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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Investment Securities Available For Sale [Abstract]  
Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale

A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of June 30, 2026 and December 31, 2025 follows:

 

 

 

June 30, 2026

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Allowance

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

for

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Credit Losses

 

 

Value

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S treasuries

 

$

9,944

 

 

$

7

 

 

$

(1

)

 

$

—

 

 

$

9,950

 

   U.S government-sponsored agencies

 

 

219,842

 

 

 

—

 

 

 

(33,524

)

 

 

—

 

 

 

186,318

 

   Mortgage-backed securities–residential

 

 

563,730

 

 

 

621

 

 

 

(36,905

)

 

 

—

 

 

 

527,446

 

   SBA pool securities

 

 

17,893

 

 

 

—

 

 

 

(2,240

)

 

 

—

 

 

 

15,653

 

   Corporate bond

 

 

13,000

 

 

 

262

 

 

 

(189

)

 

 

—

 

 

 

13,073

 

      Total securities available for sale

 

$

824,409

 

 

$

890

 

 

$

(72,859

)

 

$

—

 

 

$

752,440

 

Securities Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. government-sponsored agencies

 

$

25,000

 

 

$

—

 

 

$

(1,083

)

 

$

—

 

 

$

23,917

 

   Mortgage-backed securities–residential

 

 

53,560

 

 

 

—

 

 

 

(7,597

)

 

 

—

 

 

 

45,963

 

      Total securities held to maturity

 

$

78,560

 

 

$

—

 

 

$

(8,680

)

 

$

—

 

 

$

69,880

 

 

 

 

December 31, 2025

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Allowance

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

for

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Credit Losses

 

 

Value

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S government-sponsored agencies

 

$

244,833

 

 

$

—

 

 

$

(33,610

)

 

$

—

 

 

$

211,223

 

   Mortgage-backed securities–residential

 

 

561,794

 

 

 

3,551

 

 

 

(34,980

)

 

 

—

 

 

 

530,365

 

   SBA pool securities

 

 

19,345

 

 

 

—

 

 

 

(2,133

)

 

 

—

 

 

 

17,212

 

   Corporate bond

 

 

15,500

 

 

 

250

 

 

 

(347

)

 

 

—

 

 

 

15,403

 

      Total securities available for sale

 

$

841,472

 

 

$

3,801

 

 

$

(71,070

)

 

$

—

 

 

$

774,203

 

Securities Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. government-sponsored agencies

 

$

40,000

 

 

$

—

 

 

$

(1,125

)

 

$

—

 

 

$

38,875

 

   Mortgage-backed securities–residential

 

 

55,862

 

 

 

23

 

 

 

(7,269

)

 

 

—

 

 

 

48,616

 

      Total securities held to maturity

 

$

95,862

 

 

$

23

 

 

$

(8,394

)

 

$

—

 

 

$

87,491

 

 
Summary of Gross Gains, Gross Losses and Net Tax Benefit Related to Proceeds on Sales of Securities Available for Sale

The following table presents a summary of the gross gains, gross losses and net tax expense related to proceeds on sales of securities available for sale for the six months ended June 30, 2026 and June 30, 2025, respectively. There were no sales of securities for the three months ended June 30, 2026.

 

 

 

Six Months Ended

 

(In thousands)

 

June 30, 2026

 

 

June 30, 2025

 

Proceeds from sales

 

$

97,019

 

 

$

53,182

 

Gross gains/(losses)

 

 

(81

)

 

 

7

 

Net tax expense

 

 

22

 

 

 

(2

)

 
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments

The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of June 30, 2026 and December 31, 2025.

 

 

 

June 30, 2026

 

 

 

Duration of Unrealized Loss

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Approximate

 

 

 

 

 

Approximate

 

 

 

 

 

Approximate

 

 

 

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(In thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. treasuries

 

$

4,987

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

4,987

 

 

$

(1

)

   U.S. government-sponsored agencies

 

 

—

 

 

 

—

 

 

 

186,318

 

 

 

(33,524

)

 

 

186,318

 

 

 

(33,524

)

   Mortgage-backed securities residential

 

 

177,661

 

 

 

(1,887

)

 

 

185,739

 

 

 

(35,018

)

 

 

363,400

 

 

 

(36,905

)

   SBA pool securities

 

 

—

 

 

 

—

 

 

 

15,653

 

 

 

(2,240

)

 

 

15,653

 

 

 

(2,240

)

   Corporate bond

 

 

—

 

 

 

—

 

 

 

7,311

 

 

 

(189

)

 

 

7,311

 

 

 

(189

)

Total securities available for sale

 

$

182,648

 

 

$

(1,888

)

 

$

395,021

 

 

$

(70,971

)

 

$

577,669

 

 

$

(72,859

)

Securities Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. government-sponsored agencies

 

$

—

 

 

$

—

 

 

$

23,917

 

 

$

(1,083

)

 

$

23,917

 

 

$

(1,083

)

   Mortgage-backed securities residential

 

 

4,287

 

 

 

(36

)

 

 

41,676

 

 

 

(7,561

)

 

 

45,963

 

 

 

(7,597

)

Total securities held to maturity

 

$

4,287

 

 

$

(36

)

 

$

65,593

 

 

$

(8,644

)

 

$

69,880

 

 

$

(8,680

)

Total securities

 

$

186,935

 

 

$

(1,924

)

 

$

460,614

 

 

$

(79,615

)

 

$

647,549

 

 

$

(81,539

)

 

 

 

December 31, 2025

 

 

 

Duration of Unrealized Loss

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Approximate

 

 

 

 

 

Approximate

 

 

 

 

 

Approximate

 

 

 

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(In thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. government-sponsored agencies

 

$

—

 

 

$

—

 

 

$

211,223

 

 

$

(33,610

)

 

$

211,223

 

 

$

(33,610

)

   Mortgage-backed securities residential

 

 

42,035

 

 

 

(79

)

 

 

205,749

 

 

 

(34,901

)

 

 

247,784

 

 

 

(34,980

)

   SBA pool securities

 

 

—

 

 

 

—

 

 

 

17,212

 

 

 

(2,133

)

 

 

17,212

 

 

 

(2,133

)

   Corporate bond

 

 

—

 

 

 

—

 

 

 

9,652

 

 

 

(347

)

 

 

9,652

 

 

 

(347

)

Total securities available for sale

 

$

42,035

 

 

$

(79

)

 

$

443,836

 

 

$

(70,991

)

 

$

485,871

 

 

$

(71,070

)

Securities Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. government-sponsored agencies

 

$

—

 

 

$

—

 

 

$

38,875

 

 

$

(1,125

)

 

$

38,875

 

 

$

(1,125

)

   Mortgage-backed securities residential

 

 

—

 

 

 

—

 

 

 

43,737

 

 

 

(7,269

)

 

 

43,737

 

 

 

(7,269

)

Total securities held to maturity

 

$

—

 

 

$

—

 

 

$

82,612

 

 

$

(8,394

)

 

$

82,612

 

 

$

(8,394

)

Total securities

 

$

42,035

 

 

$

(79

)

 

$

526,448

 

 

$

(79,385

)

 

$

568,483

 

 

$

(79,464

)