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Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Notes Tables |
Schedule of portfolio of securities | ​ The following table summarizes the Company’s portfolio of securities held-to-maturity on June 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses
​ | ​ | (In thousands)
Municipals | ​ | $ | 66,548 | ​ | $ | 57,326 | ​ | $ | — | ​ | $ | 9,222
Total municipals | ​ |  | 66,548 | ​ |  | 57,326 | ​ |  | — | ​ |  | 9,222
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,865 | ​ |  | 7,011 | ​ |  | — | ​ |  | 854
Total mortgage-backed securities | ​ |  | 7,865 | ​ |  | 7,011 | ​ |  | — | ​ |  | 854
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,079) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 73,334 | ​ | $ | 64,337 | ​ | $ | — | ​ | $ | 10,076
​ The following table summarizes the Company’s portfolio of securities held-to-maturity on 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,100) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 73,711 | ​ | $ | 62,550 | ​ | $ | — | ​ | $ | 12,261
​ The following table summarizes the Company’s portfolio of securities available for sale on June 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 83,339 | ​ | $ | 81,290 | ​ | $ | 151 | ​ | $ | 2,200
Corporate | ​ | ​ | 173,095 | ​ | ​ | 150,602 | ​ | ​ | — | ​ | ​ | 22,493
Mutual funds | ​ |  | 11,346 | ​ |  | 11,346 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 262,471 | ​ |  | 258,973 | ​ |  | 58 | ​ |  | 3,556
Other | ​ |  | 1,434 | ​ |  | 1,434 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 531,685 | ​ |  | 503,645 | ​ |  | 209 | ​ |  | 28,249
REMIC and CMO | ​ |  | 168,675 | ​ |  | 140,161 | ​ |  | — | ​ |  | 28,514
GNMA | ​ |  | 8,861 | ​ |  | 7,079 | ​ |  | 1 | ​ |  | 1,783
FNMA | ​ |  | 165,064 | ​ |  | 141,717 | ​ |  | — | ​ |  | 23,347
FHLMC | ​ |  | 92,810 | ​ |  | 76,954 | ​ |  | — | ​ |  | 15,856
Total mortgage-backed securities | ​ |  | 435,410 | ​ |  | 365,911 | ​ |  | 1 | ​ |  | 69,500
Total Securities excluding portfolio layer adjustments | ​ | ​ | 967,095 | ​ | ​ | 869,556 | ​ | ​ | 210 | ​ | ​ | 97,749
Unallocated portfolio layer basis adjustments (1) | ​ | ​ | (5,504) | ​ | ​ | n/a | ​ | ​ | — | ​ | ​ | (5,504)
Total securities available for sale | ​ | $ | 961,591 | ​ | $ | 869,556 | ​ | $ | 210 | ​ | $ | 92,245
(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 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. ​ The following table summarizes the Company’s portfolio of securities available for sale on 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 | ​ | $ | 66,548 | ​ | $ | 57,326
Total other securities | ​ | ​ | 66,548 | ​ | ​ | 57,326
Mortgage-backed securities | ​ | ​ | 7,865 | ​ | ​ | 7,011
​ | ​ | ​ | 74,413 | ​ | ​ | 64,337
​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,079) | ​ | ​ | -
Total securities held-to-maturity |  | $ | 73,334 |  | $ | 64,337
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
Securities available for sale (1): |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due in one year or less |  | $ | 59,888 |  | $ | 58,498
Due after one year through five years | ​ | ​ | 74,823 | ​ | ​ | 69,033
Due after five years through ten years | ​ | ​ | 255,416 | ​ |  | 235,696
Due after ten years | ​ | ​ | 130,212 | ​ | ​ | 129,072
Total other securities | ​ |  | 520,339 | ​ |  | 492,299
Mutual funds | ​ |  | 11,346 | ​ |  | 11,346
Mortgage-backed securities | ​ |  | 435,410 | ​ |  | 365,911
Total securities available for sale | ​ | $ | 967,095 | ​ | $ | 869,556
(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $5.5 million related to AFS securities hedged in a closed portfolio at June 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.
Schedule of securities with gross unrealized losses and their fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At June 30, 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 | ​ | $ | 57,326 | ​ | $ | 9,222 | ​ | $ | — | ​ | $ | — | ​ | $ | 57,326 | ​ | $ | 9,222
Total other securities |  | 3 | ​ |  | 57,326 | ​ |  | 9,222 | ​ |  | — | ​ |  | — | ​ |  | 57,326 | ​ |  | 9,222
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA |  | 1 | ​ |  | 7,011 | ​ |  | 854 | ​ |  | — | ​ |  | — | ​ |  | 7,011 | ​ |  | 854
Total mortgage-backed securities |  | 1 | ​ |  | 7,011 | ​ |  | 854 | ​ |  | — | ​ |  | — | ​ |  | 7,011 | ​ |  | 854
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | 4 | ​ | $ | 64,337 | ​ | $ | 10,076 | ​ | $ | — | ​ | $ | — | ​ | $ | 64,337 | ​ | $ | 10,076
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities (1) |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Government Agencies & Treasury |  | 8 | ​ | $ | 73,794 | ​ | $ | 2,200 | ​ | $ | 5,437 | ​ | $ | 24 | ​ | $ | 68,357 | ​ | $ | 2,176
Corporate |  | 26 | ​ |  | 150,602 | ​ |  | 22,493 | ​ |  | 46,412 | ​ |  | 6,748 | ​ |  | 104,190 | ​ |  | 15,745
CLO |  | 31 | ​ |  | 229,211 | ​ |  | 3,556 | ​ |  | 104,188 | ​ |  | 1,004 | ​ |  | 125,023 | ​ |  | 2,552
Total other securities |  | 65 | ​ |  | 453,607 | ​ |  | 28,249 | ​ |  | 156,037 | ​ |  | 7,776 | ​ |  | 297,570 | ​ |  | 20,473
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 47 | ​ |  | 139,882 | ​ |  | 28,514 | ​ |  | 940 | ​ |  | 52 | ​ |  | 138,942 | ​ |  | 28,462
GNMA |  | 10 | ​ |  | 6,952 | ​ |  | 1,783 | ​ |  | 97 | ​ |  | 1 | ​ |  | 6,855 | ​ |  | 1,782
FNMA |  | 48 | ​ |  | 141,717 | ​ |  | 23,347 | ​ |  | 7,493 | ​ |  | 399 | ​ |  | 134,224 | ​ |  | 22,948
FHLMC |  | 18 | ​ |  | 76,954 | ​ |  | 15,856 | ​ |  | 10,457 | ​ |  | 751 | ​ |  | 66,497 | ​ |  | 15,105
Total mortgage-backed securities |  | 123 | ​ |  | 365,505 | ​ |  | 69,500 | ​ |  | 18,987 | ​ |  | 1,203 | ​ |  | 346,518 | ​ |  | 68,297
Total |  | 188 | ​ | $ | 819,112 | ​ | $ | 97,749 | ​ | $ | 175,024 | ​ | $ | 8,979 | ​ | $ | 644,088 | ​ | $ | 88,770
(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $5.5 million related to AFS securities hedged in a closed portfolio totaling at June 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | For the three months ended June 30, | ​ | For the six months ended June 30,
​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
​ | ​ | (In thousands)
Beginning balance | $ | 1,087 | ​ | $ | 986 | ​ | $ | 1,100 | ​ | $ | 862
(Benefit) provision |  | (8) | ​ |  | 99 | ​ | ​ | (21) | ​ |  | 223
Allowance for credit losses | $ | 1,079 | ​ | $ | 1,085 | ​ | $ | 1,079 | ​ | $ | 1,085

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