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Securities | 12 Months Ended
--- | ---
Dec. 31, 2022
Notes to Financial Statements |
Securities | 7. Securities The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
Municipals | ​ | $ | 66,936 | ​ | $ | 55,561 | ​ | $ | — | ​ | $ | 11,375
Total municipals | ​ |  | 66,936 | ​ |  | 55,561 | ​ |  | — | ​ |  | 11,375
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,875 | ​ |  | 6,989 | ​ |  | — | ​ |  | 886
Total mortgage-backed securities | ​ |  | 7,875 | ​ |  | 6,989 | ​ |  | — | ​ |  | 886
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for Credit Losses | ​ | ​ | (1,100) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 73,711 | ​ | $ | 62,550 | ​ | $ | — | ​ | $ | 12,261
​ 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 December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 83,720 | ​ | $ | 81,103 | ​ | $ | 2 | ​ | $ | 2,619
Corporate | ​ | ​ | 146,430 | ​ | ​ | 131,766 | ​ | ​ | — | ​ | ​ | 14,664
Mutual funds | ​ |  | 11,211 | ​ |  | 11,211 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 129,684 | ​ |  | 125,478 | ​ |  | — | ​ |  | 4,206
Other | ​ |  | 1,516 | ​ |  | 1,516 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 372,561 | ​ |  | 351,074 | ​ |  | 2 | ​ |  | 21,489
REMIC and CMO | ​ |  | 175,712 | ​ |  | 148,414 | ​ |  | — | ​ |  | 27,298
GNMA | ​ |  | 9,193 | ​ |  | 7,317 | ​ |  | 3 | ​ |  | 1,879
FNMA | ​ |  | 172,690 | ​ |  | 148,265 | ​ |  | — | ​ |  | 24,425
FHLMC | ​ |  | 96,725 | ​ |  | 80,287 | ​ |  | — | ​ |  | 16,438
Total mortgage-backed securities | ​ |  | 454,320 | ​ |  | 384,283 | ​ |  | 3 | ​ |  | 70,040
Total securities available for sale | ​ | $ | 826,881 | ​ | $ | 735,357 | ​ | $ | 5 | ​ | $ | 91,529
​ 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 December 31, 2022 and 2021 are issued by U.S. banking institutions. The CMOs held by the Company at December 31, 2022 and 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 December 31, 2022, by contractual maturity. Expected maturities will 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 | ​ | $ | 66,936 | ​ | $ | 55,561
Total other securities | ​ | ​ | 66,936 | ​ | ​ | 55,561
Mortgage-backed securities | ​ | ​ | 7,875 | ​ | ​ | 6,989
​ | ​ | ​ | 74,811 | ​ | ​ | 62,550
​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,100) | ​ | ​ | -
Total securities held-to-maturity |  | $ | 73,711 |  | $ | 62,550
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
Securities available for sale: |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due in one year or less |  | $ | 10,006 |  | $ | 9,954
Due after one year through five years | ​ | ​ | 134,570 | ​ | ​ | 127,063
Due after five years through ten years | ​ | ​ | 195,710 | ​ |  | 182,341
Due after ten years | ​ | ​ | 21,064 | ​ | ​ | 20,505
Total other securities | ​ |  | 361,350 | ​ |  | 339,863
Mutual funds | ​ |  | 11,211 | ​ |  | 11,211
Mortgage-backed securities | ​ |  | 454,320 | ​ |  | 384,283
Total securities available for sale | ​ | $ | 826,881 | ​ | $ | 735,357
​ ​ 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 December 31, 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 | ​ | $ | 55,561 | ​ | $ | 11,375 | ​ | $ | 55,561 | ​ | $ | 11,375 | ​ | $ | — | ​ | $ | —
Total other securities |  | 3 | ​ |  | 55,561 | ​ |  | 11,375 | ​ |  | 55,561 | ​ |  | 11,375 | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA |  | 1 | ​ |  | 6,989 | ​ |  | 886 | ​ |  | 6,989 | ​ |  | 886 | ​ |  | — | ​ |  | —
Total mortgage-backed securities |  | 1 | ​ |  | 6,989 | ​ |  | 886 | ​ |  | 6,989 | ​ |  | 886 | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | 4 | ​ | $ | 62,550 | ​ | $ | 12,261 | ​ | $ | 62,550 | ​ | $ | 12,261 | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies |  | 7 | ​ | $ | 77,856 | ​ | $ | 2,619 | ​ | $ | 77,059 | ​ | $ | 2,517 | ​ | $ | 797 | ​ | $ | 102
Corporate |  | 20 | ​ |  | 131,766 | ​ |  | 14,664 | ​ |  | 45,447 | ​ |  | 3,553 | ​ |  | 86,319 | ​ |  | 11,111
CLO |  | 19 | ​ |  | 125,478 | ​ |  | 4,206 | ​ |  | 95,518 | ​ |  | 2,916 | ​ |  | 29,960 | ​ |  | 1,290
Total other securities |  | 46 | ​ |  | 335,100 | ​ |  | 21,489 | ​ |  | 218,024 | ​ |  | 8,986 | ​ |  | 117,076 | ​ |  | 12,503
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 47 | ​ |  | 148,120 | ​ |  | 27,298 | ​ |  | 40,911 | ​ |  | 3,457 | ​ |  | 107,209 | ​ |  | 23,841
GNMA |  | 8 | ​ |  | 7,133 | ​ |  | 1,879 | ​ |  | 64 | ​ |  | — | ​ |  | 7,069 | ​ |  | 1,879
FNMA |  | 47 | ​ |  | 148,229 | ​ |  | 24,425 | ​ |  | 38,296 | ​ |  | 3,871 | ​ |  | 109,933 | ​ |  | 20,554
FHLMC |  | 18 | ​ |  | 80,287 | ​ |  | 16,438 | ​ |  | 24,838 | ​ |  | 2,397 | ​ |  | 55,449 | ​ |  | 14,041
Total mortgage-backed securities |  | 120 | ​ |  | 383,769 | ​ |  | 70,040 | ​ |  | 104,109 | ​ |  | 9,725 | ​ |  | 279,660 | ​ |  | 60,315
Total |  | 166 | ​ | $ | 718,869 | ​ | $ | 91,529 | ​ | $ | 322,133 | ​ | $ | 18,711 | ​ | $ | 396,736 | ​ | $ | 72,818
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 debt security that had an unrealized loss at December 31, 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. 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 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 at December 31, 2022 and 2021 as part of its quarterly CECL process, resulting in an allowance for credit losses of $1.1 million and $0.9 million at December 31, 2022 and 2021, respectively. Accrued interest receivable on held-to-maturity debt securities totaled $0.1 million each at December 31, 2022 and 2021 and is excluded from the estimate of credit losses. Accrued interest receivable on available-for-sale debt securities totaled $3.7 million and $1.5 million at December 31, 2022 and 2021 respectively. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | (In thousands)
Beginning balance | $ | 862 | ​ | $ | 907 | ​ | $ | —
CECL adoption | ​ | — | ​ | ​ | — | ​ | ​ | 340
Provision (benefit) for credit losses |  | 238 | ​ |  | (45) | ​ |  | 567
Allowance for credit losses - securities | $ | 1,100 | ​ | $ | 862 | ​ | $ | 907
​ During the year ended December 31, 2022, the Company modified one investment security totaling $21.0 million as TDR by granting a payment forbearance. At December 31, 2022, this security is reported as non-accrual and non-performing. The Company did not have any allowance for credit losses for available for sale securities for the year ended December 31, 2022 and 2021. The Company sold available for sale securities with carrying values at the time of sale totaling $84.2 million, $45.0 million, and $221.0 million during the years ended December 31, 2022, 2021, and 2020, respectively. The Company purchased mortgage-backed available for sale securities totaling $56.6 million, $340.8 million, and $308.1 million during the years ended December 31, 2022, 2021, and 2020, respectively. 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 years ended
​ | ​ | December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (In thousands)
Gross gains from the sale of securities | ​ | $ | — | ​ | $ | 123 | ​ | $ | 1,499
Gross losses from the sale of securities | ​ |  | (10,948) | ​ |  | (10) | ​ |  | (2,200)
Net (loss) gains from the sale of securities | ​ | $ | (10,948) | ​ | $ | 113 | ​ | $ | (701)
​ Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $24.3 million and $26.3 million at December 31, 2022 and 2021, respectively. ​

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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 https://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 https://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 https://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 https://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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