 %
Summary comparing carrying value and fair value of securities pledged to secure repurchase agreements, repurchase liability, and amount at risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Carrying Fair Average Value of Value of Repurchase Amount Months to (Dollars in thousands) Securities Securities Liability at Risk Maturity Maturing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Over 90 days ​ $ 11,055 ​ $ 10,587 ​ $ 10,000 ​ $ 1,055 33 ​

Offsetting of Financial Liabi_2

Offsetting of Financial Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Offsetting of Financial Liabilities
Schedule of securities sold under agreements to repurchase subject to conditional right of offset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amount of Gross Amount Not Offset in the Gross Amount Gross Amount Liabilities Balance Sheet of Recognized Offset in the Presented in the Financial Cash Collateral (Dollars in thousands) Liabilities Balance Sheet Balance Sheet Instruments ​ Pledged Net Amount March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities sold under agreements to repurchase ​ $ 10,000 ​ $ — ​ $ 10,000 ​ $ 10,000 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities sold under agreements to repurchase ​ $ 10,000 ​ $ — ​ $ 10,000 ​ $ 10,000 ​ $ — ​ $ —

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Tables)	3 Months Ended
	Mar. 31, 2022
Employee Stock Ownership Plan.
Schedule of shares held by the ESOP trust	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, 2022 2021 Allocated shares ​ 553,103 ​ 540,869 ​ ​ Unearned shares ​ 330,297 ​ 342,531 ​ ​ Total ESOP shares ​ 883,400 ​ 883,400 ​ ​ Fair value of unearned shares, in thousands ​ $ 7,927 ​ $ 8,649 ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule of compensation expense and related tax benefit for all share-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In thousands) 2022 2021 Compensation expense ​ $ 134 ​ $ 113 ​ Income tax benefit ​ 37 ​ 31 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Life (years) ​ (in thousands) Options outstanding at December 31, 2021 3,085 ​ $ 23.62 0.67 ​ $ 5 ​ Granted — ​ — — ​ — ​ Exercised — ​ — — ​ — ​ Forfeited — ​ — — ​ — ​ Expired — ​ — — ​ — ​ Options outstanding at March 31, 2022 ​ 3,085 ​ $ 23.62 0.42 ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at December 31, 2020 3,085 ​ $ 23.62 1.67 ​ $ 1 ​ Granted — ​ — — ​ — ​ Exercised — ​ — — ​ — ​ Forfeited — ​ — — ​ — ​ Expired — ​ — — ​ — ​ Options outstanding at March 31, 2021 3,085 ​ $ 23.62 1.42 ​ $ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable at March 31, 2022 3,085 ​ $ 23.62 0.42 ​ $ 1 ​
Restricted Stock
Schedule of restricted stock award activity	​ ​ ​ ​ ​ ​ ​ ​ Weighted Time-Based Average Grant Restricted Date Fair Stock Value Unvested at December 31, 2021 23,208 ​ $ 24.61 ​ Granted — ​ — ​ Vested 8,001 ​ 23.75 ​ Forfeited — ​ — ​ Unvested at March 31, 2022 15,207 ​ $ 25.06 ​ ​ ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 23,695 ​ $ 24.24 ​ Granted 182 ​ 21.05 ​ Vested 11,336 ​ 25.81 ​ Forfeited — ​ — ​ Unvested at March 31, 2021 12,541 ​ $ 22.77 ​
Restricted Stock Units Based on a Performance Condition
Schedule of restricted stock award activity	​ ​ ​ ​ ​ ​ ​ Performance- ​ ​ ​ ​ Based Restricted ​ ​ ​ Stock Units Weighted ​ ​ Based on a ​ Average Grant ​ ​ Performance ​ Date Fair Condition Value Unvested at December 31, 2021 41,583 ​ $ 24.68 Granted — ​ — Vested 7,670 ​ 27.30 Forfeited 4,768 ​ 27.30 Unvested at March 31, 2022 29,145 ​ $ 23.56 ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 40,585 ​ $ 25.83 Granted 219 ​ 21.05 Vested 7,473 ​ 30.73 Forfeited 4,545 ​ 30.73 Unvested at March 31, 2021 28,786 ​ $ 23.75
Restricted Stock Units Based on a Market Condition
Schedule of restricted stock award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Performance- ​ ​ ​ ​ ​ Based Restricted ​ Monte Carlo ​ ​ Stock Units ​ Valuation of ​ ​ Based on a ​ the Company's Market Condition Stock Unvested at December 31, 2021 10,396 ​ $ 24.03 Granted — ​ ​ — Vested — ​ — Forfeited 3,110 ​ 24.45 Unvested at March 31, 2022 7,286 ​ $ 23.85 ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 10,147 ​ $ 24.69 Granted 55 ​ ​ 22.16 Vested 1,628 ​ 30.73 Forfeited 1,377 ​ 30.73 Unvested at March 31, 2021 7,197 ​ $ 23.15

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Schedule of information used to compute basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ (Dollars in thousands, except per share data) 2022 2021 Net income ​ $ 4,710 ​ $ 5,013 ​ ​ ​ Income allocated to participating securities ​ ​ (24) ​ ​ (2) ​ ​ ​ Net income available to common shareholders ​ $ 4,686 ​ $ 5,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares used in: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ 8,980,135 ​ 9,130,777 ​ ​ ​ Dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options and restricted stock units ​ 34,319 ​ 22,673 ​ ​ ​ Diluted earnings per share ​ 9,014,454 ​ 9,153,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share, basic ​ $ 0.52 ​ $ 0.55 ​ ​ ​ Net income per common share, diluted ​ $ 0.52 ​ $ 0.55 ​ ​ ​

Other Comprehensive Loss (Table

Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
Other Comprehensive Loss
Schedule of changes in components of accumulated other comprehensive loss, net of taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded Unrealized Pension (Gain)/Loss on (Dollars in thousands) Liability Securities Total Three months ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at beginning of period ​ $ 5,524 ​ $ — ​ $ 5,524 ​ Other comprehensive loss, net of taxes ​ — ​ 103 ​ 103 ​ Net current period other comprehensive loss ​ — ​ 103 ​ 103 ​ Balances at end of period ​ $ 5,524 ​ $ 103 ​ $ 5,627 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at beginning of period ​ $ 8,967 ​ $ (276) ​ $ 8,691 ​ Other comprehensive loss, net of taxes ​ ​ — ​ ​ 3 ​ ​ 3 ​ Amounts reclassified from other comprehensive income, net of taxes ​ — ​ 83 ​ 83 ​ Net current period other comprehensive loss ​ — ​ 86 ​ 86 ​ Balances at end of period ​ $ 8,967 ​ $ (190) ​ $ 8,777 ​
Schedule of tax effect on each component of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 2021 Pretax After Tax Pretax After Tax (Dollars in thousands) Amount Tax Amount Amount Tax Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss on securities ​ $ 141 ​ $ (38) ​ $ 103 ​ $ 4 ​ $ (1) ​ $ 3 ​ Amount reclassified from other comprehensive income ​ ​ — ​ ​ — ​ ​ — ​ ​ 113 ​ ​ (30) ​ ​ 83 ​ Total ​ $ 141 ​ $ (38) ​ $ 103 ​ $ 117 ​ $ (31) ​ $ 86 ​ ​ ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Reconciliation of revenue from contracts with customers and other revenue reported in line items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and ​ ​ ​ ​ (Dollars in thousands) Other Fees Other Total Three months ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ $ 310 ​ $ 44 ​ $ 354 Other revenue ​ ​ 31 ​ ​ 1,053 ​ ​ 1,084 Total ​ $ 341 ​ $ 1,097 ​ $ 1,438 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ $ 957 ​ $ 82 ​ $ 1,039 Other revenue ​ ​ 38 ​ ​ 28 ​ ​ 66 Total ​ $ 995 ​ $ 110 ​ $ 1,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, (Dollars in thousands) 2022 2021 Lease costs: ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 762 ​ $ 856 ​ Short-term lease costs ​ 15 ​ 6 ​ Variable lease costs ​ 38 ​ 43 ​ Total lease costs ​ $ 815 ​ $ 905 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in measurement of lease liabilities ​ $ 763 ​ $ 845 ​ ROU assets obtained in exchange for new operating lease liabilities ​ $ 4,798 ​ $ 2,438 ​ ​
Schedule of future minimum rental commitments under noncancellable operating leases and lease payment obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 2,190 ​ ​ ​ ​ ​ ​ 2023 ​ 2,629 ​ ​ ​ ​ ​ ​ 2024 ​ 2,423 ​ ​ ​ ​ ​ ​ 2025 ​ 1,694 ​ ​ ​ ​ ​ ​ 2026 ​ 1,491 ​ ​ ​ ​ ​ ​ Thereafter ​ 11,707 ​ ​ ​ ​ ​ ​ Total ​ ​ 22,134 ​ ​ ​ ​ ​ ​ Less lease incentives to be received in 2022 ​ ​ (4,996) ​ ​ ​ ​ ​ ​ Less present value discount ​ ​ (2,298) ​ ​ ​ ​ ​ ​ Present value of leases ​ $ 14,840 ​ ​ ​ ​ ​ ​ ​
Schedule of other lease related information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ Weighted-average remaining lease term (years) ​ 8.92 ​ ​ 6.33 ​ ​ Weighted-average discount rate ​ ​ 1.90 % ​ ​ 2.20 % ​

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule of estimated fair values of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ Fair Value Measurements Using (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 65,784 ​ $ 65,784 ​ $ 65,784 ​ $ — ​ $ — ​ Investment securities available for sale ​ ​ 5,268 ​ ​ 5,268 ​ ​ — ​ ​ 5,268 ​ ​ — ​ Investment securities held to maturity ​ 663,826 ​ ​ 615,381 ​ ​ — ​ ​ 615,381 ​ ​ — ​ Loans held for sale ​ 1,009 ​ ​ 1,009 ​ ​ — ​ ​ 1,009 ​ ​ — ​ Loans receivable, net ​ 1,295,355 ​ ​ 1,225,100 ​ ​ — ​ ​ — ​ ​ 1,225,100 ​ FHLB stock ​ 8,197 ​ ​ 8,197 ​ ​ — ​ ​ 8,197 ​ ​ — ​ FRB stock ​ ​ 3,163 ​ ​ 3,163 ​ ​ — ​ ​ 3,163 ​ ​ — ​ Accrued interest receivable ​ 5,849 ​ ​ 5,849 ​ ​ 19 ​ ​ 1,242 ​ ​ 4,588 ​ Interest rate contracts ​ 77 ​ ​ 77 ​ ​ — ​ ​ 77 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 1,675,568 ​ ​ 1,673,224 ​ ​ — ​ ​ 1,453,007 ​ ​ 220,217 ​ Advances from the Federal Home Loan Bank ​ 141,000 ​ ​ 136,908 ​ ​ — ​ ​ 136,908 ​ ​ — ​ Securities sold under agreements to repurchase ​ 10,000 ​ ​ 9,751 ​ ​ — ​ ​ 9,751 ​ ​ — ​ Accrued interest payable ​ 50 ​ ​ 50 ​ ​ — ​ ​ 37 ​ ​ 13 ​ Interest rate contracts ​ 24 ​ ​ 24 ​ ​ — ​ ​ 24 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 99,859 ​ $ 99,859 ​ $ 99,859 ​ $ — ​ $ — ​ Investment securities held to maturity ​ 636,442 ​ ​ 634,987 ​ ​ — ​ ​ 634,987 ​ ​ — ​ Loans receivable, net ​ 1,302,824 ​ ​ 1,314,609 ​ ​ — ​ ​ — ​ ​ 1,314,609 ​ FHLB stock ​ 8,173 ​ ​ 8,173 ​ ​ — ​ ​ 8,173 ​ ​ — ​ FRB stock ​ ​ 3,158 ​ ​ 3,158 ​ ​ — ​ ​ 3,158 ​ ​ — ​ Accrued interest receivable ​ 5,786 ​ ​ 5,786 ​ ​ 16 ​ ​ 1,126 ​ ​ 4,644 ​ Interest rate contracts ​ 9 ​ ​ 9 ​ ​ — ​ ​ 9 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 1,681,828 ​ ​ 1,682,078 ​ ​ — ​ ​ 1,456,773 ​ ​ 225,305 ​ Advances from the Federal Home Loan Bank ​ 141,000 ​ ​ 141,867 ​ ​ — ​ ​ 141,867 ​ ​ — ​ Securities sold under agreements to repurchase ​ 10,000 ​ ​ 10,143 ​ ​ — ​ ​ 10,143 ​ ​ — ​ Accrued interest payable ​ 35 ​ ​ 35 ​ ​ — ​ ​ 34 ​ ​ 1 ​ Interest rate contracts ​ 9 ​ ​ 9 ​ ​ — ​ ​ 9 ​ ​ — ​
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Level 1 Level 2 Level 3 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts — assets ​ $ — ​ $ 77 ​ $ — ​ $ 77 ​ Interest rate contracts — liabilities ​ — ​ (24) ​ — ​ (24) ​ Investment securities available for sale ​ ​ — ​ ​ 5,268 ​ ​ — ​ ​ 5,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts — assets ​ $ — ​ $ 9 ​ $ — ​ $ 9 ​ Interest rate contracts — liabilities ​ — ​ (9) ​ — ​ (9) ​
Fair Value, Measurements, Nonrecurring
Schedule of balance of assets measured at fair value on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ (Dollars in thousands) Adjustment Date ​ Level 1 Level 2 Level 3 Total ​ Total Losses March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ 3/31/2022 ​ ​ — ​ ​ 1,009 ​ ​ — ​ ​ 1,009 ​ ​ (42) ​

Organization - Narrative (Detai

Organization - Narrative (Details)	3 Months Ended
	Mar. 31, 2022subsidiary
Organization
Number of inactive subsidiaries	1

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents
Cash and due from banks	$ 11,243	$ 11,662
Interest-earning deposits in other banks	54,541	88,197
Cash and cash equivalents	$ 65,784	$ 99,859

Investment Securities - Amortiz

Investment Securities - Amortized Cost and Fair Values of Available-for-Sale Securities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Available-for-sale:
Amortized Cost	$ 5,409
Gross Unrealized Losses	(141)
Estimated Fair Value	5,268
U.S. government-sponsored mortgage-backed securities
Available-for-sale:
Amortized Cost	5,409
Gross Unrealized Losses	(141)
Estimated Fair Value	$ 5,268

Investment Securities - Amort_2

Investment Securities - Amortized Cost and Fair Values of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Held-to-maturity:
Amortized Cost	$ 663,826	$ 636,442
Gross Unrealized Gains	239	5,699
Gross Unrealized Losses	(48,684)	(7,154)
Estimated Fair Value	615,381	634,987
U.S. government-sponsored mortgage-backed securities
Held-to-maturity:
Amortized Cost	663,826	636,442
Gross Unrealized Gains	239	5,699
Gross Unrealized Losses	(48,684)	(7,154)
Estimated Fair Value	$ 615,381	$ 634,987

Investment Securities - Maturit

Investment Securities - Maturity Schedule of Available-for-Sale Securities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Amortized Cost
Due after 10 years	$ 5,409
Amortized Cost	5,409
Estimated Fair Value
Due after 10 years	5,268
Estimated Fair Value	$ 5,268

Investment Securities - Matur_2

Investment Securities - Maturity Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Held-to-maturity, Amortized Cost
Due within 5 years	$ 15
Due after 5 years through 10 years	25
Due after 10 years	663,786
Amortized Cost	663,826	$ 636,442
Held-to-maturity, Estimated Fair Value
Due within 5 years	15
Due after 5 years through 10 years	24
Due after 10 years	615,342
Estimated Fair Value	$ 615,381	$ 634,987

Investment Securities - Realize

Investment Securities - Realized Gains and Losses and Proceeds from Sales (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Realized gains and losses and the proceeds from sales of securities
Proceeds from sales		$ 5,248,000
U.S. government-sponsored mortgage-backed securities
Realized gains and losses and the proceeds from sales of securities
Gross gains		420,000
Proceeds from sales		4,800,000
Available-for-sale mortgage-backed securities sold		943,000
Debt Securities, Available-for-sale, Realized Gain		106,000
Minimum | U.S. government-sponsored mortgage-backed securities
Realized gains and losses and the proceeds from sales of securities
Portion of outstanding purchased principal already collected	85.00%
Held-to-maturity debt securities
Realized gains and losses and the proceeds from sales of securities
Gross gains		526,000
Proceeds from sales		$ 6,297,000

Investment Securities - Securit

Investment Securities - Securities Pledged (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Pledged investment securities
Investment securities pledged to secure deposits made by state and local governments, securities sold under agreements to repurchase and transaction clearing accounts	$ 146.1	$ 140.6

Investment Securities - Availab

Investment Securities - Available-for-Sale Unrealized Loss Position Summary (Details) - U.S. government-sponsored mortgage-backed securities $ in Thousands	Mar. 31, 2022USD ($)security
Schedule of Investments [Line Items]
Less Than 12 Months Fair Value	$ 5,268
Less Than 12 Months Unrealized Losses	$ (141)
Number of Securities | security	1
Total Fair Value	$ 5,268
Total Unrealized Losses	$ (141)

Investment Securities - Held-to

Investment Securities - Held-to-Maturity Unrealized Loss Position Summary (Details) - U.S. government-sponsored mortgage-backed securities $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Investment Securities
Less Than 12 Months Fair Value	$ 552,642	$ 482,629
Less Than 12 Months Unrealized Losses	(42,932)	(6,976)
12 Months or Longer Fair Value	43,751	3,681
12 Months or Longer Unrealized Losses	$ (5,752)	$ (178)
Total Number of Securities	111	43
Total Fair Value	$ 596,393	$ 486,310
Total Unrealized Losses	$ (48,684)	$ (7,154)

Loans Receivable and Allowanc_3

Loans Receivable and Allowance for Loan Losses - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans receivable
Less: Net unearned fees and discounts	$ (1,963)	$ (1,693)
Less: Allowance for loan losses	(2,459)	(2,669)	$ (3,346)	$ (4,262)
Total unearned fees, discounts and allowance for loan losses	(4,422)	(4,362)
Loans receivable, net	1,295,355	1,302,824
Construction, Commercial and Other Mortgage Loans
Loans receivable
Less: Allowance for loan losses	(434)	(435)	(396)	(406)
Home Equity Loans and Lines of Credit.
Loans receivable
Less: Allowance for loan losses	(1)	(1)	(1)	(1)
Consumer and other
Loans receivable
Less: Allowance for loan losses	(92)	(89)	(140)	(146)
Unallocated
Loans receivable
Less: Allowance for loan losses	(298)	(330)	$ (429)	$ (607)
Real estate loans
Loans receivable
Loans receivable, net	1,291,137	1,298,716
Real estate loans | One- to four-family residential
Loans receivable
Loans receivable, net	1,258,453	1,267,537
Real estate loans | Multi-family residential
Loans receivable
Loans receivable, net	4,913	5,468
Real estate loans | Construction, Commercial and Other Mortgage Loans
Loans receivable
Loans receivable, net	21,159	18,590
Real estate loans | Home Equity Loans and Lines of Credit.
Loans receivable
Loans receivable, net	6,612	7,121
Other loans
Loans receivable
Loans receivable, net	8,640	8,470
Other loans | Loans on Deposit Accounts
Loans receivable
Loans receivable, net	247	278
Other loans | Consumer and other
Loans receivable
Loans receivable, net	$ 8,393	$ 8,192

Loans Receivable and Allowanc_4

Loans Receivable and Allowance for Loan Losses - Activity in Allowance for Loan Losses by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Activity in allowance for loan losses
Balance, beginning of period	$ 2,669	$ 4,262
(Reversal of provision) provision for loan losses	(168)	(913)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	2,501	3,349
Charge-offs	(42)	(3)
Net recoveries (charge-offs)	(42)	(3)
Balance, end of period	2,459	3,346
Residential Mortgage
Activity in allowance for loan losses
Balance, beginning of period	1,814	3,102
(Reversal of provision) provision for loan losses	(180)	(722)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	1,634	2,380
Balance, end of period	1,634	2,380
Construction, Commercial and Other Mortgage Loans
Activity in allowance for loan losses
Balance, beginning of period	435	406
(Reversal of provision) provision for loan losses	(1)	(10)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	434	396
Balance, end of period	434	396
Home Equity Loans and Lines of Credit.
Activity in allowance for loan losses
Balance, beginning of period	1	1
Allowance for loan losses on loans receivable after provision (reversal of allowance)	1	1
Balance, end of period	1	1
Consumer and other
Activity in allowance for loan losses
Balance, beginning of period	89	146
(Reversal of provision) provision for loan losses	45	(3)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	134	143
Charge-offs	(42)	(3)
Net recoveries (charge-offs)	(42)	(3)
Balance, end of period	92	140
Unallocated
Activity in allowance for loan losses
Balance, beginning of period	330	607
(Reversal of provision) provision for loan losses	(32)	(178)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	298	429
Balance, end of period	$ 298	$ 429

Loans Receivable and Allowanc_5

Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses and Loans, Net of Unearned Fees and Discounts, by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses:
Collectively evaluated for impairment	$ 2,459	$ 2,669
Total ending allowance balance	2,459	2,669	$ 3,346	$ 4,262
Loans:
Individually evaluated for impairment	3,771	3,831
Collectively evaluated for impairment	1,294,043	1,301,662
Total ending loan balance	1,297,814	1,305,493
Residential Mortgage
Allowance for loan losses:
Collectively evaluated for impairment	1,634	1,814
Total ending allowance balance	1,634	1,814	2,380	3,102
Loans:
Individually evaluated for impairment	3,753	3,812
Collectively evaluated for impairment	1,257,718	1,267,560
Total ending loan balance	1,261,471	1,271,372
Construction, Commercial and Other Mortgage Loans
Allowance for loan losses:
Collectively evaluated for impairment	434	435
Total ending allowance balance	434	435	396	406
Loans:
Collectively evaluated for impairment	21,089	18,529
Total ending loan balance	21,089	18,529
Home Equity Loans and Lines of Credit.
Allowance for loan losses:
Collectively evaluated for impairment	1	1
Total ending allowance balance	1	1	1	1
Loans:
Individually evaluated for impairment	18	19
Collectively evaluated for impairment	6,594	7,103
Total ending loan balance	6,612	7,122
Consumer and other
Allowance for loan losses:
Collectively evaluated for impairment	92	89
Total ending allowance balance	92	89	140	146
Loans:
Collectively evaluated for impairment	8,642	8,470
Total ending loan balance	8,642	8,470
Unallocated
Allowance for loan losses:
Collectively evaluated for impairment	298	330
Total ending allowance balance	$ 298	$ 330	$ 429	$ 607

Loans Receivable and Allowanc_6

Loans Receivable and Allowance for Loan Losses - Impaired Loans by Class (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Impaired loans
Recorded Investment	$ 3,771		$ 3,831
Unpaid Principal Balance	4,304		4,330
Average Recorded Investment	3,800	$ 4,817
Interest Income Recognized	7	13
One- to four-family residential
Impaired loans
Recorded Investment	3,753		3,812
Unpaid Principal Balance	4,274		4,299
Average Recorded Investment	3,782	4,795
Interest Income Recognized	7	13
Home Equity Loans and Lines of Credit
Impaired loans
Recorded Investment	18		19
Unpaid Principal Balance	30		$ 31
Average Recorded Investment	$ 18	$ 22

Loans Receivable and Allowanc_7

Loans Receivable and Allowance for Loan Losses - Delinquent and Nonaccrual Loans (Details)	3 Months Ended
	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)loan
Accounts, Notes, Loans and Financing Receivable
Loans individually evaluated for impairment with a related allowance for loan loss	$ 0		$ 0
Number of nonaccrual loans | loan			10
Number of nonaccrual loans | loan	10
Nonaccrual Loans	$ 3,224,000		$ 3,280,000
Interest collected on nonaccrual loans recorded as a reduction of principal	35,000	$ 42,000
Non accrual loans, additional interest income that would have been recognized had the loans been accruing interest	$ 36,000	$ 94,000
Loan delinquency period that may result in loss	90 days
Loan delinquency period after which an appraisal is obtained of the underlying collateral	4 months
Loans 90 Days or More Past Due and Still Accruing	$ 0		24,000
90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable
Loans 90 Days or More Past Due and Still Accruing			$ 24,000

Loans Receivable and Allowanc_8

Loans Receivable and Allowance for Loan Losses - Aging of Loans and Accrual Status by Class (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due
Total Loans	$ 1,297,814,000	$ 1,305,493,000
Nonaccrual Loans	3,224,000	3,280,000
Loans 90 Days or More Past Due and Still Accruing	0	24,000
One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	1,256,565,000	1,265,913,000
Nonaccrual Loans	3,206,000	3,261,000
Loans 90 Days or More Past Due and Still Accruing	0	0
Multi-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	4,906,000	5,459,000
Loans 90 Days or More Past Due and Still Accruing	0	0
Construction, Commercial and Other Mortgage Loans
Financing Receivable, Recorded Investment, Past Due
Total Loans	21,089,000	18,529,000
Loans 90 Days or More Past Due and Still Accruing	0	0
Home Equity Loans and Lines of Credit
Financing Receivable, Recorded Investment, Past Due
Total Loans	6,612,000	7,122,000
Nonaccrual Loans	18,000	19,000
Loans 90 Days or More Past Due and Still Accruing	0	0
Loans on Deposit Accounts
Financing Receivable, Recorded Investment, Past Due
Total Loans	247,000	278,000
Loans 90 Days or More Past Due and Still Accruing	0	0
Consumer and other
Financing Receivable, Recorded Investment, Past Due
Total Loans	8,395,000	8,192,000
Loans 90 Days or More Past Due and Still Accruing	0	24,000
Not Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans	1,296,737,000	1,305,093,000
Not Past Due | One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	1,255,526,000	1,265,540,000
Not Past Due | Multi-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	4,906,000	5,459,000
Not Past Due | Construction, Commercial and Other Mortgage Loans
Financing Receivable, Recorded Investment, Past Due
Total Loans	21,089,000	18,529,000
Not Past Due | Home Equity Loans and Lines of Credit
Financing Receivable, Recorded Investment, Past Due
Total Loans	6,612,000	7,122,000
Not Past Due | Loans on Deposit Accounts
Financing Receivable, Recorded Investment, Past Due
Total Loans	247,000	278,000
Not Past Due | Consumer and other
Financing Receivable, Recorded Investment, Past Due
Total Loans	8,357,000	8,165,000
Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans	1,077,000	400,000
Past Due | One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	1,039,000	373,000
Past Due | Consumer and other
Financing Receivable, Recorded Investment, Past Due
Total Loans	38,000	27,000
30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans	466,000	132,000
30 - 59 Days Past Due | One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	428,000	129,000
30 - 59 Days Past Due | Consumer and other
Financing Receivable, Recorded Investment, Past Due
Total Loans	38,000	3,000
60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans	367,000
60 - 89 Days Past Due | One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	367,000
90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due
Total Loans	244,000	268,000
Loans 90 Days or More Past Due and Still Accruing		24,000
90 Days or More Past Due | One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Loans	$ 244,000	244,000
90 Days or More Past Due | Consumer and other
Financing Receivable, Recorded Investment, Past Due
Total Loans		$ 24,000

Loans Receivable and Allowanc_9

Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)loan	Mar. 31, 2021loan	Dec. 31, 2021USD ($)loan
Troubled debt restructurings
Troubled debt restructurings	$ 876,000		$ 891,000
Number of loans subsequently defaulted | loan	0	0
Additional disclosures
Real estate owned	$ 0		0
Mortgage loans in process of foreclosure, total value			$ 0
Percentage of current loan balance to the current tax-assessed value of the property securing mortgage loans COVID-19	55.50%
Accrual Status
Troubled debt restructurings
Number of Loans | loan	3		3
Troubled debt restructurings	$ 547,000		$ 551,000
Non Accrual Loans
Troubled debt restructurings
Number of Loans | loan	1		1
Troubled debt restructurings	$ 329,000		$ 340,000
Loans modified in troubled debt restructuring
Troubled debt restructurings
Number of Loans | loan	0	0
Additional disclosures
Commitments to lend additional funds to borrowers	$ 0
Loans modified in troubled debt restructuring | Delinquent
Troubled debt restructurings
Number of Loans | loan	1		1
Troubled debt restructurings	$ 125,000		$ 126,000
One- to four-family residential
Troubled debt restructurings
Troubled debt restructurings	876,000		$ 891,000
Additional disclosures
Mortgage loans in process of foreclosure, total value	$ 244,000
Percentage of mortgage loans representing total loan portfolio balance	97.20%
Percentage of current loan balance to current tax	46.40%
One- to four-family residential | Accrual Status
Troubled debt restructurings
Number of Loans | loan	3		3
Troubled debt restructurings	$ 547,000		$ 551,000
One- to four-family residential | Non Accrual Loans
Troubled debt restructurings
Number of Loans | loan	1		1
Troubled debt restructurings	$ 329,000		$ 340,000

Loans Receivable and Allowan_10

Loans Receivable and Allowance for Loan Losses - Loan Payment Deferral Program by Class (Details)	3 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)
Additional disclosures
Loans in the Loan Payment Deferral Program	$ 71,571,000	$ 78,632,000
Percent of Total Loans	5.50%	6.00%
One- to four-family residential
Additional disclosures
Loans in the Loan Payment Deferral Program	$ 67,925,000	$ 74,704,000
Percent of Total Loans	5.20%	5.70%
Deferred loan reclassified to active	$ 59,600,000
Deferred loan reclassified to active, percent	87.70%
Deferred loan reclassified to active, interest only	$ 7,700,000
Deferred loan reclassified to active, interest only, Percent	11.20%
Number of financial receivable delinquent | loan	3
One- to four-family residential | 30 - 59 Days Past Due
Additional disclosures
Delinquent amount	$ 398,000
Delinquent period	59 days
One- to four-family residential | 60 - 89 Days Past Due
Additional disclosures
Delinquent amount	$ 152,000
Delinquent period	89 days
One- to four-family residential | 90 Days or More Past Due
Additional disclosures
Delinquent amount	$ 147,000
Delinquent period	150 days
Non-residential Mortgage
Additional disclosures
Loans in the Loan Payment Deferral Program	$ 3,646,000	$ 3,928,000
Percent of Total Loans	0.30%	0.30%

Loans Receivable and Allowan_11

Loans Receivable and Allowance for Loan Losses - Collateral, Sales, Serviced for Others, Directors and Executive Officers (Details)	3 Months Ended
	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)loan
Accounts, Notes, Loans and Financing Receivable
Number of nonaccrual loans | loan			10
Loans serviced for others	$ 39,800,000		$ 41,300,000
Loans serviced for others, securitization for which the company continues to hold the related mortgage-backed securities	23,400,000		$ 24,300,000
Loans serviced for others, amount of contractually specified servicing fees earned	$ 27,000	$ 36,000
Maximum
Accounts, Notes, Loans and Financing Receivable
Loan to value ratio (as a percent)	80.00%
Residential Mortgage Loans Held For Sale
Accounts, Notes, Loans and Financing Receivable
Residential mortgage loans sold, loan amount	$ 2,000,000	12,200,000
Residential mortgage loans sold, recognized gains	$ 18,000	$ 420,000
Number of nonaccrual loans | loan	2		0
Residential mortgage loans held for sale	$ 1,000,000

Securities Sold Under Agreeme_3

Securities Sold Under Agreements to Repurchase - Summary of Repurchase Liability by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Securities sold under agreements to repurchase
Repurchase Liability	$ 10,000	$ 10,000
Rate (as a percent)	1.81%	1.81%
Over 2 years to 3 years
Securities sold under agreements to repurchase
Repurchase Liability	$ 10,000	$ 5,000
Rate (as a percent)	1.81%	1.88%
Over 3 years to 4 years
Securities sold under agreements to repurchase
Repurchase Liability		$ 5,000
Rate (as a percent)		1.73%

Securities Sold Under Agreeme_4

Securities Sold Under Agreements to Repurchase - Summary of Securities Pledged (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Securities sold under agreements to repurchase
Repurchase liability maximum	90.00%
Maturing Over 90 days
Securities sold under agreements to repurchase
Carrying Value of Securities	$ 11,055
Fair Value of Securities	10,587
Repurchase Liability	10,000
Amount at Risk	$ 1,055
Weighted Average Months to Maturity	33 months

Offsetting of Financial Liabi_3

Offsetting of Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Securities sold under agreements to repurchase
Gross Amount of Recognized Liabilities	$ 10,000	$ 10,000
Net Amount of Liabilities Presented in the Balance Sheet	10,000	10,000
Gross amount not offset in the balance sheet
Financial Instruments	$ 10,000	$ 10,000

Employee Stock Ownership Plan -

Employee Stock Ownership Plan - Loan, Expense and Shares (Details) - USD ($)	Jan. 01, 2009	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Employee Stock Ownership Plan
Allocated shares		553,103		540,869
Unearned shares		330,297		342,531
Total ESOP shares		883,400		883,400
Fair value of unearned shares, in thousands		$ 7,927,000		$ 8,649,000
ESOP
Employee Stock Ownership Plan
Amount borrowed from employer	$ 9,800,000
Shares purchased	978,650
Percentage of shares issued in initial public offering	8.00%
Employee stock ownership plan, price per share of shares acquired in initial public offering (in dollars per share)	$ 10
Term of loan		20 years
ESOP expense		$ 305,000	$ 317,000
ESOP | Prime rate
Employee Stock Ownership Plan
Variable interest rate		prime rate, as published in The Wall Street Journal

Employee Stock Ownership Plan_2

Employee Stock Ownership Plan - Nonqualified ESOP Restoration Plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
ESOP restoration | Certain executives
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Accrued (reversed) benefits	$ 36,000	$ 18,000

Share-Based Compensation - Plan

Share-Based Compensation - Plan Provisions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation
Shares remaining available for new awards under the 2019 Equity Plan	146,347
Compensation expense	$ 134	$ 113
Income tax benefit	$ 37	$ 31
2010 Equity Incentive Plan | Vesting period one
Share-Based Compensation
Vesting period	3 years
2010 Equity Incentive Plan | Vesting period two
Share-Based Compensation
Vesting period	5 years
2010 Equity Incentive Plan | Vesting period three
Share-Based Compensation
Vesting period	6 years

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Stock option activity
Balance at beginning of period (in shares)	3,085	3,085	3,085
Balance at end of period (in shares)	3,085	3,085	3,085	3,085
Options vested and exercisable (in shares)	3,085
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 23.62	$ 23.62	$ 23.62
Balance at end of period (in dollars per share)	23.62	$ 23.62	$ 23.62	$ 23.62
Options vested and exercisable (in dollars per share)	$ 23.62
Remaining Contractual Life
Options outstanding	5 months 1 day	1 year 5 months 1 day	8 months 1 day	1 year 8 months 1 day
Options vested and exercisable	5 months 1 day
Aggregate Intrinsic Value
Beginning of period	$ 5	$ 1	$ 1
End of period	1	$ 9	$ 5	$ 1
Options vested and exercisable	$ 1
Vested during period (in shares)	0	0
Unrecognized compensation costs	$ 0

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Awards (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unrecognized compensation
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	146,347
Restricted Stock
Restricted Stock Awards
Unvested at beginning of period (in shares)	23,208	23,695
Granted (in shares)	0	182
Vested (in shares)	8,001	11,336
Unvested at end of period (in shares)	15,207	12,541
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 24.61	$ 24.24
Granted (in dollars per share)	0	21.05
Vested (in dollars per share)	23.75	25.81
Unvested at end of period (in dollars per share)	$ 25.06	$ 22.77
Unrecognized compensation
Unrecognized compensation costs	$ 282,000
Restricted Stock Units Based on a Performance Condition
Restricted Stock Awards
Unvested at beginning of period (in shares)	41,583	40,585
Granted (in shares)		219
Vested (in shares)	7,670	7,473
Forfeited (in shares)	4,768	4,545
Unvested at end of period (in shares)	29,145	28,786
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 24.68	$ 25.83
Granted (in dollars per share)		21.05
Vested (in dollars per share)	27.30	30.73
Forfeited (in dollars per share)	27.30	30.73
Unvested at end of period (in dollars per share)	$ 23.56	$ 23.75
Unrecognized compensation
Unrecognized compensation costs	$ 42,000
Unrecognized compensation costs, period of recognition	3 years
Restricted Stock Units Based on a Market Condition
Restricted Stock Awards
Unvested at beginning of period (in shares)	10,396	10,147
Granted (in shares)		55
Vested (in shares)		1,628
Forfeited (in shares)	3,110	1,377
Unvested at end of period (in shares)	7,286	7,197
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 24.03	$ 24.69
Granted (in dollars per share)		22.16
Vested (in dollars per share)		30.73
Forfeited (in dollars per share)	24.45	30.73
Unvested at end of period (in dollars per share)	$ 23.85	$ 23.15
Unrecognized compensation
Unrecognized compensation costs	$ 56,000
Unrecognized compensation costs, period of recognition	3 years
Performance Based Restricted Stock Units (PRSUs)
Unrecognized compensation
Unrecognized compensation costs, period of recognition	3 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share
Net income	$ 4,710	$ 5,013
Income allotted to participating securities	(24)	(2)
Net income available to common shareholders	$ 4,686	$ 5,011
Weighted-average number of shares used in:
Basic earnings per share (in shares)	8,980,135	9,130,777
Dilutive common stock equivalents:
Stock options and restricted stock units (in shares)	34,319	22,673
Diluted earnings per share (in shares)	9,014,454	9,153,450
Net income per common share, basic (in dollars per share)	$ 0.52	$ 0.55
Net income per common share, diluted (in dollars per share)	$ 0.52	$ 0.55

Other Comprehensive Loss - Chan

Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in the components of accumulated other comprehensive loss, net of taxes
Balances at beginning of period	$ (256,322)	$ (248,708)
Other comprehensive (income) loss, net of taxes	103	86
Net current period other comprehensive (income) loss	103	86
Balances at end of period	(257,982)	(251,652)
Accumulated Other Comprehensive (Loss)/Income
Changes in the components of accumulated other comprehensive loss, net of taxes
Balances at beginning of period	5,524	8,691
Net current period other comprehensive (income) loss	103	86
Balances at end of period	5,627	8,777
Unfunded Pension Liability
Changes in the components of accumulated other comprehensive loss, net of taxes
Balances at beginning of period	5,524	8,967
Balances at end of period	5,524	8,967
Unrealized (Gain) / Loss on Securities
Changes in the components of accumulated other comprehensive loss, net of taxes
Balances at beginning of period		(276)
Other comprehensive (income) loss, net of taxes	103	3
Net current period other comprehensive (income) loss	103	86
Balances at end of period	103	(190)
Other comprehensive (income) loss, net of taxes
Changes in the components of accumulated other comprehensive loss, net of taxes
Other comprehensive (income) loss, net of taxes	$ 103	3
Amount Reclassified from Other Comprehensive Income
Changes in the components of accumulated other comprehensive loss, net of taxes
Other comprehensive (income) loss, net of taxes		83
Amounts reclassified from other comprehensive income, net of taxes		$ (83)

Other Comprehensive Loss - Tax

Other Comprehensive Loss - Tax Effect on Each Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Tax effect on each component of other comprehensive loss
Pretax amount	$ 141	$ 117
Tax	(38)	(31)
After Tax Amount	103	86
Unrealized (Gain) / Loss on Securities
Tax effect on each component of other comprehensive loss
Pretax amount	141	4
Tax	(38)	(1)
After Tax Amount	$ 103	3
Amount Reclassified from Other Comprehensive Income
Tax effect on each component of other comprehensive loss
Pretax amount		113
Tax		(30)
After Tax Amount		$ 83

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Revenue from contracts with customers	$ 354	$ 1,039
Other revenue	1,084	66
Total	1,438	1,105
Service and Other Fees
Revenues
Revenue from contracts with customers	310	957
Other revenue	31	38
Total	341	995
Other
Revenues
Revenue from contracts with customers	44	82
Other revenue	1,053	28
Total	$ 1,097	$ 110

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease costs:
Operating lease costs	$ 762	$ 856
Short-term lease costs	15	6
Variable lease costs	38	43
Total lease costs	815	905
Cash paid for amounts included in measurement of lease liabilities	763	845
ROU assets obtained in exchange for new operating lease liabilities	$ 4,798	$ 2,438

Leases - Future Minimum Rental

Leases - Future Minimum Rental Commitments Under Non-cancellable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Future minimum rental commitments:
2022	$ 2,190
2023	2,629
2024	2,423
2025	1,694
2026	1,491
Thereafter	11,707
Total	22,134
Less lease incentives to be received in 2022	(4,996)
Less present value discount	(2,298)
Present value of leases	$ 14,840	$ 10,744

Leases - Other Related Informat

Leases - Other Related Information (Details)	Mar. 31, 2022	Mar. 31, 2021
Leases
Weighted-average remaining lease term (years)	8 years 11 months 1 day	6 years 3 months 29 days
Weighted-average discount rate	1.90%	2.20%

Fair Value - Estimated Fair Val

Fair Value - Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Investment securities available for sale, at fair value	$ 5,268
Investment securities held to maturity	615,381	$ 634,987
Carrying Amount
Assets
Cash and cash equivalents	65,784	99,859
Investment securities available for sale, at fair value	5,268
Investment securities held to maturity	663,826	636,442
Loans held for sale	1,009
Loans receivable, net	1,295,355	1,302,824
FHLB stock	8,197	8,173
FRB stock	3,163	3,158
Accrued interest receivable	5,849	5,786
Interest rate contracts	77	9
Liabilities
Deposits	1,675,568	1,681,828
Advances from the Federal Home Loan Bank	141,000	141,000
Securities sold under agreements to repurchase	10,000	10,000
Accrued interest payable	50	35
Interest rate contracts	24	9
Estimated Fair Value
Assets
Cash and cash equivalents	65,784	99,859
Investment securities available for sale, at fair value	5,268
Investment securities held to maturity	615,381	634,987
Loans held for sale	1,009
Loans receivable, net	1,225,100	1,314,609
FHLB stock	8,197	8,173
FRB stock	3,163	3,158
Accrued interest receivable	5,849	5,786
Interest rate contracts	77	9
Liabilities
Deposits	1,673,224	1,682,078
Advances from the Federal Home Loan Bank	136,908	141,867
Securities sold under agreements to repurchase	9,751	10,143
Accrued interest payable	50	35
Interest rate contracts	24	9
Estimated Fair Value | Level 1
Assets
Cash and cash equivalents	65,784	99,859
Accrued interest receivable	19	16
Estimated Fair Value | Level 2
Assets
Investment securities available for sale, at fair value	5,268
Investment securities held to maturity	615,381	634,987
Loans held for sale	1,009
FHLB stock	8,197	8,173
FRB stock	3,163	3,158
Accrued interest receivable	1,242	1,126
Interest rate contracts	77	9
Liabilities
Deposits	1,453,007	1,456,773
Advances from the Federal Home Loan Bank	136,908	141,867
Securities sold under agreements to repurchase	9,751	10,143
Accrued interest payable	37	34
Interest rate contracts	24	9
Estimated Fair Value | Level 3
Assets
Loans receivable, net	1,225,100	1,314,609
Accrued interest receivable	4,588	4,644
Liabilities
Deposits	220,217	225,305
Accrued interest payable	$ 13	$ 1

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets and Liabilities Measured at Fair Value on Recurring Basis
Investment securities available for sale, at fair value	$ 5,268
Fair Value, Measurements, Recurring
Assets and Liabilities Measured at Fair Value on Recurring Basis
Interest rate contracts - assets	77	$ 9
Interest rate contracts - liabilities	(24)	(9)
Investment securities available for sale, at fair value	5,268
Fair Value, Measurements, Recurring | Level 2
Assets and Liabilities Measured at Fair Value on Recurring Basis
Interest rate contracts - assets	77	9
Interest rate contracts - liabilities	(24)	$ (9)
Investment securities available for sale, at fair value	$ 5,268

Fair Value - Nonrecurring Basis

Fair Value - Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Assets Measured at Fair Value on Nonrecurring Basis and Related Losses
Fair value		$ 0
Liabilities measured at fair value	$ 0	$ 0
Loans held for sale
Assets Measured at Fair Value on Nonrecurring Basis and Related Losses
Loans held for sale	1,009
Total Losses	(42)
Level 2 | Loans held for sale
Assets Measured at Fair Value on Nonrecurring Basis and Related Losses
Loans held for sale	$ 1,009

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 28, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Events
Quarterly cash dividend declared on common stock (in dollars per share)		$ 0.23	$ 0.23
Subsequent event
Subsequent Events
Quarterly cash dividend declared on common stock (in dollars per share)	$ 0.23