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INVESTMENT SECURITIES | 3 Months Ended
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Mar. 31, 2025
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 4 — INVESTMENT SECURITIES 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 March 31, 2025 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,999 | ​ | $ | — | ​ | $ | (3,395) | ​ | $ | 64,604
U.S. State and Municipal securities | ​ | ​ | 11,302 | ​ | ​ | — | ​ | ​ | (1,745) | ​ | ​ | 9,557
Residential MBS | ​ | ​ | 462,627 | ​ | ​ | 1,713 | ​ | ​ | (61,228) | ​ | ​ | 403,112
Commercial MBS | ​ | ​ | 46,008 | ​ | ​ | 28 | ​ | ​ | (2,328) | ​ | ​ | 43,708
Asset-backed securities | ​ | ​ | 2,618 | ​ | ​ | — | ​ | ​ | (57) | ​ | ​ | 2,561
Total securities available-for-sale | ​ | $ | 590,554 | ​ | $ | 1,741 | ​ | $ | (68,753) | ​ | $ | 523,542
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 9,950 | ​ | $ | — | ​ | $ | (224) | ​ | $ | 9,726
U.S. State and Municipal securities | ​ | ​ | 15,256 | ​ | ​ | — | ​ | ​ | (1,927) | ​ | ​ | 13,329
Residential MBS | ​ | ​ | 365,704 | ​ | ​ | — | ​ | ​ | (52,212) | ​ | ​ | 313,492
Commercial MBS | ​ | ​ | 8,063 | ​ | ​ | — | ​ | ​ | (776) | ​ | ​ | 7,287
Total securities held-to-maturity | ​ | $ | 398,973 | ​ | $ | — | ​ | $ | (55,139) | ​ | $ | 343,834
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 5,542 | ​ | $ | — | ​ | $ | (321) | ​ | $ | 5,221
Total equity investment securities | ​ | $ | 5,542 | ​ | $ | — | ​ | $ | (321) | ​ | $ | 5,221
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | Unrealized/ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​
At December 31, 2024 |  | Cost |  | Gains |  | Losses |  | Fair Value
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 67,999 | ​ | $ | — | ​ | $ | (4,247) | ​ | $ | 63,752
U.S. State and Municipal securities | ​ | ​ | 11,341 | ​ | ​ | — | ​ | ​ | (1,841) | ​ | ​ | 9,500
Residential MBS | ​ | ​ | 430,968 | ​ | ​ | 854 | ​ | ​ | (68,754) | ​ | ​ | 363,068
Commercial MBS | ​ | ​ | 46,094 | ​ | ​ | — | ​ | ​ | (2,966) | ​ | ​ | 43,128
Asset-backed securities | ​ | ​ | 2,677 | ​ | ​ | — | ​ | ​ | (40) | ​ | ​ | 2,637
Total securities available-for-sale | ​ | $ | 559,079 | ​ | $ | 854 | ​ | $ | (77,848) | ​ | $ | 482,085
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 29,938 | ​ | $ | — | ​ | $ | (410) | ​ | $ | 29,528
U.S. State and Municipal securities | ​ | ​ | 15,319 | ​ | ​ | — | ​ | ​ | (1,686) | ​ | ​ | 13,633
Residential MBS | ​ | ​ | 375,232 | ​ | ​ | — | ​ | ​ | (58,866) | ​ | ​ | 316,366
Commercial MBS | ​ | ​ | 8,068 | ​ | ​ | — | ​ | ​ | (876) | ​ | ​ | 7,192
Total securities held-to-maturity | ​ | $ | 428,557 | ​ | $ | — | ​ | $ | (61,838) | ​ | $ | 366,719
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRA Mutual Fund | ​ | $ | 5,503 | ​ | $ | — | ​ | $ | (394) | ​ | $ | 5,109
Total equity investment securities | ​ | $ | 5,503 | ​ | $ | — | ​ | $ | (394) | ​ | $ | 5,109
​ There were no proceeds from sales or calls of AFS securities for the three months ended March 31, 2025 and 2024. 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 March 31, 2025 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | 9,950 | ​ | $ | 9,726 | ​ | $ | 47,999 | ​ | $ | 46,994
After 1 year through 5 years | ​ | ​ | 8,063 | ​ | ​ | 7,286 | ​ | ​ | 23,716 | ​ | ​ | 22,086
After 5 years through 10 years | ​ | ​ | 800 | ​ | ​ | 762 | ​ | ​ | 18,703 | ​ | ​ | 17,435
After 10 years | ​ | ​ | 380,160 | ​ | ​ | 326,060 | ​ | ​ | 500,136 | ​ | ​ | 437,027
Total Securities | ​ | $ | 398,973 | ​ | $ | 343,834 | ​ | $ | 590,554 | ​ | $ | 523,542
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-Maturity | ​ | Available-for-Sale
At December 31, 2024 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within 1 year | ​ | $ | 29,938 | ​ | $ | 29,527 | ​ | $ | 38,000 | ​ | $ | 36,954
After 1 year through 5 years | ​ | ​ | 8,068 | ​ | ​ | 7,192 | ​ | ​ | 34,009 | ​ | ​ | 31,569
After 5 years through 10 years | ​ | ​ | 858 | ​ | ​ | 809 | ​ | ​ | 18,819 | ​ | ​ | 17,168
After 10 years | ​ | ​ | 389,693 | ​ | ​ | 329,191 | ​ | ​ | 468,251 | ​ | ​ | 396,394
Total Securities | ​ | $ | 428,557 | ​ | $ | 366,719 | ​ | $ | 559,079 | ​ | $ | 482,085
​ At March 31, 2025, there was $761.7 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $60.7 million was encumbered. At December 31, 2024, there were $750.3 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $65.5 million was encumbered. At March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, all of the residential MBS and commercial MBS held by the Company were issued by U.S. Government-sponsored entities and agencies. The following tables present 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 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/
​ | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized
At March 31, 2025 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 64,604 | ​ | $ | (3,395) | ​ | $ | 64,604 | ​ | $ | (3,395)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,557 | ​ | ​ | (1,745) | ​ | ​ | 9,557 | ​ | ​ | (1,745)
Residential MBS | ​ | ​ | 38,587 | ​ | ​ | (309) | ​ | ​ | 256,686 | ​ | ​ | (60,919) | ​ | ​ | 295,273 | ​ | ​ | (61,228)
Commercial MBS | ​ | ​ | 10,595 | ​ | ​ | (79) | ​ | ​ | 23,661 | ​ | ​ | (2,249) | ​ | ​ | 34,256 | ​ | ​ | (2,328)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,561 | ​ | ​ | (57) | ​ | ​ | 2,561 | ​ | ​ | (57)
Total securities available-for-sale | ​ | $ | 49,182 | ​ | $ | (388) | ​ | $ | 357,069 | ​ | $ | (68,365) | ​ | $ | 406,251 | ​ | $ | (68,753)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | — | ​ | $ | 9,726 | ​ | $ | (224) | ​ | $ | 9,726 | ​ | $ | (224)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,329 | ​ | ​ | (1,927) | ​ | ​ | 13,329 | ​ | ​ | (1,927)
Residential MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 313,492 | ​ | ​ | (52,212) | ​ | ​ | 313,492 | ​ | ​ | (52,212)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,287 | ​ | ​ | (776) | ​ | ​ | 7,287 | ​ | ​ | (776)
Total securities held-to-maturity | ​ | $ | — | ​ | $ | — | ​ | $ | 343,834 | ​ | $ | (55,139) | ​ | $ | 343,834 | ​ | $ | (55,139)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/ | ​ | ​ | ​ | ​ | Unrealized/
​ | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized | ​ | Estimated | ​ | Unrecognized
At December 31, 2024 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Available-for-Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 63,752 | ​ | $ | (4,247) | ​ | $ | 63,752 | ​ | $ | (4,247)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,500 | ​ | ​ | (1,841) | ​ | ​ | 9,500 | ​ | ​ | (1,841)
Residential MBS | ​ | ​ | 46,859 | ​ | ​ | (1,104) | ​ | ​ | 258,763 | ​ | ​ | (67,650) | ​ | ​ | 305,622 | ​ | ​ | (68,754)
Commercial MBS | ​ | ​ | 19,624 | ​ | ​ | (410) | ​ | ​ | 23,504 | ​ | ​ | (2,556) | ​ | ​ | 43,128 | ​ | ​ | (2,966)
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,637 | ​ | ​ | (40) | ​ | ​ | 2,637 | ​ | ​ | (40)
Total securities available-for-sale | ​ | $ | 66,483 | ​ | $ | (1,514) | ​ | $ | 358,156 | ​ | $ | (76,334) | ​ | $ | 424,639 | ​ | $ | (77,848)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-Maturity Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | — | ​ | $ | 29,528 | ​ | $ | (410) | ​ | $ | 29,528 | ​ | $ | (410)
U.S. State and Municipal securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,633 | ​ | ​ | (1,686) | ​ | ​ | 13,633 | ​ | ​ | (1,686)
Residential MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 316,366 | ​ | ​ | (58,866) | ​ | ​ | 316,366 | ​ | ​ | (58,866)
Commercial MBS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,192 | ​ | ​ | (876) | ​ | ​ | 7,192 | ​ | ​ | (876)
Total securities held-to-maturity | ​ | $ | — | ​ | $ | — | ​ | $ | 366,719 | ​ | $ | (61,838) | ​ | $ | 366,719 | ​ | $ | (61,838)
​ 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 and the associated ACL was immaterial at March 31, 2025 and December 31, 2024 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 three months ended March 31, 2025 and 2024.

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