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SECURITIES | 9 Months Ended
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Sep. 30, 2024
SECURITIES |
SECURITIES | 6. SECURITIES The following tables summarize the major categories of securities as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 10,000 | ​ | ​ | — | ​ | ​ | (311) | ​ | $ | 9,689
Treasury securities | ​ | ​ | 166,278 | ​ | ​ | — | ​ | ​ | (4,907) | ​ | ​ | 161,371
Corporate securities | ​ |  | 173,909 | ​ | ​ | 607 | ​ | ​ | (13,887) | ​ |  | 160,629
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ​ |  | 197,805 | ​ | ​ | 26 | ​ | ​ | (18,495) | ​ |  | 179,336
Agency CMOs | ​ |  | 276,677 | ​ | ​ | 61 | ​ | ​ | (38,965) | ​ |  | 237,773
State and municipal obligations | ​ | ​ | 27,154 | ​ | ​ | 1 | ​ | ​ | (1,345) | ​ | ​ | 25,810
Total securities available-for-sale | ​ | $ | 851,823 | ​ | $ | 695 | ​ | $ | (77,910) | ​ | $ | 774,608
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 89,873 | ​ | $ | — | ​ | $ | (8,355) | ​ | $ | 81,518
Corporate securities | ​ | ​ | 13,000 | ​ | ​ | 80 | ​ | ​ | (975) | ​ | ​ | 12,105
Pass-through MBS issued by GSEs | ​ | ​ | 266,043 | ​ | ​ | 136 | ​ | ​ | (31,803) | ​ | ​ | 234,376
Agency CMOs | ​ |  | 223,498 | ​ |  | 151 | ​ |  | (23,118) | ​ |  | 200,531
Total securities held-to-maturity | ​ | $ | 592,414 | ​ | $ | 367 | ​ | $ | (64,251) | ​ | $ | 528,530
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 10,000 | ​ | $ | — | ​ | $ | (629) | ​ | $ | 9,371
Treasury securities | ​ | ​ | 245,877 | ​ | ​ | — | ​ | ​ | (11,687) | ​ | ​ | 234,190
Corporate securities | ​ | ​ | 174,978 | ​ |  | — | ​ |  | (23,808) | ​ |  | 151,170
Pass-through MBS issued by GSEs | ​ |  | 230,253 | ​ |  | 10 | ​ |  | (24,978) | ​ |  | 205,285
Agency CMOs | ​ |  | 305,860 | ​ |  | 46 | ​ |  | (46,491) | ​ |  | 259,415
State and municipal obligations | ​ |  | 28,741 | ​ | ​ | — | ​ | ​ | (1,932) | ​ | ​ | 26,809
Total securities available-for-sale | ​ | $ | 995,709 | ​ | $ | 56 | ​ | $ | (109,525) | ​ | $ | 886,240
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 89,563 | ​ | $ | — | ​ | $ | (11,300) | ​ | $ | 78,263
Corporate securities | ​ | ​ | 9,000 | ​ | ​ | — | ​ | ​ | (1,825) | ​ | ​ | 7,175
Pass-through MBS issued by GSEs | ​ | ​ | 279,853 | ​ | ​ | — | ​ | ​ | (37,579) | ​ | ​ | 242,274
Agency CMOs | ​ |  | 216,223 | ​ |  | 16 | ​ |  | (27,021) | ​ |  | 189,218
Total securities held-to-maturity | ​ | $ | 594,639 | ​ | $ | 16 | ​ | $ | (77,725) | ​ | $ | 516,930
​ There were no transfers to or from securities held-to-maturity during the three or nine months ended September 30, 2024 and 2023. The carrying value of securities pledged at September 30, 2024 and December 31, 2023 was $479.0 million and $457.7 million, respectively. At September 30, 2024 and December 31, 2023, 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 following table presents the amortized cost and fair value of securities 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, 2024
​ | ​ | Amortized | ​ | Fair
(In thousands) | ​ | Cost | ​ | Value
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | 119,761 | ​ | $ | 117,040
One to five years | ​ | ​ | 96,687 | ​ | ​ | 91,475
Five to ten years | ​ | ​ | 160,893 | ​ | ​ | 148,984
Beyond ten years | ​ | ​ | — | ​ | ​ | —
Pass-through MBS issued by GSEs and agency CMOs | ​ | ​ | 474,482 | ​ | ​ | 417,109
Total | ​ | $ | 851,823 | ​ | $ | 774,608
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | — | ​ | $ | —
One to five years | ​ | ​ | 19,818 | ​ | ​ | 18,865
Five to ten years | ​ | ​ | 83,055 | ​ | ​ | 74,758
Beyond ten years | ​ | ​ | — | ​ | ​ | —
Pass-through MBS issued by GSEs and agency CMOs | ​ | ​ | 489,541 | ​ | ​ | 434,907
Total | ​ | $ | 592,414 | ​ | $ | 528,530
​ 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) |  | 2024 |  | 2023 | ​ | 2024 |  | 2023
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, 2024 and 2023, respectively. 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, 2024
​ | ​ | 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,689 | ​ | $ | 311 | ​ | $ | 9,689 | ​ | $ | 311
Treasury securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 161,371 | ​ | ​ | 4,907 | ​ | ​ | 161,371 | ​ | ​ | 4,907
Corporate securities | ​ | ​ | 3,700 | ​ | ​ | 300 | ​ | ​ | 134,359 | ​ | ​ | 13,587 | ​ | ​ | 138,059 | ​ | ​ | 13,887
Pass-through MBS issued by GSEs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 177,238 | ​ | ​ | 18,495 | ​ | ​ | 177,238 | ​ | ​ | 18,495
Agency CMOs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 230,244 | ​ | ​ | 38,965 | ​ | ​ | 230,244 | ​ | ​ | 38,965
State and municipal obligations | ​ |  | — | ​ |  | — | ​ |  | 22,309 | ​ |  | 1,345 | ​ | ​ | 22,309 | ​ | ​ | 1,345
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,371 | ​ | $ | 629 | ​ | $ | 9,371 | ​ | $ | 629
Treasury securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 234,190 | ​ | ​ | 11,687 | ​ | ​ | 234,190 | ​ | ​ | 11,687
Corporate securities | ​ | ​ | 20,935 | ​ | ​ | 917 | ​ | ​ | 130,235 | ​ | ​ | 22,891 | ​ | ​ | 151,170 | ​ | ​ | 23,808
Pass-through MBS issued by GSEs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 203,469 | ​ | ​ | 24,978 | ​ | ​ | 203,469 | ​ | ​ | 24,978
Agency CMOs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 251,900 | ​ | ​ | 46,491 | ​ | ​ | 251,900 | ​ | ​ | 46,491
State and municipal obligations | ​ | ​ | 1,796 | ​ |  | 54 | ​ |  | 21,513 | ​ |  | 1,878 | ​ | ​ | 23,309 | ​ | ​ | 1,932
​ As of September 30, 2024, 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 nature of the Company’s held-to-maturity portfolio which predominantly consists of agency guaranteed securities, 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 $4.5 million and $5.3 million at September 30, 2024 and December 31, 2023, respectively, was included in other assets in the Consolidated Statement of Condition 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, 2024, 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. 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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