| Investment Securities |
Investment Securities The following table summarizes the Company’s available for sale and held to maturity investment securities at December 31, 2025 and 2024. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | December 31, 2025 | | | | | | Less Than
1 Year | | Over 1
Year | | | | Available for sale: | | | | | | | | | | | | U.S. agency mortgage-backed | | $ | 284,749 | | | $ | 402 | | | $ | 51 | | | $ | 17,450 | | | $ | 267,650 | | | Collateralized mortgage obligations | | 61,185 | | | 1 | | | — | | | 859 | | | 60,327 | | | Municipal bonds | | 53,018 | | | 3 | | | — | | | 4,874 | | | 48,147 | | | U.S. government agency | | 11,441 | | | — | | | — | | | 438 | | | 11,003 | | | Corporate bonds | | 4,491 | | | 9 | | | — | | | 179 | | | 4,321 | | | Total available for sale | | $ | 414,884 | | | $ | 415 | | | $ | 51 | | | $ | 23,800 | | | $ | 391,448 | | | Held to maturity: | | | | | | | | | | | | Municipal bonds | | $ | 1,065 | | | $ | 1 | | | $ | — | | | $ | — | | | $ | 1,066 | | | Total held to maturity | | $ | 1,065 | | | $ | 1 | | | $ | — | | | $ | — | | | $ | 1,066 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | December 31, 2024 | | | | | | Less Than
1 Year | | Over 1
Year | | | | Available for sale: | | | | | | | | | | | | U.S. agency mortgage-backed | | $ | 291,351 | | | $ | 45 | | | $ | 336 | | | $ | 29,187 | | | $ | 261,873 | | | Collateralized mortgage obligations | | 73,931 | | | 1 | | | — | | | 2,543 | | | 71,389 | | | Municipal bonds | | 53,458 | | | 1 | | | 14 | | | 7,616 | | | 45,829 | | | U.S. government agency | | 18,079 | | | — | | | — | | | 951 | | | 17,128 | | | Corporate bonds | | 6,985 | | | — | | | — | | | 412 | | | 6,573 | | | Total available for sale | | $ | 443,804 | | | $ | 47 | | | $ | 350 | | | $ | 40,709 | | | $ | 402,792 | | | Held to maturity: | | | | | | | | | | | | Municipal bonds | | $ | 1,065 | | | $ | 1 | | | $ | 1 | | | $ | — | | | $ | 1,065 | | | Total held to maturity | | $ | 1,065 | | | $ | 1 | | | $ | 1 | | | $ | — | | | $ | 1,065 | |
The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Less Than 1 Year | | Over 1 Year | | Total | | December 31, 2025 | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Available for sale: | | | | | | | | | | | | | U.S. agency mortgage-backed | | $ | 13,590 | | | $ | 51 | | | $ | 220,409 | | | $ | 17,450 | | | $ | 233,999 | | | $ | 17,501 | | | Collateralized mortgage obligations | | 25 | | | — | | | 60,276 | | | 859 | | | 60,301 | | | 859 | | | Municipal bonds | | — | | | — | | | 46,205 | | | 4,874 | | | 46,205 | | | 4,874 | | | U.S. government agency | | — | | | — | | | 11,003 | | | 438 | | | 11,003 | | | 438 | | | Corporate bonds | | — | | | — | | | 3,320 | | | 179 | | | 3,320 | | | 179 | | | Total available for sale | | $ | 13,615 | | | $ | 51 | | | $ | 341,213 | | | $ | 23,800 | | | $ | 354,828 | | | $ | 23,851 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Less Than 1 Year | | Over 1 Year | | Total | | December 31, 2024 | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Available for sale: | | | | | | | | | | | | | U.S. agency mortgage-backed | | $ | 16,024 | | | $ | 336 | | | $ | 240,693 | | | $ | 29,187 | | | $ | 256,717 | | | $ | 29,523 | | | Collateralized mortgage obligations | | — | | | — | | | 71,342 | | | 2,543 | | | 71,342 | | | 2,543 | | | Municipal bonds | | 1,435 | | | 14 | | | 43,893 | | | 7,616 | | | 45,328 | | | 7,630 | | | U.S. government agency | | — | | | — | | | 17,128 | | | 951 | | | 17,128 | | | 951 | | | Corporate bonds | | — | | | — | | | 6,573 | | | 412 | | | 6,573 | | | 412 | | | Total available for sale | | $ | 17,459 | | | $ | 350 | | | $ | 379,629 | | | $ | 40,709 | | | $ | 397,088 | | | $ | 41,059 | | | Held to maturity: | | | | | | | | | | | | | | Municipal bonds | | $ | 534 | | | $ | 1 | | | $ | — | | | $ | — | | | $ | 534 | | | $ | 1 | | | Total held to maturity | | $ | 534 | | | $ | 1 | | | $ | — | | | $ | — | | | $ | 534 | | | $ | 1 | |
At December 31, 2025, 208 of the Company’s debt securities had unrealized losses totaling 6.3% of the individual securities’ amortized cost basis and 5.7% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 203 of the 208 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at December 31, 2025. At December 31, 2025 and December 31, 2024, it was determined that no ACL was required for the Company's held to maturity investment securities. The Company monitors credit quality of debt securities held to maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held to maturity securities by credit quality rating at December 31, 2025 and December 31, 2024. | | | | | | | | | | | | | | | | | | | | | | | Credit Ratings | | | | (dollars in thousands) | | AAA/AA/A | | BBB/BB/B | | Total | | December 31, 2025 | | | | | | | | Held to maturity: | | | | | | | | Municipal bonds | | $ | 1,065 | | | $ | — | | | $ | 1,065 | |
| | | | | | | | | | | | | | | | | | | | | | | Credit Ratings | | | | (dollars in thousands) | | AAA/AA/A | | BBB/BB/B | | Total | | December 31, 2024 | | | | | | | | Held to maturity: | | | | | | | | Municipal bonds | | $ | 1,065 | | | $ | — | | | $ | 1,065 | |
The amortized cost and estimated fair value by maturity of the Company’s investment securities as of December 31, 2025 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | One Year or Less | | After One Year through Five Years | | After Five Years through Ten Years | | After Ten Years | | Total | | Fair Value | | | | | | | | | | | | Available for sale: | | | | | | | | | | | | U.S. agency mortgage-backed | | $ | 23,118 | | | $ | 76,978 | | | $ | 65,042 | | | $ | 102,512 | | | $ | 267,650 | | | Collateralized mortgage obligations | | 14,933 | | | 31,989 | | | 411 | | | 12,994 | | | 60,327 | | | Municipal bonds | | — | | | 10,606 | | | 34,703 | | | 2,838 | | | 48,147 | | | U.S. government agency | | — | | | 1,932 | | | 9,071 | | | — | | | 11,003 | | | Corporate bonds | | — | | | 1,001 | | | 3,320 | | | — | | | 4,321 | | | Total securities available for sale | | $ | 38,051 | | | $ | 122,506 | | | $ | 112,547 | | | $ | 118,344 | | | $ | 391,448 | | | Held to maturity: | | | | | | | | | | | | Municipal bonds | | $ | 1,066 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,066 | | | Total securities held to maturity | | $ | 1,066 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,066 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | One Year or Less | | After One Year through Five Years | | After Five Years through Ten Years | | After Ten Years | | Total | | Amortized Cost | | | | | | | | | | | | Available for sale: | | | | | | | | | | | | U.S. agency mortgage-backed | | $ | 23,388 | | | $ | 79,809 | | | $ | 67,641 | | | $ | 113,911 | | | $ | 284,749 | | | Collateralized mortgage obligations | | 14,989 | | | 32,412 | | | 417 | | | 13,367 | | | 61,185 | | | Municipal bonds | | — | | | 11,051 | | | 38,859 | | | 3,108 | | | 53,018 | | | U.S. government agency | | — | | | 2,046 | | | 9,395 | | | — | | | 11,441 | | | Corporate bonds | | — | | | 991 | | | 3,500 | | | — | | | 4,491 | | | Total securities available for sale | | $ | 38,377 | | | $ | 126,309 | | | $ | 119,812 | | | $ | 130,386 | | | $ | 414,884 | | | Held to maturity: | | | | | | | | | | | | Municipal bonds | | $ | 1,065 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,065 | | | Total securities held to maturity | | $ | 1,065 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,065 | |
For the years ended December 31, 2025 and 2024, the Company recorded no gross gains and losses related to the sale of investment securities. For the year ended December 31, 2023, the Company recorded gross gains of $98,000 and gross losses of $347,000 related to the sale of investment securities. As of December 31, 2025 and 2024, the Company had accrued interest receivable for investment securities of $1,305,000 and $1,471,000, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. As of December 31, 2025 and 2024, the Company had $140,110,000 and $134,887,000, respectively, of securities pledged to secure public deposits. In addition as of December 31, 2025 and 2024, the Company had $2,370,000 and $2,778,000, respectively, of securities pledged to the Federal Reserve Discount Window and U.S. Bankruptcy Trustee for debtor in possession accounts held at the bank.
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