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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investment Securities  
Summary of available-for-sale securities

Available-for-sale securities are summarized as follows as of the dates indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

Amortized

​

Gross

​

Gross

​

​

​

​

​

cost

​

unrealized gains

​

unrealized losses

​

Fair value

U.S. Treasury securities

​

$

72,507

​

$

756

​

$

—

​

$

73,263

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

228,732

​

​

588

​

​

(25,075)

​

​

204,245

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

408,063

​

​

927

​

​

(54,821)

​

​

354,169

Corporate debt

​

​

2,000

​

​

—

​

​

(27)

​

​

1,973

Other securities

​

​

726

​

​

—

​

​

—

​

​

726

Total investment securities available-for-sale

​

$

712,028

​

$

2,271

​

$

(79,923)

​

$

634,376

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Amortized

​

Gross

​

Gross

​

​

​

​

​

cost

​

unrealized gains

​

unrealized losses

​

Fair value

U.S. Treasury securities

​

$

24,958

​

$

—

​

$

(84)

​

$

24,874

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

164,785

​

​

53

​

​

(29,793)

​

​

135,045

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

425,476

​

​

432

​

​

(60,970)

​

​

364,938

Corporate debt

​

​

2,000

​

​

—

​

​

(38)

​

​

1,962

Other securities

​

​

728

​

​

—

​

​

—

​

​

728

Total investment securities available-for-sale

​

$

617,947

​

$

485

​

$

(90,885)

​

$

527,547
Summary of unrealized losses for available-for-sale securities

The tables below summarize the available-for-sale securities with unrealized losses as of the dates shown, along with the length of the impairment period:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

Less than 12 months

​

12 months or more

​

Total

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

$

10,802

​

$

(43)

​

$

133,239

​

$

(25,032)

​

$

144,041

​

$

(25,075)

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

9,951

​

​

(6)

​

​

261,676

​

​

(54,815)

​

​

271,627

​

​

(54,821)

Corporate debt

​

​

—

​

​

—

​

​

1,973

​

​

(27)

​

​

1,973

​

​

(27)

Total

​

$

20,753

​

$

(49)

​

$

396,888

​

$

(79,874)

​

$

417,641

​

$

(79,923)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Less than 12 months

​

12 months or more

​

Total

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

U.S. Treasury securities

​

$

—

​

$

—

​

$

24,874

​

$

(84)

​

$

24,874

​

$

(84)

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

—

​

​

—

​

​

132,935

​

​

(29,793)

​

​

132,935

​

​

(29,793)

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

41,426

​

​

(95)

​

​

264,621

​

​

(60,875)

​

​

306,047

​

​

(60,970)

Corporate debt

​

​

—

​

​

—

​

​

1,963

​

​

(38)

​

​

1,963

​

​

(38)

Total

​

$

41,426

​

$

(95)

​

$

424,393

​

$

(90,790)

​

$

465,819

​

$

(90,885)
Summary of available-for-sale and held-to-maturity securities by maturity

A summary of the available-for-sale securities by maturity is shown in the following table as of March 31, 2025. Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below. Additionally, the Company holds other available-for-sale securities with an amortized cost and fair value of $0.7 million as of March 31, 2025 that have no stated contractual maturity date.

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

​

​

​

​

​

​

Weighted

​

​

Amortized cost

​

Fair value

​

average yield

U.S. Treasury securities

​

​

​

​

​

​

​

​

After one but within five years

​

$

72,507

​

$

73,263

​

4.35%

Corporate debt

​

​

​

​

​

​

​

​

After five but within ten years

​

​

2,000

​

​

1,973

​

5.78%

A summary of the held-to-maturity securities by maturity is shown in the following table as of March 31, 2025. Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below.

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

​

​

​

​

Weighted

​

​

Amortized cost

​

Fair value

​

average yield

U.S. Treasury securities

​

​

​

​

​

​

​

​

Within one year

​

$

24,993

​

$

24,970

​

3.18%

After one but within five years

​

​

24,722

​

​

24,461

​

3.10%

Total

​

$

49,715

​

$

49,431

​

3.14%
Summary of held-to-maturity securities

Held-to-maturity investment securities are summarized as follows as of the dates indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

unrealized

​

unrealized

​

​

​

​

​

cost

​

gains

​

losses

​

Fair value

U.S. Treasury securities

​

$

49,715

​

$

—

​

$

(284)

​

$

49,431

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

262,594

​

​

148

​

​

(30,602)

​

​

232,140

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

394,603

​

​

1,448

​

​

(40,817)

​

​

355,234

Total investment securities held-to-maturity

​

$

706,912

​

$

1,596

​

$

(71,703)

​

$

636,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

unrealized

​

unrealized

​

​

​

​

​

cost

​

gains

​

losses

​

Fair value

U.S. Treasury securities

​

$

49,639

​

$

—

​

$

(480)

​

$

49,159

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

271,105

​

​

51

​

​

(36,870)

​

​

234,286

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

212,364

​

​

—

​

​

(44,423)

​

​

167,941

Total investment securities held-to-maturity

​

$

533,108

​

$

51

​

$

(81,773)

​

$

451,386
Summary of unrealized losses for held-to-maturity securities

The held-to-maturity portfolio included 140 securities which were in an unrealized loss position as of March 31, 2025, compared to 160 securities at December 31, 2024. The tables below summarize the held-to-maturity securities with unrealized losses as of the dates shown, along with the length of the impairment period:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

Less than 12 months

​

12 months or more

​

Total

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

U.S. Treasury securities

​

$

—

​

$

—

​

$

49,431

​

$

(284)

​

$

49,431

​

$

(284)

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

29,190

​

​

(258)

​

​

184,104

​

​

(30,344)

​

​

213,294

​

​

(30,602)

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

26,868

​

​

(45)

​

​

162,392

​

​

(40,772)

​

​

189,260

​

​

(40,817)

Total

​

$

56,058

​

$

(303)

​

$

395,927

​

$

(71,400)

​

$

451,985

​

$

(71,703)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Less than 12 months

​

12 months or more

​

Total

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

U.S. Treasury securities

​

$

—

​

$

—

​

$

49,159

​

$

(480)

​

$

49,159

​

$

(480)

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

45,427

​

​

(880)

​

​

185,558

​

​

(35,990)

​

​

230,985

​

​

(36,870)

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

2,818

​

​

(51)

​

​

165,123

​

​

(44,372)

​

​

167,941

​

​

(44,423)

Total

​

$

48,245

​

$

(931)

​

$

399,840

​

$

(80,842)

​

$

448,085

​

$

(81,773)
Summary of credit quality indicators, by amortized cost, of held-to-maturity securities

The table below summarizes the credit quality indicators, by amortized cost, of held-to-maturity securities as of the dates shown:

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

December 31, 2024

​

​

AA+

​

AA+

U.S. Treasury securities

​

$

49,715

​

$

49,639

Mortgage-backed securities:

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

262,594

​

​

271,105

Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises

​

​

394,603

​

​

212,364

Total investment securities held-to-maturity

​

$

706,912

​

$

533,108