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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2022
INVESTMENT SECURITIES |
Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity | The following tables summarize the amortized cost and fair value of debt securities AFS and HTM and equity investments 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, 2022 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,995 | ​ | $ | — | ​ | $ | (5,249) | ​ | $ | 62,746
U.S. State and Municipal securities | ​ | ​ | 11,761 | ​ | ​ | — | ​ | ​ | (1,523) | ​ | ​ | 10,238
Residential MBS | ​ | ​ | 448,457 | ​ | ​ | 5 | ​ | ​ | (36,341) | ​ | ​ | 412,121
Commercial MBS | ​ | ​ | 17,217 | ​ | ​ | 41 | ​ | ​ | (1,050) | ​ | ​ | 16,208
Asset-backed securities | ​ | ​ | 4,477 | ​ | ​ | — | ​ | ​ | (62) | ​ | ​ | 4,415
Total securities available-for-sale | ​ | $ | 549,907 | ​ | $ | 46 | ​ | $ | (44,225) | ​ | $ | 505,728
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,821 | ​ | $ | — | ​ | $ | (1,332) | ​ | $ | 28,489
U.S. State and Municipal securities | ​ | ​ | 15,995 | ​ | ​ | — | ​ | ​ | (1,553) | ​ | ​ | 14,442
Residential MBS | ​ | ​ | 413,947 | ​ | ​ | — | ​ | ​ | (27,486) | ​ | ​ | 386,461
Commercial MBS | ​ | ​ | 8,130 | ​ | ​ | — | ​ | ​ | (697) | ​ | ​ | 7,433
Total securities held-to-maturity | ​ | $ | 467,893 | ​ | $ | — | ​ | $ | (31,068) | ​ | $ | 436,825
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,332 | ​ | $ | — | ​ | $ | (159) | ​ | $ | 2,173
Total equity investment securities | ​ | $ | 2,332 | ​ | $ | — | ​ | $ | (159) | ​ | $ | 2,173
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | Unrealized/ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​
At December 31, 2021 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,994 | ​ | $ | — | ​ | $ | (1,660) | ​ | $ | 66,334
U.S. State and Municipal securities | ​ | ​ | 11,799 | ​ | ​ | — | ​ | ​ | (300) | ​ | ​ | 11,499
Residential MBS | ​ | ​ | 476,393 | ​ | ​ | 623 | ​ | ​ | (10,465) | ​ | ​ | 466,551
Commercial MBS | ​ | ​ | 17,787 | ​ | ​ | 219 | ​ | ​ | (379) | ​ | ​ | 17,627
Asset-backed securities | ​ | ​ | 4,635 | ​ | ​ | — | ​ | ​ | (22) | ​ | ​ | 4,613
Total securities available-for-sale | ​ | $ | 578,608 | ​ | $ | 842 | ​ | $ | (12,826) | ​ | $ | 566,624
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,811 | ​ | $ | 6 | ​ | $ | (43) | ​ | $ | 29,774
U.S. State and Municipal securities | ​ | ​ | 16,055 | ​ | ​ | 299 | ​ | ​ | — | ​ | ​ | 16,354
Residential MBS | ​ | ​ | 328,095 | ​ | ​ | 105 | ​ | ​ | (2,259) | ​ | ​ | 325,941
Commercial MBS | ​ | ​ | 8,138 | ​ | ​ | — | ​ | ​ | (99) | ​ | ​ | 8,039
Total securities held-to-maturity | ​ | $ | 382,099 | ​ | $ | 410 | ​ | $ | (2,401) | ​ | $ | 380,108
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,326 | ​ | $ | — | ​ | $ | (53) | ​ | $ | 2,273
Total equity investment securities | ​ | $ | 2,326 | ​ | $ | — | ​ | $ | (53) | ​ | $ | 2,273
Schedule of amortized cost and fair value of debt securities classified by contractual maturity | The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. 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 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-Maturity | ​ | Available-for-Sale
At March 31, 2022 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After 1 year through 5 years | ​ | ​ | 29,821 | ​ | ​ | 28,489 | ​ | ​ | 48,492 | ​ | ​ | 45,280
After 5 years though 10 years | ​ | ​ | 9,815 | ​ | ​ | 9,083 | ​ | ​ | 35,249 | ​ | ​ | 32,997
After 10 years | ​ | ​ | 428,257 | ​ | ​ | 399,253 | ​ | ​ | 466,166 | ​ | ​ | 427,451
Total Securities | ​ | $ | 467,893 | ​ | $ | 436,825 | ​ | $ | 549,907 | ​ | $ | 505,728
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-Maturity | ​ | Available-for-Sale
At December 31, 2021 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After 1 year through 5 years | ​ | ​ | 29,811 | ​ | ​ | 29,774 | ​ | ​ | 48,515 | ​ | ​ | 47,370
After 5 years though 10 years | ​ | ​ | 9,973 | ​ | ​ | 9,912 | ​ | ​ | 36,242 | ​ | ​ | 36,024
After 10 years | ​ | ​ | 342,315 | ​ | ​ | 340,422 | ​ | ​ | 493,851 | ​ | ​ | 483,230
Total Securities | ​ | $ | 382,099 | ​ | $ | 380,108 | ​ | $ | 578,608 | ​ | $ | 566,624
Schedule of securities with unrealized/unrecognized losses | Debt securities with unrealized losses 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
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/
​ | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized
At March 31, 2022 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS | ​ | $ | 304,552 | ​ | $ | (24,766) | ​ | $ | 106,793 | ​ | $ | (11,575) | ​ | $ | 411,345 | ​ | $ | (36,341)
Commercial MBS | ​ | ​ | 5,595 | ​ | ​ | (410) | ​ | ​ | 7,519 | ​ | ​ | (640) | ​ | ​ | 13,114 | ​ | ​ | (1,050)
Asset-backed securities | ​ | ​ | 4,415 | ​ | ​ | (62) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,415 | ​ | ​ | (62)
U.S. Government agency securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 62,746 | ​ | ​ | (5,249) | ​ | ​ | 62,746 | ​ | ​ | (5,249)
U.S. State and Municipal securities | ​ | ​ | 6,294 | ​ | ​ | (628) | ​ | ​ | 3,944 | ​ | ​ | (895) | ​ | ​ | 10,238 | ​ | ​ | (1,523)
Total securities available-for-sale | ​ | $ | 320,856 | ​ | $ | (25,866) | ​ | $ | 181,002 | ​ | $ | (18,359) | ​ | $ | 501,858 | ​ | $ | (44,225)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS | ​ | $ | 386,461 | ​ | $ | (27,486) | ​ | $ | — | ​ | $ | — | ​ | $ | 386,461 | ​ | $ | (27,486)
Commercial MBS | ​ | ​ | 7,433 | ​ | ​ | (697) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,433 | ​ | ​ | (697)
U.S. Treasury Securities | ​ | ​ | 28,489 | ​ | ​ | (1,332) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 28,489 | ​ | ​ | (1,332)
U.S. State and Municipal securities | ​ | ​ | 14,442 | ​ | ​ | (1,553) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,442 | ​ | ​ | (1,553)
Total securities held-to-maturity | ​ | $ | 436,825 | ​ | $ | (31,068) | ​ | $ | — | ​ | $ | — | ​ | $ | 436,825 | ​ | $ | (31,068)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/
​ | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized
At December 31, 2021 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS | ​ | $ | 423,686 | ​ | $ | (9,727) | ​ | $ | 12,931 | ​ | $ | (738) | ​ | $ | 436,617 | ​ | $ | (10,465)
Commercial MBS | ​ | ​ | 11,202 | ​ | ​ | (296) | ​ | ​ | 3,511 | ​ | ​ | (83) | ​ | ​ | 14,713 | ​ | ​ | (379)
Asset-backed securities | ​ | ​ | 4,613 | ​ | ​ | (22) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,613 | ​ | ​ | (22)
U.S. Government agency securities | ​ | ​ | 29,267 | ​ | ​ | (730) | ​ | ​ | 37,067 | ​ | ​ | (930) | ​ | ​ | 66,334 | ​ | ​ | (1,660)
U.S. State and Municipal securities | ​ | ​ | 8,372 | ​ | ​ | (300) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,372 | ​ | ​ | (300)
Total securities available-for-sale | ​ | $ | 477,140 | ​ | $ | (11,075) | ​ | $ | 53,509 | ​ | $ | (1,751) | ​ | $ | 530,649 | ​ | $ | (12,826)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS | ​ | $ | 301,896 | ​ | $ | (2,259) | ​ | $ | — | ​ | $ | — | ​ | $ | 301,896 | ​ | $ | (2,259)
Commercial MBS | ​ | ​ | 8,039 | ​ | ​ | (99) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,039 | ​ | ​ | (99)
U.S. Treasury Securities | ​ | ​ | 9,697 | ​ | ​ | (43) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,697 | ​ | ​ | (43)
Total securities held-to-maturity | ​ | $ | 319,632 | ​ | $ | (2,401) | ​ | $ | — | ​ | $ | — | ​ | $ | 319,632 | ​ | $ | (2,401)

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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