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Securities (Tables)
6 Months Ended
Jun. 30, 2022
Notes Tables  
Schedule of portfolio of securities

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

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

$

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

Schedule of securities with gross unrealized losses and their fair value

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

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.

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

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

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