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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,998 | ​ | $ | — | ​ | $ | (4,141) | ​ | $ | 63,857
U.S. State and Municipal securities | ​ | ​ | 11,381 | ​ | ​ | — | ​ | ​ | (1,573) | ​ | ​ | 9,808
Residential MBS | ​ | ​ | 445,617 | ​ | ​ | 2,880 | ​ | ​ | (58,673) | ​ | ​ | 389,824
Commercial MBS | ​ | ​ | 46,162 | ​ | ​ | 577 | ​ | ​ | (1,970) | ​ | ​ | 44,769
Asset-backed securities | ​ | ​ | 2,789 | ​ | ​ | — | ​ | ​ | (81) | ​ | ​ | 2,708
Total securities available-for-sale | ​ | $ | 573,947 | ​ | $ | 3,457 | ​ | $ | (66,438) | ​ | $ | 510,966
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,927 | ​ | $ | — | ​ | $ | (617) | ​ | $ | 29,310
U.S. State and Municipal securities | ​ | ​ | 15,383 | ​ | ​ | — | ​ | ​ | (1,535) | ​ | ​ | 13,848
Residential MBS | ​ | ​ | 385,062 | ​ | ​ | — | ​ | ​ | (49,293) | ​ | ​ | 335,769
Commercial MBS | ​ | ​ | 8,073 | ​ | ​ | — | ​ | ​ | (797) | ​ | ​ | 7,276
Total securities held-to-maturity | ​ | $ | 438,445 | ​ | $ | — | ​ | $ | (52,242) | ​ | $ | 386,203
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 5,464 | ​ | $ | — | ​ | $ | (251) | ​ | $ | 5,213
Total equity investment securities | ​ | $ | 5,464 | ​ | $ | — | ​ | $ | (251) | ​ | $ | 5,213
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
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 September 30, 2024 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | 20,009 | ​ | $ | 19,730 | ​ | $ | 27,999 | ​ | $ | 27,097
After 1 year through 5 years | ​ | ​ | 17,991 | ​ | ​ | 16,857 | ​ | ​ | 44,315 | ​ | ​ | 41,771
After 5 years through 10 years | ​ | ​ | 918 | ​ | ​ | 877 | ​ | ​ | 18,956 | ​ | ​ | 18,030
After 10 years | ​ | ​ | 399,527 | ​ | ​ | 348,739 | ​ | ​ | 482,677 | ​ | ​ | 424,068
Total Securities | ​ | $ | 438,445 | ​ | $ | 386,203 | ​ | $ | 573,947 | ​ | $ | 510,966
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
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 September 30, 2024 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 63,857 | ​ | $ | (4,141) | ​ | $ | 63,857 | ​ | $ | (4,141)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,808 | ​ | ​ | (1,573) | ​ | ​ | 9,808 | ​ | ​ | (1,573)
Residential MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 276,164 | ​ | ​ | (58,673) | ​ | ​ | 276,164 | ​ | ​ | (58,673)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,227 | ​ | ​ | (1,970) | ​ | ​ | 24,227 | ​ | ​ | (1,970)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,708 | ​ | ​ | (81) | ​ | ​ | 2,708 | ​ | ​ | (81)
Total securities available-for-sale | ​ | $ | — | ​ | $ | — | ​ | $ | 376,764 | ​ | $ | (66,438) | ​ | $ | 376,764 | ​ | $ | (66,438)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | — | ​ | $ | 29,310 | ​ | $ | (617) | ​ | $ | 29,310 | ​ | $ | (617)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,848 | ​ | ​ | (1,535) | ​ | ​ | 13,848 | ​ | ​ | (1,535)
Residential MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 335,769 | ​ | ​ | (49,293) | ​ | ​ | 335,769 | ​ | ​ | (49,293)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,276 | ​ | ​ | (797) | ​ | ​ | 7,276 | ​ | ​ | (797)
Total securities held-to-maturity | ​ | $ | — | ​ | $ | — | ​ | $ | 386,203 | ​ | $ | (52,242) | ​ | $ | 386,203 | ​ | $ | (52,242)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)

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