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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2024
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
September 30, 2024 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 311,140 | ​ | $ | 31 | ​ | $ | (6,774) | ​ | $ | — | ​ | $ | 304,397
Private label mortgage-backed security | ​ |  | 233 | ​ |  | 1,432 | ​ |  | — | ​ |  | — | ​ |  | 1,665
Mortgage-backed securities - residential | ​ |  | 143,903 | ​ |  | 361 | ​ |  | (9,601) | ​ |  | — | ​ |  | 134,663
Collateralized mortgage obligations | ​ |  | 20,804 | ​ |  | 44 | ​ |  | (692) | ​ |  | — | ​ |  | 20,156
Corporate bonds | ​ |  | 2,007 | ​ |  | 5 | ​ |  | — | ​ |  | — | ​ |  | 2,012
Trust preferred security | ​ |  | 3,846 | ​ |  | 177 | ​ |  | — | ​ |  | — | ​ |  | 4,023
Total available-for-sale debt securities | ​ | $ | 481,933 | ​ | $ | 2,050 | ​ | $ | (17,067) | ​ | $ | — | ​ | $ | 466,916
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  | Allowance |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | for |  | Fair
December 31, 2023 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 421,576 | ​ | $ | — | ​ | $ | (14,543) | ​ | $ | — | ​ | $ | 407,033
Private label mortgage-backed security | ​ |  | 443 | ​ |  | 1,330 | ​ |  | — | ​ |  | — | ​ |  | 1,773
Mortgage-backed securities - residential | ​ |  | 167,996 | ​ |  | 176 | ​ |  | (13,462) | ​ |  | — | ​ |  | 154,710
Collateralized mortgage obligations | ​ |  | 22,698 | ​ |  | 36 | ​ |  | (1,075) | ​ |  | — | ​ |  | 21,659
Corporate bonds | ​ |  | 2,012 | ​ |  | 8 | ​ |  | — | ​ |  | — | ​ |  | 2,020
Trust preferred security | ​ |  | 3,800 | ​ |  | 318 | ​ |  | — | ​ |  | — | ​ |  | 4,118
Total available-for-sale debt securities | ​ | $ | 618,525 | ​ | $ | 1,868 | ​ | $ | (29,080) | ​ | $ | — | ​ | $ | 591,313
​ 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
September 30, 2024 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value | ​ | Credit Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Mortgage-backed securities - residential | ​ | ​ | 23 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 24 | ​ | ​ | —
Collateralized mortgage obligations | ​ |  | 5,896 | ​ |  | 45 | ​ |  | (82) | ​ |  | 5,859 | ​ |  | —
Corporate bonds | ​ |  | 4,995 | ​ |  | 4 | ​ |  | — | ​ |  | 4,999 | ​ |  | (5)
Obligations of state and political subdivisions | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total held-to-maturity debt securities | ​ | $ | 10,914 | ​ | $ | 50 | ​ | $ | (82) | ​ | $ | 10,882 | ​ | $ | (5)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  |  | ​ |  | Allowance
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair | ​ | for
December 31, 2023 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value | ​ | Credit Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 65,000 | ​ | $ | — | ​ | $ | (163) | ​ | $ | 64,837 | ​ | $ | —
Mortgage-backed securities - residential | ​ | ​ | 25 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 25 | ​ | ​ | —
Collateralized mortgage obligations | ​ |  | 6,386 | ​ |  | 48 | ​ |  | (121) | ​ |  | 6,313 | ​ |  | —
Corporate bonds | ​ |  | 4,986 | ​ |  | 6 | ​ |  | — | ​ |  | 4,992 | ​ |  | (10)
Obligations of state and political subdivisions | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total held-to-maturity debt securities | ​ | $ | 76,397 | ​ | $ | 54 | ​ | $ | (284) | ​ | $ | 76,167 | ​ | $ | (10)
​ Sales of Available-for-Sale Debt Securities ​ During the three and nine months ended September 30, 2024 and 2023, 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 September 30, 2024 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
September 30, 2024 (in thousands) | ​ | Cost | ​ | Value | ​ | Cost | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 166,174 | ​ | $ | 163,666 | ​ | $ | — | ​ | $ | —
Due from one year to five years | ​ |  | 131,973 | ​ |  | 127,738 | ​ |  | 4,996 | ​ |  | 4,999
Due from five years to ten years | ​ |  | 15,000 | ​ |  | 15,005 | ​ |  | — | ​ |  | —
Due beyond ten years | ​ |  | 3,846 | ​ |  | 4,023 | ​ |  | — | ​ |  | —
Private label mortgage-backed security | ​ |  | 233 | ​ |  | 1,665 | ​ |  | — | ​ |  | —
Mortgage-backed securities - residential | ​ |  | 143,903 | ​ |  | 134,663 | ​ |  | 23 | ​ |  | 24
Collateralized mortgage obligations | ​ |  | 20,804 | ​ |  | 20,156 | ​ |  | 5,895 | ​ |  | 5,859
Total debt securities | ​ | $ | 481,933 | ​ | $ | 466,916 | ​ | $ | 10,914 | ​ | $ | 10,882
​ 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 September 30, 2024 and December 31, 2023, 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
September 30, 2024 (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 | ​ | $ | 49,622 | ​ | $ | (1,231) | ​ | $ | 179,801 | ​ | $ | (5,543) | ​ | $ | 229,423 | ​ | $ | (6,774)
Mortgage-backed securities - residential | ​ | ​ | 29,809 | ​ | ​ | (3,709) | ​ | ​ | 83,205 | ​ | ​ | (5,892) | ​ | ​ | 113,014 | ​ | ​ | (9,601)
Collateralized mortgage obligations | ​ | ​ | 356 | ​ | ​ | (3) | ​ | ​ | 16,382 | ​ | ​ | (689) | ​ | ​ | 16,738 | ​ | ​ | (692)
Trust preferred security | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total available-for-sale debt securities | ​ | $ | 79,787 | ​ | $ | (4,943) | ​ | $ | 279,388 | ​ | $ | (12,124) | ​ | $ | 359,175 | ​ | $ | (17,067)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized
December 31, 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 | ​ | $ | 26,707 | ​ | $ | (84) | ​ | $ | 380,326 | ​ | $ | (14,459) | ​ | $ | 407,033 | ​ | $ | (14,543)
Mortgage-backed securities - residential | ​ | ​ | 1,911 | ​ | ​ | (23) | ​ | ​ | 136,180 | ​ | ​ | (13,439) | ​ | ​ | 138,091 | ​ | ​ | (13,462)
Collateralized mortgage obligations | ​ | ​ | 1,668 | ​ | ​ | (52) | ​ | ​ | 17,239 | ​ | ​ | (1,023) | ​ | ​ | 18,907 | ​ | ​ | (1,075)
Trust preferred security | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total available-for-sale debt securities | ​ | $ | 30,286 | ​ | $ | (159) | ​ | $ | 533,745 | ​ | $ | (28,921) | ​ | $ | 564,031 | ​ | $ | (29,080)
​ ​ As of September 30, 2024, the Bank’s security portfolio consisted of 174 securities, 92 of which were in an unrealized loss position. ​ As of December 31, 2023, the Bank’s security portfolio consisted of 191 securities, 144 of which were in an unrealized loss position. ​ As of September 30, 2024 and December 31, 2023, 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 $1.7 million as of September 30, 2024. 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 10 “Fair Value” in this section of the filing. ​ Mortgage-Backed Securities and Collateralized Mortgage Obligations ​ As of September 30, 2024, with the exception of the $1.7 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 September 30, 2024 and December 31, 2023, there were gross unrealized losses of $10.3 million and $14.5 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 credit-related impairment that would require a provision adjustment to the ACLS. ​ Roll-forward of the Allowance for Credit Losses on Debt Securities ​ The tables below present a roll-forward for the three and nine months ended September 30, 2024 and 2023 of the ACLS on AFS and HTM debt securities: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ACLS Roll-forward
​ | ​ | ​ | Three Months Ended September 30,
​ | ​ | ​ | 2024 | 2023
​ | ​ | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending
(in thousands) | ​ | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | ​ | 4 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | $ | 4 | ​ | $ | 1 | ​ | $ | — | ​ | $ | — | ​ | $ | 5 | ​ | $ | 10 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 10
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ACLS Roll-forward
​ | ​ | ​ | Nine Months Ended September 30,
​ | ​ | ​ | 2024 | 2023
​ | ​ | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending | ​ | Beginning | ​ | ​ | ​ | Charge- | ​ | ​ | ​ | Ending
(in thousands) | ​ | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance | ​ | Balance | ​ | Provision | ​ | offs | ​ | Recoveries | ​ | Balance
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate Bonds | ​ | ​ | ​ | 10 | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | $ | 10 | ​ | $ | (5) | ​ | $ | — | ​ | $ | — | ​ | $ | 5 | ​ | $ | 10 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 10
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ There were no HTM debt securities on nonaccrual or past due 90 days or more as of September 30, 2024 and December 31, 2023. All of the Company’s HTM corporate bonds were rated investment grade as of September 30, 2024 and December 31, 2023. ​ There were no HTM debt securities considered collateral dependent as of September 30, 2024 and December 31, 2023. ​ 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 September 30, 2024 and December 31, 2023. Accrued interest receivable on HTM debt securities totaled $68,000 for the nine months ended and $384,000 as of September 30, 2024 and December 31, 2023. ​ 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) |  | September 30, 2024 |  | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Amortized cost | ​ | $ | 82,037 | ​ | $ | 106,169
Fair value | ​ |  | 80,903 | ​ |  | 99,530
Carrying amount | ​ | ​ | 80,903 | ​ | ​ | 99,530
​ ​ 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
September 30, 2024 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 239 | ​ | $ | — | ​ | $ | 239
Total equity securities with readily determinable fair values | ​ | $ | — | ​ | $ | 239 | ​ | $ | — | ​ | $ | 239
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 31, 2023 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 174 | ​ | $ | — | ​ | $ | 174
Total equity securities with readily determinable fair values | ​ | $ | — | ​ | $ | 174 | ​ | $ | — | ​ | $ | 174
​ 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 September 30, 2024 |  | Three Months Ended September 30, 2023 |
(in thousands) |  | Realized |  | Unrealized |  | Total |  | Realized |  | Unrealized |  | Total | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 42 | ​ | $ | 42 | ​ | $ | — | ​ | $ | 16 | ​ | $ | 16 | ​
Total equity securities with readily determinable fair value | ​ | $ | — | ​ | $ | 42 | ​ | $ | 42 | ​ | $ | — | ​ | $ | 16 | ​ | $ | 16 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gains (Losses) Recognized on Equity Securities | ​
​ | ​ | Nine Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2023 | ​
(in thousands) | ​ | Realized | ​ | Unrealized | ​ | Total | ​ | Realized | ​ | Unrealized | ​ | Total | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 65 | ​ | $ | 65 | ​ | $ | — | ​ | $ | 26 | ​ | $ | 26 | ​
Total equity securities with readily determinable fair value | ​ | $ | — | ​ | $ | 65 | ​ | $ | 65 | ​ | $ | — | ​ | $ | 26 | ​ | $ | 26 | ​
​

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