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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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 AFS and HTM debt securities 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 recognized in earnings (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | Unrealized/ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​
At June 30, 2023 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,997 | ​ | $ | — | ​ | $ | (8,234) | ​ | $ | 59,763
U.S. State and Municipal securities | ​ | ​ | 11,573 | ​ | ​ | — | ​ | ​ | (2,075) | ​ | ​ | 9,498
Residential MBS | ​ | ​ | 393,397 | ​ | ​ | 242 | ​ | ​ | (74,578) | ​ | ​ | 319,061
Commercial MBS | ​ | ​ | 37,015 | ​ | ​ | — | ​ | ​ | (2,640) | ​ | ​ | 34,375
Asset-backed securities | ​ | ​ | 3,504 | ​ | ​ | — | ​ | ​ | (133) | ​ | ​ | 3,371
Total securities available-for-sale | ​ | $ | 513,486 | ​ | $ | 242 | ​ | $ | (87,660) | ​ | $ | 426,068
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 54,738 | ​ | $ | 7 | ​ | $ | (2,118) | ​ | $ | 52,627
U.S. State and Municipal securities | ​ | ​ | 15,693 | ​ | ​ | — | ​ | ​ | (2,122) | ​ | ​ | 13,571
Residential MBS | ​ | ​ | 437,082 | ​ | ​ | — | ​ | ​ | (67,577) | ​ | ​ | 369,505
Commercial MBS | ​ | ​ | 8,100 | ​ | ​ | — | ​ | ​ | (1,370) | ​ | ​ | 6,730
Total securities held-to-maturity | ​ | $ | 515,613 | ​ | $ | 7 | ​ | $ | (73,187) | ​ | $ | 442,433
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,383 | ​ | $ | — | ​ | $ | (317) | ​ | $ | 2,066
Total equity investment securities | ​ | $ | 2,383 | ​ | $ | — | ​ | $ | (317) | ​ | $ | 2,066
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | Unrealized/ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​
At December 31, 2022 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,996 | ​ | $ | — | ​ | $ | (8,624) | ​ | $ | 59,372
U.S. State and Municipal securities | ​ | ​ | 11,649 | ​ | ​ | — | ​ | ​ | (2,437) | ​ | ​ | 9,212
Residential MBS | ​ | ​ | 413,998 | ​ | ​ | 279 | ​ | ​ | (75,729) | ​ | ​ | 338,548
Commercial MBS | ​ | ​ | 37,069 | ​ | ​ | 10 | ​ | ​ | (2,229) | ​ | ​ | 34,850
Asset-backed securities | ​ | ​ | 3,953 | ​ | ​ | — | ​ | ​ | (188) | ​ | ​ | 3,765
Total securities available-for-sale | ​ | $ | 534,665 | ​ | $ | 289 | ​ | $ | (89,207) | ​ | $ | 445,747
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,852 | ​ | $ | — | ​ | $ | (2,223) | ​ | $ | 27,629
U.S. State and Municipal securities | ​ | ​ | 15,814 | ​ | ​ | — | ​ | ​ | (2,609) | ​ | ​ | 13,205
Residential MBS | ​ | ​ | 456,648 | ​ | ​ | — | ​ | ​ | (67,027) | ​ | ​ | 389,621
Commercial MBS | ​ | ​ | 8,111 | ​ | ​ | — | ​ | ​ | (1,276) | ​ | ​ | 6,835
Total securities held-to-maturity | ​ | $ | 510,425 | ​ | $ | — | ​ | $ | (73,135) | ​ | $ | 437,290
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,358 | ​ | $ | — | ​ | $ | (310) | ​ | $ | 2,048
Total equity investment securities | ​ | $ | 2,358 | ​ | $ | — | ​ | $ | (310) | ​ | $ | 2,048
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 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 June 30, 2023 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | 24,865 | ​ | $ | 24,872 | ​ | $ | — | ​ | $ | —
After 1 year through 5 years | ​ | ​ | 29,874 | ​ | ​ | 27,756 | ​ | ​ | 66,000 | ​ | ​ | 59,006
After 5 years through 10 years | ​ | ​ | 9,345 | ​ | ​ | 7,880 | ​ | ​ | 23,371 | ​ | ​ | 21,822
After 10 years | ​ | ​ | 451,529 | ​ | ​ | 381,925 | ​ | ​ | 424,115 | ​ | ​ | 345,240
Total Securities | ​ | $ | 515,613 | ​ | $ | 442,433 | ​ | $ | 513,486 | ​ | $ | 426,068
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-Maturity | ​ | Available-for-Sale
At December 31, 2022 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After 1 year through 5 years | ​ | ​ | 29,852 | ​ | ​ | 27,630 | ​ | ​ | 54,736 | ​ | ​ | 48,959
After 5 years through 10 years | ​ | ​ | 9,505 | ​ | ​ | 8,130 | ​ | ​ | 36,043 | ​ | ​ | 32,872
After 10 years | ​ | ​ | 471,068 | ​ | ​ | 401,530 | ​ | ​ | 443,886 | ​ | ​ | 363,916
Total Securities | ​ | $ | 510,425 | ​ | $ | 437,290 | ​ | $ | 534,665 | ​ | $ | 445,747
Schedule of securities with unrealized/unrecognized losses | At June 30, 2023, 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 June 30, 2023 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 59,763 | ​ | $ | (8,234) | ​ | $ | 59,763 | ​ | $ | (8,234)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,498 | ​ | ​ | (2,075) | ​ | ​ | 9,498 | ​ | ​ | (2,075)
Residential MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 306,686 | ​ | ​ | (74,578) | ​ | ​ | 306,686 | ​ | ​ | (74,578)
Commercial MBS | ​ | ​ | 23,378 | ​ | ​ | (442) | ​ | ​ | 10,997 | ​ | ​ | (2,198) | ​ | ​ | 34,375 | ​ | ​ | (2,640)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,371 | ​ | ​ | (133) | ​ | ​ | 3,371 | ​ | ​ | (133)
Total securities available-for-sale | ​ | $ | 23,378 | ​ | $ | (442) | ​ | $ | 390,315 | ​ | $ | (87,218) | ​ | $ | 413,693 | ​ | $ | (87,660)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | — | ​ | $ | 27,756 | ​ | $ | (2,118) | ​ | $ | 27,756 | ​ | $ | (2,118)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,571 | ​ | ​ | (2,122) | ​ | ​ | 13,571 | ​ | ​ | (2,122)
Residential MBS | ​ | ​ | 49,536 | ​ | ​ | (2,863) | ​ | ​ | 319,969 | ​ | ​ | (64,714) | ​ | ​ | 369,505 | ​ | ​ | (67,577)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,730 | ​ | ​ | (1,370) | ​ | ​ | 6,730 | ​ | ​ | (1,370)
Total securities held-to-maturity | ​ | $ | 49,536 | ​ | $ | (2,863) | ​ | $ | 368,026 | ​ | $ | (70,324) | ​ | $ | 417,562 | ​ | $ | (73,187)
At December 31, 2022, 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 December 31, 2022 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 59,372 | ​ | $ | (8,624) | ​ | $ | 59,372 | ​ | $ | (8,624)
U.S. State and Municipal securities | ​ | ​ | 2,546 | ​ | ​ | (527) | ​ | ​ | 6,666 | ​ | ​ | (1,910) | ​ | ​ | 9,212 | ​ | ​ | (2,437)
Residential MBS | ​ | ​ | 19,576 | ​ | ​ | (1,654) | ​ | ​ | 305,936 | ​ | ​ | (74,075) | ​ | ​ | 325,512 | ​ | ​ | (75,729)
Commercial MBS | ​ | ​ | 13,406 | ​ | ​ | (198) | ​ | ​ | 11,386 | ​ | ​ | (2,031) | ​ | ​ | 24,792 | ​ | ​ | (2,229)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,765 | ​ | ​ | (188) | ​ | ​ | 3,765 | ​ | ​ | (188)
Total securities available-for-sale | ​ | $ | 35,528 | ​ | $ | (2,379) | ​ | $ | 387,125 | ​ | $ | (86,828) | ​ | $ | 422,653 | ​ | $ | (89,207)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 18,683 | ​ | $ | (1,365) | ​ | $ | 8,946 | ​ | $ | (858) | ​ | $ | 27,629 | ​ | $ | (2,223)
Residential MBS | ​ | ​ | 162,960 | ​ | ​ | (19,625) | ​ | ​ | 226,661 | ​ | ​ | (47,402) | ​ | ​ | 389,621 | ​ | ​ | (67,027)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,835 | ​ | ​ | (1,276) | ​ | ​ | 6,835 | ​ | ​ | (1,276)
U.S. State and Municipal securities | ​ | ​ | 13,205 | ​ | ​ | (2,609) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,205 | ​ | ​ | (2,609)
Total securities held-to-maturity | ​ | $ | 194,848 | ​ | $ | (23,599) | ​ | $ | 242,442 | ​ | $ | (49,536) | ​ | $ | 437,290 | ​ | $ | (73,135)

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