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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2024
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | 5. INVESTMENT SECURITIES The cost basis and fair values of investment securities are summarized as follows: Investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2024
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ALLOWANCE | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FOR CREDIT | ​ | FAIR
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | LOSSES |  | VALUE
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 5,345 | ​ | $ | — | ​ | $ | (679) | ​ | $ | — | ​ | $ | 4,666
U.S. Agency mortgage-backed securities | ​ |  | 104,227 | ​ |  | 90 | ​ |  | (12,783) | ​ | ​ | — | ​ |  | 91,534
Municipal | ​ |  | 9,031 | ​ |  | 2 | ​ |  | (670) | ​ | ​ | — | ​ |  | 8,363
Corporate bonds | ​ |  | 54,254 | ​ |  | 94 | ​ |  | (2,931) | ​ | ​ | (360) | ​ |  | 51,057
Total | ​ | $ | 172,857 | ​ | $ | 186 | ​ | $ | (17,063) | ​ | $ | (360) | ​ | $ | 155,620
​ Investment securities held to maturity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2024
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ​ | ​ | ​ | ALLOWANCE
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FAIR | ​ | FOR CREDIT
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | VALUE |  | LOSSES
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 2,500 | ​ | $ | — | ​ | $ | (365) | ​ | $ | 2,135 | ​ | $ | —
U.S. Agency mortgage-backed securities | ​ | ​ | 26,966 | ​ | ​ | 28 | ​ | ​ | (2,403) | ​ | ​ | 24,591 | ​ | ​ | —
Municipal | ​ |  | 30,959 | ​ |  | — | ​ |  | (2,553) | ​ |  | 28,406 | ​ |  | (2)
Corporate bonds and other securities | ​ |  | 3,412 | ​ |  | — | ​ |  | (73) | ​ |  | 3,339 | ​ |  | (87)
Total | ​ | $ | 63,837 | ​ | $ | 28 | ​ | $ | (5,394) | ​ | $ | 58,471 | ​ | $ | (89)
​ Investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ALLOWANCE | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FOR CREDIT | ​ | FAIR
​ |  | COST BASIS |  | GAINS |  | LOSSES | ​ | LOSSES |  | VALUE
​ | ​ | (IN THOUSANDS)
U.S. Agency | ​ | $ | 6,035 | ​ | $ | — | ​ | $ | (696) | ​ | $ | — | ​ | $ | 5,339
U.S. Agency mortgage-backed securities | ​ |  | 104,820 | ​ |  | 179 | ​ |  | (11,924) | ​ | ​ | — | ​ |  | 93,075
Municipal | ​ |  | 11,159 | ​ |  | 1 | ​ |  | (800) | ​ | ​ | — | ​ |  | 10,360
Corporate bonds | ​ |  | 62,004 | ​ |  | 46 | ​ |  | (4,187) | ​ | ​ | (926) | ​ |  | 56,937
Total | ​ | $ | 184,018 | ​ | $ | 226 | ​ | $ | (17,607) | ​ | $ | (926) | ​ | $ | 165,711
​ Investment securities held to maturity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2023
​ | ​ | ​ | ​ | ​ | GROSS | ​ | GROSS | ​ | ​ | ​ | ​ | ALLOWANCE
​ | ​ | ​ | ​ | ​ | UNREALIZED | ​ | UNREALIZED | ​ | FAIR | ​ | FOR CREDIT
​ | ​ | COST BASIS |  | GAINS |  | LOSSES | ​ | VALUE |  | LOSSES
​ | ​ | (IN THOUSANDS)
U.S. Agency |  | $ | 2,500 | ​ | $ | — | ​ | $ | (379) | ​ | $ | 2,121 | ​ | $ | —
U.S. Agency mortgage-backed securities |  | ​ | 24,222 | ​ | ​ | 49 | ​ | ​ | (2,058) | ​ | ​ | 22,213 | ​ | ​ | —
Municipal | ​ |  | 32,787 | ​ |  | — | ​ |  | (2,797) | ​ |  | 29,990 | ​ |  | (2)
Corporate bonds and other securities | ​ |  | 4,470 | ​ |  | — | ​ |  | (173) | ​ |  | 4,297 | ​ |  | (35)
Total | ​ | $ | 63,979 | ​ | $ | 49 | ​ | $ | (5,407) | ​ | $ | 58,621 | ​ | $ | (37)
​ The Company and its subsidiaries, collectively, did not hold securities of any single issuer, excluding U.S. agencies, that exceeded 10% of shareholders’ equity at December 31, 2024. Management conducted a review of the investment securities portfolio in order to identify exposures to issuers within foreign countries experiencing significant economic, fiscal, and/or political strains. Given the instability and continuing military conflict between Israel and Hamas, the nation of Israel has been identified by management as significantly strained. At December 31, 2024, the Company had a State of Israel Jubilee bond within the held to maturity portfolio with an amortized cost of $1.0 million and a fair value of $936,000. The 3-year bond was purchased prior to the start of the conflict and is set to mature in August 2026. ​ The Company recognized no gross investment security gains or losses in 2024 and realized $5,000 of gross investment security gains and $927,000 of gross investment security losses in 2023. On a net basis, the realized loss for 2023 was $729,000 after factoring in an income tax benefit of $193,000. Proceeds from sales of investment securities available for sale were $935,000 for 2024 and $16.8 million for 2023. The Company had established an allowance for credit losses on one of the AFS securities sold during 2024. In accordance with ASC 326, Financial Instruments – Credit Losses, once the Company decided to sell the security (i.e. intent to sell), the security was charged down, against the allowance, to fair value therefore resulting in no gain or loss. The carrying value of securities, both available for sale and held to maturity, pledged to secure public and trust deposits was $125,849,000 at December 31, 2024 and $135,624,000 at December 31, 2023. The interest rate environment and market yields can have a significant impact on the yield earned on mortgage-backed securities (MBS). Prepayment speed assumptions are an important factor to consider when evaluating the returns on an MBS. Generally, as interest rates decline, borrowers have more incentive to refinance into a lower rate, so prepayments will rise. Conversely, as interest rates increase, prepayments will decline. When an MBS is purchased at a premium, the yield will decrease as prepayments increase and the yield will increase as prepayments decrease. As of December 31, 2024, the Company had low premium risk as the book value of our mortgage-backed securities purchased at a premium was only 100.7% of the par value. The Company’s consolidated investment securities portfolio had an effective duration of approximately 4.19 years. The weighted average expected maturity for available for sale securities at December 31, 2024 for U.S. agency, U.S. agency mortgage-backed, corporate bond, and municipal securities was 7.05, 6.16, 3.41, and 3.43 years, respectively. The weighted average expected maturity for held to maturity securities at December 31, 2024 for U.S. agency, U.S. agency mortgage-backed, corporate bond/other securities, and municipal securities was 5.85, 7.18, 3.47, and 4.01 years, respectively. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. The following table sets forth the contractual maturity distribution of the investment securities, cost basis and fair market values as of December 31, 2024. Investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | AT DECEMBER 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | TOTAL
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | U.S. AGENCY | ​ | INVESTMENT
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | MORTGAGE- | ​ | SECURITIES
​ | ​ | ​ | ​ | ​ | ​ | CORPORATE | ​ | BACKED | ​ | AVAILABLE
​ | ​ | U. S. AGENCY | ​ | MUNICIPAL | ​ | BONDS | ​ | SECURITIES | ​ | FOR SALE
​ | ​ | (IN THOUSANDS)
COST BASIS |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Within 1 year | ​ | $ | — |  | $ | 2,703 |  | $ | 5,500 |  | $ | 850 | ​ | $ | 9,053
After 1 year but within 5 years | ​ |  | 2,136 |  |  | 2,389 |  |  | 24,129 |  |  | 408 | ​ |  | 29,062
After 5 years but within 10 years | ​ |  | 2,000 |  |  | 3,939 |  |  | 23,975 |  |  | 5,020 | ​ |  | 34,934
Over 10 years | ​ |  | 1,209 |  |  | — |  |  | 650 |  |  | 97,949 | ​ |  | 99,808
Total | ​ | $ | 5,345 |  | $ | 9,031 |  | $ | 54,254 |  | $ | 104,227 | ​ | $ | 172,857
FAIR VALUE | ​ |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year | ​ | $ | — |  | $ | 2,674 |  | $ | 5,478 | ​ | $ | 843 | ​ | $ | 8,995
After 1 year but within 5 years | ​ |  | 1,915 |  |  | 2,284 |  |  | 23,330 | ​ |  | 397 | ​ |  | 27,926
After 5 years but within 10 years | ​ |  | 1,687 |  |  | 3,405 |  |  | 21,690 | ​ |  | 4,782 | ​ |  | 31,564
Over 10 years | ​ |  | 1,064 |  |  | — |  |  | 559 | ​ |  | 85,512 | ​ |  | 87,135
Total | ​ | $ | 4,666 |  | $ | 8,363 |  | $ | 51,057 | ​ | $ | 91,534 | ​ | $ | 155,620
​ Investment securities held to maturity:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | AT DECEMBER 31, 2024
​ |  | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | TOTAL
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | U.S. AGENCY | ​ | INVESTMENT
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | CORPORATE | ​ | MORTGAGE- | ​ | SECURITIES
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | BONDS AND | ​ | BACKED | ​ | HELD TO
​ | ​ | U.S. AGENCY | ​ | MUNICIPAL | ​ | OTHER | ​ | SECURITIES | ​ | MATURITY
​ | ​ | (IN THOUSANDS)
COST BASIS |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Within 1 year | ​ | $ | — |  | $ | 1,506 |  | $ | 1,001 |  | $ | — |  | $ | 2,507
After 1 year but within 5 years | ​ |  | — | ​ |  | 14,346 | ​ |  | 1,000 | ​ |  | — | ​ |  | 15,346
After 5 years but within 10 years | ​ |  | 2,500 | ​ |  | 14,794 | ​ |  | 480 | ​ |  | 1,169 | ​ |  | 18,943
Over 10 years | ​ |  | — | ​ |  | 313 | ​ |  | 931 | ​ |  | 25,797 | ​ |  | 27,041
Total | ​ | $ | 2,500 | ​ | $ | 30,959 | ​ | $ | 3,412 | ​ | $ | 26,966 | ​ | $ | 63,837
FAIR VALUE | ​ |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year | ​ | $ | — |  | $ | 1,494 |  | $ | 992 |  | $ | — |  | $ | 2,486
After 1 year but within 5 years | ​ |  | — | ​ |  | 13,825 | ​ |  | 936 | ​ |  | — | ​ |  | 14,761
After 5 years but within 10 years | ​ |  | 2,135 | ​ |  | 12,821 | ​ |  | 480 | ​ |  | 1,118 | ​ |  | 16,554
Over 10 years | ​ |  | — | ​ |  | 266 | ​ |  | 931 | ​ |  | 23,473 | ​ |  | 24,670
Total | ​ | $ | 2,135 | ​ | $ | 28,406 | ​ | $ | 3,339 | ​ | $ | 24,591 | ​ | $ | 58,471
​ The following tables summarize the available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2024 and 2023, aggregated by security type and length of time in a continuous loss position (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2024
​ | ​ | LESS THAN 12 MONTHS | ​ | 12 MONTHS OR LONGER | ​ | TOTAL
​ | ​ | FAIR | ​ | UNREALIZED | ​ | FAIR | ​ | UNREALIZED | ​ | FAIR | ​ | UNREALIZED
​ |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES
U.S. Agency | ​ | $ | — | ​ | $ | — | ​ | $ | 4,666 | ​ | $ | (679) | ​ | $ | 4,666 | ​ | $ | (679)
U.S. Agency mortgage-backed securities | ​ | ​ | 16,104 | ​ | ​ | (275) | ​ | ​ | 63,323 | ​ | ​ | (12,508) | ​ | ​ | 79,427 | ​ | ​ | (12,783)
Municipal | ​ |  | — | ​ | ​ | — | ​ | ​ | 8,121 | ​ | ​ | (670) | ​ | ​ | 8,121 | ​ | ​ | (670)
Corporate bonds | ​ |  | 9,500 | ​ | ​ | (675) | ​ | ​ | 34,612 | ​ | ​ | (2,256) | ​ | ​ | 44,112 | ​ | ​ | (2,931)
Total | ​ | $ | 25,604 | ​ | $ | (950) | ​ | $ | 110,722 | ​ | $ | (16,113) | ​ | $ | 136,326 | ​ | $ | (17,063)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2023
​ | ​ | LESS THAN 12 MONTHS | ​ | 12 MONTHS OR LONGER | ​ | TOTAL
​ | ​ | FAIR | ​ | UNREALIZED | ​ | FAIR | ​ | UNREALIZED | ​ | FAIR | ​ | UNREALIZED
​ |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES
U.S. Agency | ​ | $ | — | ​ | $ | — | ​ | $ | 5,339 | ​ | $ | (696) | ​ | $ | 5,339 | ​ | $ | (696)
U.S. Agency mortgage-backed securities | ​ | ​ | 4,120 | ​ | ​ | (20) | ​ | ​ | 73,511 | ​ | ​ | (11,904) | ​ | ​ | 77,631 | ​ | ​ | (11,924)
Municipal | ​ |  | — | ​ | ​ | — | ​ | ​ | 10,109 | ​ | ​ | (800) | ​ | ​ | 10,109 | ​ | ​ | (800)
Corporate bonds | ​ |  | 8,885 | ​ | ​ | (103) | ​ | ​ | 42,659 | ​ | ​ | (4,084) | ​ | ​ | 51,544 | ​ | ​ | (4,187)
Total | ​ | $ | 13,005 | ​ | $ | (123) | ​ | $ | 131,618 | ​ | $ | (17,484) | ​ | $ | 144,623 | ​ | $ | (17,607)
​ ​ At December 31, 2024, within the available for sale debt securities portfolio, the Company had 14 U.S. Agency mortgage-backed securities and 12 corporate bonds that have been in a gross unrealized loss position for less than 12 months with depreciation of 3.6% from its amortized cost basis. Additionally, at December 31, 2024, within the available for sale debt securities portfolio, the Company had six U.S. Agency, 130 U.S. Agency mortgage-backed securities, 25 municipal, and 72 corporate bonds that have been in a gross unrealized loss position for greater than 12 months with depreciation of 12.7% from its amortized cost basis. ​ These unrealized losses are primarily a result of increases in market yields from the time of purchase. In general, as market yields rise, the value of securities will decrease; as market yields decrease, the fair value of securities will increase. Management generally views changes in fair value caused by changes in interest rates as temporary; therefore, no provision for credit losses has been recorded for these securities. Management has also concluded that based on current information we expect to continue to receive scheduled interest payments as well as the entire principal balance. Furthermore, management does not intend to sell these securities and does not believe it will be required to sell these securities before they recover in value or mature. The following tables present the activity in the allowance for credit losses on available for sale debt securities by major security type for the years ended December 31, 2024 and 2023 (in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BALANCE AT DECEMBER 31, 2023 | ​ | CHARGE-OFFS | ​ | RECOVERIES | ​ | PROVISION (RECOVERY) | ​ | BALANCE AT DECEMBER 31, 2024
Corporate bonds | ​ | $ | 926 | ​ | $ | (491) | ​ | $ | — | ​ | $ | (75) | ​ | $ | 360
Total | ​ | $ | 926 | ​ | $ | (491) | ​ | $ | — | ​ | $ | (75) | ​ | $ | 360
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BALANCE AT DECEMBER 31, 2022 | ​ | IMPACT OF ADOPTING ASC 326 | ​ | CHARGE-OFFS | ​ | RECOVERIES | ​ | PROVISION (RECOVERY) | ​ | BALANCE AT DECEMBER 31, 2023
Corporate bonds | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 926 | ​ | $ | 926
Total | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 926 | ​ | $ | 926
​ During 2024, the Company recognized a $75,000 provision for credit losses recovery on available for sale debt securities after recognizing $926,000 of provision expense in 2023. The recognition of the provision expense in 2023 resulted from a subordinated debt investment issued by Signature Bank which was closed by banking regulators on March 12, 2023. The security was successfully sold during the first quarter of 2024 which resulted in a charge-off of $491,000 and recognition of a provision for credit losses recovery of $435,000. This recovery was partially offset by the establishment of a $360,000 allowance for credit losses on a corporate AFS security deemed to be credit impaired. The following tables present the activity in the allowance for credit losses on held to maturity debt securities by major security type for the years ended December 31, 2024 and 2023 (in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BALANCE AT DECEMBER 31, 2023 | ​ | CHARGE-OFFS | ​ | RECOVERIES | ​ | PROVISION (RECOVERY) | ​ | BALANCE AT DECEMBER 31, 2024
Municipal | ​ | $ | 2 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 2
Corporate bonds and other securities | ​ | ​ | 35 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 52 | ​ | ​ | 87
Total | ​ | $ | 37 | ​ | $ | — | ​ | $ | — | ​ | $ | 52 | ​ | $ | 89
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | BALANCE AT DECEMBER 31, 2022 | ​ | IMPACT OF ADOPTING ASC 326 | ​ | CHARGE-OFFS | ​ | RECOVERIES | ​ | PROVISION (RECOVERY) | ​ | BALANCE AT DECEMBER 31, 2023
Municipal | ​ | $ | — | ​ | $ | 3 | ​ | $ | — | ​ | $ | — | ​ | $ | (1) | ​ | $ | 2
Corporate bonds and other securities | ​ | ​ | — | ​ | ​ | 111 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (76) | ​ | ​ | 35
Total | ​ | $ | — | ​ | $ | 114 | ​ | $ | — | ​ | $ | — | ​ | $ | (77) | ​ | $ | 37
​ The Company’s agency and mortgage-backed securities are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. As such, no allowance for credit losses has been established for these securities. The allowance for credit losses on the taxable municipal, corporate, and other bonds within the held to maturity securities portfolio is calculated using the PD/LGD method. The calculation is completed on a quarterly basis using the default studies provided by an industry leading source. Additionally, based on management judgment, certain qualitative adjustments, such as the Company’s historical loss experience and/or the issuer’s credit quality, may be applied. Maintaining investment quality is a primary objective of the Company’s investment policy which, subject to certain limited exceptions, prohibits the purchase of any investment security below a Moody’s Investors Service or Standard & Poor’s rating of A. The Company monitors the credit ratings of its debt securities on a quarterly basis. At December 31, 2024, 59.2% of the portfolio was rated AAA as compared to 55.9% at December 31, 2023. Approximately 14.7% of the portfolio was rated below A or unrated at December 31, 2024 compared to 15.1% at December 31, 2023. Specifically, the following table summarizes the amortized cost of held to maturity debt securities at December 31, 2024, aggregated by credit quality indicator (in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DECEMBER 31, 2024
​ | ​ | CREDIT RATING
​ | ​ | AAA/AA/A | ​ | BBB/BB/B | ​ | UNRATED | ​ | TOTAL
U.S. Agency |  | $ | 2,500 | ​ | $ | — |  | $ | — |  | $ | 2,500
U.S. Agency mortgage-backed securities | ​ | ​ | 26,966 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 26,966
Municipal | ​ | ​ | 30,959 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30,959
Corporate bonds and other securities | ​ | ​ | 2,001 | ​ | ​ | — | ​ | ​ | 1,411 | ​ | ​ | 3,412
Total | ​ | $ | 62,426 | ​ | $ | — | ​ | $ | 1,411 | ​ | $ | 63,837
​ The Company had no held to maturity debt securities in non-accrual status or past due 90 days still accruing interest at December 31, 2024 and 2023. The underlying issuers continue to make timely principal and interest payments on the securities. As of December 31, 2024 and 2023, the Company reported $350,000 and $499,000, respectively, of equity securities within other assets on the Consolidated Balance Sheets. These equity securities are held within a non-qualified deferred compensation plan in which a select group of executives of the Company can participate. An eligible executive can defer a certain percentage of their current salary to be placed into the plan and held within a rabbi trust. The assets of the rabbi trust are invested in various publicly listed mutual funds. The gain or loss on the equity securities (both realized and unrealized) is reported within other income on the Consolidated Statements of Operations. No gain or loss on the equity securities (both realized and unrealized) was recorded during 2024 and 2023. Additionally, the Company has recognized a deferred compensation liability, which is equal to the balance of the equity securities and is reported within other liabilities on the Consolidated Balance Sheets. Additionally, during 2024, the Company entered into a Registration Rights Agreement with a borrower who, upon emergence from bankruptcy, issued ordinary shares in satisfaction of debt previously contracted. The shares are not listed on any stock exchange. At December 31, 2024, the carrying value of these equity securities without readily determinable fair values was $600,000 which is included in other assets on the Consolidated Balance Sheets.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
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