INVESTMENT SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| INVESTMENT SECURITIES |
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| 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 (in thousands): | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | Unrealized/ | | Unrealized/ | | | | | | Amortized | | Unrecognized | | Unrecognized | | | | At June 30, 2026 | | Cost | | Gains | | Losses | | Fair Value | Available-for-Sale Securities: | | | | | | | | | | | | | U.S. Government agency securities | | $ | 20,000 | | $ | — | | $ | (1,819) | | $ | 18,181 | U.S. State and Municipal securities | | | 11,105 | | | — | | | (1,413) | | | 9,692 | Residential MBS | | | 649,390 | | | 626 | | | (55,127) | | | 594,889 | Commercial MBS | | | 45,367 | | | — | | | (2,555) | | | 42,812 | Asset-backed securities | | | 2,262 | | | — | | | (58) | | | 2,204 | Total securities available-for-sale | | $ | 728,124 | | $ | 626 | | $ | (60,972) | | $ | 667,778 | | | | | | | | | | | | | | Held-to-Maturity Securities: | | | | | | | | | | | | | U.S. State and Municipal securities | | $ | 14,937 | | $ | — | | $ | (1,362) | | $ | 13,575 | Residential MBS | | | 392,067 | | | 17 | | | (43,766) | | | 348,318 | Commercial MBS | | | 8,037 | | | — | | | (478) | | | 7,559 | Total securities held-to-maturity | | $ | 415,041 | | $ | 17 | | $ | (45,606) | | $ | 369,452 | | | | | | | | | | | | | | Equity Investments: | | | | | | | | | | | | | CRA Mutual Fund | | $ | 5,948 | | $ | — | | $ | (302) | | $ | 5,646 | Total equity investment securities | | $ | 5,948 | | $ | — | | $ | (302) | | $ | 5,646 |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | Unrealized/ | | Unrealized/ | | | | | | Amortized | | Unrecognized | | Unrecognized | | | | At December 31, 2025 | | Cost | | Gains | | Losses | | Fair Value | Available-for-Sale Securities: | | | | | | | | | | | | | U.S. Government agency securities | | $ | 30,000 | | $ | — | | $ | (1,886) | | $ | 28,114 | U.S. State and Municipal securities | | | 11,184 | | | — | | | (1,456) | | | 9,728 | Residential MBS | | | 543,349 | | | 2,409 | | | (50,726) | | | 495,032 | Commercial MBS | | | 45,560 | | | 79 | | | (1,939) | | | 43,700 | Asset-backed securities | | | 2,419 | | | — | | | (61) | | | 2,358 | Total securities available-for-sale | | $ | 632,512 | | $ | 2,488 | | $ | (56,068) | | $ | 578,932 | | | | | | | | | | | | | | Held-to-Maturity Securities: | | | | | | | | | | | | | U.S. State and Municipal securities | | $ | 15,065 | | $ | — | | $ | (1,402) | | $ | 13,663 | Residential MBS | | | 333,515 | | | — | | | (41,662) | | | 291,853 | Commercial MBS | | | 8,047 | | | — | | | (481) | | | 7,566 | Total securities held-to-maturity | | $ | 356,627 | | $ | — | | $ | (43,545) | | $ | 313,082 | | | | | | | | | | | | | | Equity Investments: | | | | | | | | | | | | | CRA Mutual Fund | | $ | 5,858 | | $ | — | | $ | (249) | | $ | 5,609 | Total equity investment securities | | $ | 5,858 | | $ | — | | $ | (249) | | $ | 5,609 |
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| 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, 2026 | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due within 1 year | | $ | — | | $ | — | | $ | — | | $ | — | After 1 year through 5 years | | | — | | | — | | | 15,000 | | | 14,318 | After 5 years through 10 years | | | — | | | — | | | 9,821 | | | 7,813 | After 10 years | | | 14,937 | | | 13,575 | | | 6,284 | | | 5,742 | Mortgage-backed and Asset-backed Securities | | | 400,104 | | | 355,877 | | | 697,019 | | | 639,905 | Total Securities | | $ | 415,041 | | $ | 369,452 | | $ | 728,124 | | $ | 667,778 |
| | | | | | | | | | | | | | | Held-to-Maturity | | Available-for-Sale | At December 31, 2025 | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due within 1 year | | $ | — | | $ | — | | $ | 10,000 | $ | | 9,960 | After 1 year through 5 years | | | — | | | — | | | 15,000 | | | 14,261 | After 5 years through 10 years | | | — | | | — | | | 4,823 | | | 3,985 | After 10 years | | | 15,065 | | | 13,663 | | | 11,361 | | | 9,636 | Mortgage-backed and Asset-backed Securities | | | 341,562 | | | 299,419 | | | 591,328 | | | 541,090 | Total Securities | | $ | 356,627 | | $ | 313,082 | | $ | 632,512 | | $ | 578,932 |
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| Schedule of securities with unrealized/unrecognized losses |
The following tables present debt securities with unrealized/unrecognized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | | | | | Unrealized/ | | | | | Unrealized/ | | | | | Unrealized/ | | | Estimated | | Unrecognized | | Estimated | | Unrecognized | | Estimated | | Unrecognized | At June 30, 2026 | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Available-for-Sale Securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | $ | — | | $ | — | | $ | 18,181 | | $ | (1,819) | | $ | 18,181 | | $ | (1,819) | U.S. State and Municipal securities | | | — | | | — | | | 9,692 | | | (1,413) | | | 9,692 | | | (1,413) | Residential MBS | | | 289,362 | | | (3,546) | | | 225,861 | | | (51,581) | | | 515,223 | | | (55,127) | Commercial MBS | | | 20,087 | | | (323) | | | 22,725 | | | (2,232) | | | 42,812 | | | (2,555) | Asset-backed securities | | | — | | | — | | | 2,204 | | | (58) | | | 2,204 | | | (58) | Total securities available-for-sale | | $ | 309,449 | | $ | (3,869) | | $ | 278,663 | | $ | (57,103) | | $ | 588,112 | | $ | (60,972) | | | | | | | | | | | | | | | | | | | | Held-to-Maturity Securities: | | | | | | | | | | | | | | | | | | | U.S. State and Municipal securities | | $ | — | | $ | — | | $ | 13,575 | | $ | (1,362) | | $ | 13,575 | | $ | (1,362) | Residential MBS | | | 49,392 | | | (177) | | | 271,583 | | | (43,589) | | | 320,975 | | | (43,766) | Commercial MBS | | | — | | | — | | | 7,559 | | | (478) | | | 7,559 | | | (478) | Total securities held-to-maturity | | $ | 49,392 | | $ | (177) | | $ | 292,717 | | $ | (45,429) | | $ | 342,109 | | $ | (45,606) |
| | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | | | | | Unrealized/ | | | | | Unrealized/ | | | | | Unrealized/ | | | Estimated | | Unrecognized | | Estimated | | Unrecognized | | Estimated | | Unrecognized | At December 31, 2025 | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Available-for-Sale Securities: | | | | | | | | | | | | | | | | | | | U.S. Government agency securities | | $ | — | | $ | — | | $ | 28,114 | | $ | (1,886) | | $ | 28,114 | | $ | (1,886) | U.S. State and Municipal securities | | | — | | | — | | | 9,728 | | | (1,456) | | | 9,728 | | | (1,456) | Residential MBS | | | — | | | — | | | 241,900 | | | (50,726) | | | 241,900 | | | (50,726) | Commercial MBS | | | 10,878 | | | (13) | | | 23,354 | | | (1,926) | | | 34,232 | | | (1,939) | Asset-backed securities | | | — | | | — | | | 2,358 | | | (61) | | | 2,358 | | | (61) | Total securities available-for-sale | | $ | 10,878 | | $ | (13) | | $ | 305,454 | | $ | (56,055) | | $ | 316,332 | | $ | (56,068) | | | | | | | | | | | | | | | | | | | | Held-to-Maturity Securities: | | | | | | | | | | | | | | | | | | | U.S. State and Municipal securities | | $ | — | | $ | — | | $ | 13,663 | | $ | (1,402) | | $ | 13,663 | | $ | (1,402) | Residential MBS | | | — | | | — | | | 291,853 | | | (41,662) | | | 291,853 | | | (41,662) | Commercial MBS | | | — | | | — | | | 7,566 | | | (481) | | | 7,566 | | | (481) | Total securities held-to-maturity | | $ | — | | $ | — | | $ | 313,082 | | $ | (43,545) | | $ | 313,082 | | $ | (43,545) |
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