Securities (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of portfolio of securities

The following table summarizes the Company’s portfolio of securities held-to-maturity on March 31, 2024:

					Gross		Gross
	Amortized				Unrecognized		Unrecognized
	Cost		Fair Value		Gains		Losses
	(In thousands)
Municipals	$	65,696	$	56,856	$	—	$	(8,840)
Total municipals		65,696		56,856		—		(8,840)
FNMA		7,850		6,944		—		(906)
Total mortgage-backed securities		7,850		6,944		—		(906)
Total before allowance for credit losses	$	73,546	$	63,800	$	—	$	(9,746)
Allowance for credit losses		(1,084)
Total	$	72,462

The following table summarizes the Company’s portfolio of securities held-to-maturity on 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 available for sale on March 31, 2024:

					Gross		Gross
	Amortized				Unrealized		Unrealized
	Cost		Fair Value		Gains		Losses
	(In thousands)
U.S. government agencies	$	31,357	$	30,835	$	107	$	(629)
Corporate		163,228		145,666		7		(17,569)
Mutual funds		11,618		11,618		—		—
Collateralized loan obligations		476,039		477,577		1,884		(346)
Other		1,460		1,460		—		—
Total other securities		683,702		667,156		1,998		(18,544)
REMIC and CMO		309,347		281,894		12		(27,465)
GNMA		27,197		25,297		7		(1,907)
FNMA		153,314		130,338		5		(22,981)
FHLMC		87,834		71,998		—		(15,836)
Total mortgage-backed securities		577,692		509,527		24		(68,189)
Total Securities excluding portfolio layer adjustments		1,261,394		1,176,683		2,022		(86,733)
Unallocated portfolio layer basis adjustments (1)		(5,051)		n/a		—		5,051
Total securities available for sale	$	1,256,343	$	1,176,683	$	2,022	$	(81,682)

(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 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

The following table summarizes the Company’s portfolio of securities available for sale on 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 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 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

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	$	65,696	$	56,856
Total other securities		65,696		56,856
Mortgage-backed securities		7,850		6,944
Total before allowance for credit losses		73,546	$	63,800
Allowance for credit losses		(1,084)
Total	$	72,462

	Amortized
Securities available for sale:	Cost		Fair Value
	(In thousands)
Due in one year or less	$	29,901	$	29,101
Due after one year through five years		75,185		70,275
Due after five years through ten years		223,390		211,299
Due after ten years		343,608		344,863
Total other securities		672,084		655,538
Mutual funds		11,618		11,618
Mortgage-backed securities		577,692		509,527
Total securities available for sale (1)	$	1,261,394	$	1,176,683

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $5.1 million related to AFS securities hedged in a closed portfolio at March 31, 2024. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Schedule of securities with gross unrealized losses and their fair value

	At March 31, 2024
		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	$	56,856	$	(8,840)	$	—	$	—	$	56,856	$	(8,840)
Total other securities	3		56,856		(8,840)		—		—		56,856		(8,840)
FNMA	1		6,944		(906)		—		—		6,944		(906)
Total mortgage-backed securities	1		6,944		(906)		—		—		6,944		(906)
Total	4	$	63,800	$	(9,746)	$	—	$	—	$	63,800	$	(9,746)
Available for sale securities (1)
U.S. Government Agencies	5	$	24,308	$	(629)	$	—	$	—	$	24,308	$	(629)
Corporate	23		144,206		(17,569)		—		—		144,206		(17,569)
Collateralized loan obligations	18		154,564		(346)		105,125		(285)		49,439		(61)
Total other securities	46		323,078		(18,544)		105,125		(285)		217,953		(18,259)
REMIC and CMO	50		212,565		(27,465)		83,511		(120)		129,054		(27,345)
GNMA	7		23,079		(1,907)		16,772		(35)		6,307		(1,872)
FNMA	43		128,678		(22,981)		—		—		128,678		(22,981)
FHLMC	18		71,998		(15,836)		—		—		71,998		(15,836)
Total mortgage-backed securities	118		436,320		(68,189)		100,283		(155)		336,037		(68,034)
Total	164	$	759,398	$	(86,733)	$	205,408	$	(440)	$	553,990	$	(86,293)

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $5.1 million related to AFS securities hedged in a closed portfolio at March 31, 2024. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

	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)
Collateralized loan obligations	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)

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $2.3 million related to AFS securities hedged in a closed portfolio at December 31, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

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

The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity.

	For the three months ended
	March 31,
	2024		2023
		(In thousands)
Beginning balance	$	1,087	$	1,100
Provision (benefit)		(3)		(13)
Allowance for credit losses	$	1,084	$	1,087