INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

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 debt securities AFS and HTM 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 March 31, 2022	Cost		Gains		Losses		Fair Value
Available-for-Sale Securities:
U.S. Government agency securities	$	67,995	$	—	$	(5,249)	$	62,746
U.S. State and Municipal securities		11,761		—		(1,523)		10,238
Residential MBS		448,457		5		(36,341)		412,121
Commercial MBS		17,217		41		(1,050)		16,208
Asset-backed securities		4,477		—		(62)		4,415
Total securities available-for-sale	$	549,907	$	46	$	(44,225)	$	505,728
Held-to-Maturity Securities:
U.S. Treasury securities	$	29,821	$	—	$	(1,332)	$	28,489
U.S. State and Municipal securities		15,995		—		(1,553)		14,442
Residential MBS		413,947		—		(27,486)		386,461
Commercial MBS		8,130		—		(697)		7,433
Total securities held-to-maturity	$	467,893	$	—	$	(31,068)	$	436,825
Equity Investments:
CRA Mutual Fund	$	2,332	$	—	$	(159)	$	2,173
Total equity investment securities	$	2,332	$	—	$	(159)	$	2,173

			Gross		Gross
			Unrealized/		Unrealized/
	Amortized		Unrecognized		Unrecognized
At December 31, 2021	Cost		Gains		Losses		Fair Value
Available-for-Sale Securities:
U.S. Government agency securities	$	67,994	$	—	$	(1,660)	$	66,334
U.S. State and Municipal securities		11,799		—		(300)		11,499
Residential MBS		476,393		623		(10,465)		466,551
Commercial MBS		17,787		219		(379)		17,627
Asset-backed securities		4,635		—		(22)		4,613
Total securities available-for-sale	$	578,608	$	842	$	(12,826)	$	566,624
Held-to-Maturity Securities:
U.S. Treasury securities	$	29,811	$	6	$	(43)	$	29,774
U.S. State and Municipal securities		16,055		299		—		16,354
Residential MBS		328,095		105		(2,259)		325,941
Commercial MBS		8,138		—		(99)		8,039
Total securities held-to-maturity	$	382,099	$	410	$	(2,401)	$	380,108
Equity Investments:
CRA Mutual Fund	$	2,326	$	—	$	(53)	$	2,273
Total equity investment securities	$	2,326	$	—	$	(53)	$	2,273

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 investment 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 March 31, 2022	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	—	$	—	$	—	$	—
After 1 year through 5 years		29,821		28,489		48,492		45,280
After 5 years though 10 years		9,815		9,083		35,249		32,997
After 10 years		428,257		399,253		466,166		427,451
Total Securities	$	467,893	$	436,825	$	549,907	$	505,728

	Held-to-Maturity				Available-for-Sale
At December 31, 2021	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	—	$	—	$	—	$	—
After 1 year through 5 years		29,811		29,774		48,515		47,370
After 5 years though 10 years		9,973		9,912		36,242		36,024
After 10 years		342,315		340,422		493,851		483,230
Total Securities	$	382,099	$	380,108	$	578,608	$	566,624

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 March 31, 2022	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-Sale Securities:
Residential MBS	$	304,552	$	(24,766)	$	106,793	$	(11,575)	$	411,345	$	(36,341)
Commercial MBS		5,595		(410)		7,519		(640)		13,114		(1,050)
Asset-backed securities		4,415		(62)		—		—		4,415		(62)
U.S. Government agency securities		—		—		62,746		(5,249)		62,746		(5,249)
U.S. State and Municipal securities		6,294		(628)		3,944		(895)		10,238		(1,523)
Total securities available-for-sale	$	320,856	$	(25,866)	$	181,002	$	(18,359)	$	501,858	$	(44,225)
Held-to-Maturity Securities:
Residential MBS	$	386,461	$	(27,486)	$	—	$	—	$	386,461	$	(27,486)
Commercial MBS		7,433		(697)		—		—		7,433		(697)
U.S. Treasury Securities		28,489		(1,332)		—		—		28,489		(1,332)
U.S. State and Municipal securities		14,442		(1,553)		—		—		14,442		(1,553)
Total securities held-to-maturity	$	436,825	$	(31,068)	$	—	$	—	$	436,825	$	(31,068)

	Less than 12 Months				12 Months or More				Total
			Unrealized/				Unrealized/				Unrealized/
	Estimated		Unrecognized		Estimated		Unrecognized		Estimated		Unrecognized
At December 31, 2021	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-Sale Securities:
Residential MBS	$	423,686	$	(9,727)	$	12,931	$	(738)	$	436,617	$	(10,465)
Commercial MBS		11,202		(296)		3,511		(83)		14,713		(379)
Asset-backed securities		4,613		(22)		—		—		4,613		(22)
U.S. Government agency securities		29,267		(730)		37,067		(930)		66,334		(1,660)
U.S. State and Municipal securities		8,372		(300)		—		—		8,372		(300)
Total securities available-for-sale	$	477,140	$	(11,075)	$	53,509	$	(1,751)	$	530,649	$	(12,826)
Held-to-Maturity Securities:
Residential MBS	$	301,896	$	(2,259)	$	—	$	—	$	301,896	$	(2,259)
Commercial MBS		8,039		(99)		—		—		8,039		(99)
U.S. Treasury Securities		9,697		(43)		—		—		9,697		(43)
Total securities held-to-maturity	$	319,632	$	(2,401)	$	—	$	—	$	319,632	$	(2,401)