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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investment Securities  
Available-for-sale Securities

Available-for-sale securities are summarized as follows as of the dates indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2023

​

    

Amortized

    

Gross

    

Gross

    

​

​

​

​

cost

​

unrealized gains

​

unrealized losses

​

Fair value

U.S. Treasury securities

​

$

74,148

​

$

—

​

$

(1,994)

​

$

72,154

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

256,267

​

​

18

​

​

(34,076)

​

​

222,209

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

 

463,907

​

 

—

​

 

(65,625)

​

 

398,282

Municipal securities

​

​

155

​

​

—

​

​

(1)

​

​

154

Corporate debt

​

​

2,000

​

​

—

​

​

(108)

​

​

1,892

Other securities

​

 

794

​

 

—

​

 

—

​

 

794

Total investment securities available-for-sale

​

$

797,271

​

$

18

​

$

(101,804)

​

$

695,485

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

    

Amortized

    

Gross

    

Gross

    

​

​

​

​

cost

​

unrealized gains

​

unrealized losses

​

Fair value

U.S. Treasury securities

​

$

74,031

​

$

—

​

$

(2,643)

​

$

71,388

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

263,939

​

​

1

​

​

(37,809)

​

​

226,131

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

 

478,866

​

 

—

​

 

(72,940)

​

 

405,926

Municipal securities

​

​

155

​

​

—

​

​

(2)

​

​

153

Corporate debt

​

​

2,000

​

​

—

​

​

(80)

​

​

1,920

Other securities

​

 

771

​

 

—

​

 

—

​

 

771

Total investment securities available-for-sale

​

$

819,762

​

$

1

​

$

(113,474)

​

$

706,289

​

Summary of unrealized losses for available-for-sale securities

The tables below summarize the available-for-sale securities with unrealized losses as of the dates shown, along with the length of the impairment period:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2023

​

​

Less than 12 months

​

12 months or more

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

U.S. Treasury securities

​

$

72,153

​

$

(1,994)

​

$

—

​

$

—

​

$

72,153

​

$

(1,994)

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

43,304

​

​

(2,112)

​

​

175,914

​

​

(31,964)

​

​

219,218

​

​

(34,076)

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

25,905

​

​

(1,745)

​

​

372,230

​

​

(63,880)

​

​

398,135

​

​

(65,625)

Municipal securities

​

​

154

​

​

(1)

​

​

—

​

​

—

​

​

154

​

​

(1)

Corporate debt

​

​

1,892

​

​

(108)

​

​

—

​

​

—

​

​

1,892

​

​

(108)

Total

​

$

143,408

​

$

(5,960)

​

$

548,144

​

$

(95,844)

​

$

691,552

​

$

(101,804)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

​

Less than 12 months

​

12 months or more

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

U.S. Treasury securities

​

$

71,388

​

$

(2,643)

​

$

—

​

$

—

​

$

71,388

​

$

(2,643)

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

83,748

​

​

(6,686)

​

​

141,272

​

​

(31,123)

​

​

225,020

​

​

(37,809)

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

196,449

​

​

(22,809)

​

​

209,477

​

​

(50,131)

​

​

405,926

​

​

(72,940)

Municipal securities

​

​

153

​

​

(2)

​

​

—

​

​

—

​

​

153

​

​

(2)

Corporate debt

​

​

1,920

​

​

(80)

​

​

—

​

​

—

​

​

1,920

​

​

(80)

Total

​

$

353,658

​

$

(32,220)

​

$

350,749

​

$

(81,254)

​

$

704,407

​

$

(113,474)

​

Summary of available-for-sale and held-to-maturity securities by maturity

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2023

​

​

​

​

​

​

​

​

Weighted

​

​

Amortized Cost

​

Fair Value

​

Average Yield

U.S. Treasury securities

​

​

​

​

​

​

​

​

After one but within five years

​

$

74,148

​

$

72,154

​

2.54%

Municipal securities

​

​

​

​

​

​

​

​

After one but within five years

​

​

155

​

​

154

​

3.17%

Corporate debt

​

​

​

​

​

​

​

​

After five but within ten years

​

​

2,000

​

​

1,892

​

5.87%

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2023

​

​

​

​

​

​

​

​

Weighted

​

​

Amortized Cost

​

Fair Value

​

Average Yield

U.S. Treasury securities

​

​

​

​

​

​

​

​

After one but within five years

​

$

49,117

​

$

48,141

​

3.14%

​

Schedule of credit quality indicators, by fair value, of available-for-sale securities

The tables below summarize the credit quality indicators, by fair value, of available-for-sale securities as of the dates shown:

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2023

​

​

AAA

​

Not rated

​

Total

U.S. Treasury securities

​

$

72,154

​

$

—

​

$

72,154

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

222,209

​

​

—

​

​

222,209

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

398,282

​

​

—

​

​

398,282

Municipal securities

​

​

—

​

​

154

​

​

154

Corporate debt

​

​

—

​

​

1,892

​

​

1,892

Other securities

​

 

—

​

 

794

​

 

794

Total investment securities available-for-sale

​

$

692,645

​

$

2,840

​

$

695,485

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

​

AAA

​

Not rated

​

Total

U.S. Treasury securities

​

$

71,388

​

$

—

​

$

71,388

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

226,131

​

​

—

​

​

226,131

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

405,926

​

​

—

​

​

405,926

Municipal securities

​

​

—

​

​

153

​

​

153

Corporate debt

​

​

—

​

​

1,920

​

​

1,920

Other securities

​

 

—

​

 

771

​

 

771

Total investment securities available-for-sale

​

$

703,445

​

$

2,844

​

$

706,289

​

Held-to-maturity Securities

Held-to-maturity investment securities are summarized as follows as of the dates indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2023

​

    

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

unrealized

​

unrealized

​

​

​

​

​

cost

​

gains

​

losses

​

Fair value

U.S. Treasury securities

​

$

49,117

​

$

—

​

$

(976)

​

$

48,141

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

331,996

​

​

529

​

​

(37,279)

​

​

295,246

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

 

256,808

​

 

28

​

 

(44,967)

​

 

211,869

Total investment securities held-to-maturity

​

$

637,921

​

$

557

​

$

(83,222)

​

$

555,256

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

    

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

unrealized

​

unrealized

​

​

​

​

​

cost

​

gains

​

losses

​

Fair value

U.S. Treasury securities

​

$

49,045

​

$

—

​

$

(1,416)

​

$

47,629

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

339,815

​

​

163

​

​

(41,162)

​

​

298,816

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

 

262,667

​

 

—

​

 

(49,188)

​

 

213,479

Total investment securities held-to-maturity

​

$

651,527

​

$

163

​

$

(91,766)

​

$

559,924

​

Summary of unrealized losses for held-to-maturity securities

The held-to-maturity portfolio included 111 securities which were in an unrealized loss position as of March 31, 2023 compared to 129 securities at December 31, 2022. The tables below summarize the held-to-maturity securities with unrealized losses as of the dates shown, along with the length of the impairment period:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2023

​

​

Less than 12 months

​

12 months or more

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

U.S. Treasury securities

​

$

48,141

​

$

(976)

​

$

—

​

$

—

​

$

48,141

​

$

(976)

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

48,855

​

​

(1,481)

​

​

195,980

​

​

(35,798)

​

​

244,835

​

​

(37,279)

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

23,337

​

​

(684)

​

​

185,348

​

​

(44,283)

​

​

208,685

​

​

(44,967)

Total

​

$

120,333

​

$

(3,141)

​

$

381,328

​

$

(80,081)

​

$

501,661

​

$

(83,222)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

​

Less than 12 months

​

12 months or more

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

​

​

value

​

losses

​

value

​

losses

​

value

​

losses

U.S. Treasury securities

​

$

47,629

​

$

(1,416)

​

$

—

​

$

—

​

$

47,629

​

$

(1,416)

Mortgage-backed securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

83,323

​

​

(3,804)

​

​

182,159

​

​

(37,358)

​

​

265,482

​

​

(41,162)

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

34,704

​

​

(1,145)

​

​

178,776

​

​

(48,043)

​

​

213,480

​

​

(49,188)

Total

​

$

165,656

​

$

(6,365)

​

$

360,935

​

$

(85,401)

​

$

526,591

​

$

(91,766)

​

Schedule of credit quality indicators, by amortized cost, of held-to-maturity securities

The tables below summarize the credit quality indicators, by amortized cost, of held-to-maturity securities as of the dates shown:

​

​

​

​

​

​

​

March 31, 2023

​

​

AAA

U.S. Treasury securities

​

$

49,117

Mortgage-backed securities:

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

331,996

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

 

256,808

Total investment securities held-to-maturity

​

$

637,921

​

​

​

​

​

​

​

December 31, 2022

​

​

AAA

U.S. Treasury securities

​

$

49,045

Mortgage-backed securities:

​

​

​

Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

​

339,815

Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises

​

 

262,667

Total investment securities held-to-maturity

​

$

651,527

​