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INVESTMENT SECURITIES | 6 Months Ended
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Jun. 30, 2023
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | 3. INVESTMENT SECURITIES ​ Available-for-Sale Debt Securities ​ The following tables summarize the amortized cost, fair value, and ACLS of AFS debt securities and the corresponding amounts of related gross unrealized gains and losses recognized in AOCI: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  | Allowance |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | for |  | Fair
June 30, 2023 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 431,450 | ​ | $ | — | ​ | $ | (24,093) | ​ | $ | — | ​ | $ | 407,357
Private label mortgage-backed security | ​ |  | 671 | ​ |  | 1,317 | ​ |  | — | ​ |  | — | ​ |  | 1,988
Mortgage-backed securities - residential | ​ |  | 183,843 | ​ |  | 13 | ​ |  | (17,569) | ​ |  | — | ​ |  | 166,287
Collateralized mortgage obligations | ​ |  | 24,222 | ​ |  | 30 | ​ |  | (1,505) | ​ |  | — | ​ |  | 22,747
Corporate bonds | ​ |  | 2,012 | ​ |  | 13 | ​ |  | — | ​ |  | — | ​ |  | 2,025
Trust preferred security | ​ |  | 3,770 | ​ |  | — | ​ |  | (24) | ​ |  | — | ​ |  | 3,746
Total available-for-sale debt securities | ​ | $ | 645,968 | ​ | $ | 1,373 | ​ | $ | (43,191) | ​ | $ | — | ​ | $ | 604,150
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  | Allowance |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | for |  | Fair
December 31, 2022 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 436,333 | ​ | $ | 1 | ​ | $ | (25,193) | ​ | $ | — | ​ | $ | 411,141
Private label mortgage-backed security | ​ |  | 843 | ​ |  | 1,284 | ​ |  | — | ​ |  | — | ​ |  | 2,127
Mortgage-backed securities - residential | ​ |  | 189,312 | ​ |  | 16 | ​ |  | (17,455) | ​ |  | — | ​ |  | 171,873
Collateralized mortgage obligations | ​ |  | 22,774 | ​ |  | 21 | ​ |  | (1,427) | ​ |  | — | ​ |  | 21,368
Corporate bonds | ​ |  | 10,000 | ​ |  | 1 | ​ |  | — | ​ |  | — | ​ |  | 10,001
Trust preferred security | ​ |  | 3,741 | ​ |  | 114 | ​ |  | — | ​ |  | — | ​ |  | 3,855
Total available-for-sale debt securities | ​ | $ | 663,003 | ​ | $ | 1,437 | ​ | $ | (44,075) | ​ | $ | — | ​ | $ | 620,365
​ Held-to-Maturity Debt Securities ​ The following tables summarize the amortized cost, fair value, and ACLS of HTM debt securities and the corresponding amounts of related gross unrecognized gains and losses: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  |  | ​ |  | Allowance
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair | ​ | for
June 30, 2023 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value | ​ | Credit Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 90,000 | ​ | $ | — | ​ | $ | (725) | ​ | $ | 89,275 | ​ | $ | —
Mortgage-backed securities - residential | ​ | ​ | 26 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 25 | ​ | ​ | —
Collateralized mortgage obligations | ​ |  | 6,845 | ​ |  | 50 | ​ |  | (134) | ​ |  | 6,761 | ​ |  | —
Corporate bonds | ​ |  | 4,980 | ​ |  | 25 | ​ |  | — | ​ |  | 5,005 | ​ |  | (10)
Obligations of state and political subdivisions | ​ | ​ | 125 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 124 | ​ | ​ | —
Total held-to-maturity debt securities | ​ | $ | 101,976 | ​ | $ | 75 | ​ | $ | (861) | ​ | $ | 101,190 | ​ | $ | (10)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  |  | ​ |  | Allowance
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair | ​ | for
December 31, 2022 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value | ​ | Credit Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 75,000 | ​ | $ | 106 | ​ | $ | — | ​ | $ | 75,106 | ​ | $ | —
Mortgage-backed securities - residential | ​ | ​ | 27 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 26 | ​ | ​ | —
Collateralized mortgage obligations | ​ |  | 7,270 | ​ |  | 54 | ​ |  | (148) | ​ |  | 7,176 | ​ |  | —
Corporate bonds | ​ |  | 4,974 | ​ |  | — | ​ |  | (49) | ​ |  | 4,925 | ​ |  | (10)
Obligations of state and political subdivisions | ​ | ​ | 125 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 124 | ​ | ​ | —
Total held-to-maturity debt securities | ​ | $ | 87,396 | ​ | $ | 160 | ​ | $ | (199) | ​ | $ | 87,357 | ​ | $ | (10)
​ Sales of Available-for-Sale Debt Securities ​ During the three and six months ended June 30, 2023 and 2022, there were no material gains or losses on sales or calls of AFS debt securities. ​ Debt Securities by Contractual Maturity ​ The amortized cost and fair value of debt securities by contractual maturity as of June 30, 2023 follow. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are detailed separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available-for-Sale | ​ | Held-to-Maturity
​ | ​ | Debt Securities | ​ | Debt Securities
​ |  | Amortized |  | Fair |  | Amortized |  | Fair
June 30, 2023 (in thousands) | ​ | Cost | ​ | Value | ​ | Cost | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 139,768 | ​ | $ | 136,180 | ​ | $ | 125 | ​ | $ | 125
Due from one year to five years | ​ |  | 293,694 | ​ |  | 273,202 | ​ |  | 94,980 | ​ |  | 94,279
Due from five years to ten years | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Due beyond ten years | ​ |  | 3,770 | ​ |  | 3,746 | ​ |  | — | ​ |  | —
Private label mortgage-backed security | ​ |  | 671 | ​ |  | 1,988 | ​ |  | — | ​ |  | —
Mortgage-backed securities - residential | ​ |  | 183,843 | ​ |  | 166,287 | ​ |  | 26 | ​ |  | 25
Collateralized mortgage obligations | ​ |  | 24,222 | ​ |  | 22,747 | ​ |  | 6,845 | ​ |  | 6,761
Total debt securities | ​ | $ | 645,968 | ​ | $ | 604,150 | ​ | $ | 101,976 | ​ | $ | 101,190
​ Unrealized-Loss Analysis on Debt Securities ​ The following tables summarize AFS debt securities in an unrealized loss position for which an ACLS had not been recorded as of June 30, 2023 and December 31, 2022, aggregated by investment category and length of time in a continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total |
​ |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized |
June 30, 2023 (in thousands) | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale debt securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 218,670 | ​ | $ | (7,852) | ​ | $ | 188,687 | ​ | $ | (16,241) | ​ | $ | 407,357 | ​ | $ | (24,093) | ​
Mortgage-backed securities - residential | ​ | ​ | 63,616 | ​ | ​ | (6,546) | ​ | ​ | 101,546 | ​ | ​ | (11,023) | ​ | ​ | 165,162 | ​ | ​ | (17,569) | ​
Collateralized mortgage obligations | ​ | ​ | 8,551 | ​ | ​ | (525) | ​ | ​ | 12,550 | ​ | ​ | (980) | ​ | ​ | 21,101 | ​ | ​ | (1,505) | ​
Trust preferred security | ​ |  | 3,746 | ​ |  | (24) | ​ |  | — | ​ |  | — | ​ |  | 3,746 | ​ |  | (24) | ​
Total available-for-sale debt securities | ​ | $ | 294,583 | ​ | $ | (14,947) | ​ | $ | 302,783 | ​ | $ | (28,244) | ​ | $ | 597,366 | ​ | $ | (43,191) | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total |
​ |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized |
December 31, 2022 (in thousands) | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale debt securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 229,372 | ​ | $ | (7,139) | ​ | $ | 171,676 | ​ | $ | (18,054) | ​ | $ | 401,048 | ​ | $ | (25,193) | ​
Mortgage-backed securities - residential | ​ | ​ | 105,274 | ​ | ​ | (7,434) | ​ | ​ | 65,520 | ​ | ​ | (10,021) | ​ | ​ | 170,794 | ​ | ​ | (17,455) | ​
Collateralized mortgage obligations | ​ | ​ | 20,418 | ​ | ​ | (1,426) | ​ | ​ | 6 | ​ | ​ | (1) | ​ | ​ | 20,424 | ​ | ​ | (1,427) | ​
Total available-for-sale debt securities | ​ | $ | 355,064 | ​ | $ | (15,999) | ​ | $ | 237,202 | ​ | $ | (28,076) | ​ | $ | 592,266 | ​ | $ | (44,075) | ​
​ ​ As of June 30, 2023, the Bank’s security portfolio consisted of 197 securities, 179 of which were in an unrealized loss position. ​ As of December 31, 2022, the Bank’s security portfolio consisted of 179 securities, 163 of which were in an unrealized loss position. ​ As of June 30, 2023 and December 31, 2022, there were no holdings of debt securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity. ​ Private Label Mortgage-Backed Security ​ The Bank owns one private label mortgage-backed security with a total carrying value of $2 million as of June 30, 2023. This security is mostly backed by “Alternative A” first-lien mortgage loans, but also has an insurance “wrap” or guarantee as an added layer of protection to the security holder. This asset is illiquid, and as such, the Bank determined it to be a Level 3 security in accordance with ASC Topic 820, Fair Value Measurement. Based on this determination, the Bank utilized an income valuation model (“present value model”) approach in determining the fair value of the security. This approach is beneficial for positions that are not traded in active markets or are subject to transfer restrictions, and/or where valuations are adjusted to reflect illiquidity and/or non-transferability. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support for this investment. ​ See additional discussion regarding the Bank’s private label mortgage-backed security under Footnote 11 “Fair Value” in this section of the filing. ​ Mortgage-Backed Securities and Collateralized Mortgage Obligations ​ As of June 30, 2023, with the exception of the $2 million private label mortgage-backed security, all other mortgage-backed securities and CMOs held by the Bank were issued by U.S. government-sponsored entities and agencies, primarily the FHLMC and FNMA. As of June 30, 2023 and December 31, 2022, there were gross unrealized losses of $19.1 million and $18.9 million related to AFS mortgage-backed securities and CMOs. Because these unrealized losses are attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these securities, and it is likely that it will not be required to sell the securities before their anticipated recovery, management does not consider these securities to have OTTI. ​ Roll-forward of the Allowance for Credit Losses on Debt Securities ​ The table below presents a roll-forward for the three months ended June 30, 2023 and 2022 of the ACLS on AFS and HTM debt securities: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ACLS Roll-forward
​ | ​ | ​ | Three Months Ended June 30,
​ | ​ | ​ | 2023 | 2022
​ | ​ | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending
(in thousands) | ​ | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | $ | 3 | ​ | $ | (3) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 30 | ​ | $ | — | ​ | $ | — | ​ | $ | 30
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | 40 | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | $ | 13 | ​ | $ | (3) | ​ | $ | — | ​ | $ | — | ​ | $ | 10 | ​ | $ | 40 | ​ | $ | 40 | ​ | $ | — | ​ | $ | — | ​ | $ | 80
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ACLS Roll-forward
​ | ​ | ​ | Six Months Ended June 30,
​ | ​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending
(in thousands) | ​ | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 30 | ​ | $ | — | ​ | $ | — | ​ | $ | 30
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | 47 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | $ | 10 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 10 | ​ | $ | 47 | ​ | $ | 33 | ​ | $ | — | ​ | $ | — | ​ | $ | 80
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The Company’s ACLS on its HTM corporate bonds during the three and six months ended June 30, 2023 remained unchanged from December 31, 2022. ​ There were no HTM debt securities on nonaccrual or past due 90 days or more as of June 30, 2023 and December 31, 2022. All of the Company’s HTM corporate bonds were rated investment grade as of June 30, 2023 and December 31, 2022. ​ There were no HTM debt securities considered collateral dependent as of June 30, 2023 and December 31, 2022. ​ Accrued interest on AFS debt securities is presented as a component of other assets on the Company’s balance sheet and is excluded from the ACLS. Accrued interest on AFS debt securities totaled $2 million and $2 million as of June 30, 2023 and December 31, 2022. Accrued interest receivable on HTM debt securities totaled $398,000 and $92,000 as of June 30, 2023 and December 31, 2022. ​ Pledged Debt Securities ​ Debt securities pledged to secure public deposits, securities sold under agreements to repurchase, and debt securities held for other purposes, as required or permitted by law, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | June 30, 2023 |  | December 31, 2022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortized cost | ​ | $ | 97,400 | ​ | $ | 236,047 | ​
Fair value | ​ |  | 92,450 | ​ |  | 217,562 | ​
Carrying amount | ​ | ​ | 92,450 | ​ | ​ | 217,562 | ​
​ ​ Equity Securities ​ The carrying value, gross unrealized gains and losses, and fair value of equity securities with readily determinable fair values were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  |  | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
June 30, 2023 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 122 | ​ | $ | — | ​ | $ | 122 | ​
Total equity securities with readily determinable fair values | ​ | $ | — | ​ | $ | 122 | ​ | $ | — | ​ | $ | 122 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  |  | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
December 31, 2022 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 111 | ​ | $ | — | ​ | $ | 111 | ​
Total equity securities with readily determinable fair values | ​ | $ | — | ​ | $ | 111 | ​ | $ | — | ​ | $ | 111 | ​
​ For equity securities with readily determinable fair values, the gross realized and unrealized gains and losses recognized in the Company’s consolidated statements of income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gains (Losses) Recognized on Equity Securities | ​
​ | ​ | Three Months Ended June 30, 2023 |  | Three Months Ended June 30, 2022 |
(in thousands) |  | Realized |  | Unrealized |  | Total |  | Realized |  | Unrealized |  | Total | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 15 | ​ | $ | 15 | ​ | $ | — | ​ | $ | 25 | ​ | $ | 25 | ​
Community Reinvestment Act mutual fund | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (97) | ​ |  | — | ​ |  | (97) | ​
Total equity securities with readily determinable fair value | ​ | $ | — | ​ | $ | 15 | ​ | $ | 15 | ​ | $ | (97) | ​ | $ | 25 | ​ | $ | (72) | ​
​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gains (Losses) Recognized on Equity Securities | ​
​ | ​ | Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022 | ​
(in thousands) | ​ | Realized | ​ | Unrealized | ​ | Total | ​ | Realized | ​ | Unrealized | ​ | Total | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 10 | ​ | $ | 10 | ​ | $ | — | ​ | $ | 19 | ​ | $ | 19 | ​
Community Reinvestment Act mutual fund | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (209) | ​ |  | — | ​ |  | (209) | ​
Total equity securities with readily determinable fair value | ​ | $ | — | ​ | $ | 10 | ​ | $ | 10 | ​ | $ | (209) | ​ | $ | 19 | ​ | $ | (190) | ​
​

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