Schedule of portfolio of securities |
The following table summarizes the Company’s portfolio of securities held-to-maturity on March 31, 2023: | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | Amortized | | | | | Unrecognized | | Unrecognized | | | Cost | | Fair Value | | Gains | | Losses | | | | (In thousands) | Municipals | | $ | 66,740 | | $ | 60,732 | | $ | — | | $ | 6,008 | Total municipals | | | 66,740 | | | 60,732 | | | — | | | 6,008 | | | | | | | | | | | | | | FNMA | | | 7,870 | | | 7,137 | | | — | | | 733 | Total mortgage-backed securities | | | 7,870 | | | 7,137 | | | — | | | 733 | | | | | | | | | | | | | | Allowance for credit losses | | | (1,087) | | | — | | | — | | | — | Total | | $ | 73,523 | | $ | 67,869 | | $ | — | | $ | 6,741 |
The following table summarizes the Company’s portfolio of securities held-to-maturity on December 31, 2022: | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | Amortized | | | | | Unrecognized | | Unrecognized | | | Cost | | Fair Value | | Gains | | Losses | | | | (In thousands) | Municipals | | $ | 66,936 | | $ | 55,561 | | $ | — | | $ | 11,375 | Total municipals | | | 66,936 | | | 55,561 | | | — | | | 11,375 | | | | | | | | | | | | | | FNMA | | | 7,875 | | | 6,989 | | | — | | | 886 | Total mortgage-backed securities | | | 7,875 | | | 6,989 | | | — | | | 886 | | | | | | | | | | | | | | Allowance for credit losses | | | (1,100) | | | — | | | — | | | — | Total | | $ | 73,711 | | $ | 62,550 | | $ | — | | $ | 12,261 |
The following table summarizes the Company’s portfolio of securities available for sale on March 31, 2023: | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | Amortized | | | | | Unrealized | | Unrealized | | | Cost | | Fair Value | | Gains | | Losses | | | | (In thousands) | U.S. government agencies | | $ | 83,691 | | $ | 81,802 | | $ | 171 | | $ | 2,060 | Corporate | | | 173,052 | | | 156,581 | | | — | | | 16,471 | Mutual funds | | | 11,460 | | | 11,460 | | | — | | | — | Collateralized loan obligations | | | 184,773 | | | 180,530 | | | — | | | 4,243 | Other | | | 1,445 | | | 1,445 | | | — | | | — | Total other securities | | | 454,421 | | | 431,818 | | | 171 | | | 22,774 | REMIC and CMO | | | 172,001 | | | 146,318 | | | — | | | 25,683 | GNMA | | | 9,067 | | | 7,304 | | | 3 | | | 1,766 | FNMA | | | 168,689 | | | 146,633 | | | 1 | | | 22,057 | FHLMC | | | 94,641 | | | 79,855 | | | — | | | 14,786 | Total mortgage-backed securities | | | 444,398 | | | 380,110 | | | 4 | | | 64,292 | Total securities available for sale | | $ | 898,819 | | $ | 811,928 | | $ | 175 | | $ | 87,066 |
The following table summarizes the Company’s portfolio of securities available for sale on December 31, 2022: | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | Amortized | | | | | Unrealized | | Unrealized | | | Cost | | Fair Value | | Gains | | Losses | | | | (In thousands) | U.S. government agencies | | $ | 83,720 | | $ | 81,103 | | $ | 2 | | $ | 2,619 | Corporate | | | 146,430 | | | 131,766 | | | — | | | 14,664 | Mutual funds | | | 11,211 | | | 11,211 | | | — | | | — | Collateralized loan obligations | | | 129,684 | | | 125,478 | | | — | | | 4,206 | Other | | | 1,516 | | | 1,516 | | | — | | | — | Total other securities | | | 372,561 | | | 351,074 | | | 2 | | | 21,489 | REMIC and CMO | | | 175,712 | | | 148,414 | | | — | | | 27,298 | GNMA | | | 9,193 | | | 7,317 | | | 3 | | | 1,879 | FNMA | | | 172,690 | | | 148,265 | | | — | | | 24,425 | FHLMC | | | 96,725 | | | 80,287 | | | — | | | 16,438 | Total mortgage-backed securities | | | 454,320 | | | 384,283 | | | 3 | | | 70,040 | Total securities available for sale | | $ | 826,881 | | $ | 735,357 | | $ | 5 | | $ | 91,529 |
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Schedule of amortized cost and fair value of the Company's securities classified as held-to-maturity and available for sale |
| | | | | | | | | Amortized | | | | Securities held-to-maturity: | | Cost | | Fair Value | | | | (In thousands) | Due after ten years | | $ | 66,740 | | $ | 60,732 | Total other securities | | | 66,740 | | | 60,732 | Mortgage-backed securities | | | 7,870 | | | 7,137 | | | | 74,610 | | | 67,869 | | | | | | | | Allowance for credit losses | | | (1,087) | | | - | Total securities held-to-maturity | | $ | 73,523 | | $ | 67,869 |
| | | | | | | | | Amortized | | | | Securities available for sale: | | Cost | | Fair Value | | | | (In thousands) | Due in one year or less | | $ | 59,843 | | $ | 58,258 | Due after one year through five years | | | 74,798 | | | 69,629 | Due after five years through ten years | | | 236,428 | | | 221,597 | Due after ten years | | | 71,892 | | | 70,874 | Total other securities | | | 442,961 | | | 420,358 | Mutual funds | | | 11,460 | | | 11,460 | Mortgage-backed securities | | | 444,398 | | | 380,110 | Total securities available for sale | | $ | 898,819 | | $ | 811,928 |
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Schedule of securities with gross unrealized losses and their fair value |
| | | | | | | | | | | | | | | | | | | | | | | At March 31, 2023 | | | | | Total | | Less than 12 months | | 12 months or more | | | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Count | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | (Dollars in thousands) | Held-to-maturity securities | | | | | | | | | | | | | | | | | | | | | Municipals | | 3 | | $ | 60,732 | | $ | 6,008 | | $ | — | | $ | — | | $ | 60,732 | | $ | 6,008 | Total other securities | | 3 | | | 60,732 | | | 6,008 | | | — | | | — | | | 60,732 | | | 6,008 | | | | | | | | | | | | | | | | | | | | | | FNMA | | 1 | | | 7,137 | | $ | 733 | | | — | | | — | | | 7,137 | | | 733 | Total mortgage-backed securities | | 1 | | | 7,137 | | | 733 | | | — | | | — | | | 7,137 | | | 733 | | | | | | | | | | | | | | | | | | | | | | Total | | 4 | | $ | 67,869 | | $ | 6,741 | | $ | — | | $ | — | | $ | 67,869 | | $ | 6,741 | | | | | | | | | | | | | | | | | | | | | | Available for sale securities | | | | | | | | | | | | | | | | | | | | | U.S. Government Agencies & Treasury | | 8 | | $ | 73,930 | | $ | 2,060 | | $ | 5,506 | | $ | 20 | | $ | 68,424 | | $ | 2,040 | Corporate | | 26 | | | 156,581 | | | 16,471 | | | 58,591 | | | 4,529 | | | 97,990 | | | 11,942 | CLO | | 25 | | | 180,531 | | | 4,243 | | | 64,192 | | | 893 | | | 116,339 | | | 3,350 | Total other securities | | 59 | | | 411,042 | | | 22,774 | | | 128,289 | | | 5,442 | | | 282,753 | | | 17,332 | | | | | | | | | | | | | | | | | | | | | | REMIC and CMO | | 47 | | | 146,030 | | | 25,683 | | | 3,315 | | | 101 | | | 142,715 | | | 25,582 | GNMA | | 7 | | | 7,106 | | | 1,766 | | | 41 | | | — | | | 7,065 | | | 1,766 | FNMA | | 45 | | | 146,490 | | | 22,057 | | | 7,598 | | | 312 | | | 138,892 | | | 21,745 | FHLMC | | 18 | | | 79,855 | | | 14,786 | | | 10,875 | | | 621 | | | 68,980 | | | 14,165 | Total mortgage-backed securities | | 117 | | | 379,481 | | | 64,292 | | | 21,829 | | | 1,034 | | | 357,652 | | | 63,258 | Total | | 176 | | $ | 790,523 | | $ | 87,066 | | $ | 150,118 | | $ | 6,476 | | $ | 640,405 | | $ | 80,590 |
| | | | | | | | | | | | | | | | | | | | | | | At December 31, 2022 | | | | | Total | | Less than 12 months | | 12 months or more | | | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Count | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | (Dollars in thousands) | Held-to-maturity securities | | | | | | | | | | | | | | | | | | | | | Municipals | | 3 | | $ | 55,561 | | $ | 11,375 | | $ | 55,561 | | $ | 11,375 | | $ | — | | $ | — | Total other securities | | 3 | | | 55,561 | | | 11,375 | | | 55,561 | | | 11,375 | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | FNMA | | 1 | | | 6,989 | | | 886 | | | 6,989 | | | 886 | | | — | | | — | Total mortgage-backed securities | | 1 | | | 6,989 | | | 886 | | | 6,989 | | | 886 | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | Total | | 4 | | $ | 62,550 | | $ | 12,261 | | $ | 62,550 | | $ | 12,261 | | $ | — | | $ | — | | | | | | | | | | | | | | | | | | | | | | Available for sale securities | | | | | | | | | | | | | | | | | | | | | U.S. government agencies | | 7 | | $ | 77,856 | | $ | 2,619 | | $ | 77,059 | | $ | 2,517 | | $ | 797 | | $ | 102 | Corporate | | 20 | | | 131,766 | | | 14,664 | | | 45,447 | | | 3,553 | | | 86,319 | | | 11,111 | CLO | | 19 | | | 125,478 | | | 4,206 | | | 95,518 | | | 2,916 | | | 29,960 | | | 1,290 | Total other securities | | 46 | | | 335,100 | | | 21,489 | | | 218,024 | | | 8,986 | | | 117,076 | | | 12,503 | | | | | | | | | | | | | | | | | | | | | | REMIC and CMO | | 47 | | | 148,120 | | | 27,298 | | | 40,911 | | | 3,457 | | | 107,209 | | | 23,841 | GNMA | | 8 | | | 7,133 | | | 1,879 | | | 64 | | | — | | | 7,069 | | | 1,879 | FNMA | | 47 | | | 148,229 | | | 24,425 | | | 38,296 | | | 3,871 | | | 109,933 | | | 20,554 | FHLMC | | 18 | | | 80,287 | | | 16,438 | | | 24,838 | | | 2,397 | | | 55,449 | | | 14,041 | Total mortgage-backed securities | | 120 | | | 383,769 | | | 70,040 | | | 104,109 | | | 9,725 | | | 279,660 | | | 60,315 | Total | | 166 | | $ | 718,869 | | $ | 91,529 | | $ | 322,133 | | $ | 18,711 | | $ | 396,736 | | $ | 72,818 |
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