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Securities (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of portfolio of securities

The following table summarizes the Company’s portfolio of securities held-to-maturity on June 30, 2024:


								Gross			Gross
		Amortized						Unrecognized			Unrecognized
		Cost			Fair Value			Gains			Losses

		(In thousands)
Municipals		$	65,255		$	54,153		$	—		$	(11,102)
Total municipals			65,255			54,153			—			(11,102)

FNMA			7,846			6,917			—			(929)
Total mortgage-backed securities			7,846			6,917			—			(929)
Total before allowance for credit losses			73,101		$	61,070		$	—		$	(12,031)

Allowance for credit losses			(1,089)
Total		$	72,012

The following table summarizes the Company’s portfolio of securities held-to-maturity on 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 available for sale on June 30, 2024:


								Gross			Gross
		Amortized						Unrealized			Unrealized
		Cost			Fair Value			Gains			Losses

		(In thousands)
U.S. government agencies		$	31,073		$	30,678		$	122		$	(517)
Corporate			177,234			158,759			24			(18,499)
Mutual funds			11,655			11,655			—			—
Collateralized loan obligations			475,134			476,568			1,883			(449)
Other			1,457			1,457			—			—
Total other securities			696,553			679,117			2,029			(19,465)
REMIC and CMO			678,425			649,262			280			(29,443)
GNMA			26,250			24,248			1			(2,003)
FNMA			148,928			125,740			4			(23,192)
FHLMC			86,203			70,244			—			(15,959)
Total mortgage-backed securities			939,806			869,494			285			(70,597)
Total Securities excluding portfolio layer adjustments			1,636,359			1,548,611			2,314			(90,062)
Unallocated portfolio layer basis adjustments ⁽¹⁾			(5,195)			n/a			—			5,195
Total securities available for sale		$	1,631,164		$	1,548,611		$	2,314		$	(84,867)

(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, 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 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.

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		$	65,255		$	54,153
Total other securities			65,255			54,153
Mortgage-backed securities			7,846			6,917
Total before allowance for credit losses			73,101		$	61,070

Allowance for credit losses			(1,089)
Total		$	72,012


		Amortized
Securities available for sale:		Cost			Fair Value

		(In thousands)
Due in one year or less		$	29,927		$	29,291
Due after one year through five years			75,188			70,119
Due after five years through ten years			192,898			180,115
Due after ten years			386,885			387,937
Total other securities			684,898			667,462
Mutual funds			11,655			11,655
Mortgage-backed securities			939,806			869,494
Total securities available for sale ⁽¹⁾		$	1,636,359		$	1,548,611

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $5.2 million related to AFS securities hedged in a closed portfolio at June 30, 2024. 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, 2024
				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		$	54,153		$	(11,102)		$	—		$	—		$	54,153		$	(11,102)
Total other securities		3			54,153			(11,102)			—			—			54,153			(11,102)

FNMA		1			6,917			(929)			—			—			6,917			(929)
Total mortgage-backed securities		1			6,917			(929)			—			—			6,917			(929)

Total		4		$	61,070		$	(12,031)		$	—		$	—		$	61,070		$	(12,031)

Available for sale securities ⁽¹⁾
U.S. Government Agencies		5		$	24,221		$	(517)		$	—		$	—		$	24,221		$	(517)
Corporate		26			149,736			(18,499)			6,372			(43)			143,364			(18,456)
Collateralized loan obligations		18			184,599			(449)			174,602			(446)			9,997			(3)
Total other securities		49			358,556			(19,465)			180,974			(489)			177,582			(18,976)

REMIC and CMO		65			400,702			(29,443)			275,314			(1,663)			125,388			(27,780)
GNMA		8			24,069			(2,003)			17,903			(147)			6,166			(1,856)
FNMA		43			124,739			(23,192)			—			—			124,739			(23,192)
FHLMC		18			70,244			(15,959)			—			—			70,244			(15,959)
Total mortgage-backed securities		134			619,754			(70,597)			293,217			(1,810)			326,537			(68,787)
Total		183		$	978,310		$	(90,062)		$	474,191		$	(2,299)		$	504,119		$	(87,763)

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $5.2 million related to AFS securities hedged in a closed portfolio at June 30, 2024. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.


		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)
Collateralized loan obligations		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)

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $2.3 million related to AFS securities hedged in a closed portfolio at December 31, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

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						For the six months ended
	June 30,						June 30,
	2024			2023			2024			2023

		(In thousands)
Beginning balance	$	1,084		$	1,087		$	1,087		$	1,100
Provision (benefit)		5			(8)			2			(21)
Allowance for credit losses	$	1,089		$	1,079		$	1,089		$	1,079