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SECURITIES | 12 Months Ended
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Dec. 31, 2024
SECURITIES |
SECURITIES | 3. SECURITIES The following tables summarize the major categories of securities as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 10,000 | ​ | ​ | — | ​ | ​ | (393) | ​ | $ | 9,607
Treasury securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Corporate securities | ​ |  | 173,972 | ​ | ​ | 755 | ​ | ​ | (10,778) | ​ |  | 163,949
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ​ |  | 303,303 | ​ | ​ | 30 | ​ | ​ | (3,112) | ​ |  | 300,221
Agency CMOs | ​ |  | 220,314 | ​ | ​ | 16 | ​ | ​ | (28,442) | ​ |  | 191,888
State and municipal obligations | ​ | ​ | 26,545 | ​ | ​ | — | ​ | ​ | (1,517) | ​ | ​ | 25,028
Total securities available-for-sale | ​ | $ | 734,134 | ​ | $ | 801 | ​ | $ | (44,242) | ​ | $ | 690,693
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 89,977 | ​ | $ | — | ​ | $ | (10,961) | ​ | $ | 79,016
Corporate securities | ​ | ​ | 13,000 | ​ | ​ | 140 | ​ | ​ | (855) | ​ | ​ | 12,285
Pass-through MBS issued by GSEs | ​ | ​ | 298,697 | ​ | ​ | — | ​ | ​ | (43,716) | ​ | ​ | 254,981
Agency CMOs | ​ |  | 235,665 | ​ |  | 29 | ​ |  | (29,699) | ​ |  | 205,995
Total securities held-to-maturity | ​ | $ | 637,339 | ​ | $ | 169 | ​ | $ | (85,231) | ​ | $ | 552,277
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 of securities from available-for-sale to securities held-to-maturity during the years ended December 31, 2024 or 2023. There were no transfers of securities from held-to-maturity to available-for-sale during the years ended December 31, 2024 or 2023. The Company reassessed classification of certain investments and transferred securities from available-for-sale to securities held-to-maturity during the year ended December 31, 2022. The amount remaining in OCI from this transfer as of December 31, 2024 and 2023 was $19.7 million and $22.7 million, respectively. 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 from securities held-to-maturity to available-for-sale during the year ended December 31, 2022. The carrying amount of securities pledged at December 31, 2024 and 2023 was $622.7 million and $457.7 million, respectively. The pledged securities are mainly used as collateral for a portion of the Company’s municipal deposit portfolio. At December 31, 2024 and 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Amortized | ​ | Fair
(In thousands) | ​ | Cost | ​ | Value
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | 6,717 | ​ | $ | 6,597
One to five years | ​ | ​ | 54,401 | ​ | ​ | 50,984
Five to ten years | ​ | ​ | 149,399 | ​ | ​ | 141,003
Beyond ten years | ​ | ​ | — | ​ | ​ | —
Pass-through MBS issued by GSEs and agency CMOs | ​ | ​ | 523,617 | ​ | ​ | 492,109
Total | ​ | $ | 734,134 | ​ | $ | 690,693
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | — | ​ | $ | —
One to five years | ​ | ​ | 19,829 | ​ | ​ | 18,598
Five to ten years | ​ | ​ | 83,148 | ​ | ​ | 72,703
Beyond ten years | ​ | ​ | — | ​ | ​ | —
Pass-through MBS issued by GSEs and agency CMOs | ​ | ​ | 534,362 | ​ | ​ | 460,976
Total | ​ | $ | 637,339 | ​ | $ | 552,277
​ The following table presents the information related to sales of securities available-for-sale for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) | ​ | 2024 |  | 2023 |  | 2022
Securities available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | $ | 379,053 | ​ | $ | 77,804 | ​ | $ | —
Gross gains | ​ | ​ | — | ​ | ​ | 130 | ​ | ​ | —
Tax expense on gains | ​ | ​ | — | ​ | ​ | 39 | ​ | ​ | —
Gross losses | ​ | ​ | 42,810 | ​ | ​ | 1,577 | ​ | ​ | —
Tax benefit on losses | ​ | ​ | 13,139 | ​ | ​ | 467 | ​ | ​ | —
​ Equity securities included in other assets in the consolidated statements of financial condition had a fair value of $2.5 million and $2.2 million as of December 31, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, the Company recognized a net gain of $281 thousand and a net loss of $758 thousand, respectively. There were no sales of securities held-to-maturity during the years ended December 31, 2024, 2023, or 2022. The following tables summarize the gross unrealized losses and fair value of securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,607 | ​ | $ | 393 | ​ | $ | 9,607 | ​ | $ | 393
Corporate securities | ​ | ​ | 2,925 | ​ | ​ | 16 | ​ | ​ | 141,124 | ​ | ​ | 10,762 | ​ | ​ | 144,049 | ​ | ​ | 10,778
Pass-through MBS issued by GSEs | ​ | ​ | 289,095 | ​ | ​ | 2,170 | ​ | ​ | 6,119 | ​ | ​ | 942 | ​ | ​ | 295,214 | ​ | ​ | 3,112
Agency CMOs | ​ | ​ | 32,101 | ​ | ​ | 357 | ​ | ​ | 154,770 | ​ | ​ | 28,085 | ​ | ​ | 186,871 | ​ | ​ | 28,442
State and municipal obligations | ​ |  | 3,469 | ​ |  | 31 | ​ |  | 21,559 | ​ |  | 1,486 | ​ | ​ | 25,028 | ​ | ​ | 1,517
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 December 31, 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 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 totaled $5.7 million and $5.3 million at December 31, 2024 and 2023 respectively, and was 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 amortized 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 December 31, 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 losses. The majority 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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