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Securities | 3 Months Ended
--- | ---
Mar. 31, 2020
Notes to Financial Statements |
Securities | 4. Securities The Company did not hold any trading securities at March 31, 2020 and December 31, 2019. Securities available for sale are recorded at fair value. Securities held-to-maturity (“HTM”) are recorded at amortized cost. Upon adoption of ASC Topic 326, “Credit Losses” on January 1, 2020, see Note 16 related to the adoption of Topic 326, we recorded a transition adjustment of $0.3 million in the allowance for credit losses for held-to-maturity debt securities. Allowance for credit losses The Company’s estimate of expected credit losses for held-to-maturity debt securities is based on historical information, current conditions and a reasonable and supportable forecast. The Company’s portfolio is made up of three securities, two of which are structured similar to a Commercial owner occupied loan, which is modeled for credit losses similar to Commercial business loans secured by real estate. The other security is issued and guaranteed by Fannie Mae, which is a government sponsored enterprise that has a credit rating and perceived credit risk comparable to the U.S. government and therefore the Company assumes a zero loss expectation. Accrued interest receivable on held-to-maturity securities totaled $0.1 million at March 31, 2020 and is excluded from estimates of credit losses. The following table summarizes the Company’s portfolio of securities held-to-maturity at March 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | for Credit
​ |  | Cost |  | Fair Value |  | Gains |  | Losses |  | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipals | ​ | $ | 50,627 | ​ | $ | 51,938 | ​ | $ | 1,311 | ​ | $ | — | ​ | $ | (402)
Total other securities | ​ |  | 50,627 | ​ |  | 51,938 | ​ |  | 1,311 | ​ |  | — | ​ |  | (402)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,929 | ​ |  | 8,953 | ​ |  | 1,024 | ​ |  | — | ​ |  | —
Total mortgage-backed securities | ​ |  | 7,929 | ​ |  | 8,953 | ​ |  | 1,024 | ​ |  | — | ​ |  | —
Total | ​ | $ | 58,556 | ​ | $ | 60,891 | ​ | $ | 2,335 | ​ | $ | — | ​ | $ | (402)
​ The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipals | ​ | $ | 50,954 | ​ | $ | 53,998 | ​ | $ | 3,044 | ​ | $ | —
Total other securities | ​ |  | 50,954 | ​ |  | 53,998 | ​ |  | 3,044 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,934 | ​ |  | 8,114 | ​ |  | 180 | ​ |  | —
Total mortgage-backed securities | ​ |  | 7,934 | ​ |  | 8,114 | ​ |  | 180 | ​ |  | —
Total | ​ | $ | 58,888 | ​ | $ | 62,112 | ​ | $ | 3,224 | ​ | $ | —
​ The following table summarizes the Company’s portfolio of securities available for sale at March 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ | $ | 130,000 | ​ | $ | 111,852 | ​ | $ | — | ​ | $ | 18,148
Municipals | ​ |  | 12,743 | ​ |  | 12,801 | ​ |  | 58 | ​ |  | —
Mutual funds | ​ |  | 12,476 | ​ |  | 12,476 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 100,361 | ​ |  | 87,372 | ​ |  | — | ​ |  | 12,989
Other | ​ |  | 1,355 | ​ |  | 1,355 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 256,935 | ​ |  | 225,856 | ​ |  | 58 | ​ |  | 31,137
REMIC and CMO | ​ |  | 341,170 | ​ |  | 348,109 | ​ |  | 7,329 | ​ |  | 390
GNMA | ​ |  | 602 | ​ |  | 659 | ​ |  | 57 | ​ |  | —
FNMA | ​ |  | 99,676 | ​ |  | 102,224 | ​ |  | 2,572 | ​ |  | 24
FHLMC | ​ |  | 37,630 | ​ |  | 38,564 | ​ |  | 934 | ​ |  | —
Total mortgage-backed securities | ​ |  | 479,078 | ​ |  | 489,556 | ​ |  | 10,892 | ​ |  | 414
Total securities available for sale | ​ | $ | 736,013 | ​ | $ | 715,412 | ​ | $ | 10,950 | ​ | $ | 31,551
​ The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ | $ | 130,000 | ​ | $ | 123,050 | ​ | $ | — | ​ | $ | 6,950
Municipals | ​ |  | 12,797 | ​ |  | 12,916 | ​ |  | 119 | ​ |  | —
Mutual funds | ​ |  | 12,216 | ​ |  | 12,216 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 100,349 | ​ |  | 99,137 | ​ |  | — | ​ |  | 1,212
Other | ​ |  | 1,332 | ​ |  | 1,332 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 256,694 | ​ |  | 248,651 | ​ |  | 119 | ​ |  | 8,162
REMIC and CMO | ​ |  | 348,236 | ​ |  | 348,989 | ​ |  | 2,193 | ​ |  | 1,440
GNMA | ​ |  | 653 | ​ |  | 704 | ​ |  | 51 | ​ |  | —
FNMA | ​ |  | 104,235 | ​ |  | 104,882 | ​ |  | 1,073 | ​ |  | 426
FHLMC | ​ |  | 68,476 | ​ |  | 69,274 | ​ |  | 871 | ​ |  | 73
Total mortgage-backed securities | ​ |  | 521,600 | ​ |  | 523,849 | ​ |  | 4,188 | ​ |  | 1,939
Total securities available for sale | ​ | $ | 778,294 | ​ | $ | 772,500 | ​ | $ | 4,307 | ​ | $ | 10,101
​ We did not hold any private issue CMO’s that are collateralized by commercial real estate mortgages at March 31, 2020 and December 31, 2019. The corporate securities held by the Company at March 31, 2020 and December 31, 2019 are issued by U.S. banking institutions. The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at March 31, 2020, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized | ​ | ​ | ​
Securities held-to-maturity: |  | Cost |  | Fair Value
​ |  | (In thousands)
Due in one year or less | ​ | $ | — |  | $ | —
Due after ten years | ​ | ​ | 50,627 | ​ | ​ | 51,938
Total other securities | ​ | ​ | 50,627 | ​ | ​ | 51,938
Mortgage-backed securities | ​ | ​ | 7,929 | ​ | ​ | 8,953
Total | ​ | $ | 58,556 |  | $ | 60,891
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
Securities available for sale: |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due after one year through five years | ​ | $ | 20,000 | ​ | $ | 18,276
Due after five years through ten years | ​ |  | 127,923 | ​ |  | 109,510
Due after ten years | ​ | ​ | 96,536 | ​ | ​ | 85,594
Total other securities | ​ |  | 244,459 | ​ |  | 213,380
Mutual funds | ​ |  | 12,476 | ​ |  | 12,476
Mortgage-backed securities | ​ |  | 479,078 | ​ |  | 489,556
Total | ​ | $ | 736,013 | ​ | $ | 715,412
​ The following tables show the Company’s securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31, 2020
​ | ​ | 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)
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate |  | 16 | ​ | $ | 111,853 | ​ | $ | 18,148 | ​ | $ | 9,620 | ​ | $ | 380 | ​ | $ | 102,233 | ​ | $ | 17,768
Collateralized loan obligations |  | 13 | ​ |  | 87,372 | ​ |  | 12,989 | ​ |  | 22,521 | ​ |  | 3,046 | ​ |  | 64,851 | ​ |  | 9,943
Total other securities |  | 29 | ​ |  | 199,225 | ​ |  | 31,137 | ​ |  | 32,141 | ​ |  | 3,426 | ​ |  | 167,084 | ​ |  | 27,711
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 12 | ​ |  | 67,416 | ​ |  | 390 | ​ |  | 64,541 | ​ |  | 371 | ​ |  | 2,875 | ​ |  | 19
FNMA |  | 1 | ​ |  | 8,812 | ​ |  | 24 | ​ |  | — | ​ |  | — | ​ |  | 8,812 | ​ |  | 24
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total mortgage-backed securities |  | 13 | ​ |  | 76,228 | ​ |  | 414 | ​ |  | 64,541 | ​ |  | 371 | ​ |  | 11,687 | ​ |  | 43
Total |  | 42 | ​ | $ | 275,453 | ​ | $ | 31,551 | ​ | $ | 96,682 | ​ | $ | 3,797 | ​ | $ | 178,771 | ​ | $ | 27,754
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31, 2019
​ | ​ | 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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate |  | 16 | ​ | $ | 123,050 | ​ | $ | 6,950 | ​ | $ | — | ​ | $ | — | ​ | $ | 123,050 | ​ | $ | 6,950
Collateralized loan obligations |  | 13 | ​ |  | 99,137 | ​ |  | 1,212 | ​ |  | 25,451 | ​ |  | 108 | ​ |  | 73,686 | ​ |  | 1,104
Total other securities |  | 29 | ​ |  | 222,187 | ​ |  | 8,162 | ​ |  | 25,451 | ​ |  | 108 | ​ |  | 196,736 | ​ |  | 8,054
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 23 | ​ |  | 120,989 | ​ |  | 1,440 | ​ |  | 102,384 | ​ |  | 1,117 | ​ |  | 18,605 | ​ |  | 323
GNMA |  | 1 | ​ |  | 49 | ​ |  | — | ​ |  | 49 | ​ |  | — | ​ |  | — | ​ |  | —
FNMA |  | 8 | ​ |  | 67,618 | ​ |  | 426 | ​ |  | 19,073 | ​ |  | 138 | ​ |  | 48,545 | ​ |  | 288
FHLMC |  | 1 | ​ |  | 30,200 | ​ |  | 73 | ​ |  | — | ​ |  | — | ​ |  | 30,200 | ​ |  | 73
Total mortgage-backed securities |  | 33 | ​ |  | 218,856 | ​ |  | 1,939 | ​ |  | 121,506 | ​ |  | 1,255 | ​ |  | 97,350 | ​ |  | 684
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities available for sale |  | 62 | ​ | $ | 441,043 | ​ | $ | 10,101 | ​ | $ | 146,957 | ​ | $ | 1,363 | ​ | $ | 294,086 | ​ | $ | 8,738
​ The Company reviewed each available for sale debt securities that had an unrealized loss at March 31, 2020 to evaluate whether the decline in fair value resulted from credit losses or other factors. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. All of these securities are rated investment grade or above and have a long history of no credit losses. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. In determining the risk of loss for available for sale securities, the Company considered that Mortgage-Backed Securities are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to U.S. government, the issuer of Corporate securities are global systematically important banks, and the tranche of the purchased CLO’s. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. Based on this review management believes that the unrealized losses have resulted from other factors not deemed credit-related and no allowance for credit loss was recorded. Accrued interest receivable on available-for-sale debt securities totaled $2.4 million at March 31, 2020 and is excluded from the estimate of credit losses. 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, 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mortgage-backed securities | ​ | Other securities | ​
​ | ​ | (In thousands) | ​
Beginning balance | ​ | $ | — | ​ | $ | — | ​
CECL adoption | ​ | ​ | — | ​ | ​ | 340 | ​
Provision | ​ | ​ | — | ​ | ​ | 62 | ​
Allowance for credit losses - securities | ​ | $ | — | ​ | $ | 402 | ​
​ Realized gains and losses on the sales of securities are determined using the specific identification method. The Company sold $64.6 million in mortgage-backed securities during the three months ended March 31, 2020. The Company did not sell any securities during the three months ended March 31, 2019. The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2020 |  | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​
Gross gains from the sale of securities | ​ | $ | 713 | ​ | $ | —
Gross losses from the sale of securities | ​ |  | (750) | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Net losses from the sale of securities | ​ | $ | (37) | ​ | $ | —
​

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