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SECURITIES | 3 Months Ended
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Mar. 31, 2026
SECURITIES |
SECURITIES | 3. SECURITIES The following tables summarize the amortized cost, fair value and allowance for credit losses of securities available for sale and securities held to maturity at March 31, 2026 and December 31, 2025 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss and gross unrecognized gains and losses: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2026
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance | ​ ​ ​ | ​ | ​
​ | ​ ​ ​ | Amortized | ​ ​ ​ | Unrealized | ​ ​ ​ | Unrealized | ​ ​ ​ | for Credit | ​ | ​ | ​
(in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Losses | ​ | Fair Value
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 24,410 | ​ | $ | 58 | ​ | $ | (315) | ​ | $ | — | ​ | $ | 24,153
U.S. GSE residential collateralized mortgage obligations | ​ | ​ | 12,295 | ​ | ​ | 52 | ​ | ​ | (28) | ​ | ​ | — | ​ | ​ | 12,319
U.S. GSE commercial mortgage-backed securities | ​ | ​ | 2,581 | ​ | ​ | — | ​ | ​ | (72) | ​ | ​ | — | ​ | ​ | 2,509
Collateralized loan obligations | ​ | ​ | 31,752 | ​ | ​ | 14 | ​ | ​ | (175) | ​ | ​ | — | ​ | ​ | 31,591
Corporate bonds | ​ | ​ | 35,330 | ​ | ​ | 340 | ​ | ​ | (443) | ​ | ​ | — | ​ | ​ | 35,227
Total available for sale securities | ​ | $ | 106,368 | ​ | $ | 464 | ​ | $ | (1,033) | ​ | $ | — | ​ | $ | 105,799
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | Allowance
​ | ​ | Amortized | ​ ​ ​ | Unrecognized | ​ ​ ​ | Unrecognized | ​ ​ ​ | ​ | ​ | for Credit
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value | ​ | Losses
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 963 | ​ | $ | — | ​ | $ | (44) | ​ | $ | 919 | ​ | $ | —
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025
​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | Gross | ​ ​ ​ | Allowance | ​ ​ ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | for Credit | ​ | ​ | ​
(in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Losses | ​ | Fair Value
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 4,495 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 4,495
U.S. GSE residential mortgage-backed securities | ​ | ​ | 18,055 | ​ | ​ | 193 | ​ | ​ | (105) | ​ | ​ | — | ​ | ​ | 18,143
U.S. GSE residential collateralized mortgage obligations | ​ | ​ | 11,691 | ​ | ​ | 69 | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | 11,757
U.S. GSE commercial mortgage-backed securities | ​ | ​ | 2,583 | ​ | ​ | — | ​ | ​ | (51) | ​ | ​ | — | ​ | ​ | 2,532
Collateralized loan obligations | ​ | ​ | 32,758 | ​ | ​ | 30 | ​ | ​ | (124) | ​ | ​ | — | ​ | ​ | 32,664
Corporate bonds | ​ |  | 30,250 | ​ |  | 294 | ​ |  | (583) | ​ |  | — | ​ |  | 29,961
Total available for sale securities | ​ | $ | 99,832 | ​ | $ | 586 | ​ | $ | (866) | ​ | $ | — | ​ | $ | 99,552
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | Gross | ​ | ​ | ​ | ​ ​ ​ | Allowance
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | ​ | ​ | ​ | for Credit
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value | ​ | Losses
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 1,017 | ​ | $ | — | ​ | $ | (41) | ​ | $ | 976 | ​ | $ | —
​ The amortized cost and fair value of investment securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single date are shown separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2026
​ | ​ ​ ​ | Amortized | ​ ​ ​ | Fair
(in thousands) | ​ | Cost | ​ | Value
Securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 1,000 | ​ | $ | 1,018
Due after one year through five years | ​ | ​ | 2,500 | ​ | ​ | 2,478
Five to ten years | ​ | ​ | 31,830 | ​ | ​ | 31,731
Beyond ten years | ​ |  | 31,752 | ​ |  | 31,591
U.S. GSE residential mortgage-backed securities | ​ |  | 24,410 | ​ |  | 24,153
U.S. GSE residential collateralized mortgage obligations | ​ |  | 12,295 | ​ |  | 12,319
U.S. GSE commercial mortgage-backed securities | ​ |  | 2,581 | ​ |  | 2,509
Total securities available for sale | ​ | ​ | 106,368 | ​ | ​ | 105,799
Securities held to maturity: | ​ |  | ​ | ​ |  | ​
U.S. GSE residential mortgage-backed securities | ​ |  | 963 | ​ |  | 919
Total investment securities | ​ | $ | 107,331 | ​ | $ | 106,718
​ At March 31, 2026 and December 31, 2025, investment securities with a carrying amount of $36.5 million and $34.0 million, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. ​ There were no sales of securities during the three months ended March 31, 2026 and 2025. ​ There were no holdings of securities of any one issuer in an amount greater than 10% of stockholders' equity other than securities issued by the U.S. government and its agencies at March 31, 2026 and December 31, 2025. ​ The following tables summarize securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2026
​ | ​ | Less than Twelve Months | ​ | Twelve Months or Longer | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ ​ | Gross
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | Number of | ​ | ​ | ​ | ​ | Unrealized
(in thousands, except number of securities) | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses | ​ | Securities | ​ | Fair Value | ​ | Losses
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 15,965 | ​ | $ | (215) | ​ | $ | 1,093 | ​ | $ | (100) | ​ | 13 | ​ | $ | 17,058 | ​ | $ | (315)
U.S. GSE residential collateralized mortgage obligations | ​ | ​ | 1,950 | ​ | ​ | (25) | ​ | ​ | 18 | ​ | ​ | (3) | ​ | 2 | ​ | ​ | 1,968 | ​ | ​ | (28)
U.S. GSE commercial mortgage-backed securities | ​ | ​ | 2,509 | ​ | ​ | (72) | ​ | ​ | — | ​ | ​ | — | ​ | 1 | ​ | ​ | 2,509 | ​ | ​ | (72)
Collateralized loan obligations | ​ | ​ | 27,589 | ​ | ​ | (175) | ​ | ​ | — | ​ | ​ | — | ​ | 6 | ​ | ​ | 27,589 | ​ | ​ | (175)
Corporate bonds | ​ | ​ | 6,529 | ​ | ​ | (31) | ​ | ​ | 11,088 | ​ | ​ | (412) | ​ | 12 | ​ | ​ | 17,617 | ​ | ​ | (443)
Total available-for-sale | ​ | $ | 54,542 | ​ | $ | (518) | ​ | $ | 12,199 | ​ | $ | (515) | ​ | 34 | ​ | $ | 66,741 | ​ | $ | (1,033)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025
​ | ​ | Less than Twelve Months | ​ | Twelve Months or Longer | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ ​ | Gross
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | Number of | ​ | ​ | ​ | ​ | Unrealized
(in thousands, except number of securities) | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses | ​ | Securities | ​ | Fair Value | ​ | Losses
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. GSE residential mortgage-backed securities | ​ | $ | 4,562 | ​ | $ | (10) | ​ | $ | 2,719 | ​ | $ | (95) | ​ | 7 | ​ | $ | 7,281 | ​ | $ | (105)
U.S. GSE residential collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19 | ​ | ​ | (3) | ​ | 1 | ​ | ​ | 19 | ​ | ​ | (3)
U.S. GSE commercial mortgage-backed securities | ​ | ​ | 2,532 | ​ | ​ | (51) | ​ | ​ | — | ​ | ​ | — | ​ | 1 | ​ | ​ | 2,532 | ​ | ​ | (51)
Collateralized loan obligations | ​ | ​ | 23,654 | ​ | ​ | (124) | ​ | ​ | — | ​ | ​ | — | ​ | 5 | ​ | ​ | 23,654 | ​ | ​ | (124)
Corporate bonds | ​ | ​ | 1,987 | ​ | ​ | (14) | ​ | ​ | 10,931 | ​ | ​ | (569) | ​ | 8 | ​ | ​ | 12,918 | ​ | ​ | (583)
Total available-for-sale | ​ | $ | 32,735 | ​ | $ | (199) | ​ | $ | 13,669 | ​ | $ | (667) | ​ | 22 | ​ | $ | 46,404 | ​ | $ | (866)
​ Assessment of Available for Sale Debt Securities for Credit Risk Management assesses the decline in fair value of investment securities periodically. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether an impairment exists. The following is a discussion of the credit quality characteristics of portfolio segments carrying unrealized losses at March 31, 2026 and December 31, 2025. Obligations of U.S. Government agencies and sponsored entities The mortgage-backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government-sponsored entities and agencies. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality. The Company does not have the intent to sell these mortgage-backed securities and collateralized mortgage obligations and it is likely that it will not be required to sell the securities before their anticipated recovery. These securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The Company did not record expected credit loss on these securities at March 31, 2026 and December 31, 2025. ​ Corporate bonds The Company’s corporate bond portfolio is comprised of subordinated debt issues of community and regional banks. Management considers the credit quality of each individual investment. Management reviewed the collectibility of these investments, taking into account such factors as the financial condition of the issuers, reported regulatory capital ratios, and credit ratings, when available, and other factors. All corporate bond debt securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The Company considers the potential credit risk of the issuers to be immaterial and has not allocated an allowance for credit losses on its corporate bond portfolio as of March 31, 2026 and December 31, 2025. Collateralized loan obligations (“CLO”) The Company’s CLO portfolio is comprised of an actively managed portfolio of senior secured Class A Notes. Management considers the credit quality of each individual investment. Management reviewed the collectibility of these investments, taking into account such factors as the financial condition of the issuers and credit ratings, when available and other factors. All CLO securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The Company considers the potential credit risk of the issuers to be immaterial and has not allocated an allowance for credit losses on its CLO portfolio as of March 31, 2026 and December 31, 2025.

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