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Securities | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Securities | 4. Securities The Company did not hold any trading securities at June 30, 2022 and December 31, 2021. Securities available for sale are recorded at fair value. Securities held-to-maturity (“HTM”) are recorded at amortized cost. ​ The following table summarizes the Company’s portfolio of securities held-to-maturity at June 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
Municipals | ​ | $ | 67,315 | ​ | $ | 57,064 | ​ | $ | — | ​ | $ | 10,251
Total municipals | ​ |  | 67,315 | ​ |  | 57,064 | ​ |  | — | ​ |  | 10,251
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,885 | ​ |  | 7,496 | ​ |  | — | ​ |  | 389
Total mortgage-backed securities | ​ |  | 7,885 | ​ |  | 7,496 | ​ |  | — | ​ |  | 389
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for Credit Losses | ​ | ​ | (1,085) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 74,115 | ​ | $ | 64,560 | ​ | $ | — | ​ | $ | 10,640
​ The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
Municipals | ​ | $ | 50,836 | ​ | $ | 53,362 | ​ | $ | 2,526 | ​ | $ | —
Total municipals | ​ |  | 50,836 | ​ |  | 53,362 | ​ |  | 2,526 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,894 | ​ |  | 8,667 | ​ |  | 773 | ​ |  | —
Total mortgage-backed securities | ​ |  | 7,894 | ​ |  | 8,667 | ​ |  | 773 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for Credit Losses | ​ | ​ | (862) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 57,868 | ​ | $ | 62,029 | ​ | $ | 3,299 | ​ | $ | —
​ ​ The following table summarizes the Company’s portfolio of securities available for sale at June 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 84,463 | ​ | $ | 83,039 | ​ | $ | 10 | ​ | $ | 1,434
Corporate | ​ | ​ | 133,927 | ​ | ​ | 124,468 | ​ | ​ | 72 | ​ | ​ | 9,531
Mutual funds | ​ |  | 11,573 | ​ |  | 11,573 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 131,094 | ​ |  | 125,978 | ​ |  | — | ​ |  | 5,116
Other | ​ |  | 1,662 | ​ |  | 1,662 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 362,719 | ​ |  | 346,720 | ​ |  | 82 | ​ |  | 16,081
REMIC and CMO | ​ |  | 187,243 | ​ |  | 169,144 | ​ |  | 6 | ​ |  | 18,105
GNMA | ​ |  | 9,638 | ​ |  | 8,257 | ​ |  | 12 | ​ |  | 1,393
FNMA | ​ |  | 209,747 | ​ |  | 189,975 | ​ |  | 5 | ​ |  | 19,777
FHLMC | ​ |  | 161,015 | ​ |  | 143,558 | ​ |  | 21 | ​ |  | 17,478
Total mortgage-backed securities | ​ |  | 567,643 | ​ |  | 510,934 | ​ |  | 44 | ​ |  | 56,753
Total securities available for sale | ​ | $ | 930,362 | ​ | $ | 857,654 | ​ | $ | 126 | ​ | $ | 72,834
​ The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 5,599 | ​ | $ | 5,590 | ​ | $ | — | ​ | $ | 9
Corporate | ​ | ​ | 107,423 | ​ | ​ | 104,370 | ​ | ​ | 136 | ​ | ​ | 3,189
Mutual funds | ​ |  | 12,485 | ​ |  | 12,485 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 81,166 | ​ |  | 80,912 | ​ |  | 1 | ​ |  | 255
Other | ​ |  | 1,695 | ​ |  | 1,695 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 208,368 | ​ |  | 205,052 | ​ |  | 137 | ​ |  | 3,453
REMIC and CMO | ​ |  | 210,948 | ​ |  | 208,509 | ​ |  | 1,217 | ​ |  | 3,656
GNMA | ​ |  | 10,572 | ​ |  | 10,286 | ​ |  | 30 | ​ |  | 316
FNMA | ​ |  | 203,777 | ​ |  | 202,938 | ​ |  | 1,321 | ​ |  | 2,160
FHLMC | ​ |  | 152,760 | ​ |  | 150,451 | ​ |  | 326 | ​ |  | 2,635
Total mortgage-backed securities | ​ |  | 578,057 | ​ |  | 572,184 | ​ |  | 2,894 | ​ |  | 8,767
Total securities available for sale | ​ | $ | 786,425 | ​ | $ | 777,236 | ​ | $ | 3,031 | ​ | $ | 12,220
​ The corporate securities held by the Company at June 30, 2022 and December 31, 2021 are issued by U.S. banking institutions. The CMOs held by the Company at June 30, 2022 and December 31, 2021 are either fully guaranteed or issued by a government sponsored enterprise. ​ 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 June 30, 2022, 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 after ten years | ​ | $ | 67,315 | ​ | $ | 57,064
Total other securities | ​ | ​ | 67,315 | ​ | ​ | 57,064
Mortgage-backed securities | ​ | ​ | 7,885 | ​ | ​ | 7,496
​ | ​ | ​ | 75,200 | ​ | ​ | 64,560
​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,085) | ​ | ​ | -
Total securities held-to-maturity |  | $ | 74,115 |  | $ | 64,560
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
Securities available for sale: |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due in one year or less |  | $ | 10,026 |  | $ | 9,920
Due after one year through five years | ​ | ​ | 99,429 | ​ | ​ | 96,645
Due after five years through ten years | ​ |  | 205,672 | ​ |  | 193,191
Due after ten years | ​ | ​ | 36,019 | ​ | ​ | 35,391
Total other securities | ​ |  | 351,146 | ​ |  | 335,147
Mutual funds | ​ |  | 11,573 | ​ |  | 11,573
Mortgage-backed securities | ​ |  | 567,643 | ​ |  | 510,934
Total securities available for sale | ​ | $ | 930,362 | ​ | $ | 857,654
​ ​ 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 June 30, 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 | ​ | $ | 57,064 | ​ | $ | 10,251 | ​ | $ | 57,064 | ​ | $ | 10,251 | ​ | $ | — | ​ | $ | —
Total other securities |  | 3 | ​ |  | 57,064 | ​ |  | 10,251 | ​ |  | 57,064 | ​ |  | 10,251 | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA |  | 1 | ​ |  | 7,496 | ​ |  | 389 | ​ |  | 7,496 | ​ |  | 389 | ​ |  | — | ​ |  | —
Total mortgage-backed securities |  | 1 | ​ |  | 7,496 | ​ |  | 389 | ​ |  | 7,496 | ​ |  | 389 | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | 4 | ​ | $ | 64,560 | ​ | $ | 10,640 | ​ | $ | 64,560 | ​ | $ | 10,640 | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies |  | 7 | ​ | $ | 79,004 | ​ | $ | 1,434 | ​ | $ | 79,004 | ​ | $ | 1,434 | ​ | $ | — | ​ | $ | —
Corporate |  | 18 | ​ |  | 115,395 | ​ |  | 9,531 | ​ |  | 85,515 | ​ |  | 6,917 | ​ |  | 29,880 | ​ |  | 2,614
CLO |  | 19 | ​ |  | 125,978 | ​ |  | 5,116 | ​ |  | 105,745 | ​ |  | 4,082 | ​ |  | 20,233 | ​ |  | 1,034
Total other securities |  | 44 | ​ |  | 320,377 | ​ |  | 16,081 | ​ |  | 270,264 | ​ |  | 12,433 | ​ |  | 50,113 | ​ |  | 3,648
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 45 | ​ |  | 167,535 | ​ |  | 18,105 | ​ |  | 112,167 | ​ |  | 9,561 | ​ |  | 55,368 | ​ |  | 8,544
GNMA |  | 4 | ​ |  | 7,964 | ​ |  | 1,393 | ​ |  | 276 | ​ |  | 15 | ​ |  | 7,688 | ​ |  | 1,378
FNMA |  | 48 | ​ |  | 189,798 | ​ |  | 19,777 | ​ |  | 146,971 | ​ |  | 13,508 | ​ |  | 42,827 | ​ |  | 6,269
FHLMC |  | 25 | ​ |  | 141,019 | ​ |  | 17,478 | ​ |  | 77,799 | ​ |  | 6,218 | ​ |  | 63,220 | ​ |  | 11,260
Total mortgage-backed securities |  | 122 | ​ |  | 506,316 | ​ |  | 56,753 | ​ |  | 337,213 | ​ |  | 29,302 | ​ |  | 169,103 | ​ |  | 27,451
Total |  | 166 | ​ | $ | 826,693 | ​ | $ | 72,834 | ​ | $ | 607,477 | ​ | $ | 41,735 | ​ | $ | 219,216 | ​ | $ | 31,099
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31, 2021
​ | ​ | ​ | ​ | 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 |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies |  | 2 | ​ | $ | 5,577 | ​ | $ | 9 | ​ | $ | 1,130 | ​ | $ | 5 | ​ | $ | 4,447 | ​ | $ | 4
Corporate |  | 13 | ​ |  | 94,234 | ​ |  | 3,189 | ​ |  | 65,453 | ​ |  | 1,970 | ​ |  | 28,781 | ​ |  | 1,219
CLO |  | 4 | ​ |  | 31,012 | ​ |  | 255 | ​ |  | 10,000 | ​ |  | 1 | ​ |  | 21,012 | ​ |  | 254
Total other securities |  | 19 | ​ |  | 130,823 | ​ |  | 3,453 | ​ |  | 76,583 | ​ |  | 1,976 | ​ |  | 54,240 | ​ |  | 1,477
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 15 | ​ |  | 124,131 | ​ |  | 3,656 | ​ |  | 105,959 | ​ |  | 2,800 | ​ |  | 18,172 | ​ |  | 856
GNMA |  | 4 | ​ |  | 9,924 | ​ |  | 316 | ​ |  | 1,138 | ​ |  | 16 | ​ |  | 8,786 | ​ |  | 300
FNMA |  | 25 | ​ |  | 171,109 | ​ |  | 2,160 | ​ |  | 153,657 | ​ |  | 1,587 | ​ |  | 17,452 | ​ |  | 573
FHLMC |  | 18 | ​ |  | 129,115 | ​ |  | 2,635 | ​ |  | 98,297 | ​ |  | 1,448 | ​ |  | 30,818 | ​ |  | 1,187
Total mortgage-backed securities |  | 62 | ​ |  | 434,279 | ​ |  | 8,767 | ​ |  | 359,051 | ​ |  | 5,851 | ​ |  | 75,228 | ​ |  | 2,916
Total |  | 81 | ​ | $ | 565,102 | ​ | $ | 12,220 | ​ | $ | 435,634 | ​ | $ | 7,827 | ​ | $ | 129,468 | ​ | $ | 4,393
​ ​ The Company reviewed each available for sale security that had an unrealized loss at June 30, 2022 and December 31, 2021. 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. If the Company evaluates any decline in the fair value due to credit loss factors and this evaluation indicates that a credit loss exists, then the present value of cash flows that is expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. 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 tranche of the purchased collateralized loan obligations (“CLO”) and the issuer of Corporate securities are global systematically important banks. 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. The Company reviewed each held-to-maturity security that had an unrealized loss at June 30, 2022 as part of its quarterly Current Expected Credit Loss (“CECL”) process, with an allowance for credit losses of $1.1 million and $0.9 million at June 30, 2022 and December 31, 2021, respectively. Accrued interest receivable on held-to-maturity securities totaled $0.1 million each at June 30, 2022 and December 31, 2021, and is excluded from estimates of credit losses. Accrued interest receivable on available for sale debt securities totaled $2.5 million and $1.5 million at June 30, 2022 and December 31, 2021, respectively, 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.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Other Securities
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2022 |  | 2021 | ​ | 2022 |  | 2021
​ | ​ | (In thousands)
Beginning balance | ​ | $ | 986 | ​ | $ | 915 | ​ | $ | 862 | ​ | $ | 907
Provision (benefit) | ​ |  | 99 | ​ |  | (71) | ​ |  | 223 | ​ |  | (63)
Allowance for credit losses | ​ | $ | 1,085 | ​ | $ | 844 | ​ | $ | 1,085 | ​ | $ | 844
​ Realized gains and losses on the sales of securities are determined using the specific identification method. The Company did not sell any securities during the three and six months ended June 30, 2022. The Company sold $25.0 million in corporate securities during the three and six months ended June 30, 2021. ​ The following table represents the gross gains and gross losses realized from the sale of available for sale securities for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross gains from the sale of securities | ​ | $ | — | ​ | $ | 123 | ​ | $ | — | ​ | $ | 123 | ​
Gross losses from the sale of securities | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Net gains from the sale of securities | ​ | $ | — | ​ | $ | 123 | ​ | $ | — | ​ | $ | 123 | ​
​

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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