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Securities | 3 Months Ended
--- | ---
Mar. 31, 2023
Notes to Financial Statements |
Securities | 4. Securities ​ The following table summarizes the Company’s portfolio of securities held-to-maturity on March 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses
​ | ​ | (In thousands)
Municipals | ​ | $ | 66,740 | ​ | $ | 60,732 | ​ | $ | — | ​ | $ | 6,008
Total municipals | ​ |  | 66,740 | ​ |  | 60,732 | ​ |  | — | ​ |  | 6,008
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,870 | ​ |  | 7,137 | ​ |  | — | ​ |  | 733
Total mortgage-backed securities | ​ |  | 7,870 | ​ |  | 7,137 | ​ |  | — | ​ |  | 733
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,087) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 73,523 | ​ | $ | 67,869 | ​ | $ | — | ​ | $ | 6,741
​ 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 March 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 83,691 | ​ | $ | 81,802 | ​ | $ | 171 | ​ | $ | 2,060
Corporate | ​ | ​ | 173,052 | ​ | ​ | 156,581 | ​ | ​ | — | ​ | ​ | 16,471
Mutual funds | ​ |  | 11,460 | ​ |  | 11,460 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 184,773 | ​ |  | 180,530 | ​ |  | — | ​ |  | 4,243
Other | ​ |  | 1,445 | ​ |  | 1,445 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 454,421 | ​ |  | 431,818 | ​ |  | 171 | ​ |  | 22,774
REMIC and CMO | ​ |  | 172,001 | ​ |  | 146,318 | ​ |  | — | ​ |  | 25,683
GNMA | ​ |  | 9,067 | ​ |  | 7,304 | ​ |  | 3 | ​ |  | 1,766
FNMA | ​ |  | 168,689 | ​ |  | 146,633 | ​ |  | 1 | ​ |  | 22,057
FHLMC | ​ |  | 94,641 | ​ |  | 79,855 | ​ |  | — | ​ |  | 14,786
Total mortgage-backed securities | ​ |  | 444,398 | ​ |  | 380,110 | ​ |  | 4 | ​ |  | 64,292
Total securities available for sale | ​ | $ | 898,819 | ​ | $ | 811,928 | ​ | $ | 175 | ​ | $ | 87,066
​ 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
​ The corporate securities held by the Company at March 31, 2023 and December 31, 2022, are issued by U.S. banking institutions. The CMOs held by the Company at March 31, 2023 and December 31, 2022, 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 March 31, 2023, by contractual maturity. Expected maturities may 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 | ​ | $ | 66,740 | ​ | $ | 60,732
Total other securities | ​ | ​ | 66,740 | ​ | ​ | 60,732
Mortgage-backed securities | ​ | ​ | 7,870 | ​ | ​ | 7,137
​ | ​ | ​ | 74,610 | ​ | ​ | 67,869
​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | (1,087) | ​ | ​ | -
Total securities held-to-maturity |  | $ | 73,523 |  | $ | 67,869
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
Securities available for sale: |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due in one year or less |  | $ | 59,843 |  | $ | 58,258
Due after one year through five years | ​ | ​ | 74,798 | ​ | ​ | 69,629
Due after five years through ten years | ​ | ​ | 236,428 | ​ |  | 221,597
Due after ten years | ​ | ​ | 71,892 | ​ | ​ | 70,874
Total other securities | ​ |  | 442,961 | ​ |  | 420,358
Mutual funds | ​ |  | 11,460 | ​ |  | 11,460
Mortgage-backed securities | ​ |  | 444,398 | ​ |  | 380,110
Total securities available for sale | ​ | $ | 898,819 | ​ | $ | 811,928
​ 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 the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 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 | ​ | $ | 60,732 | ​ | $ | 6,008 | ​ | $ | — | ​ | $ | — | ​ | $ | 60,732 | ​ | $ | 6,008
Total other securities |  | 3 | ​ |  | 60,732 | ​ |  | 6,008 | ​ |  | — | ​ |  | — | ​ |  | 60,732 | ​ |  | 6,008
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA |  | 1 | ​ |  | 7,137 | ​ | $ | 733 | ​ |  | — | ​ |  | — | ​ |  | 7,137 | ​ |  | 733
Total mortgage-backed securities |  | 1 | ​ |  | 7,137 | ​ |  | 733 | ​ |  | — | ​ |  | — | ​ |  | 7,137 | ​ |  | 733
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | 4 | ​ | $ | 67,869 | ​ | $ | 6,741 | ​ | $ | — | ​ | $ | — | ​ | $ | 67,869 | ​ | $ | 6,741
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Government Agencies & Treasury |  | 8 | ​ | $ | 73,930 | ​ | $ | 2,060 | ​ | $ | 5,506 | ​ | $ | 20 | ​ | $ | 68,424 | ​ | $ | 2,040
Corporate |  | 26 | ​ |  | 156,581 | ​ |  | 16,471 | ​ |  | 58,591 | ​ |  | 4,529 | ​ |  | 97,990 | ​ |  | 11,942
CLO |  | 25 | ​ |  | 180,531 | ​ |  | 4,243 | ​ |  | 64,192 | ​ |  | 893 | ​ |  | 116,339 | ​ |  | 3,350
Total other securities |  | 59 | ​ |  | 411,042 | ​ |  | 22,774 | ​ |  | 128,289 | ​ |  | 5,442 | ​ |  | 282,753 | ​ |  | 17,332
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 47 | ​ |  | 146,030 | ​ |  | 25,683 | ​ |  | 3,315 | ​ |  | 101 | ​ |  | 142,715 | ​ |  | 25,582
GNMA |  | 7 | ​ |  | 7,106 | ​ |  | 1,766 | ​ |  | 41 | ​ |  | — | ​ |  | 7,065 | ​ |  | 1,766
FNMA |  | 45 | ​ |  | 146,490 | ​ |  | 22,057 | ​ |  | 7,598 | ​ |  | 312 | ​ |  | 138,892 | ​ |  | 21,745
FHLMC |  | 18 | ​ |  | 79,855 | ​ |  | 14,786 | ​ |  | 10,875 | ​ |  | 621 | ​ |  | 68,980 | ​ |  | 14,165
Total mortgage-backed securities |  | 117 | ​ |  | 379,481 | ​ |  | 64,292 | ​ |  | 21,829 | ​ |  | 1,034 | ​ |  | 357,652 | ​ |  | 63,258
Total |  | 176 | ​ | $ | 790,523 | ​ | $ | 87,066 | ​ | $ | 150,118 | ​ | $ | 6,476 | ​ | $ | 640,405 | ​ | $ | 80,590
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ The Company reviewed each available for sale security that had an unrealized loss at March 31, 2023, and December 31, 2022. 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. If the Company identifies any decline in the fair value due to credit loss factors and evaluation indicates that a credit loss exists, then the present value of cash flows that is expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. 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 the U.S. government, and that issuers of the 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 March 31, 2023, and December 31, 2022 as part of its quarterly Current Expected Credit Loss (“CECL”) process, resulting in an allowance for credit losses of $1.1 million at each of March 31, 2023 and December 31, 2022. It is the Company’s policy to exclude accrued interest receivable from the calculation of the allowance for credit losses on held-to-maturity and the valuation of available for sale securities. Accrued interest receivable on held-to-maturity securities totaled $0.1 million each at March 31, 2023 and December 31, 2022 and accrued interest receivable on available for sale debt securities totaled $4.6 million and $3.7 million at March 31, 2023 and December 31, 2022, respectively. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity.
​ | ​ | ​ | ​ | ​ | ​
​ | For the three months ended March 31,
​ | 2023 | ​ | 2022
​ | ​ | (In thousands)
Beginning balance | $ | 1,100 | ​ | $ | 862
(Benefit) provision |  | (13) | ​ |  | 124
Allowance for credit losses | $ | 1,087 | ​ | $ | 986
​ Realized gains and losses on the sales of securities are determined using the specific identification method. The Company did not sell any securities during the three months ended March 31, 2023 and 2022.

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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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