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Securities (Tables)
9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of portfolio of securities

The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2022:

Gross

Gross

Amortized

Unrecognized

Unrecognized

    

Cost

    

Fair Value

    

Gains

Losses

(In thousands)

Securities held-to-maturity:

 

  

 

  

 

  

  

Municipals

$

67,128

$

52,727

$

$

14,401

Total municipals

 

67,128

 

52,727

 

 

14,401

FNMA

 

7,880

 

6,986

 

 

894

Total mortgage-backed securities

 

7,880

 

6,986

 

 

894

Allowance for Credit Losses

(1,096)

Total

$

73,912

$

59,713

$

$

15,295

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 September 30, 2022:

Gross

Gross

Amortized

Unrealized

Unrealized

    

Cost

    

Fair Value

    

Gains

    

Losses

(In thousands)

U.S. government agencies

$

84,400

$

81,591

$

11

$

2,820

Corporate

146,428

132,499

13,929

Mutual funds

 

11,131

 

11,131

 

 

Collateralized loan obligations

 

130,371

 

124,780

 

 

5,591

Other

 

1,494

 

1,494

 

 

Total other securities

 

373,824

 

351,495

 

11

 

22,340

REMIC and CMO

 

181,595

 

155,954

 

 

25,641

GNMA

 

9,385

 

7,400

 

4

 

1,989

FNMA

 

204,305

 

174,122

 

 

30,183

FHLMC

 

156,524

 

130,890

 

 

25,634

Total mortgage-backed securities

 

551,809

 

468,366

 

4

 

83,447

Total securities available for sale

$

925,633

$

819,861

$

15

$

105,787

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

$

67,128

$

52,727

Total other securities

67,128

52,727

Mortgage-backed securities

7,880

6,986

75,008

59,713

Allowance for credit losses

(1,096)

-

Total securities held-to-maturity

 

$

73,912

 

$

59,713

Amortized

Securities available for sale:

    

Cost

    

Fair Value

(In thousands)

Due in one year or less

 

$

10,016

 

$

9,907

Due after one year through five years

134,500

127,090

Due after five years through ten years

195,895

 

181,787

Due after ten years

22,282

21,580

Total other securities

 

362,693

 

340,364

Mutual funds

 

11,131

 

11,131

Mortgage-backed securities

 

551,809

 

468,366

Total securities available for sale

$

925,633

$

819,861

Schedule of securities with gross unrealized losses and their fair value

At September 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

$

52,727

$

14,401

$

52,727

$

14,401

$

$

Total other securities

 

3

 

52,727

 

14,401

 

52,727

 

14,401

 

 

FNMA

 

1

 

6,986

 

894

 

6,986

 

894

 

 

Total mortgage-backed securities

 

1

 

6,986

 

894

 

6,986

 

894

 

 

Total

 

4

$

59,713

$

15,295

$

59,713

$

15,295

$

$

Available for sale securities

 

  

 

  

 

  

 

  

 

  

 

  

 

  

U.S. government agencies

 

7

$

77,678

$

2,820

$

77,678

$

2,820

$

$

Corporate

 

19

 

119,999

 

13,929

 

43,114

 

3,386

 

76,885

 

10,543

CLO

 

19

 

124,780

 

5,591

 

104,671

 

4,448

 

20,109

 

1,143

Total other securities

 

45

 

322,457

 

22,340

 

225,463

 

10,654

 

96,994

 

11,686

REMIC and CMO

 

47

 

155,637

 

25,641

 

61,979

 

5,523

 

93,658

 

20,118

GNMA

 

9

 

7,237

 

1,989

 

337

 

31

 

6,900

 

1,958

FNMA

 

51

 

174,122

 

30,183

 

58,057

 

7,479

 

116,065

 

22,704

FHLMC

 

26

 

130,891

 

25,634

 

40,649

 

4,754

 

90,242

 

20,880

Total mortgage-backed securities

 

133

 

467,887

 

83,447

 

161,022

 

17,787

 

306,865

 

65,660

Total

 

178

$

790,344

$

105,787

$

386,485

$

28,441

$

403,859

$

77,346

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 nine months ended

September 30, 

September 30, 

    

2022

    

2021

2022

    

2021

(In thousands)

Beginning balance

$

1,085

$

844

$

862

$

907

Provision (benefit)

 

11

 

(1)

 

234

 

(64)

Allowance for credit losses

$

1,096

$

843

$

1,096

$

843

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

For the three months ended

For the nine months ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

    

Gross gains from the sale of securities

$

$

$

$

123

Gross losses from the sale of securities

 

 

(10)

 

 

(10)

Net gains from the sale of securities

$

$

(10)

$

$

113