INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

INVESTMENT SECURITIES

Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity

The following tables summarize the amortized cost and fair value of AFS and HTM debt securities and equity investments and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses recognized in earnings (in thousands):

			Gross		Gross
			Unrealized/		Unrealized/
	Amortized		Unrecognized		Unrecognized
At June 30, 2024	Cost		Gains		Losses		Fair Value
Available-for-Sale Securities:
U.S. Government agency securities	$	67,998	$	—	$	(5,837)	$	62,161
U.S. State and Municipal securities		11,419		—		(1,929)		9,490
Residential MBS		458,207		494		(71,926)		386,775
Commercial MBS		46,217		12		(2,891)		43,338
Asset-backed securities		3,032		—		(48)		2,984
Total securities available-for-sale	$	586,873	$	506	$	(82,631)	$	504,748
Held-to-Maturity Securities:
U.S. Treasury securities	$	29,916	$	—	$	(1,098)	$	28,818
U.S. State and Municipal securities		15,445		—		(1,891)		13,554
Residential MBS		395,928		—		(62,732)		333,196
Commercial MBS		8,079		—		(1,057)		7,022
Total securities held-to-maturity	$	449,368	$	—	$	(66,778)	$	382,590
Equity Investments:
CRA Mutual Fund	$	2,441	$	—	$	(319)	$	2,122
Total equity investment securities	$	2,441	$	—	$	(319)	$	2,122

			Gross		Gross
			Unrealized/		Unrealized/
	Amortized		Unrecognized		Unrecognized
At December 31, 2023	Cost		Gains		Losses		Fair Value
Available-for-Sale Securities:
U.S. Government agency securities	$	67,997	$	—	$	(6,222)	$	61,775
U.S. State and Municipal securities		11,496		—		(1,797)		9,699
Residential MBS		419,331		1,198		(68,609)		351,920
Commercial MBS		36,879		71		(2,366)		34,584
Asset-backed securities		3,287		—		(58)		3,229
Total securities available-for-sale	$	538,990	$	1,269	$	(79,052)	$	461,207
Held-to-Maturity Securities:
U.S. Treasury securities	$	29,895	$	—	$	(1,412)	$	28,483
U.S. State and Municipal securities		15,569		—		(1,574)		13,995
Residential MBS		415,306		—		(60,556)		354,750
Commercial MBS		8,090		—		(1,066)		7,024
Total securities held-to-maturity	$	468,860	$	—	$	(64,608)	$	404,252
Equity Investments:
CRA Mutual Fund	$	2,410	$	—	$	(287)	$	2,123
Total equity investment securities	$	2,410	$	—	$	(287)	$	2,123

Schedule of amortized cost and fair value of debt securities classified by contractual maturity

The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. Equity securities, primarily investments in mutual funds, have been excluded from the table. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties (in thousands):

	Held-to-Maturity				Available-for-Sale
At June 30, 2024	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	20,015	$	19,466	$	—	$	—
After 1 year through 5 years		17,980		16,374		72,627		67,417
After 5 years through 10 years		980		913		19,087		17,441
After 10 years		410,393		345,837		495,159		419,890
Total Securities	$	449,368	$	382,590	$	586,873	$	504,748

	Held-to-Maturity				Available-for-Sale
At December 31, 2023	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	—	$	—	$	—	$	—
After 1 year through 5 years		37,984		35,507		65,822		60,757
After 5 years through 10 years		1,112		1,044		22,163		21,174
After 10 years		429,764		367,701		451,005		379,276
Total Securities	$	468,860	$	404,252	$	538,990	$	461,207

Schedule of securities with unrealized/unrecognized losses

Debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands):

	Less than 12 Months				12 Months or More				Total
			Unrealized/				Unrealized/				Unrealized/
	Estimated		Unrecognized		Estimated		Unrecognized		Estimated		Unrecognized
At June 30, 2024	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-Sale Securities:
U.S. Government agency securities	$	—	$	—	$	62,161	$	(5,837)	$	62,161	$	(5,837)
U.S. State and Municipal securities		—		—		9,490		(1,929)		9,490		(1,929)
Residential MBS		49,607		(992)		273,061		(70,934)		322,668		(71,926)
Commercial MBS		10,307		(151)		23,583		(2,740)		33,890		(2,891)
Asset-backed securities		—		—		2,984		(48)		2,984		(48)
Total securities available-for-sale	$	59,914	$	(1,143)	$	371,279	$	(81,488)	$	431,193	$	(82,631)
Held-to-Maturity Securities:
U.S. Treasury securities	$	—	$	—	$	28,818	$	(1,098)	$	28,818	$	(1,098)
U.S. State and Municipal securities		—		—		13,554		(1,891)		13,554		(1,891)
Residential MBS		—		—		333,196		(62,732)		333,196		(62,732)
Commercial MBS		—		—		7,022		(1,057)		7,022		(1,057)
Total securities held-to-maturity	$	—	$	—	$	382,590	$	(66,778)	$	382,590	$	(66,778)

	Less than 12 Months				12 Months or More				Total
			Unrealized/				Unrealized/				Unrealized/
	Estimated		Unrecognized		Estimated		Unrecognized		Estimated		Unrecognized
At December 31, 2023	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-Sale Securities:
U.S. Government agency securities	$	—	$	—	$	61,775	$	(6,222)	$	61,775	$	(6,222)
U.S. State and Municipal securities		—		—		9,699		(1,797)		9,699		(1,797)
Residential MBS		—		—		292,970		(68,609)		292,970		(68,609)
Commercial MBS		10,873		(198)		13,322		(2,168)		24,195		(2,366)
Asset-backed securities		—		—		3,229		(58)		3,229		(58)
Total securities available-for-sale	$	10,873	$	(198)	$	380,995	$	(78,854)	$	391,868	$	(79,052)
Held-to-Maturity Securities:
U.S. Treasury securities	$	—	$	—	$	28,483	$	(1,412)	$	28,483	$	(1,412)
U.S. State and Municipal securities		—		—		13,995		(1,574)		13,995		(1,574)
Residential MBS		—		—		354,750		(60,556)		354,750		(60,556)
Commercial MBS		—		—		7,024		(1,066)		7,024		(1,066)
Total securities held-to-maturity	$	—	$	—	$	404,252	$	(64,608)	$	404,252	$	(64,608)