Securities (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of portfolio of securities

The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2023:

					Gross		Gross
	Amortized				Unrecognized		Unrecognized
	Cost		Fair Value		Gains		Losses
	(In thousands)
Municipals	$	66,155	$	58,697	$	—	$	(7,458)
Total municipals		66,155		58,697		—		(7,458)
FNMA		7,855		7,058		—		(797)
Total mortgage-backed securities		7,855		7,058		—		(797)
Total before allowance for credit losses		74,010	$	65,755	$	—	$	(8,255)
Allowance for credit losses		(1,087)
Total	$	72,923

The following table summarizes the Company’s portfolio of securities held-to-maturity at 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)
Total before allowance for credit losses		74,811	$	62,550	$	—	$	(12,261)
Allowance for credit losses		(1,100)
Total	$	73,711

The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2023:

					Gross		Gross
	Amortized				Unrealized		Unrealized
	Cost		Fair Value		Gains		Losses
	(In thousands)
U.S. government agencies	$	82,548	$	81,734	$	123	$	(937)
Corporate		173,184		155,449		—		(17,735)
Mutual funds		11,660		11,660		—		—
Collateralized loan obligations		269,600		270,129		1,215		(686)
Other		1,437		1,437		—		—
Total other securities		538,429		520,409		1,338		(19,358)
REMIC and CMO		160,165		133,574		—		(26,591)
GNMA		12,402		10,665		3		(1,740)
FNMA		155,995		135,074		14		(20,935)
FHLMC		89,427		75,031		—		(14,396)
Total mortgage-backed securities		417,989		354,344		17		(63,662)
Total Securities excluding portfolio layer adjustments		956,418		874,753		1,355		(83,020)
Unallocated portfolio layer basis adjustments (1)		(2,254)		n/a		—		(2,254)
Total securities available for sale	$	954,164	$	874,753	$	1,355	$	(80,766)

⁽¹⁾ Represents the amount of portfolio layer method basis adjustments related to available for sale (“AFS”) securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being hedged. See Note 20 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

The following table summarizes the Company’s portfolio of securities available for sale at 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)

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	$	66,155	$	58,697
Total other securities		66,155		58,697
Mortgage-backed securities		7,855		7,058
		74,010		65,755
Allowance for credit losses		(1,087)		n/a
Total securities held-to-maturity	$	72,923	$	65,755

	Amortized
Securities available for sale:	Cost		Fair Value
	(In thousands)
Due in one year or less	$	59,979	$	59,485
Due after one year through five years		105,056		99,599
Due after five years through ten years		222,684		209,728
Due after ten years		139,050		139,937
Total other securities		526,769		508,749
Mutual funds		11,660		11,660
Mortgage-backed securities		417,989		354,344
Total securities available for sale (1)	$	956,418	$	874,753

Schedule of securities with gross unrealized losses and their fair value

	At December 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	$	58,697	$	(7,458)	$	—	$	—	$	58,697	$	(7,458)
Total other securities	3		58,697		(7,458)		—		—		58,697		(7,458)
FNMA	1		7,058		(797)		—		—		7,058		(797)
Total mortgage-backed securities	1		7,058		(797)		—		—		7,058		(797)
Total	4	$	65,755	$	(8,255)	$	—	$	—	$	65,755	$	(8,255)
Available for sale securities (1)
U.S. government agencies	8	$	74,517	$	(937)	$	2,517	$	(7)	$	72,000	$	(930)
Corporate	26		155,449		(17,735)		25,428		(1,318)		130,021		(16,417)
CLO	17		120,609		(686)		—		—		120,609		(686)
Total other securities	51		350,575		(19,358)		27,945		(1,325)		322,630		(18,033)
REMIC and CMO	46		133,312		(26,591)		—		—		133,312		(26,591)
GNMA	7		10,466		(1,740)		3,867		(34)		6,599		(1,706)
FNMA	44		133,394		(20,935)		2,044		(1)		131,350		(20,934)
FHLMC	18		75,031		(14,396)		—		—		75,031		(14,396)
Total mortgage-backed securities	115		352,203		(63,662)		5,911		(35)		346,292		(63,627)
Total	166	$	702,778	$	(83,020)	$	33,856	$	(1,360)	$	668,922	$	(81,660)

	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)

Schedule of allowance for credit losses for debt securities held-to-maturity

	For the year ended December 31,
	2023		2022		2021
Beginning balance	$	1,100	$	862	$	907
Provision (benefit)		(13)		238		(45)
Allowance for credit losses	$	1,087	$	1,100	$	862

Schedule of gross gains and gross losses realized from the sale of securities available for sale

	For the year ended December 31,
	2023		2022		2021
	(In thousands)
Gross gains from the sale of securities	$	—	$	—	$	123
Gross losses from the sale of securities		—		(10,948)		(10)
Net gain (loss) from the sale of securities	$	—	$	(10,948)	$	113