XML 14 R26.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2020
SECURITIES.  
Schedule of amortized cost and fair value of the available for sale and held to maturity

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at March 31, 2020 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

Gross

 

Gross

 

Estimated

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(In thousands)

    

Cost

    

Gains

    

Losses

    

Value

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

59,980

 

$

19

 

$

 —

 

$

59,999

State and municipal obligations

 

 

37,233

  

 

805

 

 

(92)

  

 

37,946

U.S. GSE residential mortgage-backed securities

 

 

80,136

  

 

1,756

 

 

(238)

  

 

81,654

U.S. GSE residential collateralized mortgage obligations

 

 

200,029

  

 

5,463

 

 

 —

  

 

205,492

U.S. GSE commercial mortgage-backed securities

 

 

16,683

  

 

366

 

 

 —

  

 

17,049

U.S. GSE commercial collateralized mortgage obligations

 

 

81,310

  

 

2,148

 

 

(78)

  

 

83,380

Other asset backed securities

 

 

24,250

  

 

 —

 

 

(1,698)

  

 

22,552

Corporate bonds

 

 

49,000

  

 

 —

 

 

(3,794)

  

 

45,206

Total available for sale

 

 

548,621

  

 

10,557

 

 

(5,900)

  

 

553,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

Estimated

 

 

Amortized

 

Unrecognized

 

Unrecognized

 

Fair

(In thousands)

    

Cost

    

Gains

    

Losses

    

Value

Held to maturity:

 

 

 

  

 

  

 

 

 

  

 

  

State and municipal obligations

 

 

34,046

  

 

807

 

 

 —

  

 

34,853

U.S. GSE residential mortgage-backed securities

 

 

7,737

  

 

141

 

 

 —

  

 

7,878

U.S. GSE residential collateralized mortgage obligations

 

 

38,076

  

 

1,610

 

 

 —

  

 

39,686

U.S. GSE commercial mortgage-backed securities

 

 

17,021

  

 

503

 

 

 —

  

 

17,524

U.S. GSE commercial collateralized mortgage obligations

 

 

27,351

  

 

371

 

 

(10)

  

 

27,712

Total held to maturity

 

 

124,231

  

 

3,432

 

 

(10)

  

 

127,653

Total securities

 

$

672,852

 

$

13,989

 

$

(5,910)

 

$

680,931

 

As of March 31, 2020, none of the Company’s available for sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available for sale debt securities was required. Additionally, the calculated allowance for credit losses on held to maturity securities was inconsequential given the high quality composition of the Company’s held to maturity portfolio and therefore no allowance for credit losses was recorded. Accrued interest receivable on securities totaling $2.1 million at March 31, 2020 was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

 

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at December 31, 2019 and the corresponding amounts of gross unrealized gains and losses therein:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

Gross

 

Gross

 

Estimated

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(In thousands)

    

Cost

    

Gains

    

Losses

    

Value

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

50,833

 

$

 —

 

$

(11)

 

$

50,822

U.S. GSE securities

 

 

5,000

 

 

 —

 

 

(5)

 

 

4,995

State and municipal obligations

 

 

34,303

  

 

704

 

 

(43)

  

 

34,964

U.S. GSE residential mortgage-backed securities

 

 

84,550

  

 

609

 

 

(468)

  

 

84,691

U.S. GSE residential collateralized mortgage obligations

 

 

278,149

  

 

1,166

 

 

(1,464)

  

 

277,851

U.S. GSE commercial mortgage-backed securities

 

 

13,656

  

 

23

 

 

(70)

  

 

13,609

U.S. GSE commercial collateralized mortgage obligations

 

 

102,722

  

 

1,723

 

 

(289)

  

 

104,156

Other asset-backed securities

 

 

24,250

  

 

 —

 

 

(849)

  

 

23,401

Corporate bonds

 

 

46,000

  

 

 —

 

 

(2,198)

  

 

43,802

Total available for sale

 

 

639,463

  

 

4,225

 

 

(5,397)

  

 

638,291

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

  

 

  

 

 

 

  

 

  

State and municipal obligations

 

 

41,008

  

 

809

 

 

 —

  

 

41,817

U.S. GSE residential mortgage-backed securities

 

 

8,142

  

 

 5

 

 

(54)

  

 

8,093

U.S. GSE residential collateralized mortgage obligations

 

 

39,936

  

 

624

 

 

(62)

  

 

40,498

U.S. GSE commercial mortgage-backed securities

 

 

17,215

  

 

102

 

 

(82)

  

 

17,235

U.S. GSE commercial collateralized mortgage obligations

 

 

27,337

  

 

191

 

 

(144)

  

 

27,384

Total held to maturity

 

 

133,638

  

 

1,731

 

 

(342)

  

 

135,027

Total securities

 

$

773,101

 

$

5,956

 

$

(5,739)

 

$

773,318

 

Schedule of securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months

The following table summarizes available for sale debt securities with gross unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2020, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

Less than 12 months

 

Greater than 12 months

 

 

Estimated

 

Gross

 

Estimated

 

Gross

 

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(In thousands)

    

Value

    

Losses

    

Value

    

Losses

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

5,232

  

$

(92)

 

$

 —

  

$

 —

U.S. GSE residential mortgage-backed securities

 

 

17,934

  

 

(162)

 

 

4,219

  

 

(76)

U.S. GSE commercial collateralized mortgage obligations

 

 

6,616

  

 

(67)

 

 

2,020

  

 

(11)

Other asset backed securities

 

 

 —

  

 

 —

 

 

22,552

  

 

(1,698)

Corporate bonds

 

 

4,739

  

 

(261)

 

 

37,467

  

 

(3,533)

Total available for sale

 

$

34,521

  

$

(582)

 

$

66,258

  

$

(5,318)

 

The following table summarizes securities with gross unrealized losses at December 31, 2019, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

Less than 12 months

 

Greater than 12 months

 

 

Estimated

 

Gross

 

Estimated

 

Gross

 

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(In thousands)

    

Value

    

Losses

    

Value

    

Losses

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

50,822

 

$

(11)

 

$

 —

 

$

 —

U.S. GSE securities

 

 

 —

 

 

 —

 

 

4,995

 

 

(5)

State and municipal obligations

 

 

4,982

  

 

(42)

 

 

76

  

 

(1)

U.S. GSE residential mortgage-backed securities

 

 

2,935

  

 

(30)

 

 

39,617

  

 

(438)

U.S. GSE residential collateralized mortgage obligations

 

 

81,377

  

 

(480)

 

 

93,403

  

 

(984)

U.S. GSE commercial mortgage-backed securities

 

 

6,648

  

 

(70)

 

 

 —

  

 

 —

U.S. GSE commercial collateralized mortgage obligations

 

 

28,710

  

 

(145)

 

 

9,614

  

 

(144)

Other asset-backed securities

 

 

 —

  

 

 —

 

 

23,401

  

 

(849)

Corporate bonds

 

 

 —

  

 

 —

 

 

43,802

  

 

(2,198)

Total available for sale

 

$

175,474

  

$

(778)

 

$

214,908

  

$

(4,619)

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

  

 

  

 

 

 

  

 

  

State and municipal obligations

 

$

 —

  

$

 —

 

$

 —

  

$

 —

U.S. GSE residential mortgage-backed securities

 

 

 —

  

 

 —

 

 

7,268

  

 

(54)

U.S. GSE residential collateralized mortgage obligations

 

 

6,750

  

 

(17)

 

 

6,105

  

 

(45)

U.S. GSE commercial mortgage-backed securities

 

 

 —

  

 

 —

 

 

5,034

  

 

(82)

U.S. GSE commercial collateralized mortgage obligations

 

 

13,038

  

 

(57)

 

 

4,300

  

 

(87)

Total held to maturity

 

$

19,788

 

$

(74)

 

$

22,707

 

$

(268)

 

Schedule of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

Amortized

 

Estimated

(In thousands)

    

Cost

    

Fair Value

Maturity

 

 

 

 

 

 

Available for sale:

 

 

 

 

 

 

Within one year

 

$

61,121

 

$

61,140

One to five years

 

 

44,986

 

 

44,668

Five to ten years

 

 

58,330

 

 

56,068

Beyond ten years

 

 

384,184

 

 

391,402

Total

 

$

548,621

 

$

553,278

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

Within one year

 

$

2,090

 

$

2,097

One to five years

 

 

27,816

 

 

28,373

Five to ten years

 

 

23,052

 

 

23,841

Beyond ten years

 

 

71,273

 

 

73,342

Total

 

$

124,231

 

$

127,653