XML 60 R42.htm IDEA: XBRL DOCUMENT v3.25.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
INVESTMENT SECURITIES  
Summary of amortized cost and fair value of securities available-for-sale

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 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
Summary of amortized cost and fair value of securities held-to-maturity

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 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)
Schedule of investment securities

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
Schedule of investments with unrealized losses

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)
Schedule of allowance for credit losses on available for sale debt securities

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
Schedule of allowance for credit losses on held to maturity debt securities

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
Schedule of amortized cost of held to maturity debt securities aggregated by credit quality indicator

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