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SECURITIES | 9 Months Ended
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Sep. 30, 2023
SECURITIES |
SECURITIES | 6.SECURITIES The following tables summarize the major categories of securities as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 10,000 | ​ | $ | — | ​ | $ | (857) | ​ | $ | 9,143
Treasury securities | ​ | ​ | 246,135 | ​ | ​ | — | ​ | ​ | (16,262) | ​ | ​ | 229,873
Corporate securities | ​ |  | 169,549 | ​ |  | — | ​ |  | (28,462) | ​ |  | 141,087
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ​ |  | 239,509 | ​ |  | — | ​ |  | (33,306) | ​ |  | 206,203
Agency collateralized mortgage obligations ("CMOs") | ​ |  | 311,632 | ​ |  | 21 | ​ |  | (56,011) | ​ |  | 255,642
State and municipal obligations | ​ | ​ | 30,845 | ​ | ​ | — | ​ | ​ | (2,914) | ​ | ​ | 27,931
Total securities available-for-sale | ​ | $ | 1,007,670 | ​ | $ | 21 | ​ | $ | (137,812) | ​ | $ | 869,879
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 89,461 | ​ | $ | — | ​ | $ | (15,305) | ​ | $ | 74,156
Corporate securities | ​ | ​ | 9,000 | ​ | ​ | — | ​ | ​ | (1,945) | ​ | ​ | 7,055
Pass-through MBS issued by GSEs | ​ | ​ | 283,258 | ​ | ​ | — | ​ | ​ | (53,777) | ​ | ​ | 229,481
Agency CMOs | ​ |  | 218,572 | ​ |  | — | ​ |  | (33,278) | ​ |  | 185,294
Total securities held-to-maturity | ​ | $ | 600,291 | ​ | $ | — | ​ | $ | (104,305) | ​ | $ | 495,986
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Treasury securities | ​ | $ | 246,899 | ​ | $ | — | ​ | $ | (19,643) | ​ | $ | 227,256
Corporate securities | ​ | ​ | 183,791 | ​ |  | 57 | ​ |  | (17,075) | ​ |  | 166,773
Pass-through MBS issued by GSEs | ​ |  | 272,774 | ​ |  | — | ​ |  | (31,534) | ​ |  | 241,240
Agency CMOs | ​ |  | 331,394 | ​ |  | 2 | ​ |  | (50,057) | ​ |  | 281,339
State and municipal obligations | ​ |  | 37,000 | ​ | ​ | — | ​ | ​ | (3,021) | ​ | ​ | 33,979
Total securities available-for-sale | ​ | $ | 1,071,858 | ​ | $ | 59 | ​ | $ | (121,330) | ​ | $ | 950,587
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 89,157 | ​ | $ | — | ​ | $ | (14,095) | ​ | $ | 75,062
Corporate securities | ​ | ​ | 9,000 | ​ | ​ | — | ​ | ​ | (553) | ​ | ​ | 8,447
Pass-through MBS issued by GSEs | ​ | ​ | 278,281 | ​ | ​ | — | ​ | ​ | (40,960) | ​ | ​ | 237,321
Agency CMOs | ​ |  | 209,360 | ​ |  | — | ​ |  | (24,431) | ​ |  | 184,929
Total securities held-to-maturity | ​ | $ | 585,798 | ​ | $ | — | ​ | $ | (80,039) | ​ | $ | 505,759
​ There were no transfers to or from securities held-to-maturity during the three or nine months ended September 30, 2023. During the nine months ended September 30, 2022, the Company transferred securities with an amortized cost of $400.0 million from available-for-sale to held-to-maturity. The transfers occurred at fair value totaling $372.2 million. The related unrealized losses of $27.8 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. There were no transfers of securities held-to-maturity to securities available-for-sale during the three or nine months ended September 30, 2022. The carrying amount of securities pledged at September 30, 2023 and December 31, 2022 was $470.0 million and $631.4 million, respectively. At September 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity. ​ The amortized cost and fair value of securities are shown by contractual maturity. 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 shown separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | Amortized | ​ | Fair
(In thousands) | ​ | Cost | ​ | Value
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | 83,132 | ​ | $ | 80,015
One to five years | ​ | ​ | 206,284 | ​ | ​ | 188,885
Five to ten years | ​ | ​ | 167,113 | ​ | ​ | 139,134
Beyond ten years | ​ | ​ | — | ​ | ​ | —
Pass-through MBS issued by GSEs and agency CMO | ​ | ​ | 551,141 | ​ | ​ | 461,845
Total | ​ | $ | 1,007,670 | ​ | $ | 869,879
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | — | ​ | $ | —
One to five years | ​ | ​ | 19,772 | ​ | ​ | 17,743
Five to ten years | ​ | ​ | 78,689 | ​ | ​ | 63,468
Beyond ten years | ​ | ​ | — | ​ | ​ | —
Pass-through MBS issued by GSEs and agency CMO | ​ | ​ | 501,830 | ​ | ​ | 414,775
Total | ​ | $ | 600,291 | ​ | $ | 495,986
​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following table presents the information related to sales of securities available-for-sale as of the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(In thousands) |  | 2023 |  | 2022 | ​ | 2023 |  | 2022
Securities available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | $ | — | ​ | $ | — | ​ | $ | 77,804 | ​ | $ | —
Gross gains | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 130 | ​ | ​ | —
Tax expense on gains | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39 | ​ | ​ | —
Gross losses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,577 | ​ | ​ | —
Tax benefit on losses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 467 | ​ | ​ | —
​ There were no sales of securities held-to-maturity during the three or nine months ended September 30, 2023 and 2022. The following table summarizes the gross unrealized losses and fair value of securities available-for-sale aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | Less than 12 | ​ | 12 Consecutive | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consecutive Months | ​ | Months or Longer | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(In thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | — | ​ | $ | — | ​ | $ | 9,143 | ​ | $ | 857 | ​ | $ | 9,143 | ​ | $ | 857
Treasury securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 229,873 | ​ | ​ | 16,262 | ​ | ​ | 229,873 | ​ | ​ | 16,262
Corporate securities | ​ | ​ | 19,118 | ​ | ​ | 2,248 | ​ | ​ | 121,969 | ​ | ​ | 26,214 | ​ | ​ | 141,087 | ​ | ​ | 28,462
Pass-through MBS issued by GSEs | ​ | ​ | 904 | ​ | ​ | 12 | ​ | ​ | 205,299 | ​ | ​ | 33,294 | ​ | ​ | 206,203 | ​ | ​ | 33,306
Agency CMOs | ​ | ​ | 2,427 | ​ | ​ | 41 | ​ | ​ | 248,193 | ​ | ​ | 55,970 | ​ | ​ | 250,620 | ​ | ​ | 56,011
State and municipal obligations | ​ |  | 1,713 | ​ |  | 137 | ​ |  | 26,218 | ​ |  | 2,777 | ​ | ​ | 27,931 | ​ | ​ | 2,914
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Less than 12 | ​ | 12 Consecutive | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consecutive Months | ​ | Months or Longer | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(In thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Treasury securities | ​ | $ | — | ​ | $ | — | ​ | $ | 227,256 | ​ | $ | 19,643 | ​ | $ | 227,256 | ​ | $ | 19,643
Corporate securities | ​ | ​ | 110,707 | ​ | ​ | 8,494 | ​ | ​ | 50,116 | ​ | ​ | 8,581 | ​ | ​ | 160,823 | ​ | ​ | 17,075
Pass-through MBS issued by GSEs | ​ | ​ | 50,813 | ​ | ​ | 2,010 | ​ | ​ | 190,427 | ​ | ​ | 29,524 | ​ | ​ | 241,240 | ​ | ​ | 31,534
Agency CMOs | ​ | ​ | 55,924 | ​ | ​ | 3,454 | ​ | ​ | 220,413 | ​ | ​ | 46,603 | ​ | ​ | 276,337 | ​ | ​ | 50,057
State and municipal obligations | ​ | ​ | 10,848 | ​ |  | 174 | ​ |  | 22,681 | ​ |  | 2,847 | ​ | ​ | 33,529 | ​ | ​ | 3,021
​ As of September 30, 2023, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. Additionally, given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Accrued interest receivable on securities totaling $3.3 million and $5.4 million at September 30, 2023 and December 31, 2022, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above. ​ Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. ​ At September 30, 2023, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. The Company generally views changes in fair value caused by changes in interest rates as temporary, which is consistent with its experience. The following major security types held by the Company are all issued by U.S. government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S. government: Agency Notes, Treasury Securities, Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations. Substantially all of the corporate bonds within the portfolio have maintained an investment grade rating by either Kroll, Egan-Jones, Fitch, Moody’s or Standard and Poor’s. None of the unrealized losses are related to credit quality of the issuer. Substantially all of the state and municipal obligations within the portfolio have all maintained an investment grade rating by either Moody’s or Standard and Poor’s. The Company does not have the intent to sell these securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the debt. The fair value is expected to recover as the securities approach maturity.

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