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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2021
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 4 - INVESTMENT SECURITIES The following tables summarize the amortized cost and fair value of debt securities available for sale (“AFS”), debt securities held to maturity (“HTM”) and equity investments at September 30, 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 September 30, 2021 |  | Cost |  | Gains |  | Losses |  | Fair Value
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 504,167 | ​ | $ | 1,123 | ​ | $ | (3,859) | ​ | $ | 501,431
Commercial mortgage securities | ​ | ​ | 18,270 | ​ | ​ | 249 | ​ | ​ | (263) | ​ | ​ | 18,256
Asset-backed securities | ​ | ​ | 4,750 | ​ | ​ | — | ​ | ​ | (17) | ​ | ​ | 4,733
U.S. Government agency | ​ | ​ | 67,994 | ​ | ​ | — | ​ | ​ | (763) | ​ | ​ | 67,231
Securities issued by states and political subdivisions in the U.S | ​ | ​ | 11,836 | ​ | ​ | — | ​ | ​ | (319) | ​ | ​ | 11,517
Total securities available-for-sale | ​ | $ | 607,017 | ​ | $ | 1,372 | ​ | $ | (5,221) | ​ | $ | 603,168
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 2,017 | ​ | ​ | 57 | ​ | ​ | — | ​ | ​ | 2,074
Total securities held-to-maturity | ​ | $ | 2,017 | ​ | $ | 57 | ​ | $ | — | ​ | $ | 2,074
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,320 | ​ | ​ | — | ​ | ​ | (31) | ​ | ​ | 2,289
Total non-trading equity investment securities | ​ | $ | 2,320 | ​ | $ | — | ​ | $ | (31) | ​ | $ | 2,289
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​ | ​ | 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 September 30, 2021, there were no sales of AFS securities. For the nine months ended September 30, 2021, there were sales of $42.6 million, at amortized cost, of AFS securities. For the three months ended September 30, 2020, there were calls of $25.0 million, at amortized cost of AFS securities. There were sales and calls of $108.1 million and $30.0 million, at amortized cost, respectively, for the nine months ended September 30, 2020. The proceeds from sales and calls of AFS securities and associated gains for the three and nine months ended September 30, 2021 and 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ | ​ | 2021 | ​ | 2020 |  | 2021 |  | 2020
Proceeds | ​ | $ | — | ​ | $ | 25,000 | ​ | $ | 43,241 | ​ | $ | 141,422
Gross gains | ​ | $ | — | ​ | $ | — | ​ | $ | 609 | ​ | $ | 3,286
Tax impact | ​ | $ | — | ​ | $ | — | ​ | $ | (195) | ​ | $ | (1,036)
​ The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities at September 30, 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. 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, primarily mortgage-backed securities, are shown separately (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-Maturity | ​ | Available-for-Sale
At September 30, 2021 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
One to five years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 47,994 | ​ | ​ | 47,475
Five to ten years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,000 | ​ | ​ | 14,832
After ten years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,836 | ​ | ​ | 16,441
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 79,830 | ​ | $ | 78,748
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 2,017 | ​ | $ | 2,074 | ​ | ​ | 504,167 | ​ | ​ | 501,431
Commercial mortgage securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,270 | ​ | ​ | 18,256
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,750 | ​ | ​ | 4,733
Total Securities | ​ | $ | 2,017 | ​ | $ | 2,074 | ​ | $ | 607,017 | ​ | $ | 603,168
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 September 30, 2021 or December 31, 2020. At September 30, 2021 and December 31, 2020, all of the residential mortgage securities and commercial mortgage securities held by the Company were issued by U.S. Government-sponsored entities and agencies. ​ Debt securities with unrealized/unrecognized losses at September 30, 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 September 30, 2021 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 315,184 | ​ | $ | (3,859) | ​ | $ | — | ​ | $ | — | ​ | $ | 315,184 | ​ | $ | (3,859)
Commercial mortgage securities | ​ | ​ | 14,919 | ​ | ​ | (263) | ​ | ​ | 379 | ​ | ​ | — | ​ | ​ | 15,298 | ​ | ​ | (263)
Asset-backed securities | ​ | ​ | 4,733 | ​ | ​ | (17) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,733 | ​ | ​ | (17)
U.S. Government agency securities | ​ | ​ | 39,546 | ​ | ​ | (451) | ​ | ​ | 27,685 | ​ | ​ | (312) | ​ | ​ | 67,231 | ​ | ​ | (763)
Securities issued by states and political subdivisions in the U.S | ​ | ​ | 11,517 | ​ | ​ | (319) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,517 | ​ | ​ | (319)
Total securities available for sale | ​ | $ | 385,899 | ​ | $ | (4,909) | ​ | $ | 28,064 | ​ | $ | (312) | ​ | $ | 413,963 | ​ | $ | (5,221)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 Company did not consider these securities to be other-than-temporarily impaired at September 30, 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 Company 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 nine months ended September 30, 2021 or for the year ended December 31, 2020. At September 30, 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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