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Securities (Tables) | 12 Months Ended
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Dec. 31, 2022
Notes Tables |
Schedule of portfolio of 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
​
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 | ​ | $ | 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
​
Schedule of securities with gross unrealized losses and their fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​
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 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
​
Schedule of gross gains and gross losses realized from the sale of securities available for sale | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)
​

X
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