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INVESTMENT SECURITIES | 3 Months Ended
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Mar. 31, 2021
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 4 - INVESTMENT SECURITIES The following tables summarize the amortized cost and fair value of securities available for sale and securities held to maturity at March 31, 2021 and December 31, 2020 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | Unrealized/ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​
At March 31, 2021 |  | Cost |  | Gains |  | Losses |  | Fair Value
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed securities | ​ | $ | 368,776 | ​ | $ | 1,540 | ​ | $ | (3,546) | ​ | $ | 366,770
Commercial mortgage-backed securities | ​ | ​ | 29,895 | ​ | ​ | 828 | ​ | ​ | (271) | ​ | ​ | 30,452
Asset-backed securities | ​ | ​ | 5,002 | ​ | ​ | — | ​ | ​ | (29) | ​ | ​ | 4,973
U.S. Government agency | ​ | ​ | 67,993 | ​ | ​ | — | ​ | ​ | (1,570) | ​ | ​ | 66,423
Securities issued by states and political subdivisions in the U.S | ​ | ​ | 11,909 | ​ | ​ | — | ​ | ​ | (539) | ​ | ​ | 11,370
Total securities available for sale | ​ | $ | 483,575 | ​ | $ | 2,368 | ​ | $ | (5,955) | ​ | $ | 479,988
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 2,492 | ​ | ​ | 65 | ​ | ​ | — | ​ | ​ | 2,557
Total securities held-to-maturity | ​ | $ | 2,492 | ​ | $ | 65 | ​ | $ | — | ​ | $ | 2,557
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,308 | ​ | ​ | — | ​ | ​ | (27) | ​ | ​ | 2,281
Total non-trading equity investment securities | ​ | $ | 2,308 | ​ | $ | — | ​ | $ | (27) | ​ | $ | 2,281
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | Unrealized/ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​
At December 31, 2020 |  | Cost |  | Gains |  | Losses |  | Fair Value
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 192,163 | ​ | $ | 2,599 | ​ | $ | (74) | ​ | $ | 194,688
Commercial mortgage securities | ​ | ​ | 32,589 | ​ | ​ | 997 | ​ | ​ | (94) | ​ | ​ | 33,492
U.S. Government agency securities | ​ | ​ | 37,997 | ​ | ​ | — | ​ | ​ | (81) | ​ | ​ | 37,916
Total securities available for sale | ​ | $ | 262,749 | ​ | $ | 3,596 | ​ | $ | (249) | ​ | $ | 266,096
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | ​ | 2,760 | ​ | ​ | 67 | ​ | ​ | — | ​ | ​ | 2,827
Total securities held to maturity | ​ | $ | 2,760 | ​ | $ | 67 | ​ | $ | — | ​ | $ | 2,827
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | ​ | 2,299 | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | 2,313
Total non-trading equity investment securities | ​ | $ | 2,299 | ​ | $ | 14 | ​ | $ | — | ​ | $ | 2,313
​ For the three months ended March 31, 2021, there were no sales or calls of securities. There were calls and sales of $5.0 million and $21.0 million, at amortized cost, respectively, for the three months ended March 31, 2020. The proceeds from sales of securities and associated gains for the three months ended March 31, 2020 are as follows (in thousands):
​ | ​ | ​ | ​
​ | ​ | Three months ended March 31,
​ | ​ | 2020
Proceeds | ​ | $ | 20,975
Gross gains | ​ | $ | 975
Tax impact | ​ | $ | (387)
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. The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities at March 31, 2021 and December 31, 2020. The table does not include the effect of principal repayments. Equity securities, primarily investment in mutual funds, have been excluded from the table. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-Maturity | ​ | Available-for-Sale
At March 31, 2021 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
One to five years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 47,993 | ​ | ​ | 47,092
Five to ten years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,000 | ​ | ​ | 14,631
After ten years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,909 | ​ | ​ | 16,070
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 79,902 | ​ | $ | 77,793
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 2,492 | ​ | $ | 2,557 | ​ | ​ | 368,776 | ​ | ​ | 366,770
Commercial mortgage securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,895 | ​ | ​ | 30,452
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,002 | ​ | ​ | 4,973
Total Securities | ​ | $ | 2,492 | ​ | $ | 2,557 | ​ | $ | 483,575 | ​ | $ | 479,988
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-Maturity | ​ | Available-for-Sale
At December 31, 2020 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
One to five years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37,997 | ​ | ​ | 37,916
Five to ten years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Due after ten years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 37,997 | ​ | $ | 37,916
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 2,760 | ​ | $ | 2,827 | ​ | $ | 192,163 | ​ | $ | 194,688
Commercial mortgage securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32,589 | ​ | ​ | 33,492
Total Securities | ​ | $ | 2,760 | ​ | $ | 2,827 | ​ | $ | 262,749 | ​ | $ | 266,096
​ There were no securities pledged as collateral at March 31, 2021 or December 31, 2020. At March 31, 2021 and December 31, 2020, all of the residential mortgage securities and commercial mortgage securities held by the Bank were issued by U.S. Government-sponsored entities and agencies. ​ Securities with unrealized/unrecognized losses at March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 Months | ​ | 12 months or more | ​ | Total
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
At March 31, 2021 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 233,408 | ​ | $ | (3,546) | ​ | $ | — | ​ | $ | — | ​ | $ | 233,408 | ​ | $ | (3,546)
Commercial mortgage securities | ​ | ​ | 9,520 | ​ | ​ | (270) | ​ | ​ | 383 | ​ | ​ | (1) | ​ | ​ | 9,903 | ​ | ​ | (271)
Asset-backed securities | ​ | ​ | 4,974 | ​ | ​ | (29) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,974 | ​ | ​ | (29)
U.S. Government agency securities | ​ | ​ | 66,423 | ​ | ​ | (1,570) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66,423 | ​ | ​ | (1,570)
Securities issued by states and political subdivisions in the U.S | ​ | ​ | 11,370 | ​ | ​ | (539) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,370 | ​ | ​ | (539)
Total securities available for sale | ​ | $ | 325,695 | ​ | $ | (5,954) | ​ | $ | 383 | ​ | $ | (1) | ​ | $ | 326,078 | ​ | $ | (5,955)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,281 | ​ | $ | (27) | ​ | $ | — | ​ | $ | — | ​ | $ | 2,281 | ​ | $ | (27)
Total equity investment securities | ​ | $ | 2,281 | ​ | $ | (27) | ​ | $ | — | ​ | $ | — | ​ | $ | 2,281 | ​ | $ | (27)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 Months | ​ | 12 months or more | ​ | Total
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
At December 31, 2020 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 33,734 | ​ | ​ | (74) | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 33,734 | ​ | ​ | (74)
Commercial mortgage securities | ​ | ​ | 12,314 | ​ | ​ | (93) | ​ | ​ | 385 | ​ | ​ | (1) | ​ | ​ | 12,699 | ​ | ​ | (94)
U.S. Government agency securities | ​ | ​ | 37,916 | ​ | ​ | (81) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37,916 | ​ | ​ | (81)
Total securities available-for-sale | ​ | $ | 83,964 | ​ | $ | (248) | ​ | $ | 385 | ​ | $ | (1) | ​ | $ | 84,349 | ​ | $ | (249)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The unrealized losses on securities are primarily due to the changes in market interest rates subsequent to purchase. The Bank did not consider these securities to be other-than-temporarily impaired at March 31, 2021 or December 31, 2020 since the decline in market value was attributable to changes in interest rates and not credit quality. In addition, the Bank does not intend to sell and does not believe that it is more likely than not that it will be required to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result, no impairment loss was recognized during the three months ended March 31, 2021 or for the year ended December 31, 2020. At March 31, 2021 and December 31, 2020, 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.

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