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Securities | 12 Months Ended
--- | ---
Dec. 31, 2024
Securities |
Securities | 6. Securities The following table summarizes the Company’s portfolio of securities held-to-maturity at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Allowance | ​ | Net | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | for | ​ | Carrying | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​ | ​
December 31, 2024 |  | Cost |  | Credit Losses |  | Amount |  | Gains |  | Losses |  | Fair Value |
​ | ​ | (In thousands) | ​
Municipals | ​ | $ | 44,002 | ​ | $ | (353) | ​ | $ | 43,649 | ​ | $ | — | ​ | $ | (5,834) | ​ | $ | 37,815 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,836 | ​ |  | — | ​ |  | 7,836 | ​ |  | — | ​ |  | (933) | ​ |  | 6,903 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 51,838 | ​ | $ | (353) | ​ | $ | 51,485 | ​ | $ | — | ​ | $ | (6,767) | ​ | $ | 44,718 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Allowance | ​ | Net | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | for | ​ | Carrying | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​ | ​
December 31, 2023 |  | Cost |  | Credit Losses |  | Amount |  | Gains |  | Losses |  | Fair Value |
​ | ​ | (In thousands)
Municipals | ​ | $ | 66,155 | ​ | $ | (1,087) | ​ | $ | 65,068 | ​ | $ | — | ​ | $ | (6,371) | ​ | $ | 58,697 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,855 | ​ |  | — | ​ |  | 7,855 | ​ |  | — | ​ |  | (797) | ​ |  | 7,058 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 74,010 | ​ | $ | (1,087) | ​ | $ | 72,923 | ​ | $ | — | ​ | $ | (7,168) | ​ | $ | 65,755 | ​
​ The following table summarizes the Company’s portfolio of securities available for sale at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Allowance | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | for | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
December 31, 2024 |  | Cost |  | Credit Losses |  | Gains |  | Losses |  | Fair Value
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 8,804 | ​ | $ | — | ​ | $ | 77 | ​ | $ | (33) | ​ | $ | 8,848
Municipals | ​ | ​ | 20,627 | ​ | ​ | (2,627) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,000
Corporate | ​ | ​ | 130,882 | ​ | ​ | — | ​ | ​ | 735 | ​ | ​ | (6,368) | ​ | ​ | 125,249
Mutual funds | ​ |  | 11,890 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 11,890
Collateralized loan obligations | ​ |  | 420,260 | ​ |  | — | ​ |  | 1,126 | ​ |  | (569) | ​ |  | 420,817
Other | ​ |  | 1,465 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,465
Total other securities | ​ |  | 593,928 | ​ |  | (2,627) | ​ |  | 1,938 | ​ |  | (6,970) | ​ |  | 586,269
REMIC and CMO | ​ |  | 707,540 | ​ |  | — | ​ |  | 1,107 | ​ |  | (1,067) | ​ |  | 707,580
GNMA | ​ |  | 30,099 | ​ |  | — | ​ |  | — | ​ |  | (154) | ​ |  | 29,945
FNMA | ​ |  | 99,183 | ​ |  | — | ​ |  | 11 | ​ |  | (1,048) | ​ |  | 98,146
FHLMC | ​ |  | 76,048 | ​ |  | — | ​ |  | 13 | ​ |  | (96) | ​ |  | 75,965
Total mortgage-backed securities | ​ |  | 912,870 | ​ |  | — | ​ |  | 1,131 | ​ |  | (2,365) | ​ |  | 911,636
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Securities available for sale | ​ | $ | 1,506,798 | ​ | $ | (2,627) | ​ | $ | 3,069 | ​ | $ | (9,335) | ​ | $ | 1,497,905
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
December 31, 2023 |  | Cost |  | Gains | ​ | Losses |  | Fair Value
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 82,548 | ​ | $ | 123 | ​ | $ | (937) | ​ | $ | 81,734
Corporate | ​ | ​ | 173,184 | ​ | ​ | — | ​ | ​ | (17,735) | ​ | ​ | 155,449
Mutual funds | ​ |  | 11,660 | ​ |  | — | ​ |  | — | ​ |  | 11,660
Collateralized loan obligations | ​ |  | 269,600 | ​ |  | 1,215 | ​ |  | (686) | ​ |  | 270,129
Other | ​ |  | 1,437 | ​ |  | — | ​ |  | — | ​ |  | 1,437
Total other securities | ​ |  | 538,429 | ​ |  | 1,338 | ​ |  | (19,358) | ​ |  | 520,409
REMIC and CMO | ​ |  | 160,165 | ​ |  | — | ​ |  | (26,591) | ​ |  | 133,574
GNMA | ​ |  | 12,402 | ​ |  | 3 | ​ |  | (1,740) | ​ |  | 10,665
FNMA | ​ |  | 155,995 | ​ |  | 14 | ​ |  | (20,935) | ​ |  | 135,074
FHLMC | ​ |  | 89,427 | ​ |  | — | ​ |  | (14,396) | ​ |  | 75,031
Total mortgage-backed securities | ​ |  | 417,989 | ​ |  | 17 | ​ |  | (63,662) | ​ |  | 354,344
Total Securities excluding portfolio layer adjustments | ​ | ​ | 956,418 | ​ | ​ | 1,355 | ​ | ​ | (83,020) | ​ | ​ | 874,753
Unallocated portfolio layer basis adjustments (1) | ​ | ​ | (2,254) | ​ | ​ | — | ​ | ​ | 2,254 | ​ | ​ | —
Total securities available for sale | ​ | $ | 954,164 | ​ | $ | 1,355 | ​ | $ | (80,766) | ​ | $ | 874,753
(1) Represents the amount of portfolio layer method basis adjustments related to available for sale (“AFS”) securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being hedged. See Note 20 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. ​ The corporate securities held by the Company at December 31, 2024 and 2023 are issued by U.S. banking institutions. The CMOs held by the Company at December 31, 2024 and 2023 are either fully guaranteed or issued by a government sponsored enterprise. The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at December 31, 2024, by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized | ​ | ​ | ​
Securities held-to-maturity: |  | Cost |  | Fair Value
​ |  | (In thousands)
Due after ten years | ​ | $ | 44,002 | ​ | $ | 37,815
Total other securities | ​ | ​ | 44,002 | ​ | ​ | 37,815
Mortgage-backed securities | ​ | ​ | 7,836 | ​ | ​ | 6,903
Total securities held-to-maturity | ​ | $ | 51,838 | ​ | $ | 44,718
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
Securities available for sale: |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due after one year through five years | ​ | $ | 57,065 | ​ | $ | 54,747
Due after five years through ten years | ​ | ​ | 198,589 | ​ |  | 195,649
Due after ten years | ​ | ​ | 326,384 | ​ | ​ | 323,983
Total other securities | ​ |  | 582,038 | ​ |  | 574,379
Mutual funds | ​ |  | 11,890 | ​ |  | 11,890
Mortgage-backed securities | ​ |  | 912,870 | ​ |  | 911,636
Total securities available for sale | ​ | $ | 1,506,798 | ​ | $ | 1,497,905
​ ​ The following tables show the Company’s securities without an allowance for credit losses with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31, 2024
​ | ​ | ​ | ​ | Total | ​ | Less than 12 months | ​ | 12 months or more
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
​ |  | Count |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ | ​ | (Dollars in thousands)
Held-to-maturity securities |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
FNMA |  | 1 | ​ |  | 6,903 | ​ |  | (933) | ​ |  | — | ​ |  | — | ​ |  | 6,903 | ​ |  | (933)
Total mortgage-backed securities |  | 1 | ​ |  | 6,903 | ​ |  | (933) | ​ |  | — | ​ |  | — | ​ |  | 6,903 | ​ |  | (933)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | 1 | ​ | $ | 6,903 | ​ | $ | (933) | ​ | $ | — | ​ | $ | — | ​ | $ | 6,903 | ​ | $ | (933)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies |  | 2 | ​ | $ | 3,339 | ​ | $ | (33) | ​ | $ | — | ​ | $ | — | ​ | $ | 3,339 | ​ | $ | (33)
Corporate |  | 13 | ​ |  | 95,758 | ​ |  | (6,368) | ​ |  | — | ​ |  | — | ​ |  | 95,758 | ​ |  | (6,368)
Collateralized loan obligations |  | 18 | ​ |  | 201,470 | ​ |  | (569) | ​ |  | 201,470 | ​ |  | (569) | ​ |  | — | ​ |  | —
Total other securities |  | 33 | ​ |  | 300,567 | ​ |  | (6,970) | ​ |  | 201,470 | ​ |  | (569) | ​ |  | 99,097 | ​ |  | (6,401)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 19 | ​ |  | 287,948 | ​ |  | (1,067) | ​ |  | 281,570 | ​ |  | (936) | ​ |  | 6,378 | ​ |  | (131)
GNMA |  | 4 | ​ |  | 29,945 | ​ |  | (154) | ​ |  | 28,443 | ​ |  | (134) | ​ |  | 1,502 | ​ |  | (20)
FNMA |  | 6 | ​ |  | 97,417 | ​ |  | (1,048) | ​ |  | 97,417 | ​ |  | (1,048) | ​ |  | — | ​ |  | —
FHLMC |  | 3 | ​ |  | 56,540 | ​ |  | (96) | ​ |  | 56,540 | ​ |  | (96) | ​ |  | — | ​ |  | —
Total mortgage-backed securities |  | 32 | ​ |  | 471,850 | ​ |  | (2,365) | ​ |  | 463,970 | ​ |  | (2,214) | ​ |  | 7,880 | ​ |  | (151)
Total securities available for sale |  | 65 | ​ | $ | 772,417 | ​ | $ | (9,335) | ​ | $ | 665,440 | ​ | $ | (2,783) | ​ | $ | 106,977 | ​ | $ | (6,552)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31, 2023
​ | ​ | ​ | ​ | Total | ​ | Less than 12 months | ​ | 12 months or more
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
​ |  | Count |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ | ​ | (Dollars in thousands)
Held-to-maturity securities |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
FNMA |  | 1 | ​ |  | 7,058 | ​ |  | (797) | ​ |  | — | ​ |  | — | ​ |  | 7,058 | ​ |  | (797)
Total mortgage-backed securities |  | 1 | ​ |  | 7,058 | ​ |  | (797) | ​ |  | — | ​ |  | — | ​ |  | 7,058 | ​ |  | (797)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | 1 | ​ | $ | 7,058 | ​ | $ | (797) | ​ | $ | — | ​ | $ | — | ​ | $ | 7,058 | ​ | $ | (797)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities (1) |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies |  | 8 | ​ | $ | 74,517 | ​ | $ | (937) | ​ | $ | 2,517 | ​ | $ | (7) | ​ | $ | 72,000 | ​ | $ | (930)
Corporate |  | 26 | ​ |  | 155,449 | ​ |  | (17,735) | ​ |  | 25,428 | ​ |  | (1,318) | ​ |  | 130,021 | ​ |  | (16,417)
Collateralized loan obligations |  | 17 | ​ |  | 120,609 | ​ |  | (686) | ​ |  | — | ​ |  | — | ​ |  | 120,609 | ​ |  | (686)
Total other securities |  | 51 | ​ |  | 350,575 | ​ |  | (19,358) | ​ |  | 27,945 | ​ |  | (1,325) | ​ |  | 322,630 | ​ |  | (18,033)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 46 | ​ |  | 133,312 | ​ |  | (26,591) | ​ |  | — | ​ |  | — | ​ |  | 133,312 | ​ |  | (26,591)
GNMA |  | 7 | ​ |  | 10,466 | ​ |  | (1,740) | ​ |  | 3,867 | ​ |  | (34) | ​ |  | 6,599 | ​ |  | (1,706)
FNMA |  | 44 | ​ |  | 133,394 | ​ |  | (20,935) | ​ |  | 2,044 | ​ |  | (1) | ​ |  | 131,350 | ​ |  | (20,934)
FHLMC |  | 18 | ​ |  | 75,031 | ​ |  | (14,396) | ​ |  | — | ​ |  | — | ​ |  | 75,031 | ​ |  | (14,396)
Total mortgage-backed securities |  | 115 | ​ |  | 352,203 | ​ |  | (63,662) | ​ |  | 5,911 | ​ |  | (35) | ​ |  | 346,292 | ​ |  | (63,627)
Total |  | 166 | ​ | $ | 702,778 | ​ | $ | (83,020) | ​ | $ | 33,856 | ​ | $ | (1,360) | ​ | $ | 668,922 | ​ | $ | (81,660)
(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $2.3 million related to AFS securities hedged in a closed pool at December 31, 2023. See Note 20 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. ​ ​ During the year ended December 31, 2024, one held-to-maturity municipal security with an amortized cost of $20.6 million and a net carrying value of $19.9 million was transferred to available for sale. Management determined it was appropriate to transfer the security to available for sale due to a prolonged deterioration in creditworthiness and at the time of transfer was non-accrual. The transfer did not taint the remaining held-to-maturity portfolio. The fair value of the security at December 31, 2024 was $18.0 million. It was determined after review that the whole decline in fair value was credit-related and as such was recorded as a provision to the allowance for credit losses totaling $2.6 million. The company did not transfer any securities between classification categories during the years ended December 31, 2023 and 2022. Except for the security discussed above, the Company reviewed each available for sale debt security that had an unrealized loss at December 31, 2024 and December 31, 2023. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. All but one of these securities are rated investment grade or better, and all these securities have a long history of no credit losses. The Bank holds approximately $10 million of corporate debt from a New York based bank holding company that on February 6, 2024 was downgraded two levels to Ba2 (Moody’s non-investment grade). On March 1, 2024, the bond was downgraded four levels to B3 and then on March 15, 2024, the bond was upgraded one level to B2. At this time, we do not consider the decline in fair value to be credit related given the underlying bond has not missed any payments and financial performance has not deteriorated to a level where the institution is not well capitalized. The Bank has placed the security on the watch list and will continue to monitor this risk position closely to determine if any action steps and valuation adjustments are required in the future. It is not anticipated that this security or any other available for sale security held at December 31, 2024, would be settled at a price that is less than the amortized cost of the Company’s investment. In determining the risk of loss for available for sale securities, the Company considered that mortgage-backed securities are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to U.S. government, the tranche of the purchased collateralized loan obligations (“CLO”) and the issuer of Corporate securities are global systematically important banks. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. Based on this review, management believes that the unrealized losses have resulted from other factors not deemed credit-related and no allowance for credit loss was recorded. The Company reviewed each held-to-maturity security at December 31, 2024 and 2023, as part of its quarterly ACL process, resulting in an allowance for credit losses of $0.4 million and $1.1 million at December 31, 2024 and 2023, respectively. Accrued interest receivable on held-to-maturity debt securities totaled $0.1 million at both December 31, 2024 and 2023, and is excluded from the estimate of credit losses. Accrued interest receivable on available-for-sale debt securities totaled $8.8 million and $7.1 million at December 31, 2024 and 2023, respectively. The following table presents the activity in the allowance for credit losses for debt securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | For the years ended
​ | December 31,
​ | 2024 | ​ | 2023 | ​ | 2022
​ | (In thousands)
Beginning balance | $ | — | ​ | $ | — | ​ | $ | —
Provision (benefit) |  | 2,627 | ​ | ​ | — | ​ |  | —
Allowance for credit losses | $ | 2,627 | ​ | $ | — | ​ | $ | —
​ ​ The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | For the years ended
​ | December 31,
​ | 2024 | ​ | 2023 | ​ | 2022
​ | (In thousands)
Beginning balance | $ | 1,087 | ​ | $ | 1,100 | ​ | $ | 862
Reversal of allowance upon transfer to AFS | ​ | (750) | ​ | ​ | — | ​ | ​ | —
Provision (benefit) |  | 16 | ​ | ​ | (13) | ​ |  | 238
Allowance for credit losses | $ | 353 | ​ | $ | 1,087 | ​ | $ | 1,100
​ During 2024, the Company sold available for sale securities with carrying values at the time of sale totaling $489.2 million at an average yield of 2.32% and purchased $1,327.3 million of securities at an average yield of 6.40%. During 2023, the Company did not sell any available for sale securities but purchased $187.2 million at an average yield of 6.56%. During 2022, the Company sold available for sale securities with carrying values at the time of sale totaling $84.2 million at an average yield of 1.17% and purchased $241.2 million at an average yield of 3.20%. The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In thousands)
Gross gains from the sale of securities | ​ | $ | 276 | ​ | $ | — | ​ | $ | —
Gross losses from the sale of securities | ​ |  | (72,591) | ​ |  | — | ​ |  | (10,948)
Net (loss) gains from the sale of securities | ​ | $ | (72,315) | ​ | $ | — | ​ | $ | (10,948)
​ Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $27.2 million and $26.5 million at December 31, 2024 and 2023, respectively.

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