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Securities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes Tables |
Schedule of portfolio of securities | The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses
​ | ​ | (In thousands)
Municipals | ​ | $ | 66,155 | ​ | $ | 58,697 | ​ | $ | — | ​ | $ | (7,458)
Total municipals | ​ |  | 66,155 | ​ |  | 58,697 | ​ |  | — | ​ |  | (7,458)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,855 | ​ |  | 7,058 | ​ |  | — | ​ |  | (797)
Total mortgage-backed securities | ​ |  | 7,855 | ​ |  | 7,058 | ​ |  | — | ​ |  | (797)
Total before allowance for credit losses | ​ | ​ | 74,010 | ​ | $ | 65,755 | ​ | $ | — | ​ | $ | (8,255)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,087) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 72,923 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ 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)
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)
Total before allowance for credit losses | ​ | ​ | 74,811 | ​ | $ | 62,550 | ​ | $ | — | ​ | $ | (12,261)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,100) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 73,711 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 82,548 | ​ | $ | 81,734 | ​ | $ | 123 | ​ | $ | (937)
Corporate | ​ | ​ | 173,184 | ​ | ​ | 155,449 | ​ | ​ | — | ​ | ​ | (17,735)
Mutual funds | ​ |  | 11,660 | ​ |  | 11,660 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 269,600 | ​ |  | 270,129 | ​ |  | 1,215 | ​ |  | (686)
Other | ​ |  | 1,437 | ​ |  | 1,437 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 538,429 | ​ |  | 520,409 | ​ |  | 1,338 | ​ |  | (19,358)
REMIC and CMO | ​ |  | 160,165 | ​ |  | 133,574 | ​ |  | — | ​ |  | (26,591)
GNMA | ​ |  | 12,402 | ​ |  | 10,665 | ​ |  | 3 | ​ |  | (1,740)
FNMA | ​ |  | 155,995 | ​ |  | 135,074 | ​ |  | 14 | ​ |  | (20,935)
FHLMC | ​ |  | 89,427 | ​ |  | 75,031 | ​ |  | — | ​ |  | (14,396)
Total mortgage-backed securities | ​ |  | 417,989 | ​ |  | 354,344 | ​ |  | 17 | ​ |  | (63,662)
Total Securities excluding portfolio layer adjustments | ​ | ​ | 956,418 | ​ | ​ | 874,753 | ​ | ​ | 1,355 | ​ | ​ | (83,020)
Unallocated portfolio layer basis adjustments (1) | ​ | ​ | (2,254) | ​ | ​ | n/a | ​ | ​ | — | ​ | ​ | (2,254)
Total securities available for sale | ​ | $ | 954,164 | ​ | $ | 874,753 | ​ | $ | 1,355 | ​ | $ | (80,766)
​ (1) Represents the amount of portfolio layer method basis adjustments related to available for sale (“AFS”) securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being hedged. See Note 20 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. ​ 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)
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 | ​ | $ | 66,155 | ​ | $ | 58,697
Total other securities | ​ | ​ | 66,155 | ​ | ​ | 58,697
Mortgage-backed securities | ​ | ​ | 7,855 | ​ | ​ | 7,058
​ | ​ | ​ | 74,010 | ​ | ​ | 65,755
​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,087) | ​ | ​ | n/a
Total securities held-to-maturity |  | $ | 72,923 |  | $ | 65,755
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
Securities available for sale: |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due in one year or less |  | $ | 59,979 |  | $ | 59,485
Due after one year through five years | ​ | ​ | 105,056 | ​ | ​ | 99,599
Due after five years through ten years | ​ | ​ | 222,684 | ​ |  | 209,728
Due after ten years | ​ | ​ | 139,050 | ​ | ​ | 139,937
Total other securities | ​ |  | 526,769 | ​ |  | 508,749
Mutual funds | ​ |  | 11,660 | ​ |  | 11,660
Mortgage-backed securities | ​ |  | 417,989 | ​ |  | 354,344
Total securities available for sale (1) | ​ | $ | 956,418 | ​ | $ | 874,753
Schedule of securities with gross unrealized losses and their fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31, 2023
​ | ​ | ​ | ​ | 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 | ​ | $ | 58,697 | ​ | $ | (7,458) | ​ | $ | — | ​ | $ | — | ​ | $ | 58,697 | ​ | $ | (7,458)
Total other securities |  | 3 | ​ |  | 58,697 | ​ |  | (7,458) | ​ |  | — | ​ |  | — | ​ |  | 58,697 | ​ |  | (7,458)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA |  | 1 | ​ |  | 7,058 | ​ |  | (797) | ​ |  | — | ​ |  | — | ​ |  | 7,058 | ​ |  | (797)
Total mortgage-backed securities |  | 1 | ​ |  | 7,058 | ​ |  | (797) | ​ |  | — | ​ |  | — | ​ |  | 7,058 | ​ |  | (797)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | 4 | ​ | $ | 65,755 | ​ | $ | (8,255) | ​ | $ | — | ​ | $ | — | ​ | $ | 65,755 | ​ | $ | (8,255)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities (1) |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies |  | 8 | ​ | $ | 74,517 | ​ | $ | (937) | ​ | $ | 2,517 | ​ | $ | (7) | ​ | $ | 72,000 | ​ | $ | (930)
Corporate |  | 26 | ​ |  | 155,449 | ​ |  | (17,735) | ​ |  | 25,428 | ​ |  | (1,318) | ​ |  | 130,021 | ​ |  | (16,417)
CLO |  | 17 | ​ |  | 120,609 | ​ |  | (686) | ​ |  | — | ​ |  | — | ​ |  | 120,609 | ​ |  | (686)
Total other securities |  | 51 | ​ |  | 350,575 | ​ |  | (19,358) | ​ |  | 27,945 | ​ |  | (1,325) | ​ |  | 322,630 | ​ |  | (18,033)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 46 | ​ |  | 133,312 | ​ |  | (26,591) | ​ |  | — | ​ |  | — | ​ |  | 133,312 | ​ |  | (26,591)
GNMA |  | 7 | ​ |  | 10,466 | ​ |  | (1,740) | ​ |  | 3,867 | ​ |  | (34) | ​ |  | 6,599 | ​ |  | (1,706)
FNMA |  | 44 | ​ |  | 133,394 | ​ |  | (20,935) | ​ |  | 2,044 | ​ |  | (1) | ​ |  | 131,350 | ​ |  | (20,934)
FHLMC |  | 18 | ​ |  | 75,031 | ​ |  | (14,396) | ​ |  | — | ​ |  | — | ​ |  | 75,031 | ​ |  | (14,396)
Total mortgage-backed securities |  | 115 | ​ |  | 352,203 | ​ |  | (63,662) | ​ |  | 5,911 | ​ |  | (35) | ​ |  | 346,292 | ​ |  | (63,627)
Total |  | 166 | ​ | $ | 702,778 | ​ | $ | (83,020) | ​ | $ | 33,856 | ​ | $ | (1,360) | ​ | $ | 668,922 | ​ | $ | (81,660)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)
Schedule of allowance for credit losses for debt securities held-to-maturity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 1,100 | ​ | $ | 862 | ​ | $ | 907
Provision (benefit) | ​ | ​ | (13) | ​ | ​ | 238 | ​ |  | (45)
Allowance for credit losses | ​ | $ | 1,087 | ​ | $ | 1,100 | ​ | $ | 862
Schedule of gross gains and gross losses realized from the sale of securities available for sale | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (In thousands)
Gross gains from the sale of securities | ​ | $ | — | ​ | $ | — | ​ | $ | 123
Gross losses from the sale of securities | ​ |  | — | ​ |  | (10,948) | ​ |  | (10)
Net gain (loss) from the sale of securities | ​ | $ | — | ​ | $ | (10,948) | ​ | $ | 113

X
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