INVESTMENT SECURITIES AVAILABLE FOR SALE

9 Months Ended

Sep. 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 September 30, 2021 and December 31, 2020 follows:

	September 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
U.S government-sponsored agencies	$	280,102	$	—	$	(5,669	)	$	274,433
Mortgage-backed securities–residential		515,651		5,663		(6,183	)		515,131
SBA pool securities		43,685		95		(850	)		42,930
State and political subdivisions		5,696		54		—			5,750
Corporate bond		5,500		35		—			5,535
Total	$	850,634	$	5,847	$	(12,702	)	$	843,779

	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 September 30, 2021 and December 31, 2020.

	September 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	$	259,893	$	(5,209	)	$	14,540	$	(460	)	$	274,433	$	(5,669	)
Mortgage-backed securities-residential		288,682		(6,015	)		14,707		(168	)		303,389		(6,183	)
SBA pool securities		23,631		(330	)		10,577		(520	)		34,208		(850	)
Total	$	572,206	$	(11,554	)	$	39,824	$	(1,148	)	$	612,030	$	(12,702	)

	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 September 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 $14.8 million at September 30, 2021. The investment is classified as an equity security in our Consolidated Statements of Condition.  This security had a loss of $70,000 for the three months ended September 30, 2021 and a loss of $293,000 for the nine months ended September 30, 2021.  This amount is included in securities gains/(losses), net on the Consolidated Statements of Income.