Meridian (MRBK) 10-K 16 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-55983
Entity Registrant Name	Meridian Corp
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	83-1561918
Entity Address, Address Line One	9 Old Lincoln Highway
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	484
Local Phone Number	568-5000
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	MRBK
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 143,633,306
Entity Common Stock, Shares Outstanding		6,129,216
Auditor Name	Crowe LLP
Auditor Firm ID	173
Auditor Location	Washington, D.C.
Entity Central Index Key	0001750735
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Cash and due from banks	$ 23,480	$ 34,190
Federal funds sold		2,554
Cash and cash equivalents	23,480	36,744
Securities available-for-sale (amortized cost of $158,387 and $120,215 as of December 31, 2021 and December 31, 2020)	159,302	123,562
Securities held-to-maturity (fair value of $6,591 and $6,857 as of December 31, 2021 and December 31, 2020)	6,372	6,510
Equity investments	2,354	1,031
Mortgage loans held for sale (amortized cost of $80,002 and $225,007 as of December 31, 2021 and December 31, 2020), at fair value	80,882	229,199
Loans, net of fees and costs (includes $17,558 and $12,182 of loans at fair value, amortized cost of $17,106 and $11,514 as of December 31, 2021 and December 31, 2020)	1,386,457	1,284,764
Allowance for loan and lease losses	(18,758)	(17,767)
Loans, net of the allowance for loan and lease losses	1,367,699	1,266,997
Restricted investment in bank stock	5,117	7,861
Bank premises and equipment, net	11,806	7,777
Bank owned life insurance	22,503	12,138
Accrued interest receivable	5,009	5,482
Deferred income taxes	1,413	62
Servicing assets	12,765	5,617
Goodwill	899	899
Intangible assets	3,379	3,601
Other assets	10,463	12,717
Total assets	1,713,443	1,720,197
Deposits:
Non-interest bearing	274,528	203,843
Interest bearing	1,171,885	1,037,492
Total deposits	1,446,413	1,241,335
Short-term borrowings	41,344	106,862
Long-term debt		165,546
Subordinated debentures	40,508	40,671
Accrued interest payable	31	1,154
Other liabilities	19,787	23,007
Total liabilities	1,548,083	1,578,575
Stockholders' equity:
Common stock, $1 par value. Authorized 25,000,000 and 10,000,000 shares as of December 31, 2021 and December 31, 2020; issued 6,534,587 and 6,455,566 as of December 31, 2021 and December 31, 2020	6,535	6,456
Surplus	83,663	81,196
Treasury stock - 426,693 and 320,000 shares at December 31, 2021 and December 31, 2020	(8,860)	(5,828)
Unearned common stock held by employee stock ownership plan	(1,602)	(1,768)
Retained earnings	84,916	59,010
Accumulated other comprehensive income	708	2,556
Total stockholders' equity	165,360	141,622
Total liabilities and stockholders' equity	$ 1,713,443	$ 1,720,197

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Available-for-sale, Amortized Cost	$ 158,387	$ 120,215
Securities held-to-maturity	6,591	6,857
Mortgage loans held for sale, amortized cost	80,002	225,007
Loans at fair value	17,558	12,182
Loans at amortized cost	$ 17,106	$ 11,514
Common stock, par value	$ 1	$ 1
Common stock, Authorized shares	25,000,000	10,000,000
Common Stock, Shares, Issued	6,534,587	6,455,566
Treasury stock shares held	426,693	320,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Loans, including fees	$ 68,822	$ 60,357
Securities:
Taxable	1,460	1,186
Tax-exempt	1,192	1,044
Cash and cash equivalents	48	69
Total interest income	71,522	62,656
Interest expense:
Deposits	5,494	9,970
Borrowings	2,917	3,690
Total interest expense	8,411	13,660
Net interest income	63,111	48,996
Provision for loan losses	1,070	8,302
Net interest income after provision for loan losses	62,041	40,694
Non-interest income:
Mortgage banking income	75,932	76,461
SBA loan income	6,898	2,572
Earnings on investment in life insurance	365	279
Net change in the fair value of derivative instruments	(4,338)	4,975
Net change in the fair value of loans held-for-sale	(3,311)	3,847
Net change in the fair value of loans held-for-investment	(189)	323
Net gain (loss) on hedging activity	2,961	(9,400)
Net gain on sale of investment securities available-for-sale	435	1,345
Other	4,305	2,555
Non-interest income	87,988	86,918
Non-interest expenses:
Salaries and employee benefits	78,866	72,147
Occupancy and equipment	4,545	4,292
Professional fees	3,558	3,113
Advertising and promotion	3,714	2,852
Data processing	2,150	1,913
Information technology	2,232	1,542
Pennsylvania bank shares tax	609	1,049
Other	8,053	6,168
Non-interest expenses	103,727	93,076
Income before income taxes	46,302	34,536
Income tax expense	10,717	8,098
Net income	$ 35,585	$ 26,438
Basic earnings per common share	$ 5.91	$ 4.32
Diluted earnings per common share	$ 5.73	$ 4.27
Wealth Management Income
Non-interest income:
Revenue from contracts with customers	$ 4,801	$ 3,854
Service Charges
Non-interest income:
Revenue from contracts with customers	129	107
Service charges	$ 128	$ 107

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income:	$ 35,585	$ 26,438
Net change in unrealized gains on investment securities available for sale:
Net unrealized (losses) gains arising during the period, net of tax expense of ($485), and $1,121, respectively	(1,514)	3,584
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of ($101), and ($320), respectively	(334)	(1,025)
Unrealized investment (losses) gains, net of tax expense of $(584), and $801, respectively	(1,848)	2,559
Total other comprehensive (loss) income	(1,848)	2,559
Total comprehensive income	$ 33,737	$ 28,997

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Tax expense (benefit) on unrealized (losses) gains arising during the period	$ (485)	$ 1,121
Tax expense (benefit) on reclassification adjustment for net gains on sales realized in net income	(101)	(320)
Tax expense (benefit) on unrealized investment (losses) gains	$ (584)	$ 801

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common stock	Surplus	Treasury Stock	Unearned Common Stock ESOP	Retained Earnings	Accumulated Other Comprehensive Income	Total
Balance beginning of the period at Dec. 31, 2019	$ 6,408	$ 80,196	$ (3)		$ 34,097	$ (3)	$ 120,695
Comprehensive income:
Net income					26,438		26,438
Net change in unrealized gains on securities available-for-sale, net of tax						2,559	2,559
Total comprehensive income							28,997
Dividends paid or accrued					(1,525)		(1,525)
Shares purchased for ESOP plan				$ (2,000)			(2,000)
Net purchase of treasury stock through publicly announced plans		122	(5,825)				(5,703)
Common stock issued through share-based awards and exercises	48	347					395
ESOP shares committed to be released (13,328)				232			232
Stock based compensation		531					531
Balance ending of the period at Dec. 31, 2020	6,456	81,196	(5,828)	(1,768)	59,010	2,556	141,622
Comprehensive income:
Net income					35,585		35,585
Net change in unrealized gains on securities available-for-sale, net of tax						(1,848)	(1,848)
Total comprehensive income							33,737
Dividends paid or accrued					(9,679)		(9,679)
Net purchase of treasury stock through publicly announced plans			(3,032)				(3,032)
Common stock issued through share-based awards and exercises	79	1,026					1,105
ESOP shares committed to be released (13,328)		228		166			394
Stock based compensation		1,213					1,213
Balance ending of the period at Dec. 31, 2021	$ 6,535	$ 83,663	$ (8,860)	$ (1,602)	$ 84,916	$ 708	$ 165,360

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends declared	$ 1.575	$ 0.250
Shares purchased for ESOP plan		133,601
Treasury stock purchased	106,693	316,625
Shares issued through share-based awards and exercises	79,021	47,881
Shares committed to be released	13,328	13,328

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$ 35,585	$ 26,438
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of investment securities	(435)	(1,345)
Net amortization of investment premiums and discounts and change in fair value of equity securities	1,369	425
Depreciation and amortization, net	(5,922)	(2,890)
Provision for loan losses	1,070	8,302
Amortization of issuance costs on subordinated debt	118	112
Share-based compensation	1,607	763
Net change in fair value of derivative instruments	4,338	(4,975)
Net change in fair value of loans held for sale	3,311	(3,847)
Net change in fair value of loans held for investment	189	(323)
Gain on sale of OREO		(6)
Amortization and net impairment of servicing rights	1,109	816
SBA loan income	(6,898)	(2,733)
Proceeds from sale of loans	2,483,373	2,235,986
Loans originated for sale	(2,270,693)	(2,356,821)
Mortgage banking income	(75,932)	(77,116)
Decrease (increase) in accrued interest receivable	473	(2,334)
Increase (decrease) in other assets	(3,693)	8,995
Earnings from investment in life insurance	(365)	(279)
(Increase) decrease income in deferred income tax	(768)	1,254
(Decrease) in accrued interest payable	(1,122)	66
(Decreased) increase in other liabilities	(1,591)	11,047
Net cash provided by (used in) operating activities	165,123	(158,465)
Activity in available-for-sale securities:
Maturities, repayments and calls	10,447	8,247
Sales	23,585	45,927
Purchases	(74,341)	(114,494)
Activity in held-to-maturity securities:
Maturities, repayments and calls		2,140
Proceeds from sale of OREO		126
Decrease in restricted stock	2,743	211
Net increase in loans	(87,575)	(312,112)
Purchases of premises and equipment	(5,374)	(747)
Purchase of bank owned life insurance	(10,000)
Net cash used in investing activities	(140,515)	(370,702)
Cash flows from financing activities:
Net increase in deposits	205,079	390,167
Decrease in short-term borrowings	(44,939)	(922)
Decrease in short-term borrowings with original maturity > 90 days	(20,579)	(15,479)
Repayment of long-term debt (subordinated debt)	(281)	(172)
(Repayment) proceeds from long-term debt, net	(165,546)	162,423
Repayment of acquisition note payable		(413)
Issuance costs on subordinated debt		(231)
Net purchase of treasury stock	(3,032)	(5,703)
Dividends paid	(9,679)	(1,525)
Purchase of common shares for ESOP		(2,000)
Share based awards and exercises	1,105	395
Net cash (used in) provided by financing activities	(37,872)	526,540
Net change in cash and cash equivalents	(13,264)	(2,627)
Cash and cash equivalents at beginning of period	36,744	39,371
Cash and cash equivalents at end of period	23,480	36,744
Supplemental disclosure of cash flow information:
Interest	9,534	13,594
Income taxes	14,069	5,295
Supplemental disclosure of cash flow information:
Transfers from loans held for sale to loans held for investment	$ 8,410	3,313
Net loans purchased, not settled		$ 325

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies (a) Nature of Operations ​ Meridian Corporation (“Meridian” or the “Corporation”) is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the “Bank”), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, as well as the Central Maryland market area. We have a financial services business model with significant noninterest income streams from mortgage lending, small business (“SBA”) lending and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred deliver channel and bank-to-bank ACH. ​ The Corporation operates in a highly competitive market areas that includes local, national and regional banks as competitors along with savings banks, credit unions, insurance companies, trust companies and registered investment advisors. The Corporation and its subsidiaries are regulated by many regulatory agencies including the Securities and Exchange Commission (“SEC”), Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve and the Pennsylvania Department of Banking and Securities. ​ The Bank was incorporated on March 16, 2004 under the laws of the Commonwealth of Pennsylvania and is a Pennsylvania state-chartered bank. The Bank commenced operations on July 8, 2004 and is a full-service bank providing personal and business lending and deposit services through 6 full-service banking offices in Pennsylvania, 9 mortgage loan production offices throughout the Delaware Valley, and 8 mortgage loan production offices in Maryland. The Bank and Corporation are headquartered in Malvern, Pennsylvania, located in the western suburbs of Philadelphia. ​ (b) Basis of Presentation ​ The accounting policies of the Corporation conform to U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include accounts of the Corporation and its wholly owned subsidiary, the Bank, and the wholly owned subsidiaries of the Bank: Meridian Land Settlement Services LLC; APEX Realty LLC; Meridian Wealth Partners LLC; and Meridian Equipment Finance LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on prior year net income or total stockholders’ equity. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although our current estimates contemplate current conditions and how we expect them to change in the future, due to the continuing impact that the COVID-19 pandemic has had on financial markets and the economy both locally and nationally, it is reasonably possible that this could continue to materially affect these significant estimates and our results of operations and financial condition. ​ (c) Significant Concentrations of Credit Risk Most of the Corporation’s activities are with customers located in the Delaware Valley tri-state market and the central Maryland market area. Note 4 discusses the types of securities that the Corporation invests in. Note 5 discusses types of lending that the Corporation engages in. Although the Corporation has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Corporation does not have any significant concentrations to any one industry or customer, however there is significant concentration of commercial real estate-backed loans, amounting to 37% and 38% of total loans held for investment, as of December 31, 2021 and December 31, 2020, respectively. (d) Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased or sold for one day periods. The Federal Reserve Board removed cash minimum reserve requirements in March 2020. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and the federal funds purchased and repurchased agreements. (e) Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Corporation’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains and losses are reported as increases or decreases in other comprehensive income. Gains or losses on disposition are based on the net proceeds and cost of the securities sold, adjusted for the amortization of premiums and accretion of discounts, using the specific identification method. Securities classified as held to maturity are those debt securities the Corporation has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed on a level yield basis. Investments in equity securities are recorded in accordance with ASC 321-10, Investments - Equity Securities. ​ The Corporation’s accounting policy specifies that (a) if the Corporation does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired, unless there is a credit loss. When the Corporation does not intend to sell the security, and it is more likely than not, the Corporation will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The Corporation did not recognize any other-than-temporary impairment charges during the years ended December 31, 2021 and 2020. ​ (f) Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Corporation generally amortizes these amounts over the contractual life of the loan. Loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, are held for the foreseeable future or until maturity or payoff, are carried at fair value. The accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and charged against current year income. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. (g) Allowance for Loan and Lease Losses The allowance for loan and lease losses (“Allowance”) is a valuation for probable incurred credit losses established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the Allowance, and subsequent recoveries, if any, are credited to the Allowance. All, or part, of the principal balance of loans receivable are charged off to the Allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Charge-offs for retail consumer loans are generally made for any balance not adequately secured after 120 cumulative days past due. The Allowance is maintained at a level considered adequate to provide for probable incurred credit losses. Management’s periodic evaluation of the adequacy of the Allowance is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Corporation’s Allowance and may require the Corporation to recognize additions to the Allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The Allowance consists of general and specific components. The general component covers non-classified loans, as well as, non-impaired classified loans and is based on historical loss experience adjusted for qualitative factors. The specific component relates to loans that are classified as doubtful, substandard, and are on non-accrual and have been deemed impaired. Loan classifications are determined based on various assessments such as the borrower’s overall financial condition, payment history, repayment sources, guarantors and value of collateral. We apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period (“LEP”). The LEP is an estimate of the average amount of time from when an event happens that causes the borrower to be unable to pay on a loan until the loss is confirmed through a loan charge-off. ​ Another key assumption is the look-back period (“LBP”), which represents the historical data period utilized to calculate loss rates. Our LBP goes back to Q1 2010 for all portfolio segments, as applicable, which encompasses our loss experience during the Financial Crisis, and our more recent improved loss experience. ​ After consideration of the historic loss calculations, management applies qualitative adjustments so that the Allowance is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in lending policies and practices, economic conditions, changes in the loan portfolio, changes in lending management, results of internal loan reviews, asset quality trends, collateral values, concentrations of credit risk and other external factors. The evaluation of the various components of the Allowance requires considerable judgment in order to estimate inherent loss exposures. ​ A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement, or a troubled debt restructure (“TDR”). Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. For commercial and construction loans, impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral adjusted for cost to sell, if the loan is collateral dependent. Large groups of smaller balance homogeneous residential mortgage and consumer loans are collectively evaluated for impairment. Accordingly, the Corporation does not separately identify individual loans of this nature for impairment disclosures, unless such loans become impaired or are troubled and the subject of a restructuring agreement. Loans whose terms are modified are classified as TDRs if the Corporation grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. TDRs are considered impaired loans No portion of the Allowance is restricted to any individual loan or groups of loans, and the entire Allowance is available to absorb any and all loan and lease losses. The Corporation has identified the following portfolio segments with similar risk characteristics for measuring credit losses: Commercial mortgage – Residential mortgage – Construction – Commercial and Industrial – Leases – Consumer, including home equity – The largest component of Meridian’s consumer loan portfolio consists of fixed rate home equity loans and variable rate home equity lines of credit. Substantially all home equity loans and lines of credit are secured by junior lien mortgages on principal residences. The Bank will lend amounts, which, together with all prior liens, typically may be up to 90 percent of the appraised value of the property securing the loan. Home equity term loans may have maximum terms up to 20 years, while home equity lines of credit generally have maximum terms of 15 years. Credit risk on such loans is mitigated through prudent underwriting standards, including evaluation of the creditworthiness of the borrower through credit scores and debt-to-income ratios and, if secured, the collateral value of the assets. ​ h) Mortgage Banking Activities and Mortgage Loans Held for Sale The Corporation’s mortgage banking division operates 9 offices in the tri-state area of Pennsylvania, Delaware and New Jersey and another 8 offices in Maryland. The mortgage banking division originates conventional mortgages, FHA, VA, USDA, and other state insured mortgages. The loans are generally sold to various investors in the secondary market. Mortgage loans originated by the Corporation and intended for sale in the secondary market to permanent investors are classified as mortgage loans held for sale on the balance sheet as the Corporation has elected to measure loans held for sale at fair value. Fair value is based on outstanding investor commitments or, in the absence of such commitments, on current investor yield requirements based on third party models. Gains and losses on sales of these loans, as well as loan origination costs, are recorded as a component of noninterest income in the Consolidated Statements of Income. The Corporation’s current practice is to sell residential mortgage loans and retain the servicing rights, as discussed further below. Interest on loans held for sale is credited to income based on the principal amounts outstanding. ​ The Corporation enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (interest rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 to 120 days. The Corporation protects itself from changes in interest rates through the use of best efforts forward sale contracts, whereby the Corporation commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. The Corporation also commits to loan sales through a mandatory sales channel which are economically hedged by the future sale of mortgage-backed securities to third-party counterparties to mitigate the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. By entering into best efforts commitments and economically hedging the mandatory commitments, the Corporation limits its exposure to loss and its realization of significant gains related to its rate lock commitments due to changes in interest rates. ​ The Corporation utilizes a third-party model to determine the fair value of rate lock commitments or forward sale contracts. This model uses investor quotes while taking into consideration the probability that the rate lock commitments will close. Net derivative assets and liabilities are recorded within other assets or other liabilities, respectively, on the consolidated balance sheets, with changes in fair value during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income. (i) Loan Servicing Rights The Corporation sells substantially all of the residential mortgage loans originated for sale in the secondary market; however, the Corporation may retain the servicing rights related to some of these loans. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received in return for these services. Mortgage servicing rights (“MSRs") are recognized when a loan’s servicing rights are retained upon sale of a loan. When mortgage loans are sold with servicing retained, MSRs are initially recorded at fair value with the income effect recorded in non-interest income. The Corporation also sells the guaranteed portion of certain Small Business Administration (“SBA”) loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. These servicing assets amortize in proportion to, and over the period of, the estimated future net servicing life of the underlying loans. The servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the servicing assets. (j) Other Real Estate Owned Other real estate owned (OREO) is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. The Corporation acquires OREO through the wholly owned subsidiary of the Bank, Apex Realty. OREO is recorded at the lower of cost or fair value, or the loan amount net of estimated selling costs, at the date of foreclosure. The cost basis of OREO is its recorded value at the time of acquisition. After acquisition, valuations are periodically performed by management and subsequent changes in the valuation allowance are charged to OREO expense. Revenues, such as rental income, and holding expenses are included in other income and other expenses, respectively. The Corporation had no OREO at December 31, 2021 and 2020. (k) Restricted Investment in Bank Stock Restricted bank stock is principally comprised of stock in the Federal Home Loan Bank of Pittsburgh (FHLB). Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. As of December 31, 2021, and 2020, the Corporation had an investment of $5.1 million and $7.9 million, respectively, related to the FHLB stock. Also included in restricted stock is secondary stock from a correspondent bank in the amount of $50 thousand as of December 31, 2021 and 2020. All restricted stock is carried at cost. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) significance of the decline in net assets of the banks as compared to the capital stock amount and the length of time this situation has persisted, (2) commitments by the banks to make payments required by law or regulation and the level of such payments in relation to the operating performance of the banks, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the banks. Management believes no impairment charge is necessary related to these bank restricted stocks as of December 31, 2021 or 2020. (l ) Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. (m) Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 12 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 7 years and 3 to 5 years for computer software and hardware, respectively. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The costs of maintenance and repairs are expensed as incurred; while major replacements, improvements and additions are capitalized. (n) Bank-Owned Life Insurance The Corporation invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Corporation on a chosen group of employees. The Corporation is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in non-interest income on the consolidated statements of income. (o) Advertising Costs The Corporation follows the policy of charging the costs of advertising to expense as incurred. (p) Employee Benefit Plans The Corporation has a 401(k) Plan (the Plan) and an Employee Stock Ownership Plan (ESOP). All employees are eligible to participate in the Plan and ESOP after they have attained the age of 21 and have also completed 3 consecutive months of service. Employees must participate in the Plan to be eligible for participation in the ESOP. The employees may contribute to the Plan up to the maximum percentage allowable by law of their compensation. The Corporation may make a discretionary matching contribution to the Plan and the ESOP. Full vesting in the Corporation’s contribution to the Plan and ESOP is over a three-year period. The Corporation recorded expense for the Plan and ESOP of $1.4 million and $1.1 million, respectively for the year ended December 31, 2021 and $1.1 million and $1.2 million, respectively for the year ended December 31, 2020. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2021 included a $663 thousand employer contribution, in addition to $437 thousand in stock compensation related expense. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2020 included a $550 thousand employer contribution, and a $600 thousand one-time contribution approved by the Board of Directors. There was no such contribution made in 2021. During the year ended December 31, 2021, 45,606 shares were purchased by the ESOP at an average market value of $24.30, while for the year ended December 31, 2020, 161,576 shares were purchased by the ESOP at an average market value of $15.06. Shares in the ESOP that are committed to be released to employees are treated as outstanding shares in the Corporation’s computation of earnings per share. On August 31, 2020 the Corporation established a $2 million stock purchase authorization with the ESOP. By the end of 2020 the ESOP had fully utilized the $2 million loan to purchase 133,280 Corporation common shares and as of December 31, 2021, 26,656 of these common shares were released to the ESOP leaving 106,624 unallocated shares. The 133,280 common shares purchased using the loan proceeds are included in the 161,576 shares purchased by the ESOP in 2020. There were 269,904 shares in the ESOP as of December 31, 2021. Shares in the ESOP would be impacted by any stock dividends and stock splits in the same manner as all other outstanding common shares of the Corporation. (q) Income Taxes Deferred income taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating losses and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and net operating loss carry-forwards and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Corporation follows accounting guidance related to accounting for uncertainty in income taxes. Under the “more likely than not” threshold guidelines, the Corporation believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2021, and 2020, the Corporation had no material unrecognized tax benefits or accrued interest and penalties. The Corporation’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. The Corporation is no longer subject to examination by federal, state and local taxing authorities for years before January 1, 2018. (r ) Stock Compensation Plans Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options and restricted share plans. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Corporation’s common stock at the date of grant is used for restricted stock awards. (s) Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income (loss) for the years ended December 31, 2021 and 2020 consist of unrealized holding gains and (losses) arising during the year on available-for-sale securities. (t ) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Corporation has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded. (u) Derivative Financial Instruments The Corporation recognizes all derivative financial instruments related to its mortgage banking activities on its balance sheet at fair value. The Corporation utilizes investor quotes to determine the fair value of interest rate lock commitment derivatives and market pricing to determine the fair value of forward security purchase commitment derivatives. All changes in fair value of derivative instruments are recognized in earnings. The Corporation enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. The interest rate swaps are recognized on the Corporation’s balance sheet at fair value. Under these agreements, the Corporation originates variable-rate loans with customers in addition to interest rate swap agreements, which serve to effectively swap the customers’ variable-rate loans into fixed-rate loans. The Corporation then enters into corresponding swap agreements with swap dealer counterparties to economically hedge its exposure on the variable and fixed components of the customer agreements. The interest rate swaps with both the customers and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. (v) Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury stock. Diluted earnings per common share takes into account the potential dilution that would occur if in the-money stock options were exercised and converted into shares of common stock and restricted stock awards and performance-based stock awards were vested. Proceeds assumed to have been received on options exercises are assumed to be used to purchase shares of the Corporation’s common stock

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2021
Earnings per Common Share
Earnings per Common Share	(2) Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury shares. Diluted earnings per common share takes into account the potential dilution computed pursuant to the treasury stock method that could occur if stock options were exercised and converted into common stock and if restricted stock awards were vested, and SERP plan liabilities were satisfied with common shares. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, (dollars in thousands, except per share data) 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 35,585 ​ ​ 26,438 Denominator for basic earnings per share ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 6,133 ​ ​ 6,159 Average unearned ESOP shares ​ ​ (114) ​ ​ (37) Basic weighted averages shares outstanding ​ ​ 6,019 ​ ​ 6,122 Dilutive effects of assumed exercises of stock options ​ ​ 130 ​ ​ 23 Dilutive effects of SERP shares ​ ​ 57 ​ ​ 42 Denominator for diluted earnings per share - adjusted weighted average shares outstanding ​ ​ 6,206 ​ ​ 6,187 Basic earnings per share ​ $ 5.91 ​ ​ 4.32 Diluted earnings per share ​ $ 5.73 ​ ​ 4.27 Antidilutive shares excluded from computation of average dilutive earnings per share ​ ​ 139 ​ ​ 275 ​

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangibles
Goodwill and Other Intangibles	(3) Goodwill and Other Intangibles The Corporation’s goodwill and intangible assets are detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ Balance ​ Amortization ​ ​ December 31, ​ Amortization ​ December 31, ​ Period (dollars in thousands) 2020 Expense 2021 (in years) Goodwill - Wealth ​ $ 899 ​ — ​ 899 ​ Indefinite Total Goodwill ​ ​ 899 ​ — ​ 899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets - trade name ​ ​ 266 ​ — ​ 266 ​ Indefinite Intangible assets - customer relationships ​ ​ 3,319 ​ (206) ​ 3,113 ​ 20 Intangible assets - non competition agreements ​ ​ 16 ​ (16) ​ — ​ 4 Total Intangible Assets ​ ​ 3,601 ​ (222) ​ 3,379 ​ ​ Total ​ $ 4,500 ​ (222) ​ 4,278 ​ ​ ​ Accumulated amortization of intangible assets was $1.2 million and $1 million as of December 31, 2021 and 2020, respectively. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill and identifiable intangible assets as of December 31, 2021 and determined it was more likely than not that the fair value of the Corporation, including the wealth reporting unit where the goodwill and identifiable intangible assets are held, was more than its carrying amount. ​ At December 31, 2021, the schedule of future intangible asset amortization is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ 204 2023 ​ ​ ​ ​ ​ ​ 204 2024 ​ ​ ​ ​ ​ ​ 204 2025 ​ ​ ​ ​ ​ ​ 204 2026 ​ ​ ​ ​ ​ ​ 204 Thereafter ​ ​ ​ ​ ​ ​ 2,093 ​ ​ ​ ​ ​ ​ $ 3,113 ​

Securities

Securities	12 Months Ended
	Dec. 31, 2021
Securities
Securities	(4) Securities The amortized cost and approximate fair value of securities as of December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 16,850 ​ 55 ​ (68) ​ 16,837 ​ 10 U.S. government agency mortgage-backed securities ​ ​ 9,749 ​ 124 ​ (60) ​ 9,813 ​ 3 U.S. government agency collateralized mortgage obligations ​ ​ 22,276 ​ 358 ​ (253) ​ 22,381 ​ 10 State and municipal securities ​ ​ 72,099 ​ 1,379 ​ (496) ​ 72,982 ​ 12 U.S. Treasuries ​ ​ 29,973 ​ 1 ​ (246) ​ 29,728 ​ 21 Non-U.S. government agency collateralized mortgage obligations ​ ​ 990 ​ ─ ​ (15) ​ 975 ​ 1 Corporate bonds ​ ​ 6,450 ​ 154 ​ (18) ​ 6,586 ​ 5 Total securities available-for-sale ​ $ 158,387 ​ 2,071 ​ (1,156) ​ 159,302 ​ 62 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 6,372 ​ 219 ​ ─ ​ 6,591 ​ — Total securities held-to-maturity ​ $ 6,372 ​ 219 ​ — ​ 6,591 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,303 ​ 364 ​ (75) ​ 25,592 ​ 8 U.S. government agency mortgage-backed securities ​ ​ 3,854 ​ 192 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,010 ​ 916 ​ (17) ​ 23,909 ​ 1 State and municipal securities ​ ​ 63,848 ​ 2,025 ​ (63) ​ 65,810 ​ 3 Corporate bonds ​ ​ 4,200 ​ 7 ​ (2) ​ 4,205 ​ 2 Total securities available-for-sale ​ $ 120,215 ​ 3,504 ​ (157) ​ 123,562 ​ 14 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 6,510 ​ 347 ​ — ​ 6,857 ​ — Total securities held-to-maturity ​ $ 6,510 ​ 347 ​ — ​ 6,857 ​ — ​ Although the Corporation’s investment portfolio overall is in a net unrealized gain position at December 31, 2021, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and the Corporation does not intend to sell these securities prior to recovery and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities are deemed to be other-than-temporarily impaired. As of December 31, 2021 and 2020, securities having a fair value of $92.2 million and $55.9 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB. ​ The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 12,330 ​ (68) ​ — ​ — ​ 12,330 ​ (68) U.S. government agency mortgage-backed securities ​ ​ 3,852 ​ (60) ​ — ​ — ​ 3,852 ​ (60) U.S. government agency collateralized mortgage obligations ​ ​ 8,836 ​ (187) ​ 1,657 ​ (66) ​ 10,493 ​ (253) State and municipal securities ​ ​ 14,994 ​ (427) ​ 2,019 ​ (69) ​ 17,013 ​ (496) U.S. Treasuries ​ ​ 28,750 ​ (246) ​ — ​ — ​ 28,750 ​ (246) Non-U.S. government agency collateralized mortgage obligations ​ ​ 975 ​ (15) ​ — ​ — ​ 975 ​ (15) Corporate bonds ​ ​ 2,232 ​ (18) ​ — ​ — ​ 2,232 ​ (18) Total securities available-for-sale ​ $ 71,969 ​ (1,021) ​ 3,676 ​ (135) ​ 75,645 ​ (1,156) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 2,884 ​ (4) ​ 7,443 ​ (71) ​ 10,327 ​ (75) U.S. government agency collateralized mortgage obligations ​ ​ 2,284 ​ (17) ​ — ​ — ​ 2,284 ​ (17) State and municipal securities ​ ​ 4,163 ​ (63) ​ — ​ — ​ 4,163 ​ (63) Corporate bonds ​ ​ 1,198 ​ (2) ​ — ​ — ​ 1,198 ​ (2) Total securities available-for-sale ​ $ 10,529 ​ (86) ​ 7,443 ​ (71) ​ 17,972 ​ (157) ​ The amortized cost and carrying value of securities at December 31, 2021 and 2020 are shown below by contractual maturities. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Available-for-sale ​ Held-to-maturity ​ Available-for-sale ​ Held-to-maturity ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair (dollars in thousands) cost value cost value cost value cost value Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ — ​ — ​ 763 ​ 769 ​ $ — ​ — ​ — ​ — Due after one year through five years ​ ​ 12,934 ​ 12,885 ​ 2,354 ​ 2,397 ​ ​ — ​ — ​ 3,181 ​ 3,288 Due after five years through ten years ​ ​ 30,890 ​ 30,798 ​ 3,255 ​ 3,425 ​ ​ 12,035 ​ 12,095 ​ 3,329 ​ 3,569 Due after ten years ​ ​ 81,548 ​ 82,450 ​ — ​ — ​ ​ 81,316 ​ 83,512 ​ — ​ — Subtotal ​ ​ 125,372 ​ 126,133 ​ 6,372 ​ 6,591 ​ ​ 93,351 ​ 95,607 ​ 6,510 ​ 6,857 Mortgage-related securities ​ ​ 33,015 ​ 33,169 ​ — ​ — ​ ​ 26,864 ​ 27,955 ​ — ​ — Mutual funds with no stated maturity ​ ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ — Total ​ $ 158,387 ​ 159,302 ​ 6,372 ​ 6,591 ​ $ 120,215 ​ 123,562 ​ 6,510 ​ 6,857 ​ ​ ​ Proceeds from the sale of available for sale investment securities totaled $23.6 million for the year ended December 31, 2021, resulting in a gross gain on sale of $634 thousand and a gross loss on sale of $199 thousand for the year ended December 31, 2021. Proceeds from the sale of available for sale investment securities totaled $45.9 million for the year ended December 31, 2020, resulting in a gross gain on sale of $1.5 million and a gross loss on sale of $196 thousand for the year ended December 31, 2020.

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2021
Loans Receivable
Loans Receivable	(5) Loans Receivable Loans and leases outstanding at December 31, 2021 and 2020 are detailed by category as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 Mortgage loans held for sale ​ $ 80,882 ​ 229,199 Real estate loans: ​ ​ ​ ​ ​ Commercial mortgage ​ ​ 516,928 ​ 485,103 Home equity lines and loans ​ ​ 52,299 ​ 64,987 Residential mortgage (1) ​ ​ 68,175 ​ 52,454 Construction ​ ​ 160,905 ​ 140,246 Total real estate loans ​ ​ 798,307 ​ 742,790 ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 293,771 ​ 261,750 Small business loans ​ ​ 114,158 ​ 49,542 Paycheck Protection Program ("PPP") loans ​ ​ 90,194 ​ 203,543 Main Street Lending Program ("MSLP") loans ​ ​ 597 ​ 580 Consumer ​ ​ 419 ​ 511 Leases, net ​ ​ 88,242 ​ 31,040 Total portfolio loans and leases ​ ​ 1,385,688 ​ 1,289,756 Total loans and leases ​ $ 1,466,570 ​ 1,518,955 ​ ​ ​ ​ ​ ​ Loans with predetermined rates ​ $ 488,220 ​ 658,458 Loans with adjustable or floating rates ​ ​ 978,350 ​ 860,497 Total loans and leases ​ $ 1,466,570 ​ 1,518,955 ​ ​ ​ ​ ​ ​ Net deferred loan origination costs (fees) ​ $ 769 ​ (4,992) ​ (1) Includes $17,558 and $12,182 of loans at fair value as of December 31, 2021 and 2020, respectively. ​ Components of the net investment in leases at December 31, 2021 and 2020 are detailed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 Minimum lease payments receivable ​ $ 105,608 ​ 37,919 Unearned lease income ​ ​ (17,366) ​ (6,879) Total ​ $ 88,242 ​ 31,040 ​ ​ Age Analysis of Past Due Loans and Leases The following table presents an aging of the Corporation’s loan and lease portfolio as of December 31, 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2021 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 516,928 ​ 516,928 ​ — ​ 516,928 ​ — % Home equity lines and loans ​ ​ 103 ​ — ​ 103 ​ 51,285 ​ 51,388 ​ 911 ​ 52,299 ​ 1.94 ​ Residential mortgage (1) ​ ​ 600 ​ — ​ 600 ​ 65,177 ​ 65,777 ​ 2,398 ​ 68,175 ​ 4.40 ​ Construction ​ ​ — ​ — ​ — ​ 160,905 ​ 160,905 ​ — ​ 160,905 ​ — ​ Commercial and industrial ​ ​ — ​ — ​ — ​ 274,970 ​ 274,970 ​ 18,801 ​ 293,771 ​ 6.40 ​ Small business loans ​ ​ — ​ — ​ — ​ 113,492 ​ 113,492 ​ 666 ​ 114,158 ​ 0.58 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ 90,194 ​ 90,194 ​ — ​ 90,194 ​ — ​ Main Street Lending Program loans ​ ​ — ​ — ​ — ​ 597 ​ 597 ​ — ​ 597 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 419 ​ 419 ​ — ​ 419 ​ — ​ Leases, net ​ ​ 390 ​ — ​ 390 ​ 87,640 ​ 88,030 ​ 212 ​ 88,242 ​ 0.68 ​ Total ​ $ 1,093 ​ — ​ 1,093 ​ 1,361,607 ​ 1,362,700 ​ 22,988 ​ 1,385,688 ​ 1.74 % (1) Includes $17,558 of loans at fair value as of December 31, 2021 ($16,768 of current, $189 of 30-89 days past due and $601 of nonaccrual). ​ The increase in nonaccrual loans and leases was largely due to one commercial loan relationship for $13.8 million that had been on COVID-19 deferral but became a non-performing loan relationship late in 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2020 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 482,042 ​ 482,042 ​ 3,061 ​ 485,103 ​ 0.63 % Home equity lines and loans ​ ​ — ​ — ​ — ​ 64,128 ​ 64,128 ​ 859 ​ 64,987 ​ 1.32 ​ Residential mortgage (1) ​ ​ 3,595 ​ — ​ 3,595 ​ 46,134 ​ 49,729 ​ 2,725 ​ 52,454 ​ 12.05 ​ Construction ​ ​ — ​ — ​ — ​ 140,246 ​ 140,246 ​ — ​ 140,246 ​ — ​ Commercial and industrial ​ ​ — ​ — ​ — ​ 260,465 ​ 260,465 ​ 1,285 ​ 261,750 ​ 0.49 ​ Small business loans ​ ​ — ​ — ​ — ​ 49,542 ​ 49,542 ​ — ​ 49,542 ​ — ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ 203,543 ​ 203,543 ​ — ​ 203,543 ​ — ​ Main Street Lending Program loans ​ ​ — ​ — ​ — ​ 580 ​ 580 ​ — ​ 580 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 511 ​ 511 ​ — ​ 511 ​ — ​ Leases, net ​ ​ 109 ​ — ​ 109 ​ 30,931 ​ 31,040 ​ — ​ 31,040 ​ 0.35 ​ Total ​ $ 3,704 ​ — ​ 3,704 ​ 1,278,122 ​ 1,281,826 ​ 7,930 ​ 1,289,756 ​ 0.90 % (1) Includes $12,182 of loans at fair value as of December 31, 2020 ($10,314 of current, $958 of 30-89 days past due and $910 of nonaccrual).

Allowance for Loan and Lease Lo

Allowance for Loan and Lease Losses (the Allowance)	12 Months Ended
	Dec. 31, 2021
Allowance for Loan and Lease Losses (the Allowance)
Allowance for Loan and Lease Losses (the Allowance)	(6) Allowance for Loan and Lease Losses (the Allowance) The Allowance is evaluated on at least a quarterly basis, as losses are estimated to be probable and incurred. The provision for loan and lease losses increase or decrease the ALLL, if deemed necessary. Loans deemed to be uncollectible are charged against the Allowance, and subsequent recoveries, if any, are credited to the Allowance. The Allowance is maintained at a level considered adequate to provide for losses that are probable and estimable. Management’s periodic evaluation of the adequacy of the Allowance is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available. Roll-Forward of the Allowance by Portfolio Segment The following tables detail the roll-forward of the Corporation’s Allowance, by portfolio segment, as of December 31, 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2020 Charge-offs Recoveries Provision December 31, 2021 Commercial mortgage ​ $ 7,451 ​ — ​ — ​ (2,501) ​ 4,950 Home equity lines and loans ​ ​ 434 ​ (81) ​ 82 ​ (211) ​ 224 Residential mortgage ​ ​ 385 ​ — ​ 5 ​ (107) ​ 283 Construction ​ ​ 2,421 ​ — ​ — ​ (379) ​ 2,042 Commercial and industrial ​ ​ 5,431 ​ — ​ 41 ​ 1,061 ​ 6,533 Small business loans ​ ​ 1,259 ​ — ​ — ​ 2,478 ​ 3,737 Consumer ​ ​ 4 ​ — ​ 4 ​ (5) ​ 3 Leases ​ ​ 382 ​ (130) ​ — ​ 734 ​ 986 Total ​ $ 17,767 ​ (211) ​ 132 ​ 1,070 ​ 18,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2019 Charge-offs Recoveries Provision December 31, 2020 Commercial mortgage ​ $ 3,426 ​ — ​ — ​ 4,025 ​ 7,451 Home equity lines and loans ​ ​ 342 ​ (90) ​ 14 ​ 168 ​ 434 Residential mortgage ​ ​ 179 ​ — ​ 7 ​ 199 ​ 385 Construction ​ ​ 2,362 ​ — ​ — ​ 59 ​ 2,421 Commercial and industrial ​ ​ 2,684 ​ (31) ​ 58 ​ 2,720 ​ 5,431 Small business loans ​ ​ 509 ​ — ​ — ​ 750 ​ 1,259 Consumer ​ ​ 6 ​ (10) ​ 4 ​ 4 ​ 4 Leases ​ ​ 5 ​ — ​ — ​ 377 ​ 382 Total ​ $ 9,513 ​ (131) ​ 83 ​ 8,302 ​ 17,767 ​ ​ The Allowance Allocated by Portfolio Segment The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2021 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2021 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 4,950 ​ 4,950 ​ $ 3,556 ​ 513,372 ​ 516,928 ​ Home equity lines and loans ​ ​ — ​ 224 ​ 224 ​ ​ 905 ​ 51,394 ​ 52,299 ​ Residential mortgage ​ ​ — ​ 283 ​ 283 ​ ​ 1,797 ​ 48,820 ​ 50,617 ​ Construction ​ ​ — ​ 2,042 ​ 2,042 ​ ​ 1,206 ​ 159,699 ​ 160,905 ​ Commercial and industrial ​ ​ 2,900 ​ 3,633 ​ 6,533 ​ ​ 17,361 ​ 276,410 ​ 293,771 ​ Small business loans ​ ​ 376 ​ 3,361 ​ 3,737 ​ ​ 792 ​ 113,366 ​ 114,158 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ ​ — ​ 90,194 ​ 90,194 (2) Main Street Lending Program ​ ​ — ​ — ​ — ​ ​ — ​ 597 ​ 597 (2) Consumer ​ ​ — ​ 3 ​ 3 ​ ​ — ​ 419 ​ 419 ​ Leases, net ​ ​ — ​ 986 ​ 986 ​ ​ 212 ​ 88,030 ​ 88,242 ​ Total ​ $ 3,276 ​ 15,482 ​ 18,758 ​ $ 25,829 ​ 1,342,301 ​ 1,368,130 (1) (1) Excludes deferred fees and loans carried at fair value. (2) PPP and MSLP loans are not reserved against as they are 100% guaranteed. ​ The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2020 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2020 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 7,451 ​ 7,451 ​ $ 1,606 ​ 483,497 ​ 485,103 ​ Home equity lines and loans ​ ​ 9 ​ 425 ​ 434 ​ ​ 921 ​ 64,066 ​ 64,987 ​ Residential mortgage ​ ​ 73 ​ 312 ​ 385 ​ ​ 1,817 ​ 38,455 ​ 40,272 ​ Construction ​ ​ — ​ 2,421 ​ 2,421 ​ ​ 1,206 ​ 139,040 ​ 140,246 ​ Commercial and industrial ​ ​ 1,563 ​ 3,868 ​ 5,431 ​ ​ 4,645 ​ 257,105 ​ 261,750 ​ Small business loans ​ ​ — ​ 1,259 ​ 1,259 ​ ​ 185 ​ 49,357 ​ 49,542 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ ​ — ​ 203,543 ​ 203,543 (2) Main Street Lending Program ​ ​ — ​ — ​ — ​ ​ — ​ 580 ​ 580 (2) Consumer ​ ​ — ​ 4 ​ 4 ​ ​ — ​ 511 ​ 511 ​ Leases, net ​ ​ — ​ 382 ​ 382 ​ ​ — ​ 31,040 ​ 31,040 ​ Total ​ $ 1,645 ​ 16,122 ​ 17,767 ​ $ 10,380 ​ 1,267,194 ​ 1,277,574 (1) (1) Excludes deferred fees and loans carried at fair value. (2) PPP and MSLP loans are not reserved against as they are 100% guaranteed. ​ Loans and Leases by Credit Ratings As part of the process of determining the Allowance to the different segments of the loan and lease portfolio, Management considers certain credit quality indicators. For the commercial mortgage, construction and commercial and industrial loan segments, periodic reviews of the individual loans are performed by Management. The results of these reviews are reflected in the risk grade assigned to each loan. These internally assigned grades are as follows: ● Pass – Loans considered to be satisfactory with no indications of deterioration. ● Special mention – Loans classified as special mention have a potential weakness that deserves Management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. ● Substandard – Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. ● Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loan balances classified as doubtful have been reduced by partial charge-offs and are carried at their net realizable values. The following table details the carrying value of loans and leases by portfolio segment based on the credit quality indicators used to determine the Allowance as of December 31, 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 481,551 ​ 29,452 ​ 5,925 ​ — ​ 516,928 Home equity lines and loans ​ ​ 50,908 ​ — ​ 1,391 ​ — ​ 52,299 Construction ​ ​ 151,608 ​ 9,297 ​ — ​ — ​ 160,905 Commercial and industrial ​ ​ 236,298 ​ 14,603 ​ 42,870 ​ — ​ 293,771 Small business loans ​ ​ 112,096 ​ — ​ 2,062 ​ — ​ 114,158 Paycheck Protection Program loans ​ ​ 90,194 ​ — ​ — ​ — ​ 90,194 Main Street Lending Program loans ​ ​ 597 ​ — ​ — ​ — ​ 597 Total ​ $ 1,123,252 ​ 53,352 ​ 52,248 ​ — ​ 1,228,852 ​ Commercial and industrial loans classified as substandard totaled $42.9 million as of December 31, 2021, an increase of $33.9 million, from $9.0 million as of December 31, 2020. The increase was driven by the $13.8 million commercial loan relationship in the advertising industry that became a non-performing loan relationship late in 2021, discussed above. The remaining $20.1 million of increase year-over-year was comprised of 18 different loan relationships with no specific industry concentration. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 449,545 ​ 32,059 ​ 3,499 ​ — ​ 485,103 Home equity lines and loans ​ ​ 63,923 ​ — ​ 1,064 ​ — ​ 64,987 Construction ​ ​ 132,286 ​ 7,960 ​ — ​ — ​ 140,246 Commercial and industrial ​ ​ 227,349 ​ 21,721 ​ 9,000 ​ 3,680 ​ 261,750 Small business loans ​ ​ 46,789 ​ — ​ 2,753 ​ — ​ 49,542 Paycheck Protection Program loans ​ ​ 203,543 ​ — ​ — ​ — ​ 203,543 Main Street Lending Program loans ​ ​ 580 ​ — ​ — ​ — ​ 580 Total ​ $ 1,124,015 ​ 61,740 ​ 16,316 ​ 3,680 ​ 1,205,751 ​ In addition to credit quality indicators as shown in the above tables, Allowance allocations for residential mortgages, consumer loans and leases are also applied based on their performance status as December 31, 2021 and 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (dollars in thousands) Performing Nonperforming Total Performing Nonperforming Total Residential mortgage ​ $ 48,820 ​ 1,797 ​ 50,617 ​ $ 38,457 ​ 1,815 ​ 40,272 Consumer ​ ​ 419 ​ — ​ 419 ​ ​ 511 ​ — ​ 511 Leases, net ​ ​ 88,030 ​ 212 ​ 88,242 ​ ​ 31,040 ​ — ​ 31,040 Total ​ $ 137,269 ​ 2,009 ​ 139,278 ​ $ 70,008 ​ 1,815 ​ 71,823 ​ There were four nonperforming residential mortgage loans at December 31, 2021 and five at December 31, 2020 with a combined outstanding principal balance of $601 thousand and $910 thousand, respectively, which were carried at fair value and not included in the table above. No TDR’s performing according to modified terms are included in performing residential mortgages above for the twelve months ended December 31, 2021 and 2020, respectively. Impaired Loans The following tables detail the recorded investment and principal balance of impaired loans by portfolio segment, their related Allowance and interest income recognized for the periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Principal ​ Related (dollars in thousands) investment balance allowance investment balance allowance Impaired loans with related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 17,147 ​ 17,310 ​ 2,900 ​ 3,860 ​ 3,902 ​ 1,563 Small business loans ​ ​ 666 ​ 666 ​ 376 ​ — ​ — ​ — Home equity lines and loans ​ ​ — ​ — ​ — ​ 95 ​ 105 ​ 9 Residential mortgage ​ ​ — ​ — ​ — ​ 689 ​ 689 ​ 73 Total ​ $ 17,813 ​ 17,976 ​ 3,276 ​ 4,644 ​ 4,696 ​ 1,645 Impaired loans without related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage ​ $ 3,556 ​ 3,559 ​ — ​ 1,606 ​ 1,642 ​ — Commercial and industrial ​ ​ 214 ​ 269 ​ — ​ 785 ​ 862 ​ — Small business loans ​ ​ 126 ​ 126 ​ — ​ 185 ​ 185 ​ — Home equity lines and loans ​ ​ 905 ​ 935 ​ — ​ 826 ​ 839 ​ — Residential mortgage ​ ​ 1,797 ​ 1,797 ​ — ​ 1,128 ​ 1,128 ​ — Construction ​ ​ 1,206 ​ 1,206 ​ — ​ 1,206 ​ 1,206 ​ — Leases ​ ​ 212 ​ 212 ​ — ​ — ​ — ​ — Total ​ ​ 8,016 ​ 8,104 ​ — ​ 5,736 ​ 5,862 ​ — Grand Total ​ $ 25,829 ​ 26,080 ​ 3,276 ​ 10,380 ​ 10,558 ​ 1,645 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ Average ​ Interest ​ Average ​ Interest ​ ​ ​ recorded ​ income ​ recorded ​ income (dollars in thousands) ​ ​ investment ​ recognized ​ investment ​ recognized Impaired loans with related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 17,349 ​ 15 ​ 3,907 ​ 31 Small business loans ​ ​ 887 ​ — ​ — ​ — Home equity lines and loans ​ ​ — ​ — ​ 102 ​ — Residential mortgage ​ ​ — ​ — ​ 689 ​ — Total ​ $ 18,236 ​ 15 ​ 4,698 ​ 31 Impaired loans without related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage ​ $ 3,578 ​ 43 ​ 1,697 ​ 86 Commercial and industrial ​ ​ 239 ​ 24 ​ 832 ​ 19 Small business loans ​ ​ 154 ​ 14 ​ 213 ​ 14 Home equity lines and loans ​ ​ 914 ​ — ​ 831 ​ — Residential mortgage ​ ​ 1,807 ​ 11 ​ 1,131 ​ 133 Construction ​ ​ 1,206 ​ 62 ​ 1,208 ​ 45 Leases ​ ​ 240 ​ — ​ — ​ — Total ​ $ 8,138 ​ 154 ​ 5,912 ​ 297 Grand Total ​ $ 26,374 ​ 169 ​ 10,610 ​ 328 ​ ​ Troubled Debt Restructuring (“TDR’s”) The restructuring of a loan is considered a TDR if both of the following conditions are met: (i) the borrower is experiencing financial difficulties, and (ii) the creditor has granted a concession. The most common concessions granted include one or more modifications to the terms of the debt, such as (a) a reduction in the interest rate for the remaining life of the debt, (b) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (c) a temporary period of interest-only payments, (d) a reduction in the contractual payment amount for either a short period or remaining term of the loan, and (e) for leases, a reduced lease payment. A less common concession granted is the forgiveness of a portion of the principal. The determination of whether a borrower is experiencing financial difficulties takes into account not only the current financial condition of the borrower, but also the potential financial condition of the borrower, were a concession not granted. The determination of whether a concession has been granted is very subjective in nature. For example, simply extending the term of a loan at its original interest rate or even at a higher interest rate could be interpreted as a concession unless the borrower could readily obtain similar credit terms from a different lender. The balance of TDRs at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 TDRs included in nonperforming loans and leases ​ $ 361 244 TDRs in compliance with modified terms ​ 3,446 3,362 Total TDRs ​ $ 3,807 3,606 ​ There were 2 loan and lease modifications granted during the year ended December 31, 2021 on commercial mortgages and no loan and lease modifications granted during the year ended December 31, 2020 that were categorized as TDRs. No loan and lease modifications granted during the twelve months ended December 31, 2021 and 2020 subsequently defaulted during the same time period. ​ ​ COVID-19 Assistance to Customers ​ During 2021 and 2020 we assisted customers that were impacted by the COVID-19 pandemic through 2 distinct and impactful ways: the issuance of PPP loans and short-term loan deferrals on a limited basis, in accordance with Section 4103 of the CARES Act. ​ Throughout the life of the PPP loan program we helped borrowers with the issuance of 1,451 such loans totaling over $370 million. As of March 10, 2022, approximately $314 million, or 1,224 loans, had been paid back. Out of the remaining $56.3 million that have yet to be forgiven by the SBA, $31.7 million have submitted for forgiveness and are awaiting a response from the SBA, while the remaining $24.6 million has not yet submitted a request for forgiveness. We also provided COVID-19 loan deferrals, typically in 3 month increments, to loan customers that amounted to $2.4 million as of December 31, 2021, down $21.8 million, or 90%, from the $24.2 million as of December 31, 2020 as detailed by industry concentration of the borrower in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 Hotels ​ $ — 11,832 C&I building construction ​ ​ — ​ 10,103 Other ​ 2,424 2,243 Total ​ $ 2,424 24,178 ​ As these modifications related to the COVID-19 pandemic and qualify under the provisions of either Section 4013 of the CARES Act or Interagency Guidance, they are not considered TDR’s. loans are classified as performing and are not considered past due. Loans are to be placed on non-accrual when it becomes apparent that payment of interest or recovery of all principal is questionable, and the COVID-19 related modification is no longer considered short-term or the modification is deemed ineffective. As of January 31, 2022 the $2.4 million of deferrals that had existed as of December 31, 2021 expired without further deferral or modification given to these borrowers.

Bank Premises and Equipment

Bank Premises and Equipment	12 Months Ended
	Dec. 31, 2021
Bank Premises and Equipment
Bank Premises and Equipment	(7) Bank Premises and Equipment The components of premises and equipment at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Building ​ $ 4,141 ​ 4,141 Leasehold improvements ​ ​ 3,347 ​ 3,202 Land ​ ​ 600 ​ 600 Land Improvements ​ ​ 218 ​ 218 Furniture, fixtures and equipment ​ ​ 3,229 ​ 2,700 Computer equipment and data processing software ​ ​ 7,971 ​ 7,034 Construction in process ​ ​ 3,763 ​ — Less: accumulated depreciation ​ ​ (11,463) ​ (10,118) Total ​ $ 11,806 ​ 7,777 ​ Total depreciation expense for the years ended December 31, 2021 and 2020 totaled $1.3 million and $1.6 million, respectively. In November 2021 Meridian purchased a building for $3.8 million that will serve as the future headquarters of our bank operations department, as well as other departments. As of December 31, 2021 this building was classified as construction in process as it has not yet been put into service, and therefore has not started to be depreciated.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2021
Deposits:
Deposits	(8) Deposits The components of deposits at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Demand, non-interest bearing ​ $ 274,528 ​ 203,843 Demand, interest bearing ​ ​ 268,248 ​ 206,573 Savings accounts ​ ​ 45,038 ​ 8,056 Money market accounts ​ ​ 652,590 ​ 564,566 Time deposits ​ ​ 206,009 ​ 258,297 Total ​ $ 1,446,413 ​ 1,241,335 ​ The aggregate amount of time deposits in denominations over $250 thousand were $179.8 million and $233.1 milllion as of December 31, 2021 and 2020, respectively. ​ At December 31, 2021, the scheduled maturities of time deposits are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2022 ​ ​ $ 126,719 2023 ​ ​ ​ ​ 18,106 2024 ​ ​ ​ ​ 4,071 2025 ​ ​ ​ ​ 24,271 2026 ​ ​ ​ ​ 32,842 Total ​ ​ ​ $ 206,009 ​

Short-Term Borrowings and Long

Short-Term Borrowings and Long -Term Debt	12 Months Ended
	Dec. 31, 2021
Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings and Long-Term Debt	(9) Short-Term Borrowings and Long-Term Debt The Corporation’s short-term borrowings generally consist of federal funds purchased and short-term borrowings extended under agreements with the Federal Home Loan Bank of Pittsburgh (“FHLB”). The Corporation has two unsecured Federal Funds borrowing facilities with correspondent banks: one of $24 million and one of $15 million. Federal funds purchased generally represent one-day borrowings. The Corporation had no Federal Funds purchased at December 31, 2021 and December 31, 2020. The Corporation also has a facility with the Federal Reserve discount window of $3.5 million. This facility is fully secured by investment securities. There were no borrowings under this at December 31, 2021 and $10 million at December 31, 2020. Short-term borrowings at December 31, 2021 and December 31, 2020 consisted of the following notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) ​ date rate 2021 2020 Open Repo Plus Weekly ​ 05/31/2022 ​ 0.33 % $ 36,458 ​ 60,416 Mid-term Repo-fixed ​ 09/12/2022 ​ 0.23 ​ ​ 4,886 ​ — Federal Reserve Discount Window ​ 03/31/2021 ​ 0.25 ​ ​ — ​ 10,000 Mid-term Repo-fixed ​ 01/13/2021 ​ 0.36 ​ ​ — ​ 4,605 Mid-term Repo-fixed ​ 06/10/2021 ​ 0.10 ​ ​ — ​ 6,376 Mid-term Repo-fixed ​ 09/10/2021 ​ 0.11 ​ ​ — ​ 10,000 Mid-term Repo-fixed ​ 12/10/2021 ​ 0.16 ​ ​ — ​ 10,000 Mid-term Repo-fixed ​ 01/27/2021 ​ 0.23 ​ ​ — ​ 5,465 Total ​ ​ ​ ​ ​ $ 41,344 ​ 106,862 ​ As part of the CARES Act, the FRB of Philadelphia offered secured discounted borrowings to banks who originated PPP loans through the Paycheck Protection Program Liquidity Facility or PPPLF program. Advances from this facility are secured 100% by the aggregate face value of pools comprised of loans with common maturity dates. PPPLF advances mature concurrently with the loans in a given pool. At December, 2021, the Corporation had no of PPPLF advances with the FRB of Philadelphia. Advances made on the PPPLF were ended by the FRB on July 30, 2021. Long-term debt at December 31, 2021 and December 31, 2020 consisted of the following fixed rate notes with the FHLB of Pittsburgh: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) date rate 2021 2020 PPPLF Advances ​ 2022 ​ 0.35 % $ — ​ 153,269 Mid-term Repo-fixed ​ 06/29/2022 ​ 0.32 ​ ​ — ​ 7,392 Mid-term Repo-fixed ​ 09/12/2022 ​ 0.23 ​ ​ — ​ 4,885 Total ​ ` ​ ​ ​ $ — ​ 165,546 ​ The FHLB of Pittsburgh has also issued $131.5 million of letters of credit to the Corporation for the benefit of the Corporation’s public deposit funds and loan customers. These letters of credit expire throughout 2021. The Corporation has a maximum borrowing capacity with the FHLB of $505.4 million as of December 31, 2021 and $638.9 million as of December 31, 2020. All advances and letters of credit from the FHLB are secured by a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

Subordinated Debentures

Subordinated Debentures	12 Months Ended
	Dec. 31, 2021
Subordinated Debentures
Subordinated Debentures	(10) Subordinated Debentures In December 2008, the Bank issued $550 thousand of mandatory convertible unsecured subordinated debentures (2008 Debentures). The 2008 Debentures have a maturity date of December 18, 2023 and interest on the 2008 Debentures is paid quarterly at 6%. The 2008 Debentures are convertible into 1 In December 2011, the Bank issued $1.4 million of mandatory convertible unsecured subordinated debentures (2011 Debentures). The 2011 Debentures have a maturity date of December 31, 2026 and interest on the 2011 Debentures is paid quarterly at 6%. The 2011 Debentures are convertible into 1 In April 2013, the Bank issued $1.4 million of mandatory convertible unsecured subordinated debentures (2013 Debentures). The 2013 Debentures have a maturity date of December 31, 2028 and interest on the 2013 Debentures is paid quarterly at 6.5%. The 2013 Debentures are convertible into 1 In June, August and September 2014, the Bank issued $3 million, $100 thousand, and $7 million of non-convertible unsecured subordinated debentures (2014 Debentures). The 2014 Debentures have maturity dates of June 30, 2024, June 30, 2024 and September 30, 2024, respectively. Interest on all three tranches of the 2014 Debentures is paid quarterly at 7.25%. During 2020, the Corporation redeemed the remaining $7.1 million of 2014 Debentures and therefore there was $0 outstanding as of December 31, 2021 and 2020. Upon formation of the bank holding company, the Corporation assumed the 2008, 2011, 2013 and 2014 Debentures that were originally issued by the Bank. During December 2019, the Corporation issued $40 million of fixed-to-floating rate non-convertible unsecured subordinated debentures (2019 Debentures). The 2019 Debentures have a maturity date of December 30, 2029 and interest on the 2019 Debentures is paid semiannually at 5.375%. The debt issuance costs are included as a direct deduction from the debt liability and these costs are amortized to interest expense using the effective yield method. During 2021 and 2020 the Corporation made interest payments of $2.2 million and $2.2 million on the 2019 Debentures, respectively. The 2008, 2011, and 2013 Debentures are includable as Tier 2 capital for determining the Bank’s compliance with regulatory capital requirements (see footnote 19). The 2019 Debentures are included as Tier 2 capital for the Corporation and as Tier 1 capital for the Bank.

Servicing Assets

Servicing Assets	12 Months Ended
	Dec. 31, 2021
Servicing Assets
Servicing Assets	(11) Servicing Assets The Corporation sells certain residential mortgage loans and the guaranteed portion of certain SBA loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. When the Corporation sells a residential mortgage loan, it does not retain any portion of that loan and its continuing involvement in such transfers is limited to certain servicing responsibilities. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. When the contractual servicing fees on loans sold with servicing retained are expected to be more than adequate compensation to a servicer for performing the servicing, a capitalized servicing asset is recognized. The Corporation accounts for the transfers and servicing of financial assets in accordance with ASC 860, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. Residential Mortgage Loans MSRs are amortized to non-interest expense in proportion to, and over the period of, the estimated future net servicing life of the underlying assets. MSR’s are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the MSR. The Corporation serviced $1.0 billion and $506.0 million of residential mortgage loans as of December 31, 2021 and 2020, respectively. During the twelve months ended December 31, 2021, the Corporation recognized servicing fee income of $2.0 million, compared to $498 thousand during the twelve months ended December 31, 2020, respectively. Changes in the MSR balance are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Balance at beginning of the period ​ $ 4,647 ​ 446 Servicing rights capitalized ​ ​ 6,769 ​ 4,856 Amortization of servicing rights ​ ​ (1,087) ​ (318) Change in valuation allowance ​ ​ 427 ​ (337) Balance at end of the period ​ $ 10,756 ​ 4,647 ​ Activity in the valuation allowance for MSR’s was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Valuation allowance, beginning of period ​ $ (435) ​ (98) Impairment ​ ​ — ​ (337) Recovery ​ ​ 427 ​ — Valuation allowance, end of period ​ $ (8) ​ (435) ​ The Corporation uses assumptions and estimates in determining the fair value of MSRs. These assumptions include prepayment speeds and discount rates. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At December 31, 2021, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 7.23% and a discount rate equal to 9.00%. At December 31, 2020, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 9.39% and a discount rate equal to 9.00%. At December 31, 2021 and 2020, the sensitivity of the current fair value of the residential mortgage servicing rights to immediate 10% and 20% unfavorable changes in key economic assumptions are included in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2021 December 31, 2020 Fair value of residential mortgage servicing rights ​ $ 11,241 ​ $ 4,647 ​ ​ ​ ​ ​ ​ ​ Weighted average life (months) ​ ​ 11.0 ​ ​ 5.0 ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 7.23% ​ ​ 9.39% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (376) ​ $ (183) 20% adverse change ​ ​ (731) ​ ​ (354) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.00% ​ ​ 9.00% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (436) ​ $ (168) 20% adverse change ​ ​ (840) ​ ​ (329) ​ The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change. SBA Loans SBA loan servicing assets are amortized to non-interest expense in proportion to, and over the period of, the estimated future net servicing life of the underlying assets. SBA loan servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the SBA loan servicing asset. The Corporation serviced $115.1 million of SBA loans, as of December 31, 2021 and $55.9 million as of December 31, 2020. Changes in the SBA loan servicing asset balance are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Balance at beginning of the period ​ $ 970 ​ 337 Servicing rights capitalized ​ ​ 1,488 ​ 794 Amortization of servicing rights ​ ​ (392) ​ (148) Change in valuation allowance ​ ​ (57) ​ (13) Balance at end of the period ​ $ 2,009 ​ 970 ​ Activity in the valuation allowance for SBA loan servicing assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Valuation allowance, beginning of period ​ $ (39) ​ (26) Impairment ​ ​ (57) ​ (13) Recovery ​ ​ — ​ — Valuation allowance, end of period ​ $ (96) ​ (39) ​ The Corporation uses assumptions and estimates in determining the fair value of SBA loan servicing rights. These assumptions include prepayment speeds, discount rates, and other assumptions. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At December 31, 2021, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 12.38%, and a discount rate equal to 9.01%. At December 31, 2020, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 12.73%, and a discount rate equal to 8.33%. At December 31, 2021 and 2020, the sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% unfavorable changes in key economic assumptions are included in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2021 December 31, 2020 Fair value of SBA loan servicing rights ​ $ 2,107 ​ $ 1,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average life (years) ​ ​ 3.8 ​ ​ 3.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 12.38% ​ ​ 12.73% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (69) ​ $ (37) ​ 20% adverse change ​ ​ (132) ​ ​ (71) ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.01% ​ ​ 8.33% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (54) ​ $ (25) ​ 20% adverse change ​ ​ (106) ​ ​ (49) ​ ​ The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the SBA servicing rights is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2021
Lease Commitments
Lease Commitments	(12) Lease Commitments The Corporation leases twenty-two offices from third parties under operating lease agreements expiring at different periods through March 2031. Under all current agreements, the Corporation is responsible for its portion of real estate taxes, utilities, insurance, and repairs and maintenance. Total rental expense for the years ended December 31, 2021 and 2020 was $2.2 million and $1.9 million, respectively. Future minimum lease payments by year and in the aggregate, under these lease agreements, are as follows: ​ ​ ​ ​ ​ Future minimum lease payments ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ ​ 2022 ​ $ 2,179 2023 ​ ​ 1,874 2024 ​ ​ 1,737 2025 ​ ​ 1,456 2026 ​ ​ 1,436 Thereafter ​ ​ 3,134 ​ ​ $ 11,816 ​ ​ ​ ​ ​ ​ ​ ​ Refer to footnote 23 for discussion of ASU 2016-02 Leases,

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Stock-Based Compensation
Stock-Based Compensation	(13) Stock-Based Compensation The Corporation has issued stock options under the Meridian Bank 2004 Stock Option Plan (2004 Plan). The 2004 Plan authorized the Board of Directors to grant options up to an aggregate of 446,091 shares, as adjusted for the 5% stock dividends in 2012, 2014 and 2016 to officers, other employees and directors of the Corporation. No additional shares are available for future grants. The shares granted under the 2004 Plan to directors are nonqualified options. The shares granted under the 2004 Plan to officers and other employees are incentive stock options, and are subject to the limitations under Section 422 of the Internal Revenue Code. The Meridian Bank 2016 Equity Incentive Plan (2016 Plan) was amended on May 24, 2019 to authorize the Board of Directors to grant up to an aggregate of 686,900 stock awards that can take different forms. A total of 438,750 stock options and 43,208 shares of restricted stock have been granted under the 2016 Plan through December 31, 2021. As of December 31, 2021 there were 204,942 stock awards remaining to be issued. Options granted under the 2016 Plan to directors are nonqualified options, while options granted to officers and other employees are incentive stock options, and are subject to the limitations under Section 422 of the Internal Revenue Code. Stock Options Stock-based compensation cost is measured at the grant date, based on the fair value of the award and is recognized as an expense over the vesting period. The fair value of stock option grants is determined using the Black-Scholes pricing model. The assumptions necessary for the calculation of the fair value are expected life of options, annual volatility of stock price, risk-free interest rate and annual dividend yield. Stock option awards granted under the 2016 Plan have a term that does not exceed ten years and vest according to each award’s specific vesting schedule. Currently, all option awards granted to date vest 25% upon grant and become fully exercisable after three years of service from the grant date. The following table provides information about stock options outstanding as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ ​ ​ ​ exercise ​ grant date ​ Shares price fair value Outstanding at December 31, 2019 ​ 346,381 ​ $ 16.13 ​ $ 4.55 Exercised ​ (14,673) ​ ​ 13.64 ​ ​ 3.74 Granted ​ 94,650 ​ ​ 17.70 ​ ​ 5.07 Forfeited ​ (25,631) ​ ​ 17.03 ​ ​ 4.73 Outstanding at December 31, 2020 ​ 400,727 ​ ​ 16.53 ​ ​ 4.69 Exercised ​ (77,265) ​ ​ 13.68 ​ ​ 4.35 Granted ​ 142,650 ​ ​ 27.50 ​ ​ 9.47 Forfeited ​ (4,148) ​ ​ 18.63 ​ ​ 6.57 Outstanding at December 31, 2021 ​ 461,964 ​ ​ 20.38 ​ ​ 6.21 Exercisable at December 31, 2021 ​ 291,832 ​ ​ 18.40 ​ ​ 5.27 Nonvested at December 31, 2021 ​ 170,132 ​ $ 23.77 ​ $ 7.81 ​ The weighted average remaining contractual life of the outstanding stock options at December 31, 2021 is 7.6 years. At December 31, 2021 the range of exercise prices is $11.79 to $31.00. The aggregate intrinsic value of options outstanding and exercisable was $7.6 million and $5.4 million, respectively, as of December 31, 2021. The fair value of each option granted in 2021 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: dividend yield of 0.0%, risk-free interest rate of between 1.02% and 1.54%, expected life of 5.75 years, and expected volatility of between 39.25% and 40.97% based on an average of the Corporation’s share price since going public. The weighted average fair value of options granted in 2021 was $8.14 to $9.57 per share. The fair value of each option granted in 2020 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: dividend yield of 0.0%, risk-free interest rate of between 0.47% and 1.68%, expected life of 5.75 years, and expected volatility of 21.81% and 39.65% based on an average of the Corporation’s share price since going public. The weighted average fair value of options granted in 2020 was $4.47 to $5.87 per share. Total stock option compensation cost for the twelve months ended December 31, 2021 and December 31, 2020 was $803 thousand and $451 thousand, respectively. During the twelve months ended December 31, 2021 and December 31, 2020, the Corporation received $1.0 million and $200 thousand from the exercise of stock options, respectively. There were no tax benefits recognized related to stock compensation cost for the twelve months ended December 31, 2021 and 2020. In accordance with ASU 2016-09 – Compensation – Stock Compensation (ASU 2016-09), forfeitures are recognized as they occur instead of applying an estimated forfeiture rate to each grant. For purposes of the determination of stock-based compensation expense for the year ended December 31, 2021, we recognized the forfeiture of 4,148 of shares of stock options that were previously granted to officers and other employees. As of December 31, 2021, there was $1.3 million of unrecognized compensation cost related to nonvested stock options. This cost will be recognized over a weighted average period of 1.24 years. During 2021, the intrinsic value of options exercised was $1.2 million. Restricted Stock The restricted stock granted under the 2016 Plan vest according to each award’s specific vesting schedule. All awards granted in 2021 vest 100% one year from the grant date, while all awards granted in 2020 vest 50% one year from the grant date and the remaining 50% on the second anniversary of the grant date. The grant date fair value of the restricted stock is based on the closing price on the date prior to the grant. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ ​ ​ ​ exercise ​ grant date ​ Shares price fair value Outstanding at December 31, 2019 ​ — ​ $ — ​ $ — Granted ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Outstanding at December 31, 2020 ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Granted ​ 10,000 ​ ​ 26.36 ​ ​ 26.36 Vested ​ (16,603) ​ ​ 14.00 ​ ​ 14.00 Outstanding at December 31, 2021 ​ 26,605 ​ ​ 18.65 ​ ​ 18.65 Nonvested at December 31, 2021 ​ 26,605 ​ $ 18.65 ​ $ 18.65 ​ Compensation expense for restricted stock is measured based on the market price of the stock on the day prior to the grant date and is recognized on a straight-line basis over the vesting period. For the years ended December 31, 2021 and 2020, the Corporation recognized $460 thousand and $80 thousand of expense related to the restricted stock, respectively. As of December 31, 2021, there was $189 thousand in unrecognized compensation costs related to restricted stock. This cost will be recognized over a weighted average period of 0.23 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	(14) Income Taxes The components of the federal and state income tax expense for the years ended December 31, 2021 and 2020 were: ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Federal: ​ ​ ​ ​ Current $ 10,022 ​ 5,703 Deferred ​ (717) ​ 1,242 Total federal income tax expense ​ 9,305 ​ 6,945 State: ​ ​ ​ ​ Current ​ 1,463 ​ 1,141 Deferred ​ (51) ​ 12 Total state income tax expense ​ 1,412 ​ 1,153 Total income tax expense $ 10,717 ​ 8,098 ​ A reconciliation of the statutory income tax at 21% to the income tax expense included in the statement of operations is as follows for 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ 2021 2020 ​ Federal income tax at statutory rate $ 9,733 21.0 % 7,252 21.0 % State tax expense, net of federal benefit ​ 1,116 ​ 2.4 ​ 911 ​ 2.6 ​ Tax exempt interest ​ (248) ​ (0.5) ​ (153) ​ (0.4) ​ Bank owned life insurance ​ (77) ​ (0.2) ​ (59) ​ (0.2) ​ Incentive stock options ​ 81 ​ 0.2 ​ 74 ​ 0.2 ​ ESOP ​ 41 ​ 0.1 ​ — ​ — ​ Other ​ 71 ​ 0.1 ​ 73 ​ 0.2 ​ Effective income tax rate $ 10,717 ​ 23.1 % 8,098 ​ 23.4 % ​ The components of the net deferred tax asset at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ Allowance for loan and lease losses ​ $ 4,345 ​ 4,230 Intangibles ​ ​ — ​ 30 Accrued incentive compensation ​ ​ 287 ​ — Accrued retirement ​ ​ 874 ​ 528 Deferred rent ​ ​ 141 ​ 180 Mortgage repurchase reserve ​ ​ 738 ​ 641 Other ​ ​ 183 ​ 122 Total deferred tax asset ​ ​ 6,568 ​ 5,731 Deferred tax liabilities: ​ ​ ​ ​ ​ Property and equipment ​ ​ (535) ​ (377) Loan servicing rights ​ ​ (2,957) ​ (1,337) Intangibles ​ ​ (15) ​ — Mortgage pipeline fair-value adjustment ​ ​ (308) ​ (1,156) Hedge instrument fair-value adjustment ​ ​ (190) ​ (1,252) Unrealized gain on available for sale securities ​ ​ (213) ​ (797) Prepaid expenses ​ ​ (465) ​ (340) Deferred loan costs ​ ​ (471) ​ (406) Other ​ ​ (1) ​ (4) Total deferred tax liability ​ ​ (5,155) ​ (5,669) Net deferred tax asset ​ $ 1,413 ​ 62 ​ The effective tax rates for the twelve-month periods ended December 31, 2021 and 2020 were 23.1% and 23.4% respectively. The decrease in rate from 23.4% to 23.1% between 2020 and 2021 was primarily related to the decrease in state income tax expense from Meridian’s mortgage division, specifically in Maryland. Under ASC 740, Income Taxes, the effect of income tax law changes on deferred taxes should be recognized as a component of income tax expense related to continuing operations in the period in which the law is enacted. This requirement applies not only to items initially recognized in continuing operations, but also to items initially recognized in other comprehensive income. The CARES Act, enacted in March 2020 grants potential tax relief to businesses, including corporate tax provisions that: temporarily allow for the carryback of certain net operating losses, increase interest expense deduction limitations, and allow accelerated depreciation deductions on certain fixed asset improvements. The tax relief under the CARES Act had no material impact to the Corporation’s Consolidated Financial Statements. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deferred tax assets. As of December 31, 2021, the Corporation had an investment in low income housing tax credits of $3.3 million on which it recognized tax credits of $161 thousand, amortization of $183 thousand and tax benefits from losses of $144 thousand during the year ended December 31, 2021. As of December 31, 2020, the Corporation had an investment in low income housing tax credits of $1.3 million on which it recognized tax credits of $161 thousand, amortization of $180 thousand and tax benefits from losses of $26 thousand during the year ended December 31, 2020.

Revenue from Contract with Cust

Revenue from Contract with Customers	12 Months Ended
	Dec. 31, 2021
Revenue from Contracts with Customers
Revenue from Contracts with Customers	(15) All of the Corporation’s revenue from contracts with customers in the scope of FASB ASU 2014-09 (Topic 606), “Revenue for Contracts with Customers” (ASC 606) is recognized within non-interest income. The following table presents the Corporation’s non-interest income by revenue stream and reportable segment for the years ended December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income (1) ​ $ 1,097 ​ — ​ 74,835 ​ 75,932 ​ $ 1,632 ​ — ​ 74,829 ​ 76,461 Wealth management income ​ ​ — ​ 4,801 ​ — ​ 4,801 ​ ​ — ​ 3,854 ​ — ​ 3,854 SBA loan income (1) ​ ​ 6,898 ​ — ​ — ​ 6,898 ​ ​ 2,572 ​ — ​ — ​ 2,572 Net change in fair values (1) ​ ​ 43 ​ — ​ (7,881) ​ (7,838) ​ ​ (40) ​ — ​ 9,185 ​ 9,145 Net gain (loss) on hedging activity (1) ​ ​ — ​ — ​ 2,961 ​ 2,961 ​ ​ — ​ — ​ (9,400) ​ (9,400) Earnings on investment in life insurance (1) ​ ​ 365 ​ — ​ — ​ 365 ​ ​ 279 ​ — ​ — ​ 279 Net gain on sale of investment securities available-for-sale (1) ​ ​ 435 ​ — ​ — ​ 435 ​ ​ 1,345 ​ — ​ — ​ 1,345 Dividends on FHLB stock (1) ​ ​ 191 ​ — ​ — ​ 191 ​ ​ 325 ​ — ​ — ​ 325 Service charges ​ ​ 128 ​ — ​ — ​ 128 ​ ​ 107 ​ — ​ — ​ 107 Other (2) ​ ​ 1,622 ​ 1 ​ 2,492 ​ 4,115 ​ ​ 1,468 ​ 14 ​ 748 ​ 2,230 Non-interest income ​ $ 10,779 ​ 4,802 ​ 72,407 ​ 87,988 ​ $ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 (1) Not within the scope of ASC 606. (2) Within other non-interest income is $1.2 million and $925 thousand for the years ended December 31, 2021 and 2020, respectively, which are in the scope of ASC 606. These amounts include wire transfer fees, ATM/debit card commissions, and title fee income. ​ A description of the Corporation’s primary revenue streams accounted for under ASC 606 follows: Wealth Management Income: Service Charges on Deposit Accounts:

Transactions with Executive Off

Transactions with Executive Officers, Directors and Principal Stockholders	12 Months Ended
	Dec. 31, 2021
Transactions with Executive Officers, Directors and Principal Stockholders
Transactions with Executive Officers, Directors and Principal Stockholders	(16) The Corporation has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties). Loans receivable from related parties totaled $5.1 million and $3.3 million at December 31, 2021 and 2020, respectively. Advances, repayments, and the effect of changes in composition of related parties during 2021 totaled $2.8 million, $1.3 million, and $284 thousand, respectively. Advances, repayments, and the effect of changes in composition of related parties during 2020 totaled $4.9 million, $3.8 million, and $1.5 million, respectively. Deposits of related parties totaled $34.7 million and $25.6 million at December 31, 2021 and 2020, respectively. Subordinated debt held by related parties totaled $409 thousand and $485 thousand at December 31, 2021 and 2020, respectively. The Corporation paid legal fees of $22 thousand and $8 thousand to a law firm of a director for the years ended December 31, 2021 and 2020, respectively.

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies
Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies	(17) The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the Corporation’s financial instrument commitments at December 31, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Commitments to fund loans and commitments under lines of credit ​ $ 486,632 ​ 421,399 Letters of credit ​ ​ 25,986 ​ 8,928 ​ Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Corporation evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. Outstanding letters of credit are conditional commitments issued by the Corporation to guarantee the performance of a customer to a third party. The majority of these are standby letters of credit that expire within the next twelve months. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Corporation requires collateral supporting these letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. Not included in commitments outstanding, in the table above are mortgage loan commitments of $143.9 million and $428.8 million in 2021 and 2020, respectively, which included interest rate lock commitments. These rate lock commitments represent an agreement to extend credit to a mortgage loan applicant whereby the interest rate on the loan is set prior to funding. The loan commitment binds the Corporation to lend funds to a potential borrower at the specified rate, regardless of whether interest rates change between the commitment date and the loan funding date. The Corporation’s loan commitments generally range between 30 Loans sold under FHA or investor programs are subject to indemnification or repurchase if they fail to meet the origination criteria of those programs or if the loan is two

Recent Litigation

Recent Litigation	12 Months Ended
	Dec. 31, 2021
Recent Litigation
Recent Litigation	(18) In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of banking, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Corporation and its subsidiaries. In the ordinary course of business, the Corporation and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, and local agencies, the Corporation and its subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities. ​

Regulatory Matters

Regulatory Matters	12 Months Ended
	Dec. 31, 2021
Regulatory Matters
Regulatory Matters	(19) The Bank and the Corporation are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Corporation must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s and the Corporation’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Corporation to maintain minimum amounts and ratios (set forth below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, and of Tier 1 capital to average assets. Management believes, as of December 31, 2021, that the Bank and the Corporation meet all capital adequacy requirements to which it is subject. Community banks have long raised concerns with bank regulators about the regulatory burden, complexity, and costs associated with certain provisions of the Basel III Rule. In response, Congress provided an “off-ramp” for institutions, like us, with total consolidated assets of less than $10 billion. Section 201 of the Regulatory Relief Act instructed the federal banking regulators to establish a single "Community Bank Leverage Ratio" (“CBLR”) of between 8 and 10%. Under the final rule, a community banking organization is eligible to elect the new framework if it has: less than $10 billion in total consolidated assets, limited amounts of certain assets and off-balance sheet exposures, and a CBLR greater than 9%.The bank regulatory agencies temporarily lowered the CBLR to 8% as a result of the COVID-19 pandemic. As of December 31, 2021, the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank is subject to certain restrictions on the amount of dividends that it may declare and pay to the Corporation due to regulatory considerations. The Pennsylvania Banking Code provides that cash dividends may be declared and paid only out of accumulated net earnings. The Corporation’s and the Banks’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2021 and the Basel III rules at December 31, 2020 are presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ To Be Well Capitalized ​ ​ Actual ​ Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 160,379 ​ 9.39% ​ $ 136,621 ​ 8.00% Bank ​ ​ 196,506 ​ 11.51% ​ ​ 136,620 ​ 8.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ To Be Well Capitalized ​ ​ Actual ​ Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 134,564 ​ 8.96% ​ $ 120,082 ​ 8.00% Bank ​ ​ 173,231 ​ 11.54% ​ ​ 120,080 ​ 8.00% ​

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements and Disclosures
Fair Value Measurements and Disclosures	(20) The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Corporation’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation techniques or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. In accordance with this guidance, the Corporation groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. ​ For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 16,837 ​ — ​ 16,837 ​ — U.S. government agency mortgage-backed securities ​ ​ 9,813 ​ — ​ 9,813 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 22,381 ​ — ​ 22,381 ​ — State and municipal securities ​ ​ 72,982 ​ — ​ 72,982 ​ — U.S. Treasuries ​ ​ 29,728 ​ 29,728 ​ — ​ — Non-U.S. government agency collateralized mortgage obligations ​ ​ 975 ​ — ​ 975 ​ — Corporate bonds ​ ​ 6,586 ​ — ​ 6,586 ​ — Equity investments ​ ​ 2,354 ​ — ​ 2,354 ​ — Mortgage loans held for sale ​ ​ 80,882 ​ — ​ 80,882 ​ — Mortgage loans held for investment ​ ​ 17,558 ​ — ​ 17,558 ​ — Interest rate lock commitments ​ ​ 1,122 ​ — ​ — ​ 1,122 Forward commitments ​ ​ 65 ​ — ​ 65 ​ — Customer derivatives - interest rate swaps ​ ​ 961 ​ — ​ 961 ​ — Total ​ $ 262,244 ​ 29,728 ​ 231,394 ​ 1,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 203 ​ — ​ — ​ 203 Forward commitments ​ ​ 106 ​ — ​ 106 ​ — Customer derivatives - interest rate swaps ​ ​ 1,018 ​ — ​ 1,018 ​ — ​ ​ $ 1,327 ​ — ​ 1,124 ​ 203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,592 ​ — ​ 25,592 ​ — U.S. government agency mortgage-backed securities ​ ​ 4,046 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,909 ​ — ​ 23,909 ​ — State and municipal securities ​ ​ 65,810 ​ — ​ 65,810 ​ — Corporate bonds ​ ​ 4,205 ​ — ​ 4,205 ​ — Equity investments ​ ​ 1,031 ​ — ​ 1,031 ​ — Mortgage loans held for sale ​ ​ 229,199 ​ — ​ 229,199 ​ — Mortgage loans held for investment ​ ​ 12,182 ​ — ​ 12,182 ​ — Interest rate lock commitments ​ ​ 6,932 ​ — ​ — ​ 6,932 Forward commitments ​ ​ — ​ — ​ — ​ — Customer derivatives - interest rate swaps ​ ​ 1,118 ​ — ​ 1,118 ​ — Total ​ $ 374,024 ​ — ​ 367,092 ​ 6,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 100 ​ — ​ — ​ 100 Forward commitments ​ ​ 1,572 ​ — ​ 1,572 ​ — Customer derivatives - interest rate swaps ​ ​ 1,219 ​ — ​ 1,219 ​ — ​ ​ $ 2,891 ​ — ​ 2,791 ​ 100 ​ Assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (dollars in thousands) Fair Value Fair Value Mortgage servicing rights ​ $ 10,756 ​ ​ 4,647 SBA loan servicing rights ​ ​ 2,009 ​ ​ 970 Impaired loans (1) ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,837 ​ ​ 2,297 Small business loans ​ ​ 290 ​ ​ — Home equity lines and loans ​ ​ — ​ ​ 86 Residential mortgage ​ ​ — ​ ​ 615 Total ​ $ 14,892 ​ ​ 8,615 (1) Impaired loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Refer to the following page for further qualitative discussion around impaired loans. ​ The following table details the valuation techniques for Level 3 impaired loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Unobservable ​ ​ (dollars in thousands) Level 3 Valuation Technique Input Range of Inputs December 31, 2021 ​ $ 2,127 ​ Appraisal of collateral ​ Management adjustments on appraisals for property type and recent activity ​ 2-15% discount December 31, 2020 ​ ​ 2,998 ​ Appraisal of collateral ​ Management adjustments on appraisals for property type and recent activity ​ 2-15% discount ​ Below is management’s estimate of the fair value of all financial instruments, whether carried at cost or fair value on the Corporation’s balance sheet. The following information should not be interpreted as an estimate of the fair value of the entire Corporation since a fair value calculation is only provided for a limited portion of the Corporation’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Corporation’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair value of the Corporation’s financial instruments: (a) Cash and Cash Equivalents The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets’ fair values. (b) Securities The fair value of securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. U.S. Treasuries includes in the available for sale portfolio are the only securities considered Level 1, while all other securities are considered Level 2. (c) Mortgage Loans Held-for-Sale The fair value of loans held for sale is based on secondary market prices. (d) Loans Receivable The fair value of loans receivable is estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair value below is reflective of an exit price. (e) Mortgage Loans Held-for-Investment The fair value of mortgage loans held for investment is based on the price secondary markets are currently offering for similar loans using observable market data. (f) Loan Servicing Rights The Corporation estimates the fair value of mortgage servicing rights and SBA servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. These servicing rights are classified within Level 3 in the fair value hierarchy based upon management’s assessment of the inputs. The Corporation reviews the servicing rights portfolios on a quarterly basis for impairment. (g) Impaired Loans Impaired loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the Allowance policy. (h) Restricted Investment in Bank Stock The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. (i) Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. (j) Deposit Liabilities The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. (k) Short-Term Borrowings The carrying amounts of short-term borrowings approximate their fair values. (l) Long-Term Debt Fair values of FHLB advances and the acquisition purchase note payable are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. (m) Subordinated Debt Fair values of junior subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. (n) Off-Balance Sheet Financial Instruments Off-balance sheet instruments are primarily comprised of loan commitments, which are generally priced at market at the time of funding. Fees on commitments to extend credit and stand-by letters of credit are deemed to be immaterial and these instruments are expected to be settled at face value or expire unused. It is impractical to assign any fair value to these instruments and as a result they are not included in the table below. Fair values assigned to the notional value of interest rate lock commitments and forward sale contracts are based on market quotes. (o) Derivative Financial Instruments The fair value of forward commitments and interest rate swaps is based on market pricing and therefore are considered Level 2. Derivatives classified as Level 3 consist of interest rate lock commitments related to mortgage loan commitments. The determination of fair value includes assumptions related to the likelihood that a commitment will ultimately result in a closed loan, which is a significant unobservable assumption. A significant increase or decrease in the external market price would result in a significantly higher or lower fair value measurement. The estimated fair values of the Corporation’s financial instruments at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Fair Value ​ Carrying ​ ​ ​ Carrying ​ ​ (dollars in thousands) Hierarchy Level amount Fair value amount Fair value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ Level 1 ​ $ 23,480 ​ 23,480 ​ 36,744 ​ 36,744 Securities available-for-sale (1) ​ Level 2 ​ ​ 159,302 ​ 159,302 ​ 123,562 ​ 123,562 Securities held-to-maturity ​ Level 2 ​ ​ 6,372 ​ 6,591 ​ 6,510 ​ 6,857 Equity investments ​ Level 2 ​ ​ 2,354 ​ 2,354 ​ 1,031 ​ 1,031 Mortgage loans held for sale ​ Level 2 ​ ​ 80,882 ​ 80,882 ​ 229,199 ​ 229,199 Loans receivable, net of the allowance for loan and lease losses ​ Level 3 ​ ​ 1,368,899 ​ 1,370,885 ​ 1,272,582 ​ 1,289,776 Mortgage loans held for investment ​ Level 2 ​ ​ 17,558 ​ 17,558 ​ 12,182 ​ 12,182 Interest rate lock commitments ​ Level 3 ​ ​ 1,122 ​ 1,122 ​ 6,932 ​ 6,932 Forward commitments ​ Level 2 ​ ​ 65 ​ 65 ​ — ​ — Restricted investment in bank stock ​ NA ​ ​ 5,117 ​ NA ​ 7,861 ​ NA Accrued interest receivable ​ Level 3 ​ ​ 5,009 ​ 5,009 ​ 5,482 ​ 5,482 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 961 ​ 961 ​ 1,118 ​ 1,118 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ Level 2 ​ ​ 1,446,413 ​ 1,549,100 ​ 1,241,335 ​ 1,392,500 Short-term borrowings ​ Level 2 ​ ​ 41,344 ​ 41,344 ​ 106,862 ​ 106,862 Long-term debt ​ Level 2 ​ ​ — ​ — ​ 165,546 ​ 168,000 Subordinated debentures ​ Level 2 ​ ​ 40,508 ​ 40,803 ​ 40,671 ​ 38,375 Accrued interest payable ​ Level 2 ​ ​ 31 ​ 31 ​ 1,154 ​ 1,154 Interest rate lock commitments ​ Level 3 ​ ​ 203 ​ 203 ​ 100 ​ 100 Forward commitments ​ Level 2 ​ ​ 106 ​ 106 ​ 1,572 ​ 1,572 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 1,018 ​ 1,018 ​ 1,219 ​ 1,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Notional ​ ​ Off-balance sheet financial instruments: ​ amount Fair value amount Fair value Commitments to extend credit ​ Level 2 ​ $ 486,632 ​ — ​ 421,399 ​ — Letters of credit ​ Level 2 ​ ​ 25,986 ​ — ​ 8,928 ​ — (1) U.S. Treasuries within securities available-for-sale are classified as Level 1. ​ The following table includes a rollforward of interest rate lock commitments for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Balance at beginning of the period $ 6,932 ​ 504 (Decrease) increase in value ​ (5,810) ​ 6,428 Balance at end of the period $ 1,122 ​ 6,932 ​ The following table details the valuation techniques for Level 3 interest rate lock commitments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Unobservable ​ Range of ​ Weighted ​ (dollars in thousands) Level 3 Valuation Technique Input Inputs Average December 31, 2021 ​ $ 1,122 ​ Market comparable pricing ​ Pull through ​ 1 - 99 % 87.66 % December 31, 2020 ​ ​ 6,932 ​ Market comparable pricing ​ Pull through ​ 1 - 99 ​ 83.08 ​ ​ Net realized losses of $5.9 million and gains of $6.5 million due to changes in the fair value of interest rate lock commitments which are classified as Level 3 assets and liabilities for the twelve months ended December 31, 2021 and 2020, respectively, are recorded in non-interest income as net change in the fair value of derivative instruments in the Corporation’s consolidated statements of income.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments
Derivative Financial Instruments	(21) Risk Management Objective of Using Derivatives The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments principally related to the Corporation’s loan portfolio. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans or interest rate locks at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest rate lock commitments and forward commitments are recorded within other assets/liabilities on the consolidated balance sheets, with changes in fair values during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income. Customer Derivatives – Interest Rate Swaps Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers to swap a fixed rate product for a variable rate product, or vice versa. The Corporation executes interest rate derivatives with commercial banking customers to facilitate their respective risk management strategies. Those interest rate derivatives are simultaneously hedged by offsetting derivatives that the Corporation executes with a third party, such that the Corporation minimizes its net interest rate risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (dollars in thousands) Balance Sheet Line Item ​ Notional Amount Asset (Liability) Fair Value Notional Amount Asset (Liability) Fair Value Interest Rate Lock Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ $ 108,653 ​ 1,122 ​ 406,422 ​ 6,932 Negative fair values Other liabilities ​ ​ 35,264 ​ (203) ​ 22,406 ​ (100) Total ​ ​ ​ 143,917 ​ 919 ​ 428,828 ​ 6,832 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ 30,500 ​ 65 ​ — ​ — Negative fair values Other liabilities ​ ​ 45,500 ​ (106) ​ 218,000 ​ (1,572) Total ​ ​ ​ 76,000 ​ (41) ​ 218,000 ​ (1,572) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Derivatives - Interest Rate Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ 35,447 ​ 961 ​ 20,979 ​ 1,118 Negative fair values Other liabilities ​ ​ 35,447 ​ (1,018) ​ 20,979 ​ (1,219) Total ​ ​ ​ 70,894 ​ (57) ​ 41,958 ​ (101) Total derivative financial instruments ​ ​ $ 290,811 ​ 821 ​ 688,786 ​ 5,159 ​ Interest rate lock commitments are considered Level 3 in the fair value hierarchy, while the forward commitments and interest rate swaps are considered Level 2 in the fair value hierarchy. The following table presents a summary of the fair value gains and losses on derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) 2021 2020 Interest Rate Lock Commitments $ (5,913) ​ 6,486 Forward Commitments ​ 1,531 ​ (1,459) Customer Derivatives - Interest Rate Swaps ​ 44 ​ (52) Net fair value (losses) gains on derivative financial instruments $ (4,338) ​ 4,975 ​ ​ ​ ​ ​ ​ ​ ​ Net realized gains on derivative hedging activities were $3.0 million and net realized losses were $9.4 million for the year ended December 31, 2021 and 2020, respectively, and are included in non-interest income in the consolidated statements of income.

Segments

Segments	12 Months Ended
	Dec. 31, 2021
Segments
Segments	(22) ASC Topic 280 – Segment Reporting identifies operating segments as components of an enterprise which are evaluated regularly by the Corporation’s Chief Operating Decision Maker, our Chief Executive Officer, in deciding how to allocate resources and assess performance. The Corporation has applied the aggregation criterion set forth in this codification to the results of its operations. Our Banking segment (“Bank”) consists of commercial and retail banking. The Banking segment generates interest income from its lending (including leasing) and investing activities and is dependent on the gathering of lower cost deposits from its branch network or borrowed funds from other sources for funding its loans, resulting in the generation of net interest income. The Banking segment also derives revenues from other sources including gains on the sale of available for sale investment securities, service charges on deposit accounts, cash sweep fees, overdraft fees, BOLI income, title insurance fees, and other less significant non-interest income. Meridian Wealth (“Wealth”), a registered investment advisor and wholly-owned subsidiary of the Bank, provides a comprehensive array of wealth management services and products and the trusted guidance to help its clients and our banking customers prepare for the future. The unit generates non-interest income through advisory fees. Meridian’s mortgage banking segment (“Mortgage”) consists of one central loan production facility and several retail and profit sharing loan production offices located throughout suburban Philadelphia and Maryland. The Mortgage segment originates 1 – 4 family residential mortgages and sells nearly all of its production to third party investors. The unit generates net interest income on the loans it originates and holds temporarily, then earns fee income (primarily gain on sales) at the time of the sale. The unit also recognizes income from document preparation fees, changes in portfolio pipeline fair values and related net hedging gains (losses). The table below summarizes income and expenses, directly attributable to each business line, which has been included in the statement of operations. Total assets for each segment is also provided. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Net interest income ​ $ 61,032 ​ 15 ​ 2,064 ​ 63,111 ​ $ 46,997 ​ (48) ​ 2,047 ​ 48,996 Provision for loan losses ​ ​ 1,070 ​ — ​ — ​ 1,070 ​ ​ 8,302 ​ — ​ — ​ 8,302 Net interest income after provision ​ ​ 59,962 ​ 15 ​ 2,064 ​ 62,041 ​ ​ 38,695 ​ (48) ​ 2,047 ​ 40,694 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income ​ ​ 1,097 ​ — ​ 74,835 ​ 75,932 ​ ​ 1,632 ​ — ​ 74,829 ​ 76,461 Wealth management income ​ ​ — ​ 4,801 ​ — ​ 4,801 ​ ​ — ​ 3,854 ​ — ​ 3,854 SBA loan income ​ ​ 6,898 ​ — ​ — ​ 6,898 ​ ​ 2,572 ​ — ​ — ​ 2,572 Net change in fair values ​ ​ 43 ​ — ​ (7,881) ​ (7,838) ​ ​ (40) ​ — ​ 9,185 ​ 9,145 Net gain (loss) on hedging activity ​ ​ — ​ — ​ 2,961 ​ 2,961 ​ ​ — ​ — ​ (9,400) ​ (9,400) Other ​ ​ 2,741 ​ 1 ​ 2,492 ​ 5,234 ​ ​ 3,524 ​ 14 ​ 748 ​ 4,286 Non-interest income ​ ​ 10,779 ​ 4,802 ​ 72,407 ​ 87,988 ​ ​ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 Non-interest expense ​ ​ 40,392 ​ 3,496 ​ 59,839 ​ 103,727 ​ ​ 33,351 ​ 3,213 ​ 56,512 ​ 93,076 Income before income taxes ​ $ 30,349 ​ 1,321 ​ 14,632 ​ 46,302 ​ $ 13,032 ​ 607 ​ 20,897 ​ 34,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets ​ $ 1,608,305 ​ 6,355 ​ 98,783 ​ 1,713,443 ​ $ 1,488,312 ​ 5,479 ​ 226,406 ​ 1,720,197 ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2021
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(23) As an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”), the Bank is permitted an extended transition period for complying with new or revised accounting standards affecting public companies. We will remain an emerging growth company until the earliest of (i) the end of the fiscal year during which we have total annual gross revenues of $1,070,000,000 or more, (ii) the end of the fiscal year following the fifth anniversary of the completion of our initial public offering (December 31, 2022), (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt and (iv) the end of the fiscal year in which the market value of our equity securities that are held by non-affiliates exceeds $700 million as of June 30 of that year. We have elected to take advantage of this extended transition period, which means that the financial statements included herein, as well as any financial statements that we file in the future, will not be subject to all new or revised accounting standards generally applicable to public companies for the transition period for so long as we remain an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period under the JOBS Act. If we do so, we will prominently disclose this decision in the first periodic report following our decision, and such decision is irrevocable. As a filer under the JOBS Act, we will implement new accounting standards subject to the effective dates required for non-public entities. Adopted Pronouncements in 2021: FASB ASU 2018-15 (Topic 350), "Intangibles - Goodwill and Other - Internal-Use Software" Issued in August 2018, ASU 2018-15 provides clarity on capitalizing and expensing implementation costs for cloud computing arrangements in a service contract. If an implementation cost is capitalized, the cost should be recognized over the noncancellable term and periodically assessed for impairment. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2020 and interim periods within annual periods beginning after December 15, 2021. Adoption should be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. FASB ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” Issued in December 2019, ASU 2019-12 adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. ​ Pronouncements Not Effective as of December 31, 2021: FASB ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” Issued in June 2016, ASU 2016-13 significantly changes how companies measure and recognize credit impairment for many financial assets. This ASU requires businesses and other organizations to measure the current expected credit losses (“CECL”) on financial assets, such as loans, net investments in leases, certain debt securities, bond insurance and other receivables. The amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. Current GAAP requires an incurred loss methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonableness and supportable information to inform credit loss estimates. An entity should apply the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (modified retrospective approach). Acquired credit impaired loans for which the guidance in Accounting Standards Codification (ASC) Topic 310-30 has been previously applied should prospectively apply the guidance in this ASU. A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. In October 2019, the FASB approved a delay for the implementation of the ASU. Accordingly, as an emerging growth company, the Corporation’s effective date for the implementation of the ASU will be January 1, 2023. ​ FASB ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” Issued in April 2019, ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12, and 2016-01, respectively). The amendments to estimating expected credit losses (ASU 2016-13), in particular, how a company considers recoveries and extension options when estimating expected credit losses, are the most relevant to the Corporation. The ASU clarifies that (1) the estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) that contractual extension or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. Management will consider the impact of ASU 2019-04 when considering the impact of ASU 2016-13 as discussed above. FASB ASU 2016-02 (Topic 842), “Leases” Issued in February 2016, ASU 2016-02 revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use (ROU) asset for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. ​ The new standard became effective for us on January 1, 2022. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. Management has elected to use the effective date as its date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2022. ​ The Corporation has implemented a third party lease accounting system to assist with the measurement of lease liabilities and related right-of-use assets, the post-implementation administration aspect of lease accounting, and the preparation of applicable disclosures related to the new guidance. ​ The new standard provided a number of optional practical expedients in transition. We have elected the ‘package of practical expedients’, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. ​ This standard will have a material effect on our Consolidated Balance Sheet and related disclosures but is not expected to have a material impact on our Consolidated Statement of Income. Any additional assets recorded as a result of adoption is expected to have a negative impact on the Corporation and Bank capital ratios under current regulatory guidance. On adoption, we recorded approximately $10.6 million of operating lease liabilities and $10.8 million of related right-of-use assets at January 1, 2022. ​ The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also have elected the practical expedient to not separate lease and non-lease components for all of our leases. ​ FASB ASU 2020-04 (Topic 848), “Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” Issued in March 2020, ASU 2020-04 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Corporation does not have a significant concentration of loans, derivative contracts, borrowings or other financial instruments with attributes that are either directly or indirectly dependent on LIBOR. The guidance under ASC-848 will be available for a limited time, generally through December 31, 2022. The Corporation expects to adopt the LIBOR transition relief allowed under this standard. ​ FASB ASU 2020-06, “Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ” ​ This ASU clarifies the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature models. For public business entities that meet the definition of an SEC filer (excluding smaller reporting entities), the amendments are effective for fiscal years beginning after Dec. 15, 2021, and interim periods within. For all other entities, the amendments are effective for fiscal years beginning after Dec. 15, 2023, and interim periods within. ​ ​

Parent Company Financial Statem

Parent Company Financial Statements	12 Months Ended
	Dec. 31, 2021
Parent Company Financial Statements
Parent Company Financial Statements	(24) The condensed financial statements of the Corporation (parent company only) are presented below. These statements should be read in conjunction with the notes to the consolidated financial statements. A. Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands, except per share data) 2021 2020 Cash and due from banks ​ $ 2,836 ​ 213 Investments in subsidiaries ​ ​ 200,410 ​ 180,288 Other assets ​ ​ 1,382 ​ 360 Total assets ​ $ 204,628 ​ 180,861 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Subordinated debentures ​ ​ 39,057 ​ 38,904 Accrued interest payable ​ ​ 6 ​ 6 Other liabilities ​ ​ 205 ​ 329 Total liabilities ​ ​ 39,268 ​ 39,239 Stockholders’ equity: ​ ​ ​ ​ ​ Common stock, $1 par value. Authorized 25,000,000 shares; issued 6,534,587 and 6,455,566 as of December 31, 2021 and December 31, 2020 ​ ​ 6,535 ​ 6,456 Surplus ​ ​ 83,663 ​ 81,196 Treasury Stock- 426,693 and 320,000 shares at December 31, 2021 and December 31, 2020, respectively ​ ​ (8,860) ​ (5,828) Unearned common stock held by employee stock ownership plan ​ ​ (1,602) ​ (1,768) Retained earnings ​ ​ 84,916 ​ 59,010 Accumulated other comprehensive income ​ ​ 708 ​ 2,556 Total stockholders’ equity ​ ​ 165,360 ​ 141,622 Total liabilities and stockholders’ equity ​ $ 204,628 ​ 180,861 ​ B. Condensed Statements of Income ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands, except per share data) 2021 2020 Dividends from Bank ​ $ 17,187 ​ 11,512 Non-interest and other income ​ ​ — ​ 10 Total operating income ​ ​ 17,187 ​ 11,522 Interest expense ​ ​ 2,303 ​ 2,202 Other expenses ​ ​ 1,675 ​ — Income before equity in undistributed income of subsidiaries ​ ​ 13,209 ​ 9,320 Equity in undistributed income of subsidiaries ​ ​ 22,376 ​ 17,118 Income before income taxes ​ ​ 35,585 ​ 26,438 Income tax expense ​ ​ — ​ — Net income ​ ​ 35,585 ​ 26,438 Total other comprehensive (loss) income ​ ​ (1,848) ​ 2,559 Total comprehensive income ​ $ 33,737 ​ 28,997 ​ C. Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands) 2021 2020 Net income ​ $ 35,585 ​ 26,438 Adjustments to reconcile net income to net cash provided by (used in) operating activities: ​ ​ ​ ​ ​ Equity in undistributed income of subsidiaries ​ ​ (22,376) ​ (17,818) Share-based compensation ​ ​ 1,607 ​ 763 Amortization of issuance costs on subordinated debt ​ ​ 153 ​ 112 (Decrease) in accrued interest payable ​ ​ — ​ (72) Other, net ​ ​ (740) ​ (294) Net cash provided by operating activities ​ ​ 14,229 ​ 9,129 Cash flows from financing activities: ​ ​ ​ ​ ​ Issuance cost on subordinated debt ​ ​ — ​ (231) Net purchase of treasury stock ​ ​ (3,032) ​ (5,703) Dividends paid ​ ​ (9,679) ​ (1,525) Purchase of common shares for ESOP ​ ​ — ​ (2,000) Share based awards and exercises ​ ​ 1,105 ​ 395 Net cash (used in) provided by financing activities ​ ​ (11,606) ​ (9,064) Net change in cash and cash equivalents ​ ​ 2,623 ​ 65 Cash and cash equivalents at beginning of period ​ ​ 213 ​ 148 Cash and cash equivalents at end of period ​ $ 2,836 ​ 213 ​

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	(25) Special Dividend ​ On January 27, 2022, the Corporation’s Board of Directors declared a special dividend of $1.00 per share on its Common Stock, payable on February 21, 2022 to shareholders of record as of February 14, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Nature of Operations	(a) Nature of Operations ​ Meridian Corporation (“Meridian” or the “Corporation”) is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the “Bank”), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, as well as the Central Maryland market area. We have a financial services business model with significant noninterest income streams from mortgage lending, small business (“SBA”) lending and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred deliver channel and bank-to-bank ACH. ​ The Corporation operates in a highly competitive market areas that includes local, national and regional banks as competitors along with savings banks, credit unions, insurance companies, trust companies and registered investment advisors. The Corporation and its subsidiaries are regulated by many regulatory agencies including the Securities and Exchange Commission (“SEC”), Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve and the Pennsylvania Department of Banking and Securities. ​ The Bank was incorporated on March 16, 2004 under the laws of the Commonwealth of Pennsylvania and is a Pennsylvania state-chartered bank. The Bank commenced operations on July 8, 2004 and is a full-service bank providing personal and business lending and deposit services through 6 full-service banking offices in Pennsylvania, 9 mortgage loan production offices throughout the Delaware Valley, and 8 mortgage loan production offices in Maryland. The Bank and Corporation are headquartered in Malvern, Pennsylvania, located in the western suburbs of Philadelphia. ​
Basis of Presentation	(b) Basis of Presentation ​ The accounting policies of the Corporation conform to U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include accounts of the Corporation and its wholly owned subsidiary, the Bank, and the wholly owned subsidiaries of the Bank: Meridian Land Settlement Services LLC; APEX Realty LLC; Meridian Wealth Partners LLC; and Meridian Equipment Finance LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on prior year net income or total stockholders’ equity. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although our current estimates contemplate current conditions and how we expect them to change in the future, due to the continuing impact that the COVID-19 pandemic has had on financial markets and the economy both locally and nationally, it is reasonably possible that this could continue to materially affect these significant estimates and our results of operations and financial condition. ​
Significant Concentrations of Credit Risk	(c) Significant Concentrations of Credit Risk Most of the Corporation’s activities are with customers located in the Delaware Valley tri-state market and the central Maryland market area. Note 4 discusses the types of securities that the Corporation invests in. Note 5 discusses types of lending that the Corporation engages in. Although the Corporation has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Corporation does not have any significant concentrations to any one industry or customer, however there is significant concentration of commercial real estate-backed loans, amounting to 37% and 38% of total loans held for investment, as of December 31, 2021 and December 31, 2020, respectively.
Presentation of Cash Flows	(d) Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased or sold for one day periods. The Federal Reserve Board removed cash minimum reserve requirements in March 2020. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and the federal funds purchased and repurchased agreements.
Securities	(e) Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Corporation’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains and losses are reported as increases or decreases in other comprehensive income. Gains or losses on disposition are based on the net proceeds and cost of the securities sold, adjusted for the amortization of premiums and accretion of discounts, using the specific identification method. Securities classified as held to maturity are those debt securities the Corporation has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed on a level yield basis. Investments in equity securities are recorded in accordance with ASC 321-10, Investments - Equity Securities. ​ The Corporation’s accounting policy specifies that (a) if the Corporation does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired, unless there is a credit loss. When the Corporation does not intend to sell the security, and it is more likely than not, the Corporation will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The Corporation did not recognize any other-than-temporary impairment charges during the years ended December 31, 2021 and 2020. ​
Loans Receivable	(f) Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Corporation generally amortizes these amounts over the contractual life of the loan. Loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, are held for the foreseeable future or until maturity or payoff, are carried at fair value. The accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and charged against current year income. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt.
Allowance for Loan and Lease Losses	(g) Allowance for Loan and Lease Losses The allowance for loan and lease losses (“Allowance”) is a valuation for probable incurred credit losses established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the Allowance, and subsequent recoveries, if any, are credited to the Allowance. All, or part, of the principal balance of loans receivable are charged off to the Allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Charge-offs for retail consumer loans are generally made for any balance not adequately secured after 120 cumulative days past due. The Allowance is maintained at a level considered adequate to provide for probable incurred credit losses. Management’s periodic evaluation of the adequacy of the Allowance is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Corporation’s Allowance and may require the Corporation to recognize additions to the Allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The Allowance consists of general and specific components. The general component covers non-classified loans, as well as, non-impaired classified loans and is based on historical loss experience adjusted for qualitative factors. The specific component relates to loans that are classified as doubtful, substandard, and are on non-accrual and have been deemed impaired. Loan classifications are determined based on various assessments such as the borrower’s overall financial condition, payment history, repayment sources, guarantors and value of collateral. We apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period (“LEP”). The LEP is an estimate of the average amount of time from when an event happens that causes the borrower to be unable to pay on a loan until the loss is confirmed through a loan charge-off. ​ Another key assumption is the look-back period (“LBP”), which represents the historical data period utilized to calculate loss rates. Our LBP goes back to Q1 2010 for all portfolio segments, as applicable, which encompasses our loss experience during the Financial Crisis, and our more recent improved loss experience. ​ After consideration of the historic loss calculations, management applies qualitative adjustments so that the Allowance is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in lending policies and practices, economic conditions, changes in the loan portfolio, changes in lending management, results of internal loan reviews, asset quality trends, collateral values, concentrations of credit risk and other external factors. The evaluation of the various components of the Allowance requires considerable judgment in order to estimate inherent loss exposures. ​ A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement, or a troubled debt restructure (“TDR”). Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. For commercial and construction loans, impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral adjusted for cost to sell, if the loan is collateral dependent. Large groups of smaller balance homogeneous residential mortgage and consumer loans are collectively evaluated for impairment. Accordingly, the Corporation does not separately identify individual loans of this nature for impairment disclosures, unless such loans become impaired or are troubled and the subject of a restructuring agreement. Loans whose terms are modified are classified as TDRs if the Corporation grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. TDRs are considered impaired loans No portion of the Allowance is restricted to any individual loan or groups of loans, and the entire Allowance is available to absorb any and all loan and lease losses. The Corporation has identified the following portfolio segments with similar risk characteristics for measuring credit losses: Commercial mortgage – Residential mortgage – Construction – Commercial and Industrial – Leases – Consumer, including home equity – The largest component of Meridian’s consumer loan portfolio consists of fixed rate home equity loans and variable rate home equity lines of credit. Substantially all home equity loans and lines of credit are secured by junior lien mortgages on principal residences. The Bank will lend amounts, which, together with all prior liens, typically may be up to 90 percent of the appraised value of the property securing the loan. Home equity term loans may have maximum terms up to 20 years, while home equity lines of credit generally have maximum terms of 15 years. Credit risk on such loans is mitigated through prudent underwriting standards, including evaluation of the creditworthiness of the borrower through credit scores and debt-to-income ratios and, if secured, the collateral value of the assets. ​
Mortgage Banking Activities and Mortgage Loans Held for Sale	h) Mortgage Banking Activities and Mortgage Loans Held for Sale The Corporation’s mortgage banking division operates 9 offices in the tri-state area of Pennsylvania, Delaware and New Jersey and another 8 offices in Maryland. The mortgage banking division originates conventional mortgages, FHA, VA, USDA, and other state insured mortgages. The loans are generally sold to various investors in the secondary market. Mortgage loans originated by the Corporation and intended for sale in the secondary market to permanent investors are classified as mortgage loans held for sale on the balance sheet as the Corporation has elected to measure loans held for sale at fair value. Fair value is based on outstanding investor commitments or, in the absence of such commitments, on current investor yield requirements based on third party models. Gains and losses on sales of these loans, as well as loan origination costs, are recorded as a component of noninterest income in the Consolidated Statements of Income. The Corporation’s current practice is to sell residential mortgage loans and retain the servicing rights, as discussed further below. Interest on loans held for sale is credited to income based on the principal amounts outstanding. ​ The Corporation enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (interest rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 to 120 days. The Corporation protects itself from changes in interest rates through the use of best efforts forward sale contracts, whereby the Corporation commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. The Corporation also commits to loan sales through a mandatory sales channel which are economically hedged by the future sale of mortgage-backed securities to third-party counterparties to mitigate the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. By entering into best efforts commitments and economically hedging the mandatory commitments, the Corporation limits its exposure to loss and its realization of significant gains related to its rate lock commitments due to changes in interest rates. ​ The Corporation utilizes a third-party model to determine the fair value of rate lock commitments or forward sale contracts. This model uses investor quotes while taking into consideration the probability that the rate lock commitments will close. Net derivative assets and liabilities are recorded within other assets or other liabilities, respectively, on the consolidated balance sheets, with changes in fair value during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income.
Loan Servicing Rights	(i) Loan Servicing Rights The Corporation sells substantially all of the residential mortgage loans originated for sale in the secondary market; however, the Corporation may retain the servicing rights related to some of these loans. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received in return for these services. Mortgage servicing rights (“MSRs") are recognized when a loan’s servicing rights are retained upon sale of a loan. When mortgage loans are sold with servicing retained, MSRs are initially recorded at fair value with the income effect recorded in non-interest income. The Corporation also sells the guaranteed portion of certain Small Business Administration (“SBA”) loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. These servicing assets amortize in proportion to, and over the period of, the estimated future net servicing life of the underlying loans. The servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the servicing assets.
Other Real Estate Owned	(j) Other Real Estate Owned Other real estate owned (OREO) is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. The Corporation acquires OREO through the wholly owned subsidiary of the Bank, Apex Realty. OREO is recorded at the lower of cost or fair value, or the loan amount net of estimated selling costs, at the date of foreclosure. The cost basis of OREO is its recorded value at the time of acquisition. After acquisition, valuations are periodically performed by management and subsequent changes in the valuation allowance are charged to OREO expense. Revenues, such as rental income, and holding expenses are included in other income and other expenses, respectively. The Corporation had no OREO at December 31, 2021 and 2020.
Restricted Investment in Bank Stock	(k) Restricted Investment in Bank Stock Restricted bank stock is principally comprised of stock in the Federal Home Loan Bank of Pittsburgh (FHLB). Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. As of December 31, 2021, and 2020, the Corporation had an investment of $5.1 million and $7.9 million, respectively, related to the FHLB stock. Also included in restricted stock is secondary stock from a correspondent bank in the amount of $50 thousand as of December 31, 2021 and 2020. All restricted stock is carried at cost. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) significance of the decline in net assets of the banks as compared to the capital stock amount and the length of time this situation has persisted, (2) commitments by the banks to make payments required by law or regulation and the level of such payments in relation to the operating performance of the banks, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the banks. Management believes no impairment charge is necessary related to these bank restricted stocks as of December 31, 2021 or 2020.
Transfers of Financial Assets	(l ) Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Bank Premises and Equipment	(m) Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 12 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 7 years and 3 to 5 years for computer software and hardware, respectively. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The costs of maintenance and repairs are expensed as incurred; while major replacements, improvements and additions are capitalized.
Bank-Owned Life Insurance	(n) Bank-Owned Life Insurance The Corporation invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Corporation on a chosen group of employees. The Corporation is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in non-interest income on the consolidated statements of income.
Advertising Costs	(o) Advertising Costs The Corporation follows the policy of charging the costs of advertising to expense as incurred.
Employee Benefit Plans	(p) Employee Benefit Plans The Corporation has a 401(k) Plan (the Plan) and an Employee Stock Ownership Plan (ESOP). All employees are eligible to participate in the Plan and ESOP after they have attained the age of 21 and have also completed 3 consecutive months of service. Employees must participate in the Plan to be eligible for participation in the ESOP. The employees may contribute to the Plan up to the maximum percentage allowable by law of their compensation. The Corporation may make a discretionary matching contribution to the Plan and the ESOP. Full vesting in the Corporation’s contribution to the Plan and ESOP is over a three-year period. The Corporation recorded expense for the Plan and ESOP of $1.4 million and $1.1 million, respectively for the year ended December 31, 2021 and $1.1 million and $1.2 million, respectively for the year ended December 31, 2020. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2021 included a $663 thousand employer contribution, in addition to $437 thousand in stock compensation related expense. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2020 included a $550 thousand employer contribution, and a $600 thousand one-time contribution approved by the Board of Directors. There was no such contribution made in 2021. During the year ended December 31, 2021, 45,606 shares were purchased by the ESOP at an average market value of $24.30, while for the year ended December 31, 2020, 161,576 shares were purchased by the ESOP at an average market value of $15.06. Shares in the ESOP that are committed to be released to employees are treated as outstanding shares in the Corporation’s computation of earnings per share. On August 31, 2020 the Corporation established a $2 million stock purchase authorization with the ESOP. By the end of 2020 the ESOP had fully utilized the $2 million loan to purchase 133,280 Corporation common shares and as of December 31, 2021, 26,656 of these common shares were released to the ESOP leaving 106,624 unallocated shares. The 133,280 common shares purchased using the loan proceeds are included in the 161,576 shares purchased by the ESOP in 2020. There were 269,904 shares in the ESOP as of December 31, 2021. Shares in the ESOP would be impacted by any stock dividends and stock splits in the same manner as all other outstanding common shares of the Corporation.
Income Taxes	(q) Income Taxes Deferred income taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating losses and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and net operating loss carry-forwards and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Corporation follows accounting guidance related to accounting for uncertainty in income taxes. Under the “more likely than not” threshold guidelines, the Corporation believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2021, and 2020, the Corporation had no material unrecognized tax benefits or accrued interest and penalties. The Corporation’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. The Corporation is no longer subject to examination by federal, state and local taxing authorities for years before January 1, 2018.
Stock Compensation Plans	(r ) Stock Compensation Plans Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options and restricted share plans. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Corporation’s common stock at the date of grant is used for restricted stock awards.
Comprehensive Income	(s) Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income (loss) for the years ended December 31, 2021 and 2020 consist of unrealized holding gains and (losses) arising during the year on available-for-sale securities.
Off-Balance Sheet Financial Instruments	(t ) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Corporation has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded.
Derivative Financial Instruments	(u) Derivative Financial Instruments The Corporation recognizes all derivative financial instruments related to its mortgage banking activities on its balance sheet at fair value. The Corporation utilizes investor quotes to determine the fair value of interest rate lock commitment derivatives and market pricing to determine the fair value of forward security purchase commitment derivatives. All changes in fair value of derivative instruments are recognized in earnings. The Corporation enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. The interest rate swaps are recognized on the Corporation’s balance sheet at fair value. Under these agreements, the Corporation originates variable-rate loans with customers in addition to interest rate swap agreements, which serve to effectively swap the customers’ variable-rate loans into fixed-rate loans. The Corporation then enters into corresponding swap agreements with swap dealer counterparties to economically hedge its exposure on the variable and fixed components of the customer agreements. The interest rate swaps with both the customers and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820.
Earnings per Common Share	(v) Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury stock. Diluted earnings per common share takes into account the potential dilution that would occur if in the-money stock options were exercised and converted into shares of common stock and restricted stock awards and performance-based stock awards were vested. Proceeds assumed to have been received on options exercises are assumed to be used to purchase shares of the Corporation’s common stock at the average market price during the period, as required by the treasury stock method of accounting. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
Revenue Recognition	(w) Revenue Recognition The Corporation recognizes all sources of income on the accrual method, with the exception of nonaccrual loans and leases. The Corporation earns wealth management fee income from investment advisory services provided to individual and 401k customers. Fees that are determined based on the market value of the assets held in their accounts are generally billed quarterly, in advance, based on the market value of assets at the end of the previous billing period. Other related services that are based on a fixed fee schedule are recognized when the services are rendered. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Included in other assets on the balance sheet is a receivable for wealth management fees that have been earned but not yet collected.
Loss Contingencies	(x) Loss Contingencies ​ Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements.
Operating Segments	(y) Operating Segments ​ While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporation-wide basis. The Corporation has identified three segments: a banking segment, a wealth management segment and a mortgage banking segment, as more fully disclosed in the Segment note to the consolidated financial statements.
Fair Value of Financial Instruments	(z) Fair Value of Financial Instruments ​ Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in the Fair Value Measurements and Disclosures note to the consolidated financial statements. Fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per Common Share
Schedule of basic and diluted earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, (dollars in thousands, except per share data) 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 35,585 ​ ​ 26,438 Denominator for basic earnings per share ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 6,133 ​ ​ 6,159 Average unearned ESOP shares ​ ​ (114) ​ ​ (37) Basic weighted averages shares outstanding ​ ​ 6,019 ​ ​ 6,122 Dilutive effects of assumed exercises of stock options ​ ​ 130 ​ ​ 23 Dilutive effects of SERP shares ​ ​ 57 ​ ​ 42 Denominator for diluted earnings per share - adjusted weighted average shares outstanding ​ ​ 6,206 ​ ​ 6,187 Basic earnings per share ​ $ 5.91 ​ ​ 4.32 Diluted earnings per share ​ $ 5.73 ​ ​ 4.27 Antidilutive shares excluded from computation of average dilutive earnings per share ​ ​ 139 ​ ​ 275

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangibles
Schedule of goodwill and intangibles assets related to acquisition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ Balance ​ Amortization ​ ​ December 31, ​ Amortization ​ December 31, ​ Period (dollars in thousands) 2020 Expense 2021 (in years) Goodwill - Wealth ​ $ 899 ​ — ​ 899 ​ Indefinite Total Goodwill ​ ​ 899 ​ — ​ 899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets - trade name ​ ​ 266 ​ — ​ 266 ​ Indefinite Intangible assets - customer relationships ​ ​ 3,319 ​ (206) ​ 3,113 ​ 20 Intangible assets - non competition agreements ​ ​ 16 ​ (16) ​ — ​ 4 Total Intangible Assets ​ ​ 3,601 ​ (222) ​ 3,379 ​ ​ Total ​ $ 4,500 ​ (222) ​ 4,278 ​ ​
Schedule of future amortization	At December 31, 2021, the schedule of future intangible asset amortization is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ 204 2023 ​ ​ ​ ​ ​ ​ 204 2024 ​ ​ ​ ​ ​ ​ 204 2025 ​ ​ ​ ​ ​ ​ 204 2026 ​ ​ ​ ​ ​ ​ 204 Thereafter ​ ​ ​ ​ ​ ​ 2,093 ​ ​ ​ ​ ​ ​ $ 3,113

Securities (Tables)

Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Securities
Schedule of amortized cost and fair value of securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 16,850 ​ 55 ​ (68) ​ 16,837 ​ 10 U.S. government agency mortgage-backed securities ​ ​ 9,749 ​ 124 ​ (60) ​ 9,813 ​ 3 U.S. government agency collateralized mortgage obligations ​ ​ 22,276 ​ 358 ​ (253) ​ 22,381 ​ 10 State and municipal securities ​ ​ 72,099 ​ 1,379 ​ (496) ​ 72,982 ​ 12 U.S. Treasuries ​ ​ 29,973 ​ 1 ​ (246) ​ 29,728 ​ 21 Non-U.S. government agency collateralized mortgage obligations ​ ​ 990 ​ ─ ​ (15) ​ 975 ​ 1 Corporate bonds ​ ​ 6,450 ​ 154 ​ (18) ​ 6,586 ​ 5 Total securities available-for-sale ​ $ 158,387 ​ 2,071 ​ (1,156) ​ 159,302 ​ 62 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 6,372 ​ 219 ​ ─ ​ 6,591 ​ — Total securities held-to-maturity ​ $ 6,372 ​ 219 ​ — ​ 6,591 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,303 ​ 364 ​ (75) ​ 25,592 ​ 8 U.S. government agency mortgage-backed securities ​ ​ 3,854 ​ 192 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,010 ​ 916 ​ (17) ​ 23,909 ​ 1 State and municipal securities ​ ​ 63,848 ​ 2,025 ​ (63) ​ 65,810 ​ 3 Corporate bonds ​ ​ 4,200 ​ 7 ​ (2) ​ 4,205 ​ 2 Total securities available-for-sale ​ $ 120,215 ​ 3,504 ​ (157) ​ 123,562 ​ 14 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 6,510 ​ 347 ​ — ​ 6,857 ​ — Total securities held-to-maturity ​ $ 6,510 ​ 347 ​ — ​ 6,857 ​ —
Schedule of investment gross unrealized loss in continuous unrealized loss position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 12,330 ​ (68) ​ — ​ — ​ 12,330 ​ (68) U.S. government agency mortgage-backed securities ​ ​ 3,852 ​ (60) ​ — ​ — ​ 3,852 ​ (60) U.S. government agency collateralized mortgage obligations ​ ​ 8,836 ​ (187) ​ 1,657 ​ (66) ​ 10,493 ​ (253) State and municipal securities ​ ​ 14,994 ​ (427) ​ 2,019 ​ (69) ​ 17,013 ​ (496) U.S. Treasuries ​ ​ 28,750 ​ (246) ​ — ​ — ​ 28,750 ​ (246) Non-U.S. government agency collateralized mortgage obligations ​ ​ 975 ​ (15) ​ — ​ — ​ 975 ​ (15) Corporate bonds ​ ​ 2,232 ​ (18) ​ — ​ — ​ 2,232 ​ (18) Total securities available-for-sale ​ $ 71,969 ​ (1,021) ​ 3,676 ​ (135) ​ 75,645 ​ (1,156) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 2,884 ​ (4) ​ 7,443 ​ (71) ​ 10,327 ​ (75) U.S. government agency collateralized mortgage obligations ​ ​ 2,284 ​ (17) ​ — ​ — ​ 2,284 ​ (17) State and municipal securities ​ ​ 4,163 ​ (63) ​ — ​ — ​ 4,163 ​ (63) Corporate bonds ​ ​ 1,198 ​ (2) ​ — ​ — ​ 1,198 ​ (2) Total securities available-for-sale ​ $ 10,529 ​ (86) ​ 7,443 ​ (71) ​ 17,972 ​ (157)
Schedule of amortized cost and carrying value of held-to-maturity securities and available-for-sale securities by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Available-for-sale ​ Held-to-maturity ​ Available-for-sale ​ Held-to-maturity ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair (dollars in thousands) cost value cost value cost value cost value Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ — ​ — ​ 763 ​ 769 ​ $ — ​ — ​ — ​ — Due after one year through five years ​ ​ 12,934 ​ 12,885 ​ 2,354 ​ 2,397 ​ ​ — ​ — ​ 3,181 ​ 3,288 Due after five years through ten years ​ ​ 30,890 ​ 30,798 ​ 3,255 ​ 3,425 ​ ​ 12,035 ​ 12,095 ​ 3,329 ​ 3,569 Due after ten years ​ ​ 81,548 ​ 82,450 ​ — ​ — ​ ​ 81,316 ​ 83,512 ​ — ​ — Subtotal ​ ​ 125,372 ​ 126,133 ​ 6,372 ​ 6,591 ​ ​ 93,351 ​ 95,607 ​ 6,510 ​ 6,857 Mortgage-related securities ​ ​ 33,015 ​ 33,169 ​ — ​ — ​ ​ 26,864 ​ 27,955 ​ — ​ — Mutual funds with no stated maturity ​ ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ — Total ​ $ 158,387 ​ 159,302 ​ 6,372 ​ 6,591 ​ $ 120,215 ​ 123,562 ​ 6,510 ​ 6,857

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2021
Loans Receivable
Summary of loans and leases outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 Mortgage loans held for sale ​ $ 80,882 ​ 229,199 Real estate loans: ​ ​ ​ ​ ​ Commercial mortgage ​ ​ 516,928 ​ 485,103 Home equity lines and loans ​ ​ 52,299 ​ 64,987 Residential mortgage (1) ​ ​ 68,175 ​ 52,454 Construction ​ ​ 160,905 ​ 140,246 Total real estate loans ​ ​ 798,307 ​ 742,790 ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 293,771 ​ 261,750 Small business loans ​ ​ 114,158 ​ 49,542 Paycheck Protection Program ("PPP") loans ​ ​ 90,194 ​ 203,543 Main Street Lending Program ("MSLP") loans ​ ​ 597 ​ 580 Consumer ​ ​ 419 ​ 511 Leases, net ​ ​ 88,242 ​ 31,040 Total portfolio loans and leases ​ ​ 1,385,688 ​ 1,289,756 Total loans and leases ​ $ 1,466,570 ​ 1,518,955 ​ ​ ​ ​ ​ ​ Loans with predetermined rates ​ $ 488,220 ​ 658,458 Loans with adjustable or floating rates ​ ​ 978,350 ​ 860,497 Total loans and leases ​ $ 1,466,570 ​ 1,518,955 ​ ​ ​ ​ ​ ​ Net deferred loan origination costs (fees) ​ $ 769 ​ (4,992) ​ (1) Includes $17,558 and $12,182 of loans at fair value as of December 31, 2021 and 2020, respectively. ​
Schedule of components of the net investment in leases	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 Minimum lease payments receivable ​ $ 105,608 ​ 37,919 Unearned lease income ​ ​ (17,366) ​ (6,879) Total ​ $ 88,242 ​ 31,040
Schedule of age analysis of past due loans and leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2021 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 516,928 ​ 516,928 ​ — ​ 516,928 ​ — % Home equity lines and loans ​ ​ 103 ​ — ​ 103 ​ 51,285 ​ 51,388 ​ 911 ​ 52,299 ​ 1.94 ​ Residential mortgage (1) ​ ​ 600 ​ — ​ 600 ​ 65,177 ​ 65,777 ​ 2,398 ​ 68,175 ​ 4.40 ​ Construction ​ ​ — ​ — ​ — ​ 160,905 ​ 160,905 ​ — ​ 160,905 ​ — ​ Commercial and industrial ​ ​ — ​ — ​ — ​ 274,970 ​ 274,970 ​ 18,801 ​ 293,771 ​ 6.40 ​ Small business loans ​ ​ — ​ — ​ — ​ 113,492 ​ 113,492 ​ 666 ​ 114,158 ​ 0.58 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ 90,194 ​ 90,194 ​ — ​ 90,194 ​ — ​ Main Street Lending Program loans ​ ​ — ​ — ​ — ​ 597 ​ 597 ​ — ​ 597 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 419 ​ 419 ​ — ​ 419 ​ — ​ Leases, net ​ ​ 390 ​ — ​ 390 ​ 87,640 ​ 88,030 ​ 212 ​ 88,242 ​ 0.68 ​ Total ​ $ 1,093 ​ — ​ 1,093 ​ 1,361,607 ​ 1,362,700 ​ 22,988 ​ 1,385,688 ​ 1.74 % (1) Includes $17,558 of loans at fair value as of December 31, 2021 ($16,768 of current, $189 of 30-89 days past due and $601 of nonaccrual). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2020 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 482,042 ​ 482,042 ​ 3,061 ​ 485,103 ​ 0.63 % Home equity lines and loans ​ ​ — ​ — ​ — ​ 64,128 ​ 64,128 ​ 859 ​ 64,987 ​ 1.32 ​ Residential mortgage (1) ​ ​ 3,595 ​ — ​ 3,595 ​ 46,134 ​ 49,729 ​ 2,725 ​ 52,454 ​ 12.05 ​ Construction ​ ​ — ​ — ​ — ​ 140,246 ​ 140,246 ​ — ​ 140,246 ​ — ​ Commercial and industrial ​ ​ — ​ — ​ — ​ 260,465 ​ 260,465 ​ 1,285 ​ 261,750 ​ 0.49 ​ Small business loans ​ ​ — ​ — ​ — ​ 49,542 ​ 49,542 ​ — ​ 49,542 ​ — ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ 203,543 ​ 203,543 ​ — ​ 203,543 ​ — ​ Main Street Lending Program loans ​ ​ — ​ — ​ — ​ 580 ​ 580 ​ — ​ 580 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 511 ​ 511 ​ — ​ 511 ​ — ​ Leases, net ​ ​ 109 ​ — ​ 109 ​ 30,931 ​ 31,040 ​ — ​ 31,040 ​ 0.35 ​ Total ​ $ 3,704 ​ — ​ 3,704 ​ 1,278,122 ​ 1,281,826 ​ 7,930 ​ 1,289,756 ​ 0.90 % (1) Includes $12,182 of loans at fair value as of December 31, 2020 ($10,314 of current, $958 of 30-89 days past due and $910 of nonaccrual).

Allowance for Loan and Lease _2

Allowance for Loan and Lease Losses (the Allowance) (Tables)	12 Months Ended
	Dec. 31, 2021
Allowance for Loan and Lease Losses (the Allowance)
Roll-forward of allowance for loan and lease losses by portfolio segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2020 Charge-offs Recoveries Provision December 31, 2021 Commercial mortgage ​ $ 7,451 ​ — ​ — ​ (2,501) ​ 4,950 Home equity lines and loans ​ ​ 434 ​ (81) ​ 82 ​ (211) ​ 224 Residential mortgage ​ ​ 385 ​ — ​ 5 ​ (107) ​ 283 Construction ​ ​ 2,421 ​ — ​ — ​ (379) ​ 2,042 Commercial and industrial ​ ​ 5,431 ​ — ​ 41 ​ 1,061 ​ 6,533 Small business loans ​ ​ 1,259 ​ — ​ — ​ 2,478 ​ 3,737 Consumer ​ ​ 4 ​ — ​ 4 ​ (5) ​ 3 Leases ​ ​ 382 ​ (130) ​ — ​ 734 ​ 986 Total ​ $ 17,767 ​ (211) ​ 132 ​ 1,070 ​ 18,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2019 Charge-offs Recoveries Provision December 31, 2020 Commercial mortgage ​ $ 3,426 ​ — ​ — ​ 4,025 ​ 7,451 Home equity lines and loans ​ ​ 342 ​ (90) ​ 14 ​ 168 ​ 434 Residential mortgage ​ ​ 179 ​ — ​ 7 ​ 199 ​ 385 Construction ​ ​ 2,362 ​ — ​ — ​ 59 ​ 2,421 Commercial and industrial ​ ​ 2,684 ​ (31) ​ 58 ​ 2,720 ​ 5,431 Small business loans ​ ​ 509 ​ — ​ — ​ 750 ​ 1,259 Consumer ​ ​ 6 ​ (10) ​ 4 ​ 4 ​ 4 Leases ​ ​ 5 ​ — ​ — ​ 377 ​ 382 Total ​ $ 9,513 ​ (131) ​ 83 ​ 8,302 ​ 17,767 ​
Schedule of allocation of the allowance for loan and lease losses	The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2021 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2021 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 4,950 ​ 4,950 ​ $ 3,556 ​ 513,372 ​ 516,928 ​ Home equity lines and loans ​ ​ — ​ 224 ​ 224 ​ ​ 905 ​ 51,394 ​ 52,299 ​ Residential mortgage ​ ​ — ​ 283 ​ 283 ​ ​ 1,797 ​ 48,820 ​ 50,617 ​ Construction ​ ​ — ​ 2,042 ​ 2,042 ​ ​ 1,206 ​ 159,699 ​ 160,905 ​ Commercial and industrial ​ ​ 2,900 ​ 3,633 ​ 6,533 ​ ​ 17,361 ​ 276,410 ​ 293,771 ​ Small business loans ​ ​ 376 ​ 3,361 ​ 3,737 ​ ​ 792 ​ 113,366 ​ 114,158 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ ​ — ​ 90,194 ​ 90,194 (2) Main Street Lending Program ​ ​ — ​ — ​ — ​ ​ — ​ 597 ​ 597 (2) Consumer ​ ​ — ​ 3 ​ 3 ​ ​ — ​ 419 ​ 419 ​ Leases, net ​ ​ — ​ 986 ​ 986 ​ ​ 212 ​ 88,030 ​ 88,242 ​ Total ​ $ 3,276 ​ 15,482 ​ 18,758 ​ $ 25,829 ​ 1,342,301 ​ 1,368,130 (1) (1) Excludes deferred fees and loans carried at fair value. (2) PPP and MSLP loans are not reserved against as they are 100% guaranteed. ​ The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2020 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2020 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 7,451 ​ 7,451 ​ $ 1,606 ​ 483,497 ​ 485,103 ​ Home equity lines and loans ​ ​ 9 ​ 425 ​ 434 ​ ​ 921 ​ 64,066 ​ 64,987 ​ Residential mortgage ​ ​ 73 ​ 312 ​ 385 ​ ​ 1,817 ​ 38,455 ​ 40,272 ​ Construction ​ ​ — ​ 2,421 ​ 2,421 ​ ​ 1,206 ​ 139,040 ​ 140,246 ​ Commercial and industrial ​ ​ 1,563 ​ 3,868 ​ 5,431 ​ ​ 4,645 ​ 257,105 ​ 261,750 ​ Small business loans ​ ​ — ​ 1,259 ​ 1,259 ​ ​ 185 ​ 49,357 ​ 49,542 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ ​ — ​ 203,543 ​ 203,543 (2) Main Street Lending Program ​ ​ — ​ — ​ — ​ ​ — ​ 580 ​ 580 (2) Consumer ​ ​ — ​ 4 ​ 4 ​ ​ — ​ 511 ​ 511 ​ Leases, net ​ ​ — ​ 382 ​ 382 ​ ​ — ​ 31,040 ​ 31,040 ​ Total ​ $ 1,645 ​ 16,122 ​ 17,767 ​ $ 10,380 ​ 1,267,194 ​ 1,277,574 (1) (1) Excludes deferred fees and loans carried at fair value. (2) PPP and MSLP loans are not reserved against as they are 100% guaranteed.
Schedule of carrying value of loans and leases by portfolio segment based on the credit quality indicators	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 481,551 ​ 29,452 ​ 5,925 ​ — ​ 516,928 Home equity lines and loans ​ ​ 50,908 ​ — ​ 1,391 ​ — ​ 52,299 Construction ​ ​ 151,608 ​ 9,297 ​ — ​ — ​ 160,905 Commercial and industrial ​ ​ 236,298 ​ 14,603 ​ 42,870 ​ — ​ 293,771 Small business loans ​ ​ 112,096 ​ — ​ 2,062 ​ — ​ 114,158 Paycheck Protection Program loans ​ ​ 90,194 ​ — ​ — ​ — ​ 90,194 Main Street Lending Program loans ​ ​ 597 ​ — ​ — ​ — ​ 597 Total ​ $ 1,123,252 ​ 53,352 ​ 52,248 ​ — ​ 1,228,852 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 449,545 ​ 32,059 ​ 3,499 ​ — ​ 485,103 Home equity lines and loans ​ ​ 63,923 ​ — ​ 1,064 ​ — ​ 64,987 Construction ​ ​ 132,286 ​ 7,960 ​ — ​ — ​ 140,246 Commercial and industrial ​ ​ 227,349 ​ 21,721 ​ 9,000 ​ 3,680 ​ 261,750 Small business loans ​ ​ 46,789 ​ — ​ 2,753 ​ — ​ 49,542 Paycheck Protection Program loans ​ ​ 203,543 ​ — ​ — ​ — ​ 203,543 Main Street Lending Program loans ​ ​ 580 ​ — ​ — ​ — ​ 580 Total ​ $ 1,124,015 ​ 61,740 ​ 16,316 ​ 3,680 ​ 1,205,751
Schedule of allocations based on the credit quality indicators	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (dollars in thousands) Performing Nonperforming Total Performing Nonperforming Total Residential mortgage ​ $ 48,820 ​ 1,797 ​ 50,617 ​ $ 38,457 ​ 1,815 ​ 40,272 Consumer ​ ​ 419 ​ — ​ 419 ​ ​ 511 ​ — ​ 511 Leases, net ​ ​ 88,030 ​ 212 ​ 88,242 ​ ​ 31,040 ​ — ​ 31,040 Total ​ $ 137,269 ​ 2,009 ​ 139,278 ​ $ 70,008 ​ 1,815 ​ 71,823
Schedule of recorded investment and principal balance of impaired loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Principal ​ Related (dollars in thousands) investment balance allowance investment balance allowance Impaired loans with related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ $ 17,147 ​ 17,310 ​ 2,900 ​ 3,860 ​ 3,902 ​ 1,563 Small business loans ​ ​ 666 ​ 666 ​ 376 ​ — ​ — ​ — Home equity lines and loans ​ ​ — ​ — ​ — ​ 95 ​ 105 ​ 9 Residential mortgage ​ ​ — ​ — ​ — ​ 689 ​ 689 ​ 73 Total ​ $ 17,813 ​ 17,976 ​ 3,276 ​ 4,644 ​ 4,696 ​ 1,645 Impaired loans without related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage ​ $ 3,556 ​ 3,559 ​ — ​ 1,606 ​ 1,642 ​ — Commercial and industrial ​ ​ 214 ​ 269 ​ — ​ 785 ​ 862 ​ — Small business loans ​ ​ 126 ​ 126 ​ — ​ 185 ​ 185 ​ — Home equity lines and loans ​ ​ 905 ​ 935 ​ — ​ 826 ​ 839 ​ — Residential mortgage ​ ​ 1,797 ​ 1,797 ​ — ​ 1,128 ​ 1,128 ​ — Construction ​ ​ 1,206 ​ 1,206 ​ — ​ 1,206 ​ 1,206 ​ — Leases ​ ​ 212 ​ 212 ​ — ​ — ​ — ​ — Total ​ ​ 8,016 ​ 8,104 ​ — ​ 5,736 ​ 5,862 ​ — Grand Total ​ $ 25,829 ​ 26,080 ​ 3,276 ​ 10,380 ​ 10,558 ​ 1,645
Schedule of average recorded investment on impaired loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ Average ​ Interest ​ Average ​ Interest ​ ​ ​ recorded ​ income ​ recorded ​ income (dollars in thousands) ​ ​ investment ​ recognized ​ investment ​ recognized Impaired loans with related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 17,349 ​ 15 ​ 3,907 ​ 31 Small business loans ​ ​ 887 ​ — ​ — ​ — Home equity lines and loans ​ ​ — ​ — ​ 102 ​ — Residential mortgage ​ ​ — ​ — ​ 689 ​ — Total ​ $ 18,236 ​ 15 ​ 4,698 ​ 31 Impaired loans without related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage ​ $ 3,578 ​ 43 ​ 1,697 ​ 86 Commercial and industrial ​ ​ 239 ​ 24 ​ 832 ​ 19 Small business loans ​ ​ 154 ​ 14 ​ 213 ​ 14 Home equity lines and loans ​ ​ 914 ​ — ​ 831 ​ — Residential mortgage ​ ​ 1,807 ​ 11 ​ 1,131 ​ 133 Construction ​ ​ 1,206 ​ 62 ​ 1,208 ​ 45 Leases ​ ​ 240 ​ — ​ — ​ — Total ​ $ 8,138 ​ 154 ​ 5,912 ​ 297 Grand Total ​ $ 26,374 ​ 169 ​ 10,610 ​ 328
Schedule of TDRs	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 TDRs included in nonperforming loans and leases ​ $ 361 244 TDRs in compliance with modified terms ​ 3,446 3,362 Total TDRs ​ $ 3,807 3,606
Schedule of loan deferral by industrial concentration	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2021 2020 Hotels ​ $ — 11,832 C&I building construction ​ ​ — ​ 10,103 Other ​ 2,424 2,243 Total ​ $ 2,424 24,178

Bank Premises and Equipment (Ta

Bank Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Bank Premises and Equipment
Schedule of components of premises and equipment, net of depreciation	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Building ​ $ 4,141 ​ 4,141 Leasehold improvements ​ ​ 3,347 ​ 3,202 Land ​ ​ 600 ​ 600 Land Improvements ​ ​ 218 ​ 218 Furniture, fixtures and equipment ​ ​ 3,229 ​ 2,700 Computer equipment and data processing software ​ ​ 7,971 ​ 7,034 Construction in process ​ ​ 3,763 ​ — Less: accumulated depreciation ​ ​ (11,463) ​ (10,118) Total ​ $ 11,806 ​ 7,777

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2021
Deposits:
Summary of components of deposits	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Demand, non-interest bearing ​ $ 274,528 ​ 203,843 Demand, interest bearing ​ ​ 268,248 ​ 206,573 Savings accounts ​ ​ 45,038 ​ 8,056 Money market accounts ​ ​ 652,590 ​ 564,566 Time deposits ​ ​ 206,009 ​ 258,297 Total ​ $ 1,446,413 ​ 1,241,335
Scheduled maturities of time deposits	​ At December 31, 2021, the scheduled maturities of time deposits are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2022 ​ ​ $ 126,719 2023 ​ ​ ​ ​ 18,106 2024 ​ ​ ​ ​ 4,071 2025 ​ ​ ​ ​ 24,271 2026 ​ ​ ​ ​ 32,842 Total ​ ​ ​ $ 206,009

Short-Term Borrowings and Long-

Short-Term Borrowings and Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Short-Term Borrowings and Long-Term Debt
Schedule of short term borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) ​ date rate 2021 2020 Open Repo Plus Weekly ​ 05/31/2022 ​ 0.33 % $ 36,458 ​ 60,416 Mid-term Repo-fixed ​ 09/12/2022 ​ 0.23 ​ ​ 4,886 ​ — Federal Reserve Discount Window ​ 03/31/2021 ​ 0.25 ​ ​ — ​ 10,000 Mid-term Repo-fixed ​ 01/13/2021 ​ 0.36 ​ ​ — ​ 4,605 Mid-term Repo-fixed ​ 06/10/2021 ​ 0.10 ​ ​ — ​ 6,376 Mid-term Repo-fixed ​ 09/10/2021 ​ 0.11 ​ ​ — ​ 10,000 Mid-term Repo-fixed ​ 12/10/2021 ​ 0.16 ​ ​ — ​ 10,000 Mid-term Repo-fixed ​ 01/27/2021 ​ 0.23 ​ ​ — ​ 5,465 Total ​ ​ ​ ​ ​ $ 41,344 ​ 106,862
Schedule of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) date rate 2021 2020 PPPLF Advances ​ 2022 ​ 0.35 % $ — ​ 153,269 Mid-term Repo-fixed ​ 06/29/2022 ​ 0.32 ​ ​ — ​ 7,392 Mid-term Repo-fixed ​ 09/12/2022 ​ 0.23 ​ ​ — ​ 4,885 Total ​ ` ​ ​ ​ $ — ​ 165,546 ​

Servicing Assets (Tables)

Servicing Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Mortgage Servicing Rights
Servicing Assets at Fair Value [Line Items]
Schedule of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Balance at beginning of the period ​ $ 4,647 ​ 446 Servicing rights capitalized ​ ​ 6,769 ​ 4,856 Amortization of servicing rights ​ ​ (1,087) ​ (318) Change in valuation allowance ​ ​ 427 ​ (337) Balance at end of the period ​ $ 10,756 ​ 4,647
Schedule of valuation allowance for servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Valuation allowance, beginning of period ​ $ (435) ​ (98) Impairment ​ ​ — ​ (337) Recovery ​ ​ 427 ​ — Valuation allowance, end of period ​ $ (8) ​ (435)
Schedule of sensitivity of fair value of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2021 December 31, 2020 Fair value of residential mortgage servicing rights ​ $ 11,241 ​ $ 4,647 ​ ​ ​ ​ ​ ​ ​ Weighted average life (months) ​ ​ 11.0 ​ ​ 5.0 ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 7.23% ​ ​ 9.39% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (376) ​ $ (183) 20% adverse change ​ ​ (731) ​ ​ (354) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.00% ​ ​ 9.00% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (436) ​ $ (168) 20% adverse change ​ ​ (840) ​ ​ (329)
SBA Loan Servicing Rights
Servicing Assets at Fair Value [Line Items]
Schedule of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Balance at beginning of the period ​ $ 970 ​ 337 Servicing rights capitalized ​ ​ 1,488 ​ 794 Amortization of servicing rights ​ ​ (392) ​ (148) Change in valuation allowance ​ ​ (57) ​ (13) Balance at end of the period ​ $ 2,009 ​ 970
Schedule of valuation allowance for servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2021 2020 Valuation allowance, beginning of period ​ $ (39) ​ (26) Impairment ​ ​ (57) ​ (13) Recovery ​ ​ — ​ — Valuation allowance, end of period ​ $ (96) ​ (39)
Schedule of sensitivity of fair value of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2021 December 31, 2020 Fair value of SBA loan servicing rights ​ $ 2,107 ​ $ 1,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average life (years) ​ ​ 3.8 ​ ​ 3.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 12.38% ​ ​ 12.73% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (69) ​ $ (37) ​ 20% adverse change ​ ​ (132) ​ ​ (71) ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.01% ​ ​ 8.33% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (54) ​ $ (25) ​ 20% adverse change ​ ​ (106) ​ ​ (49) ​

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2021
Lease Commitments
Schedule of Future minimum lease payments	​ ​ ​ ​ ​ Future minimum lease payments ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ ​ 2022 ​ $ 2,179 2023 ​ ​ 1,874 2024 ​ ​ 1,737 2025 ​ ​ 1,456 2026 ​ ​ 1,436 Thereafter ​ ​ 3,134 ​ ​ $ 11,816

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Stock-Based Compensation
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ ​ ​ ​ exercise ​ grant date ​ Shares price fair value Outstanding at December 31, 2019 ​ 346,381 ​ $ 16.13 ​ $ 4.55 Exercised ​ (14,673) ​ ​ 13.64 ​ ​ 3.74 Granted ​ 94,650 ​ ​ 17.70 ​ ​ 5.07 Forfeited ​ (25,631) ​ ​ 17.03 ​ ​ 4.73 Outstanding at December 31, 2020 ​ 400,727 ​ ​ 16.53 ​ ​ 4.69 Exercised ​ (77,265) ​ ​ 13.68 ​ ​ 4.35 Granted ​ 142,650 ​ ​ 27.50 ​ ​ 9.47 Forfeited ​ (4,148) ​ ​ 18.63 ​ ​ 6.57 Outstanding at December 31, 2021 ​ 461,964 ​ ​ 20.38 ​ ​ 6.21 Exercisable at December 31, 2021 ​ 291,832 ​ ​ 18.40 ​ ​ 5.27 Nonvested at December 31, 2021 ​ 170,132 ​ $ 23.77 ​ $ 7.81
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ ​ ​ ​ exercise ​ grant date ​ Shares price fair value Outstanding at December 31, 2019 ​ — ​ $ — ​ $ — Granted ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Outstanding at December 31, 2020 ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Granted ​ 10,000 ​ ​ 26.36 ​ ​ 26.36 Vested ​ (16,603) ​ ​ 14.00 ​ ​ 14.00 Outstanding at December 31, 2021 ​ 26,605 ​ ​ 18.65 ​ ​ 18.65 Nonvested at December 31, 2021 ​ 26,605 ​ $ 18.65 ​ $ 18.65

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Summary of components of the federal and state income tax expense	​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Federal: ​ ​ ​ ​ Current $ 10,022 ​ 5,703 Deferred ​ (717) ​ 1,242 Total federal income tax expense ​ 9,305 ​ 6,945 State: ​ ​ ​ ​ Current ​ 1,463 ​ 1,141 Deferred ​ (51) ​ 12 Total state income tax expense ​ 1,412 ​ 1,153 Total income tax expense $ 10,717 ​ 8,098
Schedule of reconciliation of the statutory income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ 2021 2020 ​ Federal income tax at statutory rate $ 9,733 21.0 % 7,252 21.0 % State tax expense, net of federal benefit ​ 1,116 ​ 2.4 ​ 911 ​ 2.6 ​ Tax exempt interest ​ (248) ​ (0.5) ​ (153) ​ (0.4) ​ Bank owned life insurance ​ (77) ​ (0.2) ​ (59) ​ (0.2) ​ Incentive stock options ​ 81 ​ 0.2 ​ 74 ​ 0.2 ​ ESOP ​ 41 ​ 0.1 ​ — ​ — ​ Other ​ 71 ​ 0.1 ​ 73 ​ 0.2 ​ Effective income tax rate $ 10,717 ​ 23.1 % 8,098 ​ 23.4 %
Summary of net deferred tax assets	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ Allowance for loan and lease losses ​ $ 4,345 ​ 4,230 Intangibles ​ ​ — ​ 30 Accrued incentive compensation ​ ​ 287 ​ — Accrued retirement ​ ​ 874 ​ 528 Deferred rent ​ ​ 141 ​ 180 Mortgage repurchase reserve ​ ​ 738 ​ 641 Other ​ ​ 183 ​ 122 Total deferred tax asset ​ ​ 6,568 ​ 5,731 Deferred tax liabilities: ​ ​ ​ ​ ​ Property and equipment ​ ​ (535) ​ (377) Loan servicing rights ​ ​ (2,957) ​ (1,337) Intangibles ​ ​ (15) ​ — Mortgage pipeline fair-value adjustment ​ ​ (308) ​ (1,156) Hedge instrument fair-value adjustment ​ ​ (190) ​ (1,252) Unrealized gain on available for sale securities ​ ​ (213) ​ (797) Prepaid expenses ​ ​ (465) ​ (340) Deferred loan costs ​ ​ (471) ​ (406) Other ​ ​ (1) ​ (4) Total deferred tax liability ​ ​ (5,155) ​ (5,669) Net deferred tax asset ​ $ 1,413 ​ 62

Revenue from Contracts with Cus

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contracts with Customers
Schedule of revenue from contracts with customers in the scope of ASC 606	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income (1) ​ $ 1,097 ​ — ​ 74,835 ​ 75,932 ​ $ 1,632 ​ — ​ 74,829 ​ 76,461 Wealth management income ​ ​ — ​ 4,801 ​ — ​ 4,801 ​ ​ — ​ 3,854 ​ — ​ 3,854 SBA loan income (1) ​ ​ 6,898 ​ — ​ — ​ 6,898 ​ ​ 2,572 ​ — ​ — ​ 2,572 Net change in fair values (1) ​ ​ 43 ​ — ​ (7,881) ​ (7,838) ​ ​ (40) ​ — ​ 9,185 ​ 9,145 Net gain (loss) on hedging activity (1) ​ ​ — ​ — ​ 2,961 ​ 2,961 ​ ​ — ​ — ​ (9,400) ​ (9,400) Earnings on investment in life insurance (1) ​ ​ 365 ​ — ​ — ​ 365 ​ ​ 279 ​ — ​ — ​ 279 Net gain on sale of investment securities available-for-sale (1) ​ ​ 435 ​ — ​ — ​ 435 ​ ​ 1,345 ​ — ​ — ​ 1,345 Dividends on FHLB stock (1) ​ ​ 191 ​ — ​ — ​ 191 ​ ​ 325 ​ — ​ — ​ 325 Service charges ​ ​ 128 ​ — ​ — ​ 128 ​ ​ 107 ​ — ​ — ​ 107 Other (2) ​ ​ 1,622 ​ 1 ​ 2,492 ​ 4,115 ​ ​ 1,468 ​ 14 ​ 748 ​ 2,230 Non-interest income ​ $ 10,779 ​ 4,802 ​ 72,407 ​ 87,988 ​ $ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 (1) Not within the scope of ASC 606. (2) Within other non-interest income is $1.2 million and $925 thousand for the years ended December 31, 2021 and 2020, respectively, which are in the scope of ASC 606. These amounts include wire transfer fees, ATM/debit card commissions, and title fee income. ​

Financial Instruments with Off

Financial Instruments with Off Balance Sheet Risk, Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies
Schedule of financial instrument commitments	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2021 2020 Commitments to fund loans and commitments under lines of credit ​ $ 486,632 ​ 421,399 Letters of credit ​ ​ 25,986 ​ 8,928

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Dec. 31, 2021
Regulatory Matters
Schedule of corporation's actual capital amounts and ratios.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ To Be Well Capitalized ​ ​ Actual ​ Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 160,379 ​ 9.39% ​ $ 136,621 ​ 8.00% Bank ​ ​ 196,506 ​ 11.51% ​ ​ 136,620 ​ 8.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ To Be Well Capitalized ​ ​ Actual ​ Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 134,564 ​ 8.96% ​ $ 120,082 ​ 8.00% Bank ​ ​ 173,231 ​ 11.54% ​ ​ 120,080 ​ 8.00%

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Schedule of financial assets measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 16,837 ​ — ​ 16,837 ​ — U.S. government agency mortgage-backed securities ​ ​ 9,813 ​ — ​ 9,813 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 22,381 ​ — ​ 22,381 ​ — State and municipal securities ​ ​ 72,982 ​ — ​ 72,982 ​ — U.S. Treasuries ​ ​ 29,728 ​ 29,728 ​ — ​ — Non-U.S. government agency collateralized mortgage obligations ​ ​ 975 ​ — ​ 975 ​ — Corporate bonds ​ ​ 6,586 ​ — ​ 6,586 ​ — Equity investments ​ ​ 2,354 ​ — ​ 2,354 ​ — Mortgage loans held for sale ​ ​ 80,882 ​ — ​ 80,882 ​ — Mortgage loans held for investment ​ ​ 17,558 ​ — ​ 17,558 ​ — Interest rate lock commitments ​ ​ 1,122 ​ — ​ — ​ 1,122 Forward commitments ​ ​ 65 ​ — ​ 65 ​ — Customer derivatives - interest rate swaps ​ ​ 961 ​ — ​ 961 ​ — Total ​ $ 262,244 ​ 29,728 ​ 231,394 ​ 1,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 203 ​ — ​ — ​ 203 Forward commitments ​ ​ 106 ​ — ​ 106 ​ — Customer derivatives - interest rate swaps ​ ​ 1,018 ​ — ​ 1,018 ​ — ​ ​ $ 1,327 ​ — ​ 1,124 ​ 203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,592 ​ — ​ 25,592 ​ — U.S. government agency mortgage-backed securities ​ ​ 4,046 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,909 ​ — ​ 23,909 ​ — State and municipal securities ​ ​ 65,810 ​ — ​ 65,810 ​ — Corporate bonds ​ ​ 4,205 ​ — ​ 4,205 ​ — Equity investments ​ ​ 1,031 ​ — ​ 1,031 ​ — Mortgage loans held for sale ​ ​ 229,199 ​ — ​ 229,199 ​ — Mortgage loans held for investment ​ ​ 12,182 ​ — ​ 12,182 ​ — Interest rate lock commitments ​ ​ 6,932 ​ — ​ — ​ 6,932 Forward commitments ​ ​ — ​ — ​ — ​ — Customer derivatives - interest rate swaps ​ ​ 1,118 ​ — ​ 1,118 ​ — Total ​ $ 374,024 ​ — ​ 367,092 ​ 6,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 100 ​ — ​ — ​ 100 Forward commitments ​ ​ 1,572 ​ — ​ 1,572 ​ — Customer derivatives - interest rate swaps ​ ​ 1,219 ​ — ​ 1,219 ​ — ​ ​ $ 2,891 ​ — ​ 2,791 ​ 100
Schedule of financial assets measured at fair value on non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (dollars in thousands) Fair Value Fair Value Mortgage servicing rights ​ $ 10,756 ​ ​ 4,647 SBA loan servicing rights ​ ​ 2,009 ​ ​ 970 Impaired loans (1) ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 1,837 ​ ​ 2,297 Small business loans ​ ​ 290 ​ ​ — Home equity lines and loans ​ ​ — ​ ​ 86 Residential mortgage ​ ​ — ​ ​ 615 Total ​ $ 14,892 ​ ​ 8,615 (1) Impaired loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Refer to the following page for further qualitative discussion around impaired loans. ​ The following table details the valuation techniques for Level 3 impaired loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Unobservable ​ ​ (dollars in thousands) Level 3 Valuation Technique Input Range of Inputs December 31, 2021 ​ $ 2,127 ​ Appraisal of collateral ​ Management adjustments on appraisals for property type and recent activity ​ 2-15% discount December 31, 2020 ​ ​ 2,998 ​ Appraisal of collateral ​ Management adjustments on appraisals for property type and recent activity ​ 2-15% discount ​
Schedule of estimated fair values of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Fair Value ​ Carrying ​ ​ ​ Carrying ​ ​ (dollars in thousands) Hierarchy Level amount Fair value amount Fair value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ Level 1 ​ $ 23,480 ​ 23,480 ​ 36,744 ​ 36,744 Securities available-for-sale (1) ​ Level 2 ​ ​ 159,302 ​ 159,302 ​ 123,562 ​ 123,562 Securities held-to-maturity ​ Level 2 ​ ​ 6,372 ​ 6,591 ​ 6,510 ​ 6,857 Equity investments ​ Level 2 ​ ​ 2,354 ​ 2,354 ​ 1,031 ​ 1,031 Mortgage loans held for sale ​ Level 2 ​ ​ 80,882 ​ 80,882 ​ 229,199 ​ 229,199 Loans receivable, net of the allowance for loan and lease losses ​ Level 3 ​ ​ 1,368,899 ​ 1,370,885 ​ 1,272,582 ​ 1,289,776 Mortgage loans held for investment ​ Level 2 ​ ​ 17,558 ​ 17,558 ​ 12,182 ​ 12,182 Interest rate lock commitments ​ Level 3 ​ ​ 1,122 ​ 1,122 ​ 6,932 ​ 6,932 Forward commitments ​ Level 2 ​ ​ 65 ​ 65 ​ — ​ — Restricted investment in bank stock ​ NA ​ ​ 5,117 ​ NA ​ 7,861 ​ NA Accrued interest receivable ​ Level 3 ​ ​ 5,009 ​ 5,009 ​ 5,482 ​ 5,482 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 961 ​ 961 ​ 1,118 ​ 1,118 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ Level 2 ​ ​ 1,446,413 ​ 1,549,100 ​ 1,241,335 ​ 1,392,500 Short-term borrowings ​ Level 2 ​ ​ 41,344 ​ 41,344 ​ 106,862 ​ 106,862 Long-term debt ​ Level 2 ​ ​ — ​ — ​ 165,546 ​ 168,000 Subordinated debentures ​ Level 2 ​ ​ 40,508 ​ 40,803 ​ 40,671 ​ 38,375 Accrued interest payable ​ Level 2 ​ ​ 31 ​ 31 ​ 1,154 ​ 1,154 Interest rate lock commitments ​ Level 3 ​ ​ 203 ​ 203 ​ 100 ​ 100 Forward commitments ​ Level 2 ​ ​ 106 ​ 106 ​ 1,572 ​ 1,572 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 1,018 ​ 1,018 ​ 1,219 ​ 1,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Notional ​ ​ Off-balance sheet financial instruments: ​ amount Fair value amount Fair value Commitments to extend credit ​ Level 2 ​ $ 486,632 ​ — ​ 421,399 ​ — Letters of credit ​ Level 2 ​ ​ 25,986 ​ — ​ 8,928 ​ — (1) U.S. Treasuries within securities available-for-sale are classified as Level 1.
Schedule of level 3 inputs reconciliation	​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Balance at beginning of the period $ 6,932 ​ 504 (Decrease) increase in value ​ (5,810) ​ 6,428 Balance at end of the period $ 1,122 ​ 6,932
Interest rate lock commitments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Schedule of measurement inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Unobservable ​ Range of ​ Weighted ​ (dollars in thousands) Level 3 Valuation Technique Input Inputs Average December 31, 2021 ​ $ 1,122 ​ Market comparable pricing ​ Pull through ​ 1 - 99 % 87.66 % December 31, 2020 ​ ​ 6,932 ​ Market comparable pricing ​ Pull through ​ 1 - 99 ​ 83.08 ​
Impaired Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Schedule of measurement inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Unobservable ​ ​ (dollars in thousands) Level 3 Valuation Technique Input Range of Inputs December 31, 2021 ​ $ 2,127 ​ Appraisal of collateral ​ Management adjustments on appraisals for property type and recent activity ​ 2-15% discount December 31, 2020 ​ ​ 2,998 ​ Appraisal of collateral ​ Management adjustments on appraisals for property type and recent activity ​ 2-15% discount

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments
Summary of the notional amounts and fair values of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (dollars in thousands) Balance Sheet Line Item ​ Notional Amount Asset (Liability) Fair Value Notional Amount Asset (Liability) Fair Value Interest Rate Lock Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ $ 108,653 ​ 1,122 ​ 406,422 ​ 6,932 Negative fair values Other liabilities ​ ​ 35,264 ​ (203) ​ 22,406 ​ (100) Total ​ ​ ​ 143,917 ​ 919 ​ 428,828 ​ 6,832 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ 30,500 ​ 65 ​ — ​ — Negative fair values Other liabilities ​ ​ 45,500 ​ (106) ​ 218,000 ​ (1,572) Total ​ ​ ​ 76,000 ​ (41) ​ 218,000 ​ (1,572) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Derivatives - Interest Rate Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ 35,447 ​ 961 ​ 20,979 ​ 1,118 Negative fair values Other liabilities ​ ​ 35,447 ​ (1,018) ​ 20,979 ​ (1,219) Total ​ ​ ​ 70,894 ​ (57) ​ 41,958 ​ (101) Total derivative financial instruments ​ ​ $ 290,811 ​ 821 ​ 688,786 ​ 5,159
Summary of the fair value gains and losses on derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) 2021 2020 Interest Rate Lock Commitments $ (5,913) ​ 6,486 Forward Commitments ​ 1,531 ​ (1,459) Customer Derivatives - Interest Rate Swaps ​ 44 ​ (52) Net fair value (losses) gains on derivative financial instruments $ (4,338) ​ 4,975

Segment (Tables)

Segment (Tables)	12 Months Ended
	Dec. 31, 2021
Segments
Schedule of business segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Net interest income ​ $ 61,032 ​ 15 ​ 2,064 ​ 63,111 ​ $ 46,997 ​ (48) ​ 2,047 ​ 48,996 Provision for loan losses ​ ​ 1,070 ​ — ​ — ​ 1,070 ​ ​ 8,302 ​ — ​ — ​ 8,302 Net interest income after provision ​ ​ 59,962 ​ 15 ​ 2,064 ​ 62,041 ​ ​ 38,695 ​ (48) ​ 2,047 ​ 40,694 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income ​ ​ 1,097 ​ — ​ 74,835 ​ 75,932 ​ ​ 1,632 ​ — ​ 74,829 ​ 76,461 Wealth management income ​ ​ — ​ 4,801 ​ — ​ 4,801 ​ ​ — ​ 3,854 ​ — ​ 3,854 SBA loan income ​ ​ 6,898 ​ — ​ — ​ 6,898 ​ ​ 2,572 ​ — ​ — ​ 2,572 Net change in fair values ​ ​ 43 ​ — ​ (7,881) ​ (7,838) ​ ​ (40) ​ — ​ 9,185 ​ 9,145 Net gain (loss) on hedging activity ​ ​ — ​ — ​ 2,961 ​ 2,961 ​ ​ — ​ — ​ (9,400) ​ (9,400) Other ​ ​ 2,741 ​ 1 ​ 2,492 ​ 5,234 ​ ​ 3,524 ​ 14 ​ 748 ​ 4,286 Non-interest income ​ ​ 10,779 ​ 4,802 ​ 72,407 ​ 87,988 ​ ​ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 Non-interest expense ​ ​ 40,392 ​ 3,496 ​ 59,839 ​ 103,727 ​ ​ 33,351 ​ 3,213 ​ 56,512 ​ 93,076 Income before income taxes ​ $ 30,349 ​ 1,321 ​ 14,632 ​ 46,302 ​ $ 13,032 ​ 607 ​ 20,897 ​ 34,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets ​ $ 1,608,305 ​ 6,355 ​ 98,783 ​ 1,713,443 ​ $ 1,488,312 ​ 5,479 ​ 226,406 ​ 1,720,197

Parent Company Financial Stat_2

Parent Company Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2021
Parent Company Financial Statements
Schedule of parent only consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands, except per share data) 2021 2020 Cash and due from banks ​ $ 2,836 ​ 213 Investments in subsidiaries ​ ​ 200,410 ​ 180,288 Other assets ​ ​ 1,382 ​ 360 Total assets ​ $ 204,628 ​ 180,861 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Subordinated debentures ​ ​ 39,057 ​ 38,904 Accrued interest payable ​ ​ 6 ​ 6 Other liabilities ​ ​ 205 ​ 329 Total liabilities ​ ​ 39,268 ​ 39,239 Stockholders’ equity: ​ ​ ​ ​ ​ Common stock, $1 par value. Authorized 25,000,000 shares; issued 6,534,587 and 6,455,566 as of December 31, 2021 and December 31, 2020 ​ ​ 6,535 ​ 6,456 Surplus ​ ​ 83,663 ​ 81,196 Treasury Stock- 426,693 and 320,000 shares at December 31, 2021 and December 31, 2020, respectively ​ ​ (8,860) ​ (5,828) Unearned common stock held by employee stock ownership plan ​ ​ (1,602) ​ (1,768) Retained earnings ​ ​ 84,916 ​ 59,010 Accumulated other comprehensive income ​ ​ 708 ​ 2,556 Total stockholders’ equity ​ ​ 165,360 ​ 141,622 Total liabilities and stockholders’ equity ​ $ 204,628 ​ 180,861
Schedule of parent only consolidated statements of operations	​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands, except per share data) 2021 2020 Dividends from Bank ​ $ 17,187 ​ 11,512 Non-interest and other income ​ ​ — ​ 10 Total operating income ​ ​ 17,187 ​ 11,522 Interest expense ​ ​ 2,303 ​ 2,202 Other expenses ​ ​ 1,675 ​ — Income before equity in undistributed income of subsidiaries ​ ​ 13,209 ​ 9,320 Equity in undistributed income of subsidiaries ​ ​ 22,376 ​ 17,118 Income before income taxes ​ ​ 35,585 ​ 26,438 Income tax expense ​ ​ — ​ — Net income ​ ​ 35,585 ​ 26,438 Total other comprehensive (loss) income ​ ​ (1,848) ​ 2,559 Total comprehensive income ​ $ 33,737 ​ 28,997
Schedule of parent only consolidated statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands) 2021 2020 Net income ​ $ 35,585 ​ 26,438 Adjustments to reconcile net income to net cash provided by (used in) operating activities: ​ ​ ​ ​ ​ Equity in undistributed income of subsidiaries ​ ​ (22,376) ​ (17,818) Share-based compensation ​ ​ 1,607 ​ 763 Amortization of issuance costs on subordinated debt ​ ​ 153 ​ 112 (Decrease) in accrued interest payable ​ ​ — ​ (72) Other, net ​ ​ (740) ​ (294) Net cash provided by operating activities ​ ​ 14,229 ​ 9,129 Cash flows from financing activities: ​ ​ ​ ​ ​ Issuance cost on subordinated debt ​ ​ — ​ (231) Net purchase of treasury stock ​ ​ (3,032) ​ (5,703) Dividends paid ​ ​ (9,679) ​ (1,525) Purchase of common shares for ESOP ​ ​ — ​ (2,000) Share based awards and exercises ​ ​ 1,105 ​ 395 Net cash (used in) provided by financing activities ​ ​ (11,606) ​ (9,064) Net change in cash and cash equivalents ​ ​ 2,623 ​ 65 Cash and cash equivalents at beginning of period ​ ​ 213 ​ 148 Cash and cash equivalents at end of period ​ $ 2,836 ​ 213

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2021Office
PENNSYLVANIA
Business Acquisition [Line Items]
Number of full-service offices	6
Delaware Valley
Business Acquisition [Line Items]
Number of mortgage loan production offices	9
Maryland
Business Acquisition [Line Items]
Number of mortgage loan production offices	8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Significant Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets Total | Credit Concentration Risk | Commercial mortgage
Concentration Risk [Line Items]
Total loans (as a percent)	37.00%	38.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash Flows, Allowance for Loan Losses and Mortgage Banking Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Office	Dec. 31, 2020USD ($)
Securities
Equity investments | $	$ 2,354	$ 1,031
Allowance for Loan Losses
Cumulative days past due for charge off for retail consumer loans	120 days
Percentage of appraised value of property securing the loan	90.00%
Other real estate owned
Other real estate owned | $	$ 0	$ 0
Minimum
Mortgage Banking Activities and Mortgage Loans Held for Sale
Loan commitment to sale duration	30 days
Maximum
Allowance for Loan Losses
Term of loans receivable	5 years
Mortgage Banking Activities and Mortgage Loans Held for Sale
Loan commitment to sale duration	120 days
Home equity term loans | Maximum
Allowance for Loan Losses
Look-back period	20 years
Home equity lines of credit | Maximum
Allowance for Loan Losses
Look-back period	15 years
Pennsylvania, Delaware and New Jersey
Mortgage Banking Activities and Mortgage Loans Held for Sale
Number of mortgage loan production offices | Office	9
Maryland
Mortgage Banking Activities and Mortgage Loans Held for Sale
Number of mortgage loan production offices | Office	8

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Restricted Investment in Bank Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank (FHLB)
Restricted Investment in Bank Stock
FHLB stock	$ 5,100	$ 7,900
Investment impairment	0	0
Atlantic Central Bankers Bank
Restricted Investment in Bank Stock
Investment	$ 50	$ 50

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Bank Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Building | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	12 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	40 years
Furniture, fixtures and equipment. | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Furniture, fixtures and equipment. | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	7 years
Computer Software and Hardware | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Computer Software and Hardware | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	5 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Employee Benefit Plans and Operating Segments (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Aug. 31, 2020USD ($)
Employee Benefit Plans
Age	21 years
Minimum service term	3 months
Vesting period	3 years
Employer contribution under 401(k) plan	$ 1,400	$ 1,100
Employer contribution under ESOP	1,100	1,200
Employer contributions	663	550
Stock compensation related expense	437
One-time contribution under ESOP	$ 0	$ 600
Shares purchased under ESOP | shares	45,606	161,576
Shares purchased under ESOP | shares		133,280
Shares released under ESOP | shares	26,656
Unallocated shares | shares	106,624
Shares purchased for ESOP average purchase price | $ / shares	$ 24.30	$ 15.06
Shares held by ESOP | shares	269,904
Employee Stock Ownership Plan ESOP Value Shares Purchase Authorized Amount		$ 2,000	$ 2,000
Operating Segments
Number of Operating Segments | segment	3

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income available to common stockholders	$ 35,585	$ 26,438
Denominator for basic earnings per share - weighted average shares outstanding	6,133	6,159
Average unearned ESOP shares	(114)	(37)
Basic weighted averages shares outstanding	6,019	6,122
Dilutive effects of assumed exercises of stock options	130	23
Dilutive effects of SERP shares	57	42
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	6,206	6,187
Basic earnings per share (in dollars per share)	$ 5.91	$ 4.32
Diluted earnings per share (in dollars per share)	$ 5.73	$ 4.27
Antidilutive shares excluded from computation of average dilutive earnings per share	139	275

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and other intangibles rollforward
Goodwill, Beginning Balance	$ 899
Goodwill, Ending Balance	899
Amortization expense	(222)
Finite-Lived Intangible Assets, Ending Balance	3,113
Total Intangible Assets	3,379	$ 3,601
Total	4,278	4,500
Accumulated Amortization	1,200	$ 1,000
Customer relationships
Goodwill and other intangibles rollforward
Finite-Lived Intangible Assets, Beginning Balance	3,319
Amortization expense	(206)
Finite-Lived Intangible Assets, Ending Balance	$ 3,113
Amortization Period	20 years
Non competition agreements
Goodwill and other intangibles rollforward
Finite-Lived Intangible Assets, Beginning Balance	$ 16
Amortization expense	$ (16)
Amortization Period	4 years
Trade name
Goodwill and other intangibles rollforward
Indefinite-lived Intangible Assets (Excluding Goodwill), Beginning Balance	$ 266
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance	$ 266

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Future Amortization (Details) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Other Intangibles
2022	$ 204
2023	204
2024	204
2025	204
2026	204
Thereafter	2,093
Total future amortization	$ 3,113

Securities - Amortized cost and

Securities - Amortized cost and fair value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Securities available-for-sale:
Amortized Cost	$ 158,387	$ 120,215
Gross unrealized gains	2,071	3,504
Gross unrealized losses	(1,156)	(157)
Fair value	159,302	123,562
Securities held to maturity:
Held-to-maturity, Amortized Cost	6,372	6,510
Held-to-maturity, Gross Unrealized Gains	219	347
Fair Value	$ 6,591	$ 6,857
Number of securities in unrealized loss positions	62	14
Number of securities deemed other-than-temporarily impaired | security	0
Securities pledged as collateral fair value	$ 92,200	$ 55,900
U.S. asset backed securities
Securities available-for-sale:
Amortized Cost	16,850	25,303
Gross unrealized gains	55	364
Gross unrealized losses	(68)	(75)
Fair value	$ 16,837	$ 25,592
Securities held to maturity:
Number of securities in unrealized loss positions | security	10	8
U.S. government agency mortgage-backed securities
Securities available-for-sale:
Amortized Cost	$ 9,749	$ 3,854
Gross unrealized gains	124	192
Gross unrealized losses	(60)
Fair value	$ 9,813	4,046
Securities held to maturity:
Number of securities in unrealized loss positions | security	3
U.S. government agency collateralized mortgage obligations
Securities available-for-sale:
Amortized Cost	$ 22,276	23,010
Gross unrealized gains	358	916
Gross unrealized losses	(253)	(17)
Fair value	$ 22,381	$ 23,909
Securities held to maturity:
Number of securities in unrealized loss positions | security	10	1
State and municipal securities
Securities available-for-sale:
Amortized Cost	$ 72,099	$ 63,848
Gross unrealized gains	1,379	2,025
Gross unrealized losses	(496)	(63)
Fair value	72,982	65,810
Securities held to maturity:
Held-to-maturity, Amortized Cost	6,372	6,510
Held-to-maturity, Gross Unrealized Gains	219	347
Fair Value	$ 6,591	$ 6,857
Number of securities in unrealized loss positions | security	12	3
U.S. Treasuries
Securities available-for-sale:
Amortized Cost	$ 29,973
Gross unrealized gains	1
Gross unrealized losses	(246)
Fair value	$ 29,728
Securities held to maturity:
Number of securities in unrealized loss positions | security	21
Non-U.S. government agencies collateralized mortgage obligations
Securities available-for-sale:
Amortized Cost	$ 990
Gross unrealized losses	(15)
Fair value	$ 975
Securities held to maturity:
Number of securities in unrealized loss positions | security	1
Corporate bonds
Securities available-for-sale:
Amortized Cost	$ 6,450	$ 4,200
Gross unrealized gains	154	7
Gross unrealized losses	(18)	(2)
Fair value	$ 6,586	$ 4,205
Securities held to maturity:
Number of securities in unrealized loss positions | security	5	2

Securities - Continuous Unreali

Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Securities
Proceeds from the sale of available for sale investments	$ 23,585	$ 45,927
Gross gain on sale of available for sale investments	634	1,500
Gross loss on sale of available for sale investments	199	196
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	71,969	10,529
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	3,676	7,443
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	75,645	17,972
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(1,021)	(86)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	(135)	(71)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(1,156)	(157)
U.S. asset backed securities
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	12,330	2,884
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer		7,443
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	12,330	10,327
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(68)	(4)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer		(71)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(68)	(75)
U.S. government agency mortgage-backed securities
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	3,852
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	3,852
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(60)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(60)
U.S. government agency collateralized mortgage obligations
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	8,836	2,284
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	1,657
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	10,493	2,284
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(187)	(17)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	(66)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(253)	(17)
State and municipal securities
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	14,994	4,163
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	2,019
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	17,013	4,163
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(427)	(63)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	(69)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(496)	(63)
U.S. Treasuries
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	28,750
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	28,750
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(246)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(246)
Non-U.S. government agencies collateralized mortgage obligations
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	975
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	975
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(15)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(15)
Corporate bonds
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	2,232	1,198
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	2,232	1,198
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(18)	(2)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	$ (18)	$ (2)

Securities - Contractual Maturi

Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Contractual Maturities, Available-for-sale, Amortized Cost
Amortized Cost	$ 158,387	$ 120,215
Contractual Maturities, Available-for-sale, Fair Value
Fair Value	159,302	123,562
Contractual Maturities, Held-to-maturity, Amortized Cost
Amortized Cost	6,372	6,510
Contractual Maturities, Held-to-maturity, Fair Value
Fair Value	6,591	6,857
U.S. Asset Backed And State And Municipal Securities
Contractual Maturities, Available-for-sale, Amortized Cost
Due after one year through five years	12,934
Due after five years through ten years	30,890	12,035
Due after ten years	81,548	81,316
Amortized Cost	125,372	93,351
Contractual Maturities, Available-for-sale, Fair Value
Due after one year through five years	12,885
Due after five years through ten year	30,798	12,095
Due after ten years	82,450	83,512
Fair Value	126,133	95,607
Contractual Maturities, Held-to-maturity, Amortized Cost
Due in one year or less	763
Due after one year through five years	2,354	3,181
Due after five years through ten years	3,255	3,329
Amortized Cost	6,372	6,510
Contractual Maturities, Held-to-maturity, Fair Value
Due in one year or less	769
Due after one year through five years	2,397	3,288
Due after five years through ten years	3,425	3,569
Fair Value	6,591	6,857
Mortgage-related securities
Contractual Maturities, Available-for-sale, Amortized Cost
Amortized Cost	33,015	26,864
Contractual Maturities, Available-for-sale, Fair Value
Fair Value	$ 33,169	$ 27,955

Loans Receivable - Loans and le

Loans Receivable - Loans and leases outstanding by category (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans Receivable
Mortgage loans held for sale	$ 80,882	$ 229,199
Total portfolio loans and leases	1,385,688	1,289,756
Total loans and leases	1,466,570	1,518,955
Loans at fair value	17,558	12,182
Real estate loans
Loans Receivable
Total portfolio loans and leases	798,307	742,790
Commercial mortgage
Loans Receivable
Total portfolio loans and leases	516,928	485,103
Home equity lines and loans
Loans Receivable
Total portfolio loans and leases	52,299	64,987
Residential mortgage
Loans Receivable
Total portfolio loans and leases	68,175	52,454
Loans at fair value	17,558	12,182
Construction
Loans Receivable
Total portfolio loans and leases	160,905	140,246
Commercial and industrial
Loans Receivable
Total portfolio loans and leases	293,771	261,750
Small business loans
Loans Receivable
Total portfolio loans and leases	114,158	49,542
Paycheck Protection Program loans ("PPP") loans
Loans Receivable
Total portfolio loans and leases	90,194	203,543
Main Street Lending Program Loans ("MSLP") loans
Loans Receivable
Total portfolio loans and leases	597	580
Consumer
Loans Receivable
Total portfolio loans and leases	419	511
Leases, net
Loans Receivable
Total portfolio loans and leases	$ 88,242	$ 31,040

Loans Receivable - Loans and _2

Loans Receivable - Loans and leases outstanding by rate type (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans Receivable
Loans with predetermined rates	$ 488,220	$ 658,458
Loans with adjustable or floating rates	978,350	860,497
Total loans and leases	1,466,570	1,518,955
Net deferred loan origination costs (fees)	$ 769	$ (4,992)

Loans Receivable - Components o

Loans Receivable - Components of the net investment in leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans Receivable
Minimum lease payments receivable	$ 105,608	$ 37,919
Unearned lease income	(17,366)	(6,879)
Total	$ 88,242	$ 31,040

Loans Receivable - Age analysis

Loans Receivable - Age analysis of past due loans and leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Age Analysis of Past Due Loans and Leases
Total past due	$ 1,093	$ 3,704
Total accruing loans and leases	1,362,700	1,281,826
Nonaccrual loans and leases	22,988	7,930
Loans and Leases Receivable, Gross, Total	$ 1,385,688	$ 1,289,756
Delinquency percentage	1.74%	0.90%
Loans at fair value	$ 17,558	$ 12,182
Covid 19 Deferral
Age Analysis of Past Due Loans and Leases
Number of modification on nonaccrual of non-performing loans | loan	1
Nonaccrual for non-performing loans	$ 13,800
Commercial mortgage
Age Analysis of Past Due Loans and Leases
Total accruing loans and leases	516,928	482,042
Nonaccrual loans and leases		3,061
Loans and Leases Receivable, Gross, Total	516,928	$ 485,103
Delinquency percentage		0.63%
Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total past due	103
Total accruing loans and leases	51,388	$ 64,128
Nonaccrual loans and leases	911	859
Loans and Leases Receivable, Gross, Total	$ 52,299	$ 64,987
Delinquency percentage	1.94%	1.32%
Residential mortgage
Age Analysis of Past Due Loans and Leases
Total past due	$ 600	$ 3,595
Total accruing loans and leases	65,777	49,729
Nonaccrual loans and leases	2,398	2,725
Loans and Leases Receivable, Gross, Total	$ 68,175	$ 52,454
Delinquency percentage	4.40%	12.05%
Loans at fair value	$ 17,558	$ 12,182
Construction
Age Analysis of Past Due Loans and Leases
Total accruing loans and leases	160,905	140,246
Loans and Leases Receivable, Gross, Total	160,905	140,246
Commercial and industrial
Age Analysis of Past Due Loans and Leases
Total accruing loans and leases	274,970	260,465
Nonaccrual loans and leases	18,801	1,285
Loans and Leases Receivable, Gross, Total	$ 293,771	$ 261,750
Delinquency percentage	6.40%	0.49%
Small business loans
Age Analysis of Past Due Loans and Leases
Total accruing loans and leases	$ 113,492	$ 49,542
Nonaccrual loans and leases	666
Loans and Leases Receivable, Gross, Total	$ 114,158	49,542
Delinquency percentage	0.58%
Paycheck Protection Program loans ("PPP") loans
Age Analysis of Past Due Loans and Leases
Total accruing loans and leases	$ 90,194	203,543
Loans and Leases Receivable, Gross, Total	90,194	203,543
Main Street Lending Program Loans ("MSLP") loans
Age Analysis of Past Due Loans and Leases
Total accruing loans and leases	597	580
Loans and Leases Receivable, Gross, Total	597	580
Consumer
Age Analysis of Past Due Loans and Leases
Total accruing loans and leases	419	511
Loans and Leases Receivable, Gross, Total	419	511
Leases, net
Age Analysis of Past Due Loans and Leases
Total past due	390	109
Total accruing loans and leases	88,030	31,040
Nonaccrual loans and leases	212
Loans and Leases Receivable, Gross, Total	$ 88,242	$ 31,040
Delinquency percentage	0.68%	0.35%
30-89 days past due
Age Analysis of Past Due Loans and Leases
Total past due	$ 1,093	$ 3,704
30-89 days past due | Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total past due	103
30-89 days past due | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total past due	600	3,595
Loans at fair value	189	958
30-89 days past due | Leases, net
Age Analysis of Past Due Loans and Leases
Total past due	390	109
Current
Age Analysis of Past Due Loans and Leases
Total past due	1,361,607	1,278,122
Current | Commercial mortgage
Age Analysis of Past Due Loans and Leases
Total past due	516,928	482,042
Current | Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total past due	51,285	64,128
Current | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total past due	65,177	46,134
Loans at fair value	16,768	10,314
Current | Construction
Age Analysis of Past Due Loans and Leases
Total past due	160,905	140,246
Current | Commercial and industrial
Age Analysis of Past Due Loans and Leases
Total past due	274,970	260,465
Current | Small business loans
Age Analysis of Past Due Loans and Leases
Total past due	113,492	49,542
Current | Paycheck Protection Program loans ("PPP") loans
Age Analysis of Past Due Loans and Leases
Total past due	90,194	203,543
Current | Main Street Lending Program Loans ("MSLP") loans
Age Analysis of Past Due Loans and Leases
Total past due	597	580
Current | Consumer
Age Analysis of Past Due Loans and Leases
Total past due	419	511
Current | Leases, net
Age Analysis of Past Due Loans and Leases
Total past due	87,640	30,931
Nonaccrual | Residential mortgage
Age Analysis of Past Due Loans and Leases
Loans at fair value	$ 601	$ 910

Allowance for Loan and Lease _3

Allowance for Loan and Lease Losses (the Allowance) - Roll-forward of allowance by portfolio segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	$ 17,767	$ 9,513
Charge-offs	(211)	(131)
Recoveries	132	83
Provision	1,070	8,302
Balance at end of period	18,758	17,767
Commercial mortgage.
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	7,451	3,426
Provision	(2,501)	4,025
Balance at end of period	4,950	7,451
Home equity lines and loans
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	434	342
Charge-offs	(81)	(90)
Recoveries	82	14
Provision	(211)	168
Balance at end of period	224	434
Residential mortgage
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	385	179
Recoveries	5	7
Provision	(107)	199
Balance at end of period	283	385
Construction
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	2,421	2,362
Provision	(379)	59
Balance at end of period	2,042	2,421
Commercial and industrial
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	5,431	2,684
Charge-offs		(31)
Recoveries	41	58
Provision	1,061	2,720
Balance at end of period	6,533	5,431
Small business loans
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	1,259	509
Provision	2,478	750
Balance at end of period	3,737	1,259
Consumer
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	4	6
Charge-offs		(10)
Recoveries	4	4
Provision	(5)	4
Balance at end of period	3	4
Leases, net
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	382	5
Charge-offs	(130)
Provision	734	377
Balance at end of period	$ 986	$ 382

Allowance for Loan and Lease _4

Allowance for Loan and Lease Losses (the Allowance) - Allowance allocated by portfolio segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	$ 3,276	$ 1,645
Allowance on loans and leases collectively evaluated for impairment	15,482	16,122
Total	18,758	17,767	$ 9,513
Carrying value of loans and leases individually evaluated for impairment	25,829	10,380
Carrying value of loans and leases collectively evaluated for impairment	1,342,301	1,267,194
Total	1,368,130	1,277,574
Commercial mortgage.
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	4,950	7,451
Total	4,950	7,451	3,426
Carrying value of loans and leases individually evaluated for impairment	3,556	1,606
Carrying value of loans and leases collectively evaluated for impairment	513,372	483,497
Total	516,928	485,103
Home equity lines and loans
Impaired Loans
Allowance on loans and leases individually evaluated for impairment		9
Allowance on loans and leases collectively evaluated for impairment	224	425
Total	224	434	342
Carrying value of loans and leases individually evaluated for impairment	905	921
Carrying value of loans and leases collectively evaluated for impairment	51,394	64,066
Total	52,299	64,987
Residential mortgage
Impaired Loans
Allowance on loans and leases individually evaluated for impairment		73
Allowance on loans and leases collectively evaluated for impairment	283	312
Total	283	385	179
Carrying value of loans and leases individually evaluated for impairment	1,797	1,817
Carrying value of loans and leases collectively evaluated for impairment	48,820	38,455
Total	50,617	40,272
Construction
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	2,042	2,421
Total	2,042	2,421	2,362
Carrying value of loans and leases individually evaluated for impairment	1,206	1,206
Carrying value of loans and leases collectively evaluated for impairment	159,699	139,040
Total	160,905	140,246
Commercial and industrial
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	2,900	1,563
Allowance on loans and leases collectively evaluated for impairment	3,633	3,868
Total	6,533	5,431	2,684
Carrying value of loans and leases individually evaluated for impairment	17,361	4,645
Carrying value of loans and leases collectively evaluated for impairment	276,410	257,105
Total	293,771	261,750
Small business loans
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	376
Allowance on loans and leases collectively evaluated for impairment	3,361	1,259
Total	3,737	1,259	509
Carrying value of loans and leases individually evaluated for impairment	792	185
Carrying value of loans and leases collectively evaluated for impairment	113,366	49,357
Total	114,158	49,542
Paycheck Protection Program loans ("PPP") loans
Impaired Loans
Carrying value of loans and leases collectively evaluated for impairment	90,194	203,543
Total	90,194	203,543
Main Street Lending Program Loans ("MSLP") loans
Impaired Loans
Carrying value of loans and leases collectively evaluated for impairment	597	580
Total	$ 597	$ 580
Paycheck Protection Program And Main Street Lending Program Loans
Impaired Loans
Percentage Guaranteed	100.00%	100.00%
Consumer
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	$ 3	$ 4
Total	3	4	6
Carrying value of loans and leases collectively evaluated for impairment	419	511
Total	419	511
Leases, net
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	986	382
Total	986	382	$ 5
Carrying value of loans and leases individually evaluated for impairment	212
Carrying value of loans and leases collectively evaluated for impairment	88,030	31,040
Total	$ 88,242	$ 31,040

Allowance for Loan and Lease _5

Allowance for Loan and Lease Losses (the Allowance) - Carrying value based on credit quality indicators (Details) $ in Thousands	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	$ 1,228,852	$ 1,205,751
Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	1,123,252	1,124,015
Special mention
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	53,352	61,740
Substandard
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	52,248	16,316
Doubtful
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases		3,680
Commercial mortgage.
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	516,928	485,103
Commercial mortgage. | Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	481,551	449,545
Commercial mortgage. | Special mention
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	29,452	32,059
Commercial mortgage. | Substandard
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	5,925	3,499
Home equity lines and loans
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	52,299	64,987
Home equity lines and loans | Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	50,908	63,923
Home equity lines and loans | Substandard
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	1,391	1,064
Construction
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	160,905	140,246
Construction | Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	151,608	132,286
Construction | Special mention
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	9,297	7,960
Commercial and industrial
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	293,771	261,750
Commercial and industrial | Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	236,298	227,349
Commercial and industrial | Special mention
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	14,603	21,721
Commercial and industrial | Substandard
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	42,870	9,000
Increase in value of loans and leases excluding residential mortgage, consumer and leases	33,900
Nonaccrual for non-performing loans	13,800
Increase of remaining financing receivable of different loan relationships with no specific industry	$ 20,100
Number of loans relationship with no specific industry concentrations | loan	18
Commercial and industrial | Doubtful
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases		3,680
Small business loans
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	$ 114,158	49,542
Small business loans | Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	112,096	46,789
Small business loans | Substandard
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	2,062	2,753
Paycheck Protection Program loans ("PPP") loans
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	90,194	203,543
Paycheck Protection Program loans ("PPP") loans | Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	90,194	203,543
Main Street Lending Program Loans ("MSLP") loans
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	597	580
Main Street Lending Program Loans ("MSLP") loans | Pass
Loans and Leases by Credit Ratings
Carrying value of loans and leases excluding residential mortgage, consumer and leases	$ 597	$ 580

Allowance for Loan and Lease _6

Allowance for Loan and Lease Losses (the Allowance) - Carrying value based on performance status (Details) $ in Thousands	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	$ 139,278	$ 71,823
Troubled debt restructurings	3,807	3,606
Performing
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	137,269	70,008
Nonperforming
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	2,009	1,815
Residential mortgage
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	50,617	40,272
Residential mortgage | Performing
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	48,820	38,457
Troubled debt restructurings	0	0
Residential mortgage | Nonperforming
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	$ 1,797	$ 1,815
Number of loans | loan	4	5
Loans receivable, net of the allowance for loan and lease losses	$ 601	$ 910
Consumer
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	419	511
Consumer | Performing
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	419	511
Leases, net
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	88,242	31,040
Leases, net | Performing
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	88,030	$ 31,040
Leases, net | Nonperforming
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	$ 212

Allowance for Loan and Lease _7

Allowance for Loan and Lease Losses (the Allowance) - Impaired loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Impaired loans with related allowance:
Recorded investment	$ 17,813	$ 4,644
Principal balance	17,976	4,696
Related allowance	3,276	1,645
Impaired loans without related allowance:
Recorded investment	8,016	5,736
Principal balance	8,104	5,862
Grand Total
Recorded investment	25,829	10,380
Principal balance	26,080	10,558
Related allowance	3,276	1,645
Commercial mortgage.
Impaired loans without related allowance:
Recorded investment	3,556	1,606
Principal balance	3,559	1,642
Commercial and industrial
Impaired loans with related allowance:
Recorded investment	17,147	3,860
Principal balance	17,310	3,902
Related allowance	2,900	1,563
Impaired loans without related allowance:
Recorded investment	214	785
Principal balance	269	862
Small business loans
Impaired loans with related allowance:
Recorded investment	666
Principal balance	666
Related allowance	376
Impaired loans without related allowance:
Recorded investment	126	185
Principal balance	126	185
Home equity lines and loans
Impaired loans with related allowance:
Recorded investment		95
Principal balance		105
Related allowance		9
Impaired loans without related allowance:
Recorded investment	905	826
Principal balance	935	839
Residential mortgage
Impaired loans with related allowance:
Recorded investment		689
Principal balance		689
Related allowance		73
Impaired loans without related allowance:
Recorded investment	1,797	1,128
Principal balance	1,797	1,128
Construction
Impaired loans without related allowance:
Recorded investment	1,206	1,206
Principal balance	1,206	$ 1,206
Leases, net
Impaired loans without related allowance:
Recorded investment	212
Principal balance	$ 212

Allowance for Loan and Lease _8

Allowance for Loan and Lease Losses (the Allowance) - Impaired Loan Average Recorded Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Impaired loans with related allowance:
Average recorded investment	$ 18,236	$ 4,698
Interest income recognized	15	31
Impaired loans without related allowance:
Average recorded investment	8,138	5,912
Interest income recognized	154	297
Grand Total
Average recorded investment	26,374	10,610
Total interest income recognized	169	328
Commercial mortgage.
Impaired loans without related allowance:
Average recorded investment	3,578	1,697
Interest income recognized	43	86
Commercial and industrial
Impaired loans with related allowance:
Average recorded investment	17,349	3,907
Interest income recognized	15	31
Impaired loans without related allowance:
Average recorded investment	239	832
Interest income recognized	24	19
Small business loans
Impaired loans with related allowance:
Average recorded investment	887
Impaired loans without related allowance:
Average recorded investment	154	213
Interest income recognized	14	14
Home equity lines and loans
Impaired loans with related allowance:
Average recorded investment		102
Impaired loans without related allowance:
Average recorded investment	914	831
Residential mortgage
Impaired loans with related allowance:
Average recorded investment		689
Impaired loans without related allowance:
Average recorded investment	1,807	1,131
Interest income recognized	11	133
Construction
Impaired loans without related allowance:
Average recorded investment	1,206	1,208
Interest income recognized	62	$ 45
Leases, net
Impaired loans without related allowance:
Average recorded investment	$ 240

Allowance for Loan and Lease _9

Allowance for Loan and Lease Losses (the Allowance) - Troubled debt restructuring (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for Loan and Lease Losses (the Allowance)
TDRs included in nonperforming loans and leases	$ 361	$ 244
TDRs in compliance with modified terms	3,446	3,362
Total TDRs	$ 3,807	$ 3,606

Allowance for Loan and Lease_10

Allowance for Loan and Lease Losses (the Allowance) - Loan and lease modifications granted categorized as TDRs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Allowance for Loan and Lease Losses (the Allowance)
Number of Contracts | contract	2	0
Loan and lease modifications granted and subsequently defaulted | $	$ 0	$ 0

Allowance for Loan and Lease_11

Allowance for Loan and Lease Losses (the Allowance) - COVID-19 Assistance to Customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Mar. 10, 2022USD ($)loan	Jan. 31, 2022USD ($)	Dec. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Gross amount of loans	$ 1,466,570			$ 1,518,955
Loan increment term	3 months
Reduced loan amount	$ 21,800
Percentage of reduced loan amount	90.00%
Amount of loan deferrals	$ 2,424			$ 24,178
Amount of loan deferrals expired			$ 2,400
Paycheck Protection Program loans ("PPP") loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of loans issued | loan	1,451
Paycheck Protection Program loans ("PPP") loans | Minimum
Financing Receivable, Allowance for Credit Losses [Line Items]
Gross amount of loans	$ 370,000
Subsequent event | Paycheck Protection Program loans ("PPP") loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Value of loans paid back		$ 314,000
Number of loans paid back | loan		1,224
Loan amount yet to be forgiven		$ 56,300
Loan amount submitted for forgiveness		31,700
Loan amount not yet submitted for forgiveness		$ 24,600

Allowance for Loan and Lease_12

Allowance for Loan and Lease Losses (the Allowance) - Loan deferral by industrial concentration (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 2,424	$ 24,178
Hotels
Financing Receivable, Allowance for Credit Losses [Line Items]
Total		11,832
C&I building construction
Financing Receivable, Allowance for Credit Losses [Line Items]
Total		10,103
Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 2,424	$ 2,243

Bank Premises and Equipment (De

Bank Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2021
Bank Premises and Equipment
Less: accumulated depreciation	$ (11,463)	$ (10,118)
Total	11,806	7,777
Depreciation	1,300	1,600
Building
Bank Premises and Equipment
Property, Plant and Equipment, Gross	4,141	4,141
Leasehold improvements
Bank Premises and Equipment
Property, Plant and Equipment, Gross	3,347	3,202
Land
Bank Premises and Equipment
Property, Plant and Equipment, Gross	600	600
Land Improvements
Bank Premises and Equipment
Property, Plant and Equipment, Gross	218	218
Furniture, fixtures and equipment
Bank Premises and Equipment
Property, Plant and Equipment, Gross	3,229	2,700
Computer equipment and data processing software
Bank Premises and Equipment
Property, Plant and Equipment, Gross	7,971	$ 7,034
Construction in process
Bank Premises and Equipment
Property, Plant and Equipment, Gross	$ 3,763		$ 3,800

Deposits - Components of deposi

Deposits - Components of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposits:
Demand, non-interest bearing	$ 274,528	$ 203,843
Demand, interest-bearing	268,248	206,573
Savings accounts	45,038	8,056
Money market accounts	652,590	564,566
Time deposits	206,009	258,297
Total deposits	1,446,413	1,241,335
Time deposits over FDIC Insurance Limit	$ 179,800	$ 233,100

Deposits - Scheduled maturities

Deposits - Scheduled maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Scheduled maturities
2022	$ 126,719
2023	18,106
2024	4,071
2025	24,271
2026	32,842
Time Deposits, Total	$ 206,009	$ 258,297

Short-Term Borrowings and Lon_2

Short-Term Borrowings and Long-Term Debt - Short-term borrowings (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Short-Term Borrowings
Short term borrowings	$ 41,344,000	$ 106,862,000
Federal funds purchased | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Number of borrowing facilities | item	2
Short term borrowings	$ 0	0
Federal funds purchased, facility one | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Maximum borrowing capacity	24,000,000
Federal funds purchased, facility two | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Maximum borrowing capacity	$ 15,000,000
Open Repo Plus Weekly 0.33%, Maturing On 05/31/2022
Short-Term Borrowings
Interest rate (as a percent)	0.33%
Short term borrowings	$ 36,458,000	60,416,000
Mid-term Repo-fixed 0.23%, Maturing On 09/12/2022
Short-Term Borrowings
Interest rate (as a percent)	0.23%
Short term borrowings	$ 4,886,000
Federal Reserve discount window
Short-Term Borrowings
Interest rate (as a percent)	0.25%
Short term borrowings		10,000,000
Federal Reserve discount window | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Maximum borrowing capacity	$ 3,500,000
Short term borrowings	$ 0	10,000,000
PPPLF Advances
Short-Term Borrowings
Advances secured percentage	100.00%
Short term borrowings	$ 0
Mid-term Repo-fixed 0.36%, Maturing On 01/13/2021
Short-Term Borrowings
Interest rate (as a percent)	0.36%
Short term borrowings		4,605,000
Mid-term Repo-fixed 0.10%, Maturing On 06/10/2021
Short-Term Borrowings
Interest rate (as a percent)	0.10%
Short term borrowings		6,376,000
Mid-term Repo-fixed 0.11%, Maturing On 09/10/2021
Short-Term Borrowings
Interest rate (as a percent)	0.11%
Short term borrowings		10,000,000
Mid-term Repo-fixed 0.16%, Maturing On 12/10/2021
Short-Term Borrowings
Interest rate (as a percent)	0.16%
Short term borrowings		10,000,000
Mid-term Repo-fixed 0.23%, Maturing On 01/27/2021
Short-Term Borrowings
Interest rate (as a percent)	0.23%
Short term borrowings		$ 5,465,000

Short-Term Borrowings and Lon_3

Short-Term Borrowings and Long-Term Debt - Long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Long Term Debt
Long-term debt		$ 165,546
PPPLF Advances
Long Term Debt
Fixed interest rate (as a percent)	0.35%
Long-term debt		153,269
Mid-term Repo-fixed Maturing On 06/29/2022
Long Term Debt
Fixed interest rate (as a percent)	0.32%
Long-term debt		7,392
Mid-term Repo-fixed Maturing On 09/12/2022
Long Term Debt
Fixed interest rate (as a percent)	0.23%
Long-term debt		4,885
Federal Home Loan Bank of Pittsburgh | Letters of credit
Long Term Debt
Proceeds from long term debt	$ 131,500
Maximum borrowing capacity	$ 505,400	$ 638,900

Subordinated Debentures (Detail

Subordinated Debentures (Details) $ in Thousands	1 Months Ended					12 Months Ended
	Dec. 31, 2020USD ($)installment	Dec. 31, 2019USD ($)	Apr. 30, 2013USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2008USD ($)installment	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2014tranche	Sep. 30, 2014USD ($)	Aug. 31, 2014USD ($)	Jun. 30, 2014USD ($)
Subordinated Borrowing [Line Items]
Debenture outstanding	$ 40,671					$ 40,508	$ 40,671
Repayments of debt						281	172
2008 Debentures
Subordinated Borrowing [Line Items]
Debt issued					$ 550
Conversion ratio					0.0667
Interest rate					6.00%
Debenture outstanding						113
Repayments of debt						56	56
Number of equal principal installments | installment					8
2011 Debentures
Subordinated Borrowing [Line Items]
Debt issued				$ 1,400
Conversion ratio				0.0588
Interest rate				6.00%
Debenture outstanding						578
Repayments of debt						116	116
Number of equal principal installments | installment	8
2013 Debentures
Subordinated Borrowing [Line Items]
Debt issued			$ 1,400
Conversion ratio			0.0455
Interest rate			6.50%
Debenture outstanding						761
Repayments of debt						109	0
2014 Debentures
Subordinated Borrowing [Line Items]
Debt issued									$ 7,000	$ 100	$ 3,000
Interest rate								7.25%
Debenture outstanding	$ 0					0	0
Repayments of debt							7,100
Number of tranches | tranche								3
2019 Debentures
Subordinated Borrowing [Line Items]
Debt issued		$ 40,000
Interest rate		5.375%
Interest payments						$ 2,200	$ 2,200

Servicing Assets - Residential

Servicing Assets - Residential Mortgage Loan Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	$ 5,617
Balance at end of the period	12,765	$ 5,617
Mortgage Servicing Rights
Servicing Assets at Fair Value [Line Items]
Loans serviced	1,000,000	506,000
Servicing fee income	2,000	498
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	4,647	446
Servicing rights capitalized	6,769	4,856
Amortization of servicing rights	(1,087)	(318)
Change in valuation allowance	427	(337)
Balance at end of the period	10,756	4,647
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	(435)	(98)
Impairment		337
Recovery	427
Valuation allowance, end of the period	$ (8)	$ (435)

Servicing Assets - MSR Sensitiv

Servicing Assets - MSR Sensitivity Analysis (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of residential mortgage servicing rights	$ 11,241	$ 4,647
Weighted average life (years)	11 months	5 months
Prepayment speed	7.23%	9.39%
Impact on fair value of a 10% adverse change in prepayment speed	$ (376)	$ (183)
Impact on fair value of a 20% adverse change in prepayment speed	$ (731)	$ (354)
Discount rate	9.00%	9.00%
Impact on fair value of a 10% adverse change in the discount rate	$ (436)	$ (168)
Impact on fair value of a 20% adverse change in the discount rate	$ (840)	$ (329)

Servicing Assets - SBA Loan Ser

Servicing Assets - SBA Loan Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	$ 5,617
Balance at end of the period	12,765	$ 5,617
SBA Loan Servicing Rights
Servicing Assets at Fair Value [Line Items]
Loans serviced	115,100	55,900
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	970	337
Servicing rights capitalized	1,488	794
Amortization of servicing rights	(392)	(148)
Change in valuation allowance	(57)	(13)
Balance at end of the period	2,009	970
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	(39)	(26)
Impairment	(57)	(13)
Valuation allowance, end of the period	$ (96)	$ (39)

Servicing Assets - SBA Sensitiv

Servicing Assets - SBA Sensitivity Analysis (Details) - SBA Loan Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of SBA loan servicing rights	$ 2,107	$ 1,010
Weighted average life (years)	3 years 9 months 18 days	3 years 8 months 12 days
Prepayment speed	12.38%	12.73%
Impact on fair value of a 10% adverse change in prepayment speed	$ (69)	$ (37)
Impact on fair value of a 20% adverse change in prepayment speed	$ (132)	$ (71)
Discount rate	9.01%	8.33%
Impact on fair value of a 10% adverse change in the discount rate	$ (54)	$ (25)
Impact on fair value of a 20% adverse change in the discount rate	$ (106)	$ (49)

Lease Commitments (Details)

Lease Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Lease Commitments
Number of branch spaces leased | item	22
Operating Leases, Rent Expense	$ 2,200	$ 1,900
Future minimum lease payments
2022	2,179
2023	1,874
2024	1,737
2025	1,456
2026	1,436
Thereafter	3,134
Total	$ 11,816

Stock-Based Compensation - 2016

Stock-Based Compensation - 2016 Plan (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation
Granted	142,650	94,650
Restricted Stock
Stock-Based Compensation
Granted	10,000	33,208
2016 Plan
Stock-Based Compensation
Shares authorized	686,900
Number of shares available for future grants	204,942
Term of award	10 years
Vesting percentage	25.00%
Vesting period	3 years
2016 Plan | Employee stock option
Stock-Based Compensation
Granted	438,750
2016 Plan | Restricted Stock
Stock-Based Compensation
Granted	43,208
2004 Plan
Stock-Based Compensation
Shares authorized	446,091
Stock dividend percentage	5.00%
Number of shares available for future grants	0

Stock-Based Compensation - Opti

Stock-Based Compensation - Options outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding, at the beginning of the period	400,727	346,381
Exercised	(77,265)	(14,673)
Granted	142,650	94,650
Forfeited	(4,148)	(25,631)
Outstanding, at the end of the period	461,964	400,727
Exercisable at the end of the period	291,832
Nonvested at the end of the period	170,132
Weighted average exercise price
Outstanding, at the beginning of the period	$ 16.53	$ 16.13
Exercised	13.68	13.64
Granted	27.50	17.70
Forfeited	18.63	17.03
Outstanding, at the end of the period	20.38	16.53
Exercisable at the end of the period	18.40
Nonvested at the end of the period	23.77
Weighted average grant date fair value
Outstanding, at the beginning of the period	4.69	4.55
Exercised	4.35	3.74
Granted	9.47	5.07
Forfeited	6.57	4.73
Outstanding, at the end of the period	6.21	$ 4.69
Exercisable at December 31, 2018	5.27
Nonvested at December 31, 2018	$ 7.81
Weighted average remaining contractual life	7 years 7 months 6 days
Range of exercise prices, lower limit	$ 11.79
Range of exercise prices, upper limit	$ 31
Aggregate intrinsic value of options outstanding	$ 7,600
Aggregate intrinsic value of options exercisable	5,400
Employee stock option
Weighted average grant date fair value
Allocated Share-based Compensation Expense	$ 803	$ 451

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted average assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation fair value assumptions
Weighted average fair value of options granted	$ 9.47	$ 5.07
Proceeds from exercise of stock options	$ 1,000	$ 200
Forfeited	4,148	25,631
ASU 2016-09
Stock-based compensation fair value assumptions
Forfeited	4,148
Employee stock option
Stock-based compensation fair value assumptions
Expected dividends	0.00%	0.00%
Risk-free rate, minimum	1.02%	0.47%
Risk-free rate, maximum	1.54%	1.68%
Expected life	5 years 9 months	5 years 9 months
Expected volatility, minimum	39.25%	21.81%
Expected volatility, maximum	40.97%	39.65%
Tax benefits recognized related to stock compensation cost	$ 0	$ 0
Unrecognized compensation cost	$ 1,300
Weighted average period in which the unrecognized compensation cost will be recognized	1 year 2 months 26 days
Intrinsic value of options exercised	$ 1,200
Employee stock option | Minimum
Stock-based compensation fair value assumptions
Weighted average fair value of options granted	$ 8.14	$ 4.47
Employee stock option | Maximum
Stock-based compensation fair value assumptions
Weighted average fair value of options granted	$ 9.57	$ 5.87

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock outstanding (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding, at the beginning of the period	33,208
Granted	10,000	33,208
Vested	(16,603)
Outstanding, at the end of the period	26,605	33,208
Nonvested	26,605
Weighted Average Exercise Price
Outstanding, at the beginning of the period	$ 14
Granted	26.36	$ 14
Vested	14
Outstanding, at the end of the period	18.65	14
Nonvested	18.65
Weighted Average Grant Date Fair Value
Outstanding, at the beginning of the period	14
Granted	26.36	14
Vested	14
Outstanding, at the end of the period	18.65	$ 14
Nonvested	$ 18.65
Compensation cost	$ 460
Unrecognized compensation cost	$ 189	$ 80
Weighted average period in which the unrecognized compensation cost will be recognized	2 months 23 days
Awards Vesting in one year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%	50.00%
Vesting period	1 year
Awards Vesting on second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%

Income Taxes - Federal and stat

Income Taxes - Federal and state (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal:
Current	$ 10,022	$ 5,703
Deferred	(717)	1,242
Total federal income tax expense	9,305	6,945
State:
Current	1,463	1,141
Deferred	(51)	12
Total state income tax expense	1,412	1,153
Total income tax expense	$ 10,717	$ 8,098

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax at statutory rate	$ 9,733	$ 7,252
State tax expense, net of federal benefit	1,116	911
Tax exempt interest	(248)	(153)
Bank owned life insurance	(77)	(59)
Incentive stock options	81	74
ESOP	41
Other	71	73
Total income tax expense	$ 10,717	$ 8,098
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal income tax at statutory rate (as a percent)	21.00%	21.00%
State tax expense, net of federal benefit (as a percent)	2.40%	2.60%
Tax exempt interest (as a percent)	(0.50%)	(0.40%)
Bank owned life insurance (as a percent)	(0.20%)	(0.20%)
Incentive stock options (as a percent)	0.20%	0.20%
ESOP (as a percentage)	0.10%
Other (as a percent)	0.10%	0.20%
Effective income tax rate (as a percent)	23.10%	23.40%

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for loan and lease losses	$ 4,345	$ 4,230
Intangibles		30
Accrued incentive compensation	287
Accrued retirement	874	528
Deferred rent	141	180
Mortgage repurchase reserve	738	641
Other	183	122
Total deferred tax asset	6,568	5,731
Deferred tax liabilities:
Property and equipment	(535)	(377)
Loan servicing rights	(2,957)	(1,337)
Intangibles	(15)
Mortgage pipeline fair-value adjustment	(308)	(1,156)
Hedge instrument fair-value adjustment	(190)	(1,252)
Unrealized gain on available for sale securities	(213)	(797)
Prepaid expenses	(465)	(340)
Deferred loan costs	(471)	(406)
Other	(1)	(4)
Total deferred tax liability	(5,155)	(5,669)
Net deferred tax asset	$ 1,413	$ 62
Effective income tax rate (as a percent)	23.10%	23.40%
Investment in low income housing tax credits	$ 3,300	$ 1,300
Tax credit recognized	161	161
Tax credit, amortization	183	180
Tax benefit from losses	$ 144	$ 26

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Non-Interest Income:
Mortgage banking income	$ 75,932	$ 76,461
SBA loan income	6,898	2,572
Net change in fair values	(7,838)	9,145
Net gain (loss) on hedging activity	2,961	(9,400)
Earnings on investment in life insurance	365	279
Net gain on sale of securities	435	1,345
Dividends on FHLB stock	191	325
Other	4,115	2,230
Non-interest income	87,988	86,918
Wealth Management Income
Non-Interest Income:
Revenue from contracts with customers	4,801	3,854
Service Charges
Non-Interest Income:
Revenue from contracts with customers	129	107
Service charges on deposit accounts	128	107
ATM/Debit Card Commissions and Title Fee Income
Non-Interest Income:
Revenue from contracts with customers	1,200	925
Bank
Non-Interest Income:
Mortgage banking income	1,097	1,632
SBA loan income	6,898	2,572
Net change in fair values	43	(40)
Earnings on investment in life insurance	365	279
Net gain on sale of securities	435	1,345
Dividends on FHLB stock	191	325
Other	1,622	1,468
Non-interest income	10,779	7,688
Bank | Service Charges
Non-Interest Income:
Service charges on deposit accounts	128	107
Wealth
Non-Interest Income:
Other	1	14
Non-interest income	4,802	3,868
Wealth | Wealth Management Income
Non-Interest Income:
Revenue from contracts with customers	4,801	3,854
Mortgage
Non-Interest Income:
Mortgage banking income	74,835	74,829
Net change in fair values	(7,881)	9,185
Net gain (loss) on hedging activity	2,961	(9,400)
Other	2,492	748
Non-interest income	$ 72,407	$ 75,362

Transactions with Executive O_2

Transactions with Executive Officers, Directors and Principal Stockholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Transactions with Executive Officers, Directors and Principal Stockholders
Loans receivable from related parties	$ 5,100	$ 3,300
Payments for advances for related parties	2,800	4,900
Proceeds repayments from related party	1,300	3,800
Effect of changes in composition of related parties	284	1,500
Deposits of related parties	34,700	25,600
Subordinated debt held by related parties	409	485
Legal fees paid	$ 22	$ 8

Financial Instruments with Of_2

Financial Instruments with Off Balance Sheet Risk, Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 290,811	$ 688,786
Indemnification or repurchase of loan		$ 109
Number of loans indemnification signed | loan	1	0
Provision for loan losses	$ 3,200	$ 2,700
Number of loans receivable repurchased | loan	6	1
Loan receivables repurchased	$ 1,300	$ 153
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Repurchase or Indemnification Term of Loan	2 months
Delinquency period of loan	6 months
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Repurchase or Indemnification Term of Loan	3 months
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet financial instruments	$ 486,632	421,399
Mortgage Loans Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet financial instruments	$ 143,900	428,800
Mortgage Loans Commitments | Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitment term	30 days
Mortgage Loans Commitments | Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitment term	120 days
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet financial instruments	$ 25,986	8,928
Commitment term	12 months
Forward Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitment term	90 days
Notional Amount	$ 76,000	218,000
Forward Sale Of Mortgage Backed Securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional Amount	68,600	230,100
Forward Best Effort Sale Commitment
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 75,800	$ 198,700

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Tier 1 capital (to risk-weighted assets)
Actual, Amount	$ 160,379	$ 134,564
To be well capitalized under prompt corrective action provisions, Amount	$ 136,621	$ 120,082
Actual, Ratio	9.39	8.96
To be well capitalized under prompt corrective action provisions, Ratio	8	8
Meridian Bank
Tier 1 capital (to average assets)
Actual, Amount	$ 196,506	$ 173,231
To be well capitalized under prompt corrective action provisions, Amount	$ 136,620	$ 120,080
Actual, Ratio	11.51	11.54
To be well capitalized under prompt corrective action provisions, Ratio	8	8

Fair Value Measurements and D_3

Fair Value Measurements and Disclosures - Financial assets measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Securities available-for-sale	$ 159,302	$ 123,562
Equity investments	2,354	1,031
Mortgage loans held for investment	17,558	12,182
U.S. asset backed securities
Assets
Securities available-for-sale	16,837	25,592
U.S. government agency mortgage-backed securities
Assets
Securities available-for-sale	9,813	4,046
U.S. government agency collateralized mortgage obligations
Assets
Securities available-for-sale	22,381	23,909
State and municipal securities
Assets
Securities available-for-sale	72,982	65,810
U.S. Treasuries
Assets
Securities available-for-sale	29,728
Non-U.S. government agencies collateralized mortgage obligations
Assets
Securities available-for-sale	975
Corporate bonds
Assets
Securities available-for-sale	6,586	4,205
Recurring
Assets
Equity investments	2,354	1,031
Mortgage loans held-for-sale	80,882	229,199
Mortgage loans held for investment	17,558	12,182
Total	262,244	374,024
Liabilities
Total	1,327	2,891
Recurring | U.S. asset backed securities
Assets
Securities available-for-sale	16,837	25,592
Recurring | U.S. government agency mortgage-backed securities
Assets
Securities available-for-sale	9,813	4,046
Recurring | U.S. government agency collateralized mortgage obligations
Assets
Securities available-for-sale	22,381	23,909
Recurring | State and municipal securities
Assets
Securities available-for-sale	72,982	65,810
Recurring | U.S. Treasuries
Assets
Securities available-for-sale	29,728
Recurring | Non-U.S. government agencies collateralized mortgage obligations
Assets
Securities available-for-sale	975
Recurring | Corporate bonds
Assets
Securities available-for-sale	6,586	4,205
Recurring | Interest rate lock commitments
Assets
Derivative assets, Fair value	1,122	6,932
Liabilities
Derivative Liability	203	100
Recurring | Forward Commitments
Assets
Securities available-for-sale	65
Liabilities
Derivative Liability	106	1,572
Recurring | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	961	1,118
Liabilities
Derivative Liability	1,018	1,219
Recurring | Level 1
Assets
Total	29,728
Recurring | Level 1 | U.S. Treasuries
Assets
Securities available-for-sale	29,728
Recurring | Level 2
Assets
Equity investments	2,354	1,031
Mortgage loans held-for-sale	80,882	229,199
Mortgage loans held for investment	17,558	12,182
Total	231,394	367,092
Liabilities
Total	1,124	2,791
Recurring | Level 2 | U.S. asset backed securities
Assets
Securities available-for-sale	16,837	25,592
Recurring | Level 2 | U.S. government agency mortgage-backed securities
Assets
Securities available-for-sale	9,813	4,046
Recurring | Level 2 | U.S. government agency collateralized mortgage obligations
Assets
Securities available-for-sale	22,381	23,909
Recurring | Level 2 | State and municipal securities
Assets
Securities available-for-sale	72,982	65,810
Recurring | Level 2 | Non-U.S. government agencies collateralized mortgage obligations
Assets
Securities available-for-sale	975
Recurring | Level 2 | Corporate bonds
Assets
Securities available-for-sale	6,586	4,205
Recurring | Level 2 | Forward Commitments
Assets
Securities available-for-sale	65
Liabilities
Derivative Liability	106	1,572
Recurring | Level 2 | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	961	1,118
Liabilities
Derivative Liability	1,018	1,219
Recurring | Level 3
Assets
Total	1,122	6,932
Liabilities
Total	203	100
Recurring | Level 3 | Interest rate lock commitments
Assets
Derivative assets, Fair value	1,122	6,932
Liabilities
Derivative Liability	$ 203	$ 100

Fair Value Measurements and D_4

Fair Value Measurements and Disclosures - Financial assets measured at fair value on non-recurring basis (Details) - Nonrecurring - Level 3 - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets measured at fair value on a nonrecurring basis
Mortgage servicing rights	$ 10,756	$ 4,647
SBA loan servicing rights	2,009	970
Total	14,892	8,615
Commercial and industrial
Financial assets measured at fair value on a nonrecurring basis
Impaired loans	1,837	2,297
Small business loans
Financial assets measured at fair value on a nonrecurring basis
Impaired loans	$ 290
Home equity lines and loans
Financial assets measured at fair value on a nonrecurring basis
Impaired loans		86
Residential mortgage
Financial assets measured at fair value on a nonrecurring basis
Impaired loans		$ 615

Fair Value Measurements and D_5

Fair Value Measurements and Disclosures - Estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Securities available-for-sale	$ 159,302	$ 123,562
Securities held-to-maturity	6,591	6,857
Equity investments	2,354	1,031
Mortgage loans held for investment	17,558	12,182
Carrying amount
Financial assets:
Restricted investment in bank stock	5,117	7,861
Level 1 | Carrying amount
Financial assets:
Cash and cash equivalents	23,480	36,744
Level 1 | Fair value
Financial assets:
Cash and cash equivalents	23,480	36,744
Level 2 | Carrying amount
Financial assets:
Securities available-for-sale	159,302	123,562
Securities held-to-maturity	6,372	6,510
Equity investments	2,354	1,031
Mortgage loans held-for-sale	80,882	229,199
Mortgage loans held for investment	17,558	12,182
Financial liabilities:
Deposits	1,446,413	1,241,335
Short-term borrowings	41,344	106,862
Long-term debt		165,546
Subordinated debentures	40,508	40,671
Accrued interest payable	31	1,154
Level 2 | Carrying amount | Forward Commitments
Financial assets:
Derivative asset	65
Financial liabilities:
Derivatives	106	1,572
Level 2 | Carrying amount | Customer derivatives - interest rate swaps
Financial assets:
Derivative asset	961	1,118
Financial liabilities:
Derivatives	1,018	1,219
Level 2 | Fair value
Financial assets:
Securities available-for-sale	159,302	123,562
Securities held-to-maturity	6,591	6,857
Equity investments	2,354	1,031
Mortgage loans held-for-sale	80,882	229,199
Mortgage loans held for investment	17,558	12,182
Financial liabilities:
Deposits	1,549,100	1,392,500
Short-term borrowings	41,344	106,862
Long-term debt		168,000
Subordinated debentures	40,803	38,375
Accrued interest payable	31	1,154
Level 2 | Fair value | Forward Commitments
Financial assets:
Derivative asset	65
Financial liabilities:
Derivatives	106	1,572
Level 2 | Fair value | Customer derivatives - interest rate swaps
Financial assets:
Derivative asset	961	1,118
Financial liabilities:
Derivatives	1,018	1,219
Level 3 | Carrying amount
Financial assets:
Loans receivable, net of the allowance for loan and lease losses	1,368,899	1,272,582
Accrued interest receivable	5,009	5,482
Level 3 | Carrying amount | Interest rate lock commitments
Financial assets:
Derivative asset	1,122	6,932
Financial liabilities:
Derivatives	203	100
Level 3 | Fair value
Financial assets:
Loans receivable, net of the allowance for loan and lease losses	1,370,885	1,289,776
Accrued interest receivable	5,009	5,482
Level 3 | Fair value | Interest rate lock commitments
Financial assets:
Derivative asset	1,122	6,932
Financial liabilities:
Derivatives	$ 203	$ 100

Fair Value Measurements and D_6

Fair Value Measurements and Disclosures - Off-balance sheet financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments to extend credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	$ 486,632	$ 421,399
Letters of credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	25,986	8,928
Carrying amount | Level 2 | Commitments to extend credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	486,632	421,399
Carrying amount | Level 2 | Letters of credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	$ 25,986	$ 8,928

Fair Value Measurements and D_7

Fair Value Measurements and Disclosures - Fair value on a recurring basis (Details) - Interest rate lock commitments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of the period	$ 6,932	$ 504
(Decrease) Increase in value	(5,810)	6,428
Balance at end of the period	$ 1,122	$ 6,932

Fair Value Measurements and D_8

Fair Value Measurements and Disclosures - Valuation Techniques for Level 3 interest rate lock (Details) - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Appraisal of collateral | Management adjustments on appraisals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	$ 2,127	$ 2,998
Appraisal of collateral | Management adjustments on appraisals | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, Measurement input	0.02	0.02
Appraisal of collateral | Management adjustments on appraisals | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, Measurement input	0.15	0.15
Interest rate lock commitments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net realized gains (losses)	$ (5,900)	$ 6,500
Interest rate lock commitments | Market comparable pricing | Pull through
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset	$ 1,122	$ 6,932
Valuation technique extensible list	Market comparable pricing	Market comparable pricing
Measurement input extensible list	Pull through	Pull through
Interest rate lock commitments | Market comparable pricing | Pull through | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.01	0.01
Interest rate lock commitments | Market comparable pricing | Pull through | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.99	0.99
Interest rate lock commitments | Market comparable pricing | Pull through | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	87.66	83.08

Derivative Financial Instrume_3

Derivative Financial Instruments - Notional amounts and fair values of derivative financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Financial Instruments
Notional Amount	$ 290,811	$ 688,786
Asset (Liability) Fair Value	821	5,159
Interest rate lock commitments
Derivative Financial Instruments
Notional Amount	143,917	428,828
Asset (Liability) Fair Value	919	6,832
Interest rate lock commitments | Other Assets
Derivative Financial Instruments
Notional Amount	108,653	406,422
Asset (Liability) Fair Value	1,122	6,932
Interest rate lock commitments | Other Liabilities
Derivative Financial Instruments
Notional Amount	35,264	22,406
Asset (Liability) Fair Value	(203)	(100)
Forward Commitments
Derivative Financial Instruments
Notional Amount	76,000	218,000
Asset (Liability) Fair Value	(41)	(1,572)
Forward Commitments | Other Assets
Derivative Financial Instruments
Notional Amount	30,500
Asset (Liability) Fair Value	65
Forward Commitments | Other Liabilities
Derivative Financial Instruments
Notional Amount	45,500	218,000
Asset (Liability) Fair Value	(106)	(1,572)
Customer derivatives - interest rate swaps
Derivative Financial Instruments
Notional Amount	70,894	41,958
Asset (Liability) Fair Value	(57)	(101)
Customer derivatives - interest rate swaps | Other Assets
Derivative Financial Instruments
Notional Amount	35,447	20,979
Asset (Liability) Fair Value	961	1,118
Customer derivatives - interest rate swaps | Other Liabilities
Derivative Financial Instruments
Notional Amount	35,447	20,979
Asset (Liability) Fair Value	$ (1,018)	$ (1,219)

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair value gains and losses on derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of the fair value gains and losses on derivative financial instruments
Net fair value (losses) gains on derivative financial instruments	$ (4,338)	$ 4,975
Realized gain (losses) on derivatives	2,961	(9,400)
Interest rate lock commitments
Summary of the fair value gains and losses on derivative financial instruments
Net fair value (losses) gains on derivative financial instruments	(5,913)	6,486
Forward Commitments
Summary of the fair value gains and losses on derivative financial instruments
Net fair value (losses) gains on derivative financial instruments	1,531	(1,459)
Customer derivatives - interest rate swaps
Summary of the fair value gains and losses on derivative financial instruments
Net fair value (losses) gains on derivative financial instruments	$ 44	$ (52)

Segments (Details)

Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loanfacility	Dec. 31, 2020USD ($)
Segments
Number of central loan production | loanfacility	1
Net-interest Income:
Net interest income	$ 63,111	$ 48,996
Provision for loan losses	1,070	8,302
Net interest income after provision	62,041	40,694
Non-Interest Income:
Mortgage banking income	75,932	76,461
Wealth management income	4,801	3,854
SBA loan income	6,898	2,572
Net change in fair values	(7,838)	9,145
Net gain (loss) on hedging activity	2,961	(9,400)
Other	5,234	4,286
Non-interest income	87,988	86,918
Non-interest expenses:
Salaries and employee benefits	78,866	72,147
Occupancy and equipment	4,545	4,292
Professional fees	3,558	3,113
Advertising and promotion	3,714	2,852
Other	8,053	6,168
Non-interest expenses	103,727	93,076
Income before income taxes	46,302	34,536
Total Assets	1,713,443	1,720,197
Bank
Net-interest Income:
Net interest income	61,032	46,997
Provision for loan losses	1,070	8,302
Net interest income after provision	59,962	38,695
Non-Interest Income:
Mortgage banking income	1,097	1,632
SBA loan income	6,898	2,572
Net change in fair values	43	(40)
Other	2,741	3,524
Non-interest income	10,779	7,688
Non-interest expenses:
Non-interest expenses	40,392	33,351
Income before income taxes	30,349	13,032
Total Assets	1,608,305	1,488,312
Wealth
Net-interest Income:
Net interest income	15	(48)
Net interest income after provision	15	(48)
Non-Interest Income:
Wealth management income	4,801	3,854
Other	1	14
Non-interest income	4,802	3,868
Non-interest expenses:
Non-interest expenses	3,496	3,213
Income before income taxes	1,321	607
Total Assets	6,355	5,479
Mortgage
Net-interest Income:
Net interest income	2,064	2,047
Net interest income after provision	2,064	2,047
Non-Interest Income:
Mortgage banking income	74,835	74,829
Net change in fair values	(7,881)	9,185
Net gain (loss) on hedging activity	2,961	(9,400)
Other	2,492	748
Non-interest income	72,407	75,362
Non-interest expenses:
Non-interest expenses	59,839	56,512
Income before income taxes	14,632	20,897
Total Assets	98,783	226,406
Wealth Management Income
Non-Interest Income:
Revenue from contracts with customers	4,801	3,854
Wealth Management Income | Wealth
Non-Interest Income:
Revenue from contracts with customers	$ 4,801	$ 3,854

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Details) - ASU 2016-02 $ in Millions	Jan. 01, 2022USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 10.6
Operating lease right-of-use assets	$ 10.8

Parent Company Financial Stat_3

Parent Company Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and due from banks	$ 23,480	$ 34,190
Federal funds sold		2,554
Other assets	10,463	12,717
Total assets	1,713,443	1,720,197
Liabilities:
Subordinated debentures	40,508	40,671
Accrued interest payable	31	1,154
Other liabilities	19,787	23,007
Total liabilities	1,548,083	1,578,575
Stockholders' equity:
Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,534,587 and 6,455,566 as of December 31, 2021 and December 31, 2020	6,535	6,456
Surplus	83,663	81,196
Treasury stock - 426,693 and 320,000 shares at December 31, 2021 and December 31, 2020	(8,860)	(5,828)
Unearned common stock held by employee stock ownership plan	(1,602)	(1,768)
Retained earnings	84,916	59,010
Accumulated other comprehensive income	708	2,556
Total stockholders' equity	165,360	141,622
Total liabilities and stockholders' equity	$ 1,713,443	$ 1,720,197
Common stock, par value	$ 1	$ 1
Common stock, Authorized shares	25,000,000	10,000,000
Common Stock, Shares, Issued	6,534,587	6,455,566
Treasury stock shares held	426,693	320,000
Parent Company
Stockholders' equity:
Treasury stock shares held	426,693	320,000
Parent Company | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and due from banks	$ 2,836	$ 213
Investment in subsidiaries	200,410	180,288
Other assets	1,382	360
Total assets	204,628	180,861
Liabilities:
Subordinated debentures	39,057	38,904
Accrued interest payable	6	6
Other liabilities	205	329
Total liabilities	39,268	39,239
Stockholders' equity:
Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,534,587 and 6,455,566 as of December 31, 2021 and December 31, 2020	6,535	6,456
Surplus	83,663	81,196
Treasury stock - 426,693 and 320,000 shares at December 31, 2021 and December 31, 2020	(8,860)	(5,828)
Unearned common stock held by employee stock ownership plan	(1,602)	(1,768)
Retained earnings	84,916	59,010
Accumulated other comprehensive income	708	2,556
Total stockholders' equity	165,360	141,622
Total liabilities and stockholders' equity	$ 204,628	$ 180,861
Common stock, par value	$ 1	$ 1
Common stock, Authorized shares	25,000,000	25,000,000
Common Stock, Shares, Issued	6,534,587	6,455,566

Parent Company Financial Stat_4

Parent Company Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Total operating income	$ 71,522	$ 62,656
Interest expense	8,411	13,660
Other expenses	8,053	6,168
Income before income taxes	46,302	34,536
Income tax expense	10,717	8,098
Net income	35,585	26,438
Total other comprehensive (loss) income	(1,848)	2,559
Total comprehensive income	33,737	28,997
Parent Company | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Dividends from Bank	17,187	11,512
Non-interest and other income		10
Total operating income	17,187	11,522
Interest expense	2,303	2,202
Other expenses	1,675
Income before equity in undistributed income of subsidiaries	13,209	9,320
Equity in undistributed income of subsidiaries	22,376	17,118
Income before income taxes	35,585	26,438
Net income	35,585	26,438
Total other comprehensive (loss) income	(1,848)	2,559
Total comprehensive income	$ 33,737	$ 28,997

Parent Company Financial Stat_5

Parent Company Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Net income	$ 35,585	$ 26,438
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share-based compensation	1,607	763
Amortization of issuance costs on subordinated debt	118	112
(Decrease) in accrued interest payable	(1,122)	66
Other, net	(3,693)	8,995
(Decrease) increase in other liabilities	(1,591)	11,047
Net cash provided by (used in) operating activities	165,123	(158,465)
Cash flows from investing activities:
Net cash used in investing activities	(140,515)	(370,702)
Cash flows from financing activities:
Issuance costs on subordinated debt		(231)
Dividends paid	(9,679)	(1,525)
Purchase of common shares for ESOP		(2,000)
Share based awards and exercises	1,105	395
Net cash (used in) provided by financing activities	37,872	(526,540)
Net change in cash and cash equivalents	(13,264)	(2,627)
Cash and cash equivalents at beginning of period	36,744	39,371
Cash and cash equivalents at end of period	23,480	36,744
Parent Company | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net income	35,585	26,438
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed income of subsidiaries	(22,376)	(17,818)
Share-based compensation	1,607	763
Amortization of issuance costs on subordinated debt	153	112
(Decrease) in accrued interest payable		(72)
Other, net	(740)	(294)
Net cash provided by (used in) operating activities	14,229	9,129
Cash flows from financing activities:
Issuance costs on subordinated debt		(231)
Net purchase of treasury stock	(3,032)	(5,703)
Dividends paid	(9,679)	(1,525)
Purchase of common shares for ESOP		(2,000)
Share based awards and exercises	1,105	395
Net cash (used in) provided by financing activities	(11,606)	(9,064)
Net change in cash and cash equivalents	2,623	65
Cash and cash equivalents at beginning of period	213	148
Cash and cash equivalents at end of period	$ 2,836	$ 213

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 27, 2022$ / shares
Subsequent event
Subsequent Event [Line Items]
Common Stock, Special Dividends, Per Share, Declared	$ 1