XML 39 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Securities (Tables)
 9 Months Ended
Sep. 30, 2021
Securities [Abstract]  
Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of AFS Securities
The amortized cost, estimated fair value and unrealized gains (losses) of AFS securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of September 30, 2021
                        
Federal agency
  
$
248,462
    
$
-
    
$
5,496
    
$
242,966
  
State & municipal
    
84,636
      
138
      
753
      
84,021
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
575,884
      
10,907
      
3,959
      
582,832
  
U.S. government agency securities
    
65,762
      
1,710
      
109
      
67,363
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
438,255
      
5,002
      
2,004
      
441,253
  
U.S. government agency securities
    
115,873
      
1,774
      
189
      
117,458
  
Corporate
    
38,500
      
1,637
      
-
      
40,137
  
Total AFS securities
  
$
1,567,372
    
$
21,168
    
$
12,510
    
$
1,576,030
  
As of December 31, 2020
                                
Federal agency
  
$
245,590
    
$
59
    
$
2,052
    
$
243,597
  
State & municipal
    
42,550
      
630
      
-
      
43,180
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
521,448
      
17,079
      
22
      
538,505
  
U.S. government agency securities
    
55,049
      
2,332
      
47
      
57,334
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
311,710
      
7,549
      
58
      
319,201
  
U.S. government agency securities
    
114,864
      
3,739
      
-
      
118,603
  
Corporate
    
27,500
      
778
      
-
      
28,278
  
Total AFS securities
  
$
1,318,711
    
$
32,166
    
$
2,179
    
$
1,348,698
  
Amortized Cost, Estimated Fair Value, and Unrealized Gains (Losses) of HTM Securities
The amortized cost, estimated fair value and unrealized gains (losses) of HTM securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of September 30, 2021
                        
Federal agency
  
$
100,000
    
$
-
    
$
3,821
    
$
96,179
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
121,040
      
2,851
      
568
      
123,323
  
U.S. government agency securities
    
9,121
      
659
      
-
      
9,780
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
75,852
      
3,050
      
-
      
78,902
  
U.S. government agency securities
    
54,587
      
679
      
341
      
54,925
  
State & municipal
    
322,503
      
5,021
      
1,504
      
326,020
  
Total HTM securities
  
$
683,103
    
$
12,260
    
$
6,234
    
$
689,129
  
As of December 31, 2020
                                
Federal agency
  
$
100,000
    
$
-
    
$
1,658
    
$
98,342
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
107,914
      
4,583
      
-
      
112,497
  
U.S. government agency securities
    
11,533
      
979
      
-
      
12,512
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
103,105
      
4,477
      
-
      
107,582
  
U.S. government agency securities
    
79,145
      
3,950
      
-
      
83,095
  
State & municipal
    
214,863
      
7,953
      
17
      
222,799
  
Total HTM securities
  
$
616,560
    
$
21,942
    
$
1,675
    
$
636,827
  
Gains and (Losses) on Equity Securities
The following tables set forth information with regard to gains and (losses) on equity securities:

  
Three Months Ended
September 30,
  
(In thousands)
  
2021
    
2020
  
Net (losses) and gains recognized on equity securities
  
$
(114
)
  
$
73
  
Less: Net (losses) and gains recognized on equity securities sold during the period
    
-
      
-
  
Unrealized (losses) and gains recognized on equity securities still held
  
$
(114
)
  
$
73
  

 
Nine Months Ended
September 30,
  
(In thousands)
  
2021
    
2020
  
Net gains and (losses) recognized on equity securities
  
$
539
    
$
(565
)
Less: Net gains and (losses) recognized on equity securities sold during the period
    
-
      
-
  
Unrealized gains and (losses) recognized on equity securities still held
  
$
539
    
$
(565
)
Contractual Maturities of Debt Securities
The following table sets forth information with regard to contractual maturities of debt securities at September 30, 2021:

(In thousands)
  
Amortized
Cost
    
Estimated
Fair Value
  
AFS debt securities:
            
Within one year
  
$
1,258
    
$
1,262
  
From one to five years
    
56,017
      
56,596
  
From five to ten years
    
642,112
      
639,238
  
After ten years
    
867,985
      
878,934
  
Total AFS debt securities
  
$
1,567,372
    
$
1,576,030
  
HTM debt securities:
                
Within one year
  
$
97,203
    
$
97,239
  
From one to five years
    
56,120
      
57,485
  
From five to ten years
    
226,478
      
227,026
  
After ten years
    
303,302
      
307,379
  
Total HTM debt securities
  
$
683,103
    
$
689,129
  
Investment Securities with Unrealized Losses
The following table sets forth information with regard to investment securities with unrealized losses, for which an allowance for credit losses has not been recorded at September 30, 2021, segregated according to the length of time the securities had been in a continuous unrealized loss position:

  
Less Than 12 Months
    
12 Months or Longer
    
Total
  
(In thousands)
  
Fair
Value
    
Unrealized
Losses
    
Number
of Positions
    
Fair
Value
    
Unrealized
Losses
    
Number
of Positions
    
Fair
Value
    
Unrealized
Losses
    
Number
of Positions
  
As of September 30, 2021
                                                      
AFS securities:
                                                      
Federal agency
  
$
101,674
    
$
(1,799
)
    
7
    
$
141,292
    
$
(3,697
)
    
9
    
$
242,966
    
$
(5,496
)
    
16
  
State & municipal
    
68,492
      
(753
)
    
45
      
-
      
-
      
-
      
68,492
      
(753
)
    
45
  
Mortgage-backed
    
239,779
      
(4,060
)
    
18
      
761
      
(8
)
    
4
      
240,540
      
(4,068
)
    
22
  
Collateralized mortgage obligations
    
247,618
      
(1,793
)
    
24
      
12,816
      
(400
)
    
2
      
260,434
      
(2,193
)
    
26
  
Total securities with unrealized losses
  
$
657,563
    
$
(8,405
)
    
94
    
$
154,869
    
$
(4,105
)
    
15
    
$
812,432
    
$
(12,510
)
    
109
  
                                                                         
HTM securities:
                                                                        
Federal agency
  
$
-
    
$
-
      
-
    
$
96,179
    
$
(3,821
)
    
4
    
$
96,179
    
$
(3,821
)
    
4
  
Mortgage-backed
    
56,996
      
(568
)
    
5
      
-
      
-
      
-
      
56,996
      
(568
)
    
5
  
Collateralized mortgage obligation
     31,809
       (341 )     5
       -
       -
       -
       31,809
       (341 )     5
  
State & municipal
    
67,806
      
(1,381
)
    
50
      
3,453
      
(123
)
    
4
      
71,259
      
(1,504
)
    
54
  
Total securities with unrealized losses
  
$
156,611
    
$
(2,290
)
    
60
    
$
99,632
    
$
(3,944
)
    
8
    
$
256,243
    
$
(6,234
)
    
68
  
                                                                         
As of December 31, 2020
                                                                        
AFS securities:
                                                                        
Federal agency
  
$
148,537
    
$
(2,052
)
    
10
    
$
-
    
$
-
      
-
    
$
148,537
    
$
(2,052
)
    
10
  
Mortgage-backed
    
47,269
      
(60
)
    
3
      
800
      
(9
)
    
4
      
48,069
      
(69
)
    
7
  
Collateralized mortgage obligations
    
17,837
      
(58
)
    
6
      
-
      
-
      
-
      
17,837
      
(58
)
    
6
  
Total securities with unrealized losses
  
$
213,643
    
$
(2,170
)
    
19
    
$
800
    
$
(9
)
    
4
    
$
214,443
    
$
(2,179
)
    
23
  
                                                                         
HTM securities:
                                                                        
Federal agency
  
$
98,342
    
$
(1,658
)
    
4
    
$
-
    
$
-
      
-
    
$
98,342
    
$
(1,658
)
    
4
  
State & municipal
    
4,805
      
(17
)
    
5
      
-
      
-
      
-
      
4,805
      
(17
)
    
5
  
Total securities with unrealized losses
  
$
103,147
    
$
(1,675
)
    
9
    
$
-
    
$
-
      
-
    
$
103,147
    
$
(1,675
)
    
9