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INVESTMENT SECURITIES | 3 Months Ended
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Mar. 31, 2026
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
March 31, 2026 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 269,953 | ​ | $ | 62 | ​ | $ | (2,470) | ​ | $ | 267,545
Private label mortgage-backed security | ​ |  | — | ​ |  | 1,359 | ​ |  | — | ​ |  | 1,359
Mortgage-backed securities - residential | ​ |  | 596,356 | ​ |  | 1,913 | ​ |  | (8,023) | ​ |  | 590,246
Collateralized mortgage obligations | ​ |  | 17,066 | ​ |  | 29 | ​ |  | (397) | ​ |  | 16,698
Corporate bonds | ​ |  | 1,001 | ​ |  | — | ​ |  | — | ​ |  | 1,001
Trust preferred security | ​ |  | 3,938 | ​ |  | 134 | ​ |  | — | ​ |  | 4,072
Total available-for-sale debt securities | ​ | $ | 888,314 | ​ | $ | 3,497 | ​ | $ | (10,890) | ​ | $ | 880,921
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | Gross |  | ​ ​ ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized |  | Fair
December 31, 2025 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 294,940 | ​ | $ | 159 | ​ | $ | (1,724) | ​ | $ | 293,375
Private label mortgage-backed security | ​ |  | — | ​ |  | 1,439 | ​ |  | — | ​ |  | 1,439
Mortgage-backed securities - residential | ​ |  | 570,491 | ​ |  | 4,210 | ​ |  | (6,792) | ​ |  | 567,909
Collateralized mortgage obligations | ​ |  | 17,528 | ​ |  | 27 | ​ |  | (648) | ​ |  | 16,907
Corporate bonds | ​ |  | 1,001 | ​ |  | — | ​ |  | — | ​ |  | 1,001
Trust preferred security | ​ |  | 3,924 | ​ |  | 138 | ​ |  | — | ​ |  | 4,062
Total available-for-sale debt securities | ​ | $ | 887,884 | ​ | $ | 5,973 | ​ | $ | (9,164) | ​ | $ | 884,693
​ 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
March 31, 2026 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities - residential | ​ | $ | 13 | ​ | $ | — | ​ | $ | — | ​ | $ | 13
Collateralized mortgage obligations | ​ |  | 4,762 | ​ |  | 30 | ​ |  | (30) | ​ |  | 4,762
Total held-to-maturity debt securities | ​ | $ | 4,775 | ​ | $ | 30 | ​ | $ | (30) | ​ | $ | 4,775
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ ​ ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | Gross | ​ ​ ​ | ​ ​ ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
December 31, 2025 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities - residential | ​ | $ | 13 | ​ | $ | — | ​ | $ | — | ​ | $ | 13
Collateralized mortgage obligations | ​ |  | 4,931 | ​ |  | 29 | ​ |  | (44) | ​ |  | 4,916
Total held-to-maturity debt securities | ​ | $ | 4,944 | ​ | $ | 29 | ​ | $ | (44) | ​ | $ | 4,929
​ There were no HTM debt securities on nonaccrual or past due 90 days or more as of March 31, 2026, and December 31, 2025. There were no HTM debt securities considered collateral dependent as of March 31, 2026, and December 31, 2025. ​ Sales and Calls of Available-for-Sale Debt Securities ​ During the three months ended March 31, 2026, and 2025, 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 March 31, 2026, 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
March 31, 2026 (in thousands) | ​ | Cost | ​ | Value | ​ | Cost | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 105,961 | ​ | $ | 104,864 | ​ | $ | — | ​ | $ | —
Due from one year to five years | ​ |  | 164,993 | ​ |  | 163,682 | ​ |  | — | ​ |  | —
Due from five years to ten years | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Due beyond ten years | ​ |  | 3,938 | ​ |  | 4,072 | ​ |  | — | ​ |  | —
Private label mortgage-backed security | ​ |  | — | ​ |  | 1,359 | ​ |  | — | ​ |  | —
Mortgage-backed securities - residential | ​ |  | 596,356 | ​ |  | 590,246 | ​ |  | 13 | ​ |  | 13
Collateralized mortgage obligations | ​ |  | 17,066 | ​ |  | 16,698 | ​ |  | 4,762 | ​ |  | 4,762
Total debt securities | ​ | $ | 888,314 | ​ | $ | 880,921 | ​ | $ | 4,775 | ​ | $ | 4,775
​ 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
March 31, 2026 (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 | ​ | $ | 163,632 | ​ | $ | (1,340) | ​ | $ | 78,862 | ​ | $ | (1,130) | ​ | $ | 242,494 | ​ | $ | (2,470)
Mortgage-backed securities - residential | ​ | ​ | 218,186 | ​ | ​ | (1,459) | ​ | ​ | 80,332 | ​ | ​ | (6,564) | ​ | ​ | 298,518 | ​ | ​ | (8,023)
Collateralized mortgage obligations | ​ | ​ | 598 | ​ | ​ | (2) | ​ | ​ | 13,868 | ​ | ​ | (395) | ​ | ​ | 14,466 | ​ | ​ | (397)
Total available-for-sale debt securities | ​ | $ | 382,416 | ​ | $ | (2,801) | ​ | $ | 173,062 | ​ | $ | (8,089) | ​ | $ | 555,478 | ​ | $ | (10,890)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Unrealized | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Unrealized | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Unrealized
December 31, 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 | ​ | $ | 84,947 | ​ | $ | (53) | ​ | $ | 78,317 | ​ | $ | (1,671) | ​ | $ | 163,264 | ​ | $ | (1,724)
Mortgage-backed securities - residential | ​ | ​ | 84,131 | ​ | ​ | (149) | ​ | ​ | 86,744 | ​ | ​ | (6,643) | ​ | ​ | 170,875 | ​ | ​ | (6,792)
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,242 | ​ | ​ | (648) | ​ | ​ | 14,242 | ​ | ​ | (648)
Total available-for-sale debt securities | ​ | $ | 169,078 | ​ | $ | (202) | ​ | $ | 179,303 | ​ | $ | (8,962) | ​ | $ | 348,381 | ​ | $ | (9,164)
​ ​ As of March 31, 2026, the Bank’s security portfolio consisted of 198 securities, 103 of which were in an unrealized loss position. ​ As of December 31, 2025, the Bank’s security portfolio consisted of 198 securities, 86 of which were in an unrealized loss position. ​ As of March 31, 2026, and December 31, 2025, 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. ​ 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 $5 million and $5 million as of March 31, 2026, and December 31, 2025. Accrued interest receivable on HTM debt securities totaled $11,000 as of March 31, 2026, and $12,000 as of December 31, 2025. ​ Mortgage-Backed Securities and Collateralized Mortgage Obligations ​ As of March 31, 2026, with the exception of the $1.4 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 March 31, 2026, and December 31, 2025, there were gross unrealized losses of approximately $8 million and $7 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. ​ 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) | ​ ​ ​ | March 31, 2026 | ​ ​ ​ | December 31, 2025 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortized cost | ​ | $ | 143,060 | ​ | $ | 168,530 | ​
Fair value | ​ |  | 141,459 | ​ |  | 166,757 | ​
Carrying amount | ​ | ​ | 141,459 | ​ | ​ | 166,757 | ​
​ ​ Equity Securities ​ The following tables summarize the amortized cost and fair value of equity securities with readily determinable fair values: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | Gross | ​ ​ ​ | ​ ​ ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
March 31, 2026 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 945 | ​ | $ | — | ​ | $ | 945
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | Gross | ​ ​ ​ | ​ ​ ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 31, 2025 (in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | 945 | ​ | $ | — | ​ | $ | 945
​ 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 March 31, 2026 | ​ ​ ​ | Three Months Ended March 31, 2025 | ​ ​ ​
(in thousands) | ​ ​ ​ | Realized | ​ ​ ​ | Unrealized | ​ ​ ​ | Total | ​ ​ ​ | Realized | ​ ​ ​ | Unrealized | ​ ​ ​ | Total | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Freddie Mac preferred stock | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 31 | ​ | $ | 31 | ​
​

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