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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2025
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | 2. INVESTMENT SECURITIES ​ Available-for-Sale Debt Securities ​ The following tables summarize the amortized cost and fair value of AFS debt securities along with the corresponding amounts of related gross unrealized gains and losses recognized in AOCI: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized |  | Fair
September 30, 2025 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 265,913 | ​ | $ | 109 | ​ | $ | (2,296) | ​ | $ | 263,726
Private label mortgage-backed security | ​ |  | — | ​ |  | 1,452 | ​ |  | — | ​ |  | 1,452
Mortgage-backed securities - residential | ​ |  | 560,809 | ​ |  | 2,655 | ​ |  | (8,011) | ​ |  | 555,453
Collateralized mortgage obligations | ​ |  | 18,100 | ​ |  | 24 | ​ |  | (656) | ​ |  | 17,468
Corporate bonds | ​ |  | 1,002 | ​ |  | — | ​ |  | — | ​ |  | 1,002
Trust preferred security | ​ |  | 3,910 | ​ |  | 160 | ​ |  | — | ​ |  | 4,070
Total available-for-sale debt securities | ​ | $ | 849,734 | ​ | $ | 4,400 | ​ | $ | (10,963) | ​ | $ | 843,171
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized |  | Fair
December 31, 2024 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 395,609 | ​ | $ | 4 | ​ | $ | (6,527) | ​ | $ | 389,086
Private label mortgage-backed security | ​ |  | 121 | ​ |  | 1,429 | ​ |  | — | ​ |  | 1,550
Mortgage-backed securities - residential | ​ |  | 180,765 | ​ |  | 193 | ​ |  | (12,725) | ​ |  | 168,233
Collateralized mortgage obligations | ​ |  | 20,127 | ​ |  | 27 | ​ |  | (911) | ​ |  | 19,243
Corporate bonds | ​ |  | 2,008 | ​ |  | 1 | ​ |  | — | ​ |  | 2,009
Trust preferred security | ​ |  | 3,863 | ​ |  | 171 | ​ |  | — | ​ |  | 4,034
Total available-for-sale debt securities | ​ | $ | 602,493 | ​ | $ | 1,825 | ​ | $ | (20,163) | ​ | $ | 584,155
​ Held-to-Maturity Debt Securities ​ The following tables summarize the amortized cost and fair value of HTM debt securities along with the corresponding amounts of related gross unrecognized gains and losses: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
September 30, 2025 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities - residential | ​ | $ | 14 | ​ | $ | — | ​ | $ | — | ​ | $ | 14
Collateralized mortgage obligations | ​ |  | 5,096 | ​ |  | 31 | ​ |  | (54) | ​ |  | 5,073
Total held-to-maturity debt securities | ​ | $ | 5,110 | ​ | $ | 31 | ​ | $ | (54) | ​ | $ | 5,087
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
December 31, 2024 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities - residential | ​ | $ | 23 | ​ | $ | 1 | ​ | $ | — | ​ | $ | 24
Collateralized mortgage obligations | ​ |  | 5,756 | ​ |  | 36 | ​ |  | (86) | ​ |  | 5,706
Corporate bonds | ​ |  | 4,999 | ​ |  | 6 | ​ |  | — | ​ |  | 5,005
Total held-to-maturity debt securities | ​ | $ | 10,778 | ​ | $ | 43 | ​ | $ | (86) | ​ | $ | 10,735
​ Sales and Calls of Available-for-Sale Debt Securities ​ During the three and nine months ended September 30, 2025, and 2024, 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, 2025, follows. 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, 2025 (in thousands) | ​ | Cost | ​ | Value | ​ | Cost | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 11,002 | ​ | $ | 10,780 | ​ | $ | — | ​ | $ | —
Due from one year to five years | ​ |  | 255,913 | ​ |  | 253,948 | ​ |  | — | ​ |  | —
Due from five years to ten years | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Due beyond ten years | ​ |  | 3,910 | ​ |  | 4,070 | ​ |  | — | ​ |  | —
Private label mortgage-backed security | ​ |  | — | ​ |  | 1,452 | ​ |  | — | ​ |  | —
Mortgage-backed securities - residential | ​ |  | 560,809 | ​ |  | 555,453 | ​ |  | 14 | ​ |  | 14
Collateralized mortgage obligations | ​ |  | 18,100 | ​ |  | 17,468 | ​ |  | 5,096 | ​ |  | 5,073
Total debt securities | ​ | $ | 849,734 | ​ | $ | 843,171 | ​ | $ | 5,110 | ​ | $ | 5,087
​ 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, 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, 2025 (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 | ​ | $ | 50,939 | ​ | $ | (30) | ​ | $ | 77,717 | ​ | $ | (2,266) | ​ | $ | 128,656 | ​ | $ | (2,296)
Mortgage-backed securities - residential | ​ | ​ | 87,466 | ​ | ​ | (362) | ​ | ​ | 89,791 | ​ | ​ | (7,649) | ​ | ​ | 177,257 | ​ | ​ | (8,011)
Collateralized mortgage obligations | ​ | ​ | 664 | ​ | ​ | (1) | ​ | ​ | 14,647 | ​ | ​ | (655) | ​ | ​ | 15,311 | ​ | ​ | (656)
Total available-for-sale debt securities | ​ | $ | 139,069 | ​ | $ | (393) | ​ | $ | 182,155 | ​ | $ | (10,570) | ​ | $ | 321,224 | ​ | $ | (10,963)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized |  | ​ | ​ |  | Unrealized
December 31, 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 | ​ | $ | 145,048 | ​ | $ | (212) | ​ | $ | 209,033 | ​ | $ | (6,315) | ​ | $ | 354,081 | ​ | $ | (6,527)
Mortgage-backed securities - residential | ​ | ​ | 52,347 | ​ | ​ | (874) | ​ | ​ | 104,453 | ​ | ​ | (11,851) | ​ | ​ | 156,800 | ​ | ​ | (12,725)
Collateralized mortgage obligations | ​ | ​ | 700 | ​ | ​ | (8) | ​ | ​ | 15,951 | ​ | ​ | (903) | ​ | ​ | 16,651 | ​ | ​ | (911)
Total available-for-sale debt securities | ​ | $ | 198,095 | ​ | $ | (1,094) | ​ | $ | 329,437 | ​ | $ | (19,069) | ​ | $ | 527,532 | ​ | $ | (20,163)
​ ​ As of September 30, 2025, the Bank’s security portfolio consisted of 198 securities, 93 of which were in an unrealized loss position. ​ As of December 31, 2024, the Bank’s security portfolio consisted of 182 securities, 114 of which were in an unrealized loss position. ​ As of September 30, 2025, and December 31, 2024, 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. ​ Mortgage-Backed Securities and Collateralized Mortgage Obligations ​ As of September 30, 2025, with the exception of the $1.5 million private label MBS, all other MBS’s and CMO’s held by the Bank were issued by U.S. government-sponsored entities and agencies, primarily the FHLMC and FNMA. As of September 30, 2025, and December 31, 2024, there were gross unrealized losses of approximately $9 million and $14 million related to AFS MBS’s and CMO’s. 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. ​ There were no HTM debt securities on nonaccrual or past due 90 days or more as of September 30, 2025, and December 31, 2024. All of the Company’s HTM corporate bonds were rated investment grade as of December 31, 2024. There were no HTM debt securities considered collateral dependent as of September 30, 2025, and December 31, 2024. ​ Accrued interest receivable on AFS debt securities is presented as a component of other assets on the Company’s balance sheet and is excluded from the ACLS, if applicable. Accrued interest on AFS debt securities totaled $4 million and $3 million as of September 30, 2025, and December 31, 2024. Accrued interest receivable on HTM debt securities totaled $13,000 as of September 30, 2025, and $60,000 as of December 31, 2024. ​ Pledged Debt Securities ​ Debt securities pledged to secure public deposits, SSUAR, and debt securities held for other purposes, as required or permitted by law, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
(in thousands) |  | September 30, 2025 |  | December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Amortized cost | ​ | $ | 137,382 | ​ | $ | 205,160
Fair value | ​ |  | 135,151 | ​ |  | 199,607
Carrying amount | ​ | ​ | 135,151 | ​ | ​ | 199,607
​ ​ Equity Securities ​ The amortized cost, 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, 2025 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 945 | ​ | $ | — | ​ | $ | 945
Total equity securities | ​ | $ | — | ​ | $ | 945 | ​ | $ | — | ​ | $ | 945
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | Gross |  |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 31, 2024 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 693 | ​ | $ | — | ​ | $ | 693
Total equity securities | ​ | $ | — | ​ | $ | 693 | ​ | $ | — | ​ | $ | 693
​ 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, 2025 |  | Three Months Ended September 30, 2024 |
(in thousands) |  | Realized |  | Unrealized |  | Total |  | Realized |  | Unrealized |  | Total | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 189 | ​ | $ | 189 | ​ | $ | — | ​ | $ | 42 | ​ | $ | 42 | ​
Total equity securities | ​ | $ | — | ​ | $ | 189 | ​ | $ | 189 | ​ | $ | — | ​ | $ | 42 | ​ | $ | 42 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gains (Losses) Recognized on Equity Securities | ​
​ | ​ | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024 | ​
(in thousands) | ​ | Realized | ​ | Unrealized | ​ | Total | ​ | Realized | ​ | Unrealized | ​ | Total | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 252 | ​ | $ | 252 | ​ | $ | — | ​ | $ | 65 | ​ | $ | 65 | ​
Total equity securities | ​ | $ | — | ​ | $ | 252 | ​ | $ | 252 | ​ | $ | — | ​ | $ | 65 | ​ | $ | 65 | ​
​

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