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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2022
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 4 — INVESTMENT SECURITIES 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 September 30, 2022 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,995 | ​ | $ | — | ​ | $ | (9,163) | ​ | $ | 58,832
U.S. State and Municipal securities | ​ | ​ | 11,687 | ​ | ​ | — | ​ | ​ | (2,696) | ​ | ​ | 8,991
Residential MBS | ​ | ​ | 412,754 | ​ | ​ | — | ​ | ​ | (75,513) | ​ | ​ | 337,241
Commercial MBS | ​ | ​ | 16,310 | ​ | ​ | — | ​ | ​ | (2,101) | ​ | ​ | 14,209
Asset-backed securities | ​ | ​ | 4,171 | ​ | ​ | — | ​ | ​ | (179) | ​ | ​ | 3,992
Total securities available-for-sale | ​ | $ | 512,917 | ​ | $ | — | ​ | $ | (89,652) | ​ | $ | 423,265
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,842 | ​ | $ | — | ​ | $ | (2,419) | ​ | $ | 27,423
U.S. State and Municipal securities | ​ | ​ | 15,875 | ​ | ​ | — | ​ | ​ | (3,308) | ​ | ​ | 12,567
Residential MBS | ​ | ​ | 467,543 | ​ | ​ | — | ​ | ​ | (65,465) | ​ | ​ | 402,078
Commercial MBS | ​ | ​ | 8,116 | ​ | ​ | — | ​ | ​ | (1,316) | ​ | ​ | 6,800
Total securities held-to-maturity | ​ | $ | 521,376 | ​ | $ | — | ​ | $ | (72,508) | ​ | $ | 448,868
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,348 | ​ | $ | — | ​ | $ | (321) | ​ | $ | 2,027
Total equity investment securities | ​ | $ | 2,348 | ​ | $ | — | ​ | $ | (321) | ​ | $ | 2,027
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
​ The following table summarizes the proceeds from sales and calls of AFS securities and the associated gains (losses) (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Proceeds | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 43,241
Gross gains | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (609)
Tax impact | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 195
​ 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 investments 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 September 30, 2022 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After 1 year through 5 years | ​ | ​ | 29,842 | ​ | ​ | 27,423 | ​ | ​ | 54,915 | ​ | ​ | 48,694
After 5 years through 10 years | ​ | ​ | 9,586 | ​ | ​ | 8,151 | ​ | ​ | 26,690 | ​ | ​ | 23,223
After 10 years | ​ | ​ | 481,948 | ​ | ​ | 413,294 | ​ | ​ | 431,312 | ​ | ​ | 351,348
Total Securities | ​ | $ | 521,376 | ​ | $ | 448,868 | ​ | $ | 512,917 | ​ | $ | 423,265
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 through 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
​ There were no securities pledged as collateral at September 30, 2022 or December 31, 2021. At September 30, 2022 and December 31, 2021, all of the residential MBS and commercial MBS held by the Company were issued by U.S. Government-sponsored entities and agencies. 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 September 30, 2022 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 58,832 | ​ | $ | (9,163) | ​ | $ | 58,832 | ​ | $ | (9,163)
U.S. State and Municipal securities | ​ | ​ | 2,421 | ​ | ​ | (665) | ​ | ​ | 6,570 | ​ | ​ | (2,031) | ​ | ​ | 8,991 | ​ | ​ | (2,696)
Residential MBS | ​ | ​ | 128,285 | ​ | ​ | (26,149) | ​ | ​ | 208,956 | ​ | ​ | (49,364) | ​ | ​ | 337,241 | ​ | ​ | (75,513)
Commercial MBS | ​ | ​ | 2,497 | ​ | ​ | (154) | ​ | ​ | 11,712 | ​ | ​ | (1,947) | ​ | ​ | 14,209 | ​ | ​ | (2,101)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,992 | ​ | ​ | (179) | ​ | ​ | 3,992 | ​ | ​ | (179)
Total securities available-for-sale | ​ | $ | 133,203 | ​ | $ | (26,968) | ​ | $ | 290,062 | ​ | $ | (62,684) | ​ | $ | 423,265 | ​ | $ | (89,652)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 27,423 | ​ | $ | (2,419) | ​ | $ | — | ​ | $ | — | ​ | $ | 27,423 | ​ | $ | (2,419)
U.S. State and Municipal securities | ​ | ​ | 12,567 | ​ | ​ | (3,308) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,567 | ​ | ​ | (3,308)
Residential MBS | ​ | ​ | 402,078 | ​ | ​ | (65,465) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 402,078 | ​ | ​ | (65,465)
Commercial MBS | ​ | ​ | 6,800 | ​ | ​ | (1,316) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,800 | ​ | ​ | (1,316)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total securities held-to-maturity | ​ | $ | 448,868 | ​ | $ | (72,508) | ​ | $ | — | ​ | $ | — | ​ | $ | 448,868 | ​ | $ | (72,508)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
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)
Total securities available-for-sale | ​ | $ | 477,140 | ​ | $ | (11,075) | ​ | $ | 53,509 | ​ | $ | (1,751) | ​ | $ | 530,649 | ​ | $ | (12,826)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 9,697 | ​ | $ | (43) | ​ | $ | — | ​ | $ | — | ​ | $ | 9,697 | ​ | $ | (43)
Residential MBS | ​ | ​ | 301,896 | ​ | ​ | (2,259) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 301,896 | ​ | ​ | (2,259)
Commercial MBS | ​ | ​ | 8,039 | ​ | ​ | (99) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,039 | ​ | ​ | (99)
Total securities held-to-maturity | ​ | $ | 319,632 | ​ | $ | (2,401) | ​ | $ | — | ​ | $ | — | ​ | $ | 319,632 | ​ | $ | (2,401)
​ 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 have OTTI at September 30, 2022 or December 31, 2021 since the decline in market value was attributable to changes in interest rates and not to changes in 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, 2022 or for the year ended December 31, 2021. At September 30, 2022 and December 31, 2021, 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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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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