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SECURITIES AVAILABLE FOR SALE | 9 Months Ended
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Sep. 30, 2025
SECURITIES AVAILABLE FOR SALE |
SECURITIES AVAILABLE FOR SALE | ​ ​ NOTE 3. SECURITIES AVAILABLE FOR SALE ​ The following is a summary of available-for-sale debt securities (“AFS”): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value | ​ | Allowance
September 30, 2025 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​
Debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​
Obligations of US Government-sponsored enterprises | ​ | $ | 1,139 | ​ | $ | — | ​ | $ | (15) | ​ | $ | 1,124 | ​ | $ | —
Mortgage-backed securities and collateralized mortgage obligations: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​
US Government-sponsored enterprises | ​ | ​ | 276,037 | ​ | ​ | 2,680 | ​ | ​ | (23,778) | ​ | ​ | 254,939 | ​ | ​ | —
US Government agency | ​ |  | 151,116 | ​ |  | 309 | ​ |  | (10,134) | ​ |  | 141,291 | ​ | ​ | —
Private label | ​ |  | 11,986 | ​ |  | 9 | ​ |  | (869) | ​ |  | 11,126 | ​ | ​ | —
Obligations of states and political subdivisions thereof | ​ |  | 120,775 | ​ |  | 3 | ​ |  | (18,155) | ​ |  | 102,623 | ​ | ​ | —
Corporate bonds | ​ |  | 89,738 | ​ |  | 222 | ​ |  | (3,253) | ​ |  | 86,707 | ​ | ​ | —
Total available-for-sale debt securities | ​ | $ | 650,791 | ​ | $ | 3,223 | ​ | $ | (56,204) | ​ | $ | 597,810 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value | ​ | Allowance
December 31, 2024 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​
Debt securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​
Obligations of US Government-sponsored enterprises | ​ | $ | 1,344 | ​ | $ | — | ​ | $ | (26) | ​ | $ | 1,318 | ​ | $ | —
Mortgage-backed securities and collateralized mortgage obligations: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​
US Government-sponsored enterprises | ​ | ​ | 208,818 | ​ | ​ | 22 | ​ | ​ | (31,524) | ​ | ​ | 177,316 | ​ | ​ | —
US Government agency | ​ |  | 115,177 | ​ |  | 53 | ​ |  | (11,314) | ​ |  | 103,916 | ​ | ​ | —
Private label | ​ |  | 40,633 | ​ |  | 25 | ​ |  | (1,094) | ​ |  | 39,564 | ​ | ​ | —
Obligations of states and political subdivisions thereof | ​ |  | 116,421 | ​ |  | 5,564 | ​ |  | (16,533) | ​ |  | 105,452 | ​ | ​ | —
Corporate bonds | ​ |  | 100,923 | ​ |  | 290 | ​ |  | (7,761) | ​ |  | 93,452 | ​ | ​ | (568)
Total available-for-sale debt securities | ​ | $ | 583,316 | ​ | $ | 5,954 | ​ | $ | (68,252) | ​ | $ | 521,018 | ​ | $ | (568)
​ Credit Quality Information We monitor the credit quality of available-for-sale debt securities through credit ratings from various rating agencies and substantial price changes. In an effort to make informed decisions, we utilize credit ratings that express opinions about the credit quality of a security. Securities are triggered for further review in the quarter if the security has significant fluctuations in ratings, significant pricing changes, or drops below investment-grade. For securities without credit ratings, we utilize other financial information indicating the financial health of the underlying municipality, agency, or organization associated with the underlying security. ​ Management recorded an allowance for credit losses on two corporate notes where there was a change in future estimated cash flows during the year ended December 31, 2024. A discounted cash flow approach was used to determine the amount of the allowance. The cash flows expected to be collected, after considering expected prepayments, are discounted at the original effective interest rate. The amount of the allowance is limited to the difference between the amortized cost basis of the security and its estimated fair value. As of September 30, 2025 we have one nonaccrual corporate bond of $8.0 million written down by $5.8 million, of which $4.6 million is included in losses on available-for-sale debt securities. The bond previously carried a $1.2 million allowance, which was charged-off through the allowance for credit losses on securities during the period ended June 30, 2025. At December 31, 2024 we had $9.0 million of corporate bonds that we allocated $568 thousand in related allowance for credit losses. In the first quarter of 2025, a $1.0 million nonaccrual security matured and was transferred to a financing receivable non-cash asset. ​ The table below presents a rollforward by major security type for the quarter and year ended September 30, 2025 of the allowance for credit losses on available-for-sale debt securities held at period end: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended September 30, | ​ | ​ | Nine Months Ended September 30,
​ | ​ | ​ | 2025 | ​ | ​ | 2025
(in thousands) | ​ | ​ | Corporate Bonds | ​ | ​ | Total | ​ | ​ | Corporate Bonds | ​ | ​ | Total
Beginning Balance | ​ | $ | — | ​ | $ | — | ​ | $ | 568 | ​ | $ | 568
Provision for credit losses on available-for-sale debt securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 636 | ​ | ​ | 636
Charge-offs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,204) | ​ | ​ | (1,204)
Ending Balance | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ As of September 30, 2024, we carried no allowance on available-for-sale debt securities in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. ​ The amortized cost and estimated fair value of available-for-sale debt securities segregated by contractual maturity at September 30, 2025 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities and collateralized mortgage obligations are shown in total, as their maturities are highly variable. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available for sale
(in thousands) |  | Amortized Cost |  | Fair Value
Within 1 year |  | $ | 9,986 | ​ | $ | 9,832
Over 1 year to 5 years | ​ |  | 46,362 | ​ |  | 45,270
Over 5 years to 10 years | ​ |  | 41,691 | ​ |  | 39,470
Over 10 years | ​ |  | 113,613 | ​ |  | 95,882
Total bonds and obligations | ​ |  | 211,652 | ​ |  | 190,454
Mortgage-backed securities and collateralized mortgage obligations | ​ |  | 439,139 | ​ |  | 407,356
Total available-for-sale debt securities | ​ | $ | 650,791 | ​ | $ | 597,810
​ ​ The proceeds from sales, calls and maturities of available-for-sale debt securities, gross realized gains and losses for the three and nine months ended September 30, 2025 and 2024 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales | ​ | $ | 40,987 | ​ | $ | — | ​ | $ | 40,987 | ​ | $ | —
Proceeds from calls/paydowns | ​ |  | 31,559 | ​ |  | 10,350 | ​ | ​ | 73,216 | ​ | ​ | 44,006
Proceeds from maturities | ​ | ​ | — | ​ | ​ | 11 | ​ | ​ | — | ​ | ​ | 3,011
Gross realized gains | ​ | ​ | 247 | ​ | ​ | — | ​ | ​ | 247 | ​ | ​ | 50
Gross realized losses | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | —
Gross impairment losses | ​ | ​ | 178 | ​ | ​ | — | ​ | ​ | 4,571 | ​ | ​ | —
​ Accrued interest receivable on available-for-sale debt securities totaled $3.6 million at September 30, 2025 and $3.3 million at December 31, 2024, which is reported in other assets on the consolidated balance sheets. The following tables summarize available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2025 and December 31, 2024, aggregated by major security type and length of time in continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than Twelve Months | ​ | Over Twelve Months | ​ | Total
​ | ​ | Gross |  | ​ | ​ |  | Gross |  | ​ | ​ |  | Gross |  | ​ | ​
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
(in thousands) |  | Losses |  | Value |  | Losses |  | Value |  | Losses |  | Value
September 30, 2025 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Obligations of US Government-sponsored enterprises | ​ | $ | 1 | ​ | $ | 692 | ​ | $ | 14 | ​ | $ | 432 | ​ | $ | 15 | ​ | $ | 1,124
Mortgage-backed securities and collateralized mortgage obligations: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | ​ | 13 | ​ | ​ | 1,242 | ​ | ​ | 23,765 | ​ | ​ | 157,795 | ​ | ​ | 23,778 | ​ | ​ | 159,037
US Government agency | ​ |  | 1,017 | ​ |  | 35,579 | ​ |  | 9,117 | ​ |  | 70,735 | ​ |  | 10,134 | ​ |  | 106,314
Private label | ​ |  | — | ​ |  | — | ​ |  | 869 | ​ |  | 9,102 | ​ |  | 869 | ​ |  | 9,102
Obligations of states and political subdivisions thereof | ​ |  | 11 | ​ |  | 1,290 | ​ |  | 18,144 | ​ |  | 96,646 | ​ |  | 18,155 | ​ |  | 97,936
Corporate bonds | ​ |  | 134 | ​ |  | 13,858 | ​ |  | 3,119 | ​ |  | 58,381 | ​ |  | 3,253 | ​ |  | 72,239
Total available-for-sale debt securities | ​ | $ | 1,176 | ​ | $ | 52,661 | ​ | $ | 55,028 | ​ | $ | 393,091 | ​ | $ | 56,204 | ​ | $ | 445,752
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than Twelve Months | ​ | Over Twelve Months | ​ | Total
​ |  | Gross |  | ​ | ​ |  | Gross |  | ​ | ​ |  | Gross |  | ​ | ​
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
(in thousands) | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value
December 31, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Obligations of US Government-sponsored enterprises | ​ | $ | 2 | ​ | $ | 707 | ​ | $ | 24 | ​ | $ | 611 | ​ | $ | 26 | ​ | $ | 1,318
Mortgage-backed securities and collateralized mortgage obligations: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | ​ | 109 | ​ | ​ | 8,003 | ​ | ​ | 31,415 | ​ | ​ | 165,116 | ​ | ​ | 31,524 | ​ | ​ | 173,119
US Government agency | ​ |  | 817 | ​ |  | 35,174 | ​ |  | 10,497 | ​ |  | 60,789 | ​ |  | 11,314 | ​ |  | 95,963
Private label | ​ |  | 1 | ​ |  | 948 | ​ |  | 1,093 | ​ |  | 19,839 | ​ |  | 1,094 | ​ |  | 20,787
Obligations of states and political subdivisions thereof | ​ |  | 115 | ​ |  | 4,962 | ​ |  | 16,418 | ​ |  | 99,109 | ​ |  | 16,533 | ​ |  | 104,071
Corporate bonds | ​ |  | 26 | ​ |  | 2,438 | ​ |  | 4,495 | ​ |  | 75,002 | ​ |  | 4,521 | ​ |  | 77,440
Total available-for-sale debt securities | ​ | $ | 1,070 | ​ | $ | 52,232 | ​ | $ | 63,942 | ​ | $ | 420,466 | ​ | $ | 65,012 | ​ | $ | 472,698
​ The following summarizes, by investment security type, the impact of performing securities in an unrealized loss position at September 30, 2025: ​ Obligations of US Government-sponsored enterprises ​ 7 out of the total 7 securities in our portfolio of AFS obligations of US Government-sponsored enterprises were in unrealized loss positions. Aggregate unrealized losses represented 1.33% of the amortized cost of securities in unrealized loss positions. The US Small Business Administration guarantees the contractual cash flows of all of our obligations of US Government-sponsored enterprises. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. ​ US Government-sponsored enterprises ​ 370 out of the total 511 securities in our portfolio of AFS US Government-sponsored enterprises were in unrealized loss positions. Aggregate unrealized losses represented 13.01% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association and Federal Home Loan Mortgage Corporation guarantee the contractual cash flows of all of our US Government-sponsored enterprises. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. ​ US Government agency ​ 127 out of the total 168 securities in our portfolio of AFS US Government agency securities were in unrealized loss positions. Aggregate unrealized losses represented 8.70% of the amortized cost of securities in unrealized loss positions. The Government National Mortgage Association guarantees the contractual cash flows of all of our US Government agency securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. ​ Private label ​ 13 of the total 17 securities in our portfolio of AFS private label mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 8.71% of the amortized cost of securities in unrealized loss positions. We expect to receive all of the future contractual cash flows related to the amortized cost on these securities. ​ Obligations of states and political subdivisions thereof ​ 54 of the total 65 securities in our portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 15.64% of the amortized cost of securities in unrealized loss positions. We continually monitor the municipal bond sector of the market carefully and periodically evaluate the appropriate level of exposure to the market. At this time, we believe (i) the bonds in this portfolio carry minimal risk of default and (ii) we are appropriately compensated for the risk. There were no material underlying credit downgrades during the quarter. ​ Corporate bonds ​ 23 out of the total 32 securities in our portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represents 4.31% of the amortized cost of bonds in unrealized loss positions. We review the financial strength of all of these bonds, and we have concluded that the amortized cost remains supported by the expected future cash flows of these securities. The most recent review includes all bond issuers and their current credit ratings, financial performance and capitalization. ​ A summary of securities pledged as collateral for certain deposits and borrowing arrangements for the months ended September 30, 2025 and December 31, 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | December 31, 2024
​ |  | Carrying |  | Estimated |  | Carrying |  | Estimated
(in thousands) | ​ | Value | ​ | Fair Value | ​ | Value | ​ | Fair Value
Securities pledged for deposits | ​ | $ | 16,650 | ​ | $ | 14,757 | ​ | $ | 18,483 | ​ | $ | 15,821
Securities pledged for repurchase agreements | ​ |  | 15,505 | ​ |  | 13,463 | ​ |  | 16,764 | ​ |  | 14,020
Securities pledged for borrowings (1) | ​ |  | 49,886 | ​ |  | 43,452 | ​ |  | 35,819 | ​ |  | 30,634
Total securities pledged | ​ | $ | 82,041 | ​ | $ | 71,672 | ​ | $ | 71,066 | ​ | $ | 60,475
​
| (1) | The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and the Federal Reserve Bank of Boston (the “Reserve Bank”).

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