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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2023
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 4 —INVESTMENT SECURITIES The following tables summarizes 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 December 31, 2023 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,997 | ​ | $ | — | ​ | $ | (6,222) | ​ | $ | 61,775
U.S. State and Municipal securities | ​ | ​ | 11,496 | ​ | ​ | — | ​ | ​ | (1,797) | ​ | ​ | 9,699
Residential MBS | ​ | ​ | 419,331 | ​ | ​ | 1,198 | ​ | ​ | (68,609) | ​ | ​ | 351,920
Commercial MBS | ​ | ​ | 36,879 | ​ | ​ | 71 | ​ | ​ | (2,366) | ​ | ​ | 34,584
Asset-backed securities | ​ | ​ | 3,287 | ​ | ​ | — | ​ | ​ | (58) | ​ | ​ | 3,229
Total securities available-for-sale | ​ | $ | 538,990 | ​ | $ | 1,269 | ​ | $ | (79,052) | ​ | $ | 461,207
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,895 | ​ | $ | — | ​ | $ | (1,412) | ​ | $ | 28,483
U.S. State and Municipal securities | ​ | ​ | 15,569 | ​ | ​ | — | ​ | ​ | (1,574) | ​ | ​ | 13,995
Residential MBS | ​ | ​ | 415,306 | ​ | ​ | — | ​ | ​ | (60,556) | ​ | ​ | 354,750
Commercial MBS | ​ | ​ | 8,090 | ​ | ​ | — | ​ | ​ | (1,066) | ​ | ​ | 7,024
Total securities held-to-maturity | ​ | $ | 468,860 | ​ | $ | — | ​ | $ | (64,608) | ​ | $ | 404,252
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 2,410 | ​ | $ | — | ​ | $ | (287) | ​ | $ | 2,123
Total equity investment securities | ​ | $ | 2,410 | ​ | $ | — | ​ | $ | (287) | ​ | $ | 2,123
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
​ The following table summarizes the proceeds and associated gains and (losses) from sales and calls of securities (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2023 |  | 2022 | ​ | 2021
Proceeds | ​ | $ | — | ​ | $ | — | ​ | $ | 43,241
Gross gains | ​ | $ | — | ​ | $ | — | ​ | $ | 609
Tax impact | ​ | $ | — | ​ | $ | — | ​ | $ | (197)
​ 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 December 31, 2023 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After 1 year through 5 years | ​ | ​ | 37,984 | ​ | ​ | 35,507 | ​ | ​ | 65,822 | ​ | ​ | 60,757
After 5 years through 10 years | ​ | ​ | 1,112 | ​ | ​ | 1,044 | ​ | ​ | 22,163 | ​ | ​ | 21,174
After 10 years | ​ | ​ | 429,764 | ​ | ​ | 367,701 | ​ | ​ | 451,005 | ​ | ​ | 379,276
Total Securities | ​ | $ | 468,860 | ​ | $ | 404,252 | ​ | $ | 538,990 | ​ | $ | 461,207
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ There were $845.7 million and $25.0 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, at December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, 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. At December 31, 2023 and 2022, all Residential and Commercial MBS held by the Company were issued by U.S. government-sponsored entities and agencies. At December 31, 2023, debt securities with unrealized/unrecognized 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, 2023 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 61,775 | ​ | $ | (6,222) | ​ | $ | 61,775 | ​ | $ | (6,222)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,699 | ​ | ​ | (1,797) | ​ | ​ | 9,699 | ​ | ​ | (1,797)
Residential MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 292,970 | ​ | ​ | (68,609) | ​ | ​ | 292,970 | ​ | ​ | (68,609)
Commercial MBS | ​ | ​ | 10,873 | ​ | ​ | (198) | ​ | ​ | 13,322 | ​ | ​ | (2,168) | ​ | ​ | 24,195 | ​ | ​ | (2,366)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,229 | ​ | ​ | (58) | ​ | ​ | 3,229 | ​ | ​ | (58)
Total securities available-for-sale | ​ | $ | 10,873 | ​ | $ | (198) | ​ | $ | 380,995 | ​ | $ | (78,854) | ​ | $ | 391,868 | ​ | $ | (79,052)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | — | ​ | $ | 28,483 | ​ | $ | (1,412) | ​ | $ | 28,483 | ​ | $ | (1,412)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,995 | ​ | ​ | (1,574) | ​ | ​ | 13,995 | ​ | ​ | (1,574)
Residential MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 354,750 | ​ | ​ | (60,556) | ​ | ​ | 354,750 | ​ | ​ | (60,556)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,024 | ​ | ​ | (1,066) | ​ | ​ | 7,024 | ​ | ​ | (1,066)
Total securities held-to-maturity | ​ | $ | — | ​ | $ | — | ​ | $ | 404,252 | ​ | $ | (64,608) | ​ | $ | 404,252 | ​ | $ | (64,608)
​ ​ Except for U.S. State and Municipal securities, the Company has a zero loss expectation for its HTM securities portfolio, and therefore has no ACL related to these securities. Obligations of U.S. State and Municipal securities were rated investment grade at December 31, 2023 and the associated ACL was immaterial. ​ AFS securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. The unrealized losses on AFS securities are primarily due to the changes in market interest rates subsequent to purchase. In addition, the Company does not intend, nor would it 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 ACL was recognized during the year ended December 31, 2023. ​ At December 31, 2022, debt securities with unrealized/unrecognized 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)
U.S. State and Municipal securities | ​ | ​ | 13,205 | ​ | ​ | (2,609) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,205 | ​ | ​ | (2,609)
Residential MBS | ​ | ​ | 162,960 | ​ | ​ | (19,625) | ​ | ​ | 226,661 | ​ | ​ | (47,402) | ​ | ​ | 389,621 | ​ | ​ | (67,027)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,835 | ​ | ​ | (1,276) | ​ | ​ | 6,835 | ​ | ​ | (1,276)
Total securities held-to-maturity | ​ | $ | 194,848 | ​ | $ | (23,599) | ​ | $ | 242,442 | ​ | $ | (49,536) | ​ | $ | 437,290 | ​ | $ | (73,135)
​ Prior to the adoption of ASC 326 on January 1, 2023, the Company evaluated these securities for OTTI. The Company did not consider these securities to be OTTI at December 31, 2022 since the decline in market value was attributable to changes in interest rates and not to changes in credit quality. In addition, the Company did not intend to sell and did not believe that it is more likely than not that it would 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 year ended December 31, 2022.

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