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Securities (Tables)

9 Months Ended

Sep. 30, 2020

Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]

The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2020:


					Gross		Gross		Allowance
	Amortized				Unrealized		Unrealized		for Credit
	Cost		Fair Value		Gains		Losses		Losses

	(In thousands)
Securities held-to-maturity:
Municipals	$	50,654	$	53,268	$	2,614	$	—	$	(402)
Total other securities		50,654		53,268		2,614		—		(402)

FNMA		7,919		9,198		1,279		—		—
Total mortgage-backed securities		7,919		9,198		1,279		—		—
Total	$	58,573	$	62,466	$	3,893	$	—	$	(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 September 30, 2020:


					Gross		Gross
	Amortized				Unrealized		Unrealized
	Cost		Fair Value		Gains		Losses

	(In thousands)
Securities available for sale:
Corporate	$	130,000	$	123,516	$	192	$	6,676
Municipals		65		65		—		—
Mutual funds		12,691		12,691		—		—
Collateralized loan obligations		100,473		97,300		—		3,173
Other		1,149		1,149		—		—
Total other securities		244,378		234,721		192		9,849
REMIC and CMO		206,973		213,941		7,007		39
GNMA		505		554		49		—
FNMA		129,140		132,001		2,883		22
FHLMC		39,266		39,739		504		31
Total mortgage-backed securities		375,884		386,235		10,443		92
Total securities available for sale	$	620,262	$	620,956	$	10,635	$	9,941

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

Investments Classified by Contractual Maturity Date [Table Text Block]


	Amortized
Securities held-to-maturity:	Cost		Fair Value

	(In thousands)
Due after ten years	$	50,654	$	53,268
Total other securities		50,654		53,268
Mortgage-backed securities		7,919		9,198
Total	$	58,573	$	62,466


	Amortized
Securities available for sale:	Cost		Fair Value

	(In thousands)
Due after one year through five years	$	45,000	$	43,654
Due after five years through ten years		110,431		104,599
Due after ten years		76,256		73,777
Total other securities		231,687		222,030
Mutual funds		12,691		12,691
Mortgage-backed securities		375,884		386,235
Total	$	620,262	$	620,956

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]


	At September 30, 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	14	$	113,324	$	6,676	$	—	$	—	$	113,324	$	6,676
Collateralized loan obligations	13		97,299		3,173		7,293		183		90,006		2,990
Total other securities	27		210,623		9,849		7,293		183		203,330		9,666

REMIC and CMO	2		5,663		39		5,663		39		—		—
GNMA ⁽¹⁾	1		48		—		48		—		—		—
FNMA	1		8,652		22		—		—		8,652		22
FHLMC	1		13,449		31		13,449		31		—		—
Total mortgage-backed securities	5		27,812		92		19,160		70		8,652		22

Total securities available for sale	32	$	238,435	$	9,941	$	26,453	$	253	$	211,982	$	9,688

(1)	At September 30, 2020, the unrealized loss was less than $1,000 and in a continuous loss position for less than 12 months.


	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

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 September 30, 2020:


	Mortgage-backed securities		Other securities

	(In thousands)
Beginning balance	$	—	$	402
Provision		—		—
Allowance for credit losses - securities	$	—	$	402

The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the nine months ended September 30, 2020:


	Mortgage-backed securities		Other securities

	(In thousands)
Beginning balance	$	—	$	—
CECL adoption		—		340
Provision		—		62
Allowance for credit losses - securities	$	—	$	402

Schedule of Realized Gain (Loss) [Table Text Block]


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020		2019

	(In thousands)
Gross gains from the sale of securities	$	—	$	—	$	1,476	$	423
Gross losses from the sale of securities		—		—		(1,567)		(438)

Net losses from the sale of securities	$	—	$	—	$	(91)	$	(15)