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SECURITIES | 3 Months Ended
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Mar. 31, 2025
SECURITIES |
SECURITIES | 6. SECURITIES The following tables summarize the major categories of securities as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | Allowance | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | For Credit | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses | ​ | ​ | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Agency notes | ​ | $ | 10,000 | ​ | $ | — | ​ | $ | (297) | ​ | $ | — | ​ | $ | 9,703
Corporate securities | ​ |  | 185,837 | ​ | ​ | 887 | ​ | ​ | (10,295) | ​ | ​ | (893) | ​ |  | 175,536
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ​ |  | 298,704 | ​ | ​ | 1,961 | ​ | ​ | (1,152) | ​ | ​ | — | ​ |  | 299,513
Agency CMOs | ​ |  | 228,300 | ​ | ​ | 276 | ​ | ​ | (25,570) | ​ | ​ | — | ​ |  | 203,006
State and municipal obligations | ​ | ​ | 24,112 | ​ | ​ | — | ​ | ​ | (1,291) | ​ | ​ | — | ​ | ​ | 22,821
Total securities available-for-sale | ​ | $ | 746,953 | ​ | $ | 3,124 | ​ | $ | (38,605) | ​ | $ | (893) | ​ | $ | 710,579
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 90,082 | ​ | $ | — | ​ | $ | (8,853) | ​ | $ | 81,229
Corporate securities | ​ | ​ | 13,000 | ​ | ​ | 200 | ​ | ​ | (710) | ​ | ​ | 12,490
Pass-through MBS issued by GSEs | ​ | ​ | 295,309 | ​ | ​ | 99 | ​ | ​ | (37,675) | ​ | ​ | 257,733
Agency CMOs | ​ |  | 232,943 | ​ |  | 209 | ​ |  | (25,818) | ​ |  | 207,334
Total securities held-to-maturity | ​ | $ | 631,334 | ​ | $ | 508 | ​ | $ | (73,056) | ​ | $ | 558,786
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Corporate securities | ​ | ​ | 173,972 | ​ |  | 755 | ​ |  | (10,778) | ​ |  | 163,949
Pass-through MBS issued by 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
​ There were no transfers to or from securities held-to-maturity during the three months ended March 31, 2025 and 2024. The carrying value of securities pledged at March 31, 2025 and December 31, 2024 was $677.1 million and $622.7 million, respectively. At March 31, 2025 and December 31, 2024, 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | Amortized | ​ | Fair
(In thousands) | ​ | Cost | ​ | Value
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | 8,012 | ​ | $ | 7,909
One to five years | ​ | ​ | 57,629 | ​ | ​ | 53,734
Five to ten years | ​ | ​ | 149,415 | ​ | ​ | 142,407
Beyond ten years | ​ | ​ | 4,000 | ​ | ​ | 4,010
Pass-through MBS issued by GSEs and agency CMOs | ​ | ​ | 527,004 | ​ | ​ | 502,519
Total | ​ | $ | 746,060 | ​ | $ | 710,579
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | — | ​ | $ | —
One to five years | ​ | ​ | 19,841 | ​ | ​ | 18,893
Five to ten years | ​ | ​ | 83,241 | ​ | ​ | 74,826
Beyond ten years | ​ | ​ | — | ​ | ​ | —
Pass-through MBS issued by GSEs and agency CMOs | ​ | ​ | 528,252 | ​ | ​ | 465,067
Total | ​ | $ | 631,334 | ​ | $ | 558,786
​ There were no sales of securities available-for-sale or held-to-maturity during the three months ended March 31, 2025 and 2024, 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,703 | ​ | $ | 297 | ​ | $ | 9,703 | ​ | $ | 297
Corporate securities | ​ | ​ | 21,875 | ​ | ​ | 125 | ​ | ​ | 126,654 | ​ | ​ | 10,170 | ​ | ​ | 148,529 | ​ | ​ | 10,295
Pass-through MBS issued by GSEs | ​ | ​ | 44,456 | ​ | ​ | 335 | ​ | ​ | 5,967 | ​ | ​ | 817 | ​ | ​ | 50,423 | ​ | ​ | 1,152
Agency CMOs | ​ | ​ | 7,705 | ​ | ​ | 4 | ​ | ​ | 151,713 | ​ | ​ | 25,566 | ​ | ​ | 159,418 | ​ | ​ | 25,570
State and municipal obligations | ​ |  | 3,485 | ​ |  | 15 | ​ |  | 19,336 | ​ |  | 1,276 | ​ | ​ | 22,821 | ​ | ​ | 1,291
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ As of March 31, 2025, the Company recognized a provision for credit losses of $893 thousand on an available-for-sale corporate security due to the issuer’s non-compliance with certain financial covenants, which was considered a credit deterioration event. 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 $4.1 million and $5.7 million at March 31, 2025 and December 31, 2024, respectively, was included in other assets in the Consolidated Statements of Financial 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 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 March 31, 2025, 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. A 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. The following table presents a rollforward of the allowance for credit losses for corporate securities available-for-sale for the three months ended March 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
(In thousands) |  | 2025 | ​ | 2024
Beginning balance | ​ | $ | — | ​ | $ | —
Provision for credit losses | ​ |  | 893 | ​ |  | —
Ending balance | ​ | $ | 893 | ​ | $ | —
​

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