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INVESTMENT SECURITIES AVAILABLE FOR SALE
 6 Months Ended
Jun. 30, 2021
Investment Securities Available For Sale [Abstract]  
INVESTMENT SECURITIES AVAILABLE FOR SALE

2.  INVESTMENT SECURITIES AVAILABLE FOR SALE

A summary of amortized cost and approximate fair value of investment securities available for sale included in the Consolidated Statements of Condition as of June 30, 2021 and December 31, 2020 follows:

 

 

 

June 30, 2021

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S government-sponsored agencies

 

$

214,141

 

 

$

15

 

 

$

(3,216

)

 

$

210,940

 

Mortgage-backed securities–residential

 

 

553,129

 

 

 

6,613

 

 

 

(4,469

)

 

 

555,273

 

SBA pool securities

 

 

45,565

 

 

 

112

 

 

 

(409

)

 

 

45,268

 

State and political subdivisions

 

 

6,705

 

 

 

70

 

 

 

—

 

 

 

6,775

 

Corporate bond

 

 

5,500

 

 

 

64

 

 

 

—

 

 

 

5,564

 

Total

 

$

825,040

 

 

$

6,874

 

 

$

(8,094

)

 

$

823,820

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. treasuries

 

$

2,613

 

 

$

—

 

 

$

—

 

 

$

2,613

 

U.S. government-sponsored agencies

 

 

84,424

 

 

 

2

 

 

 

(655

)

 

 

83,771

 

Mortgage-backed securities–residential

 

 

467,915

 

 

 

8,604

 

 

 

(461

)

 

 

476,058

 

SBA pool securities

 

 

49,457

 

 

 

31

 

 

 

(359

)

 

 

49,129

 

State and political subdivisions

 

 

7,987

 

 

 

102

 

 

 

—

 

 

 

8,089

 

Corporate bond

 

 

3,000

 

 

 

29

 

 

 

—

 

 

 

3,029

 

Total

 

$

615,396

 

 

$

8,768

 

 

$

(1,475

)

 

$

622,689

 

 

The following tables present the Company’s available for sale securities in a continuous unrealized loss position and the approximate fair value of these investments as of June 30, 2021 and December 31, 2020.

 

 

 

June 30, 2021

 

 

 

Duration of Unrealized Loss

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(In thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S government-sponsored agencies

 

$

171,484

 

 

$

(3,216

)

 

$

—

 

 

$

—

 

 

$

171,484

 

 

$

(3,216

)

Mortgage-backed securities-residential

 

 

276,658

 

 

 

(4,292

)

 

 

15,325

 

 

 

(177

)

 

 

291,983

 

 

 

(4,469

)

SBA pool securities

 

 

36,460

 

 

 

(409

)

 

 

—

 

 

 

—

 

 

 

36,460

 

 

 

(409

)

Total

 

$

484,602

 

 

$

(7,917

)

 

$

15,325

 

 

$

(177

)

 

$

499,927

 

 

$

(8,094

)

 

 

 

December 31, 2020

 

 

 

Duration of Unrealized Loss

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(In thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. government-sponsored agencies

 

$

73,769

 

 

$

(655

)

 

$

—

 

 

$

—

 

 

$

73,769

 

 

$

(655

)

Mortgage-backed securities-residential

 

 

103,340

 

 

 

(430

)

 

 

13,914

 

 

 

(31

)

 

 

117,254

 

 

 

(461

)

SBA pool securities

 

 

39,720

 

 

 

(343

)

 

 

2,095

 

 

 

(16

)

 

 

41,815

 

 

 

(359

)

Total

 

$

216,829

 

 

$

(1,428

)

 

$

16,009

 

 

$

(47

)

 

$

232,838

 

 

$

(1,475

)

 

Management believes that the unrealized losses on investment securities available for sale are temporary and are due to interest rate fluctuations and/or volatile market conditions rather than the credit-worthiness of the issuers.  As of June 30, 2021, the Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired.

The Company has an investment in a CRA investment fund with a fair value of $14.9 million at June 30, 2021. The investment is classified as an equity security in our Consolidated Statements of Condition.  This security had a gain of $42,000 for the three months ended June 30, 2021 and a loss of $223,000 for the six months ended June 30, 2021.  This amount is included in securities gains/(losses), net on the Consolidated Statements of Income.