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Securities (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of portfolio of securities

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


								Gross			Gross
		Amortized						Unrecognized			Unrecognized
		Cost			Fair Value			Gains			Losses

		(In thousands)
Municipals		$	64,945		$	56,709		$	—		$	(8,236)
Total municipals			64,945			56,709			—			(8,236)

FNMA			7,841			7,243			—			(598)
Total mortgage-backed securities			7,841			7,243			—			(598)
Total before allowance for credit losses			72,786		$	63,952		$	—		$	(8,834)

Allowance for credit losses			(1,086)
Total		$	71,700

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 September 30, 2024:


								Gross			Gross
		Amortized						Unrealized			Unrealized
		Cost			Fair Value			Gains			Losses

		(In thousands)
U.S. government agencies		$	30,016		$	29,856		$	106		$	(266)
Corporate			183,281			169,555			407			(14,133)
Mutual funds			12,168			12,168			—			—
Collateralized loan obligations			473,762			474,500			1,663			(925)
Other			1,439			1,439			—			—
Total other securities			700,666			687,518			2,176			(15,324)
REMIC and CMO			723,583			704,494			4,055			(23,144)
GNMA			23,686			22,254			85			(1,517)
FNMA			145,547			128,047			41			(17,541)
FHLMC			84,461			71,936			—			(12,525)
Total mortgage-backed securities			977,277			926,731			4,181			(54,727)
Total Securities excluding portfolio layer adjustments			1,677,943			1,614,249			6,357			(70,051)
Unallocated portfolio layer basis adjustments ⁽¹⁾			(89)			n/a			—			89
Total securities available for sale		$	1,677,854		$	1,614,249		$	6,357		$	(69,962)

(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		$	64,945		$	56,709
Total other securities			64,945			56,709
Mortgage-backed securities			7,841			7,243
Total before allowance for credit losses			72,786		$	63,952

Allowance for credit losses			(1,086)
Total		$	71,700


		Amortized
Securities available for sale:		Cost			Fair Value

		(In thousands)
Due in one year or less		$	29,953		$	29,635
Due after one year through five years			75,191			71,066
Due after five years through ten years			207,758			198,713
Due after ten years			375,596			375,936
Total other securities			688,498			675,350
Mutual funds			12,168			12,168
Mortgage-backed securities			977,277			926,731
Total securities available for sale ⁽¹⁾		$	1,677,943		$	1,614,249

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $0.1 million related to AFS securities hedged in a closed portfolio at September 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 September 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		$	56,709		$	(8,236)		$	—		$	—		$	56,709		$	(8,236)
Total other securities		3			56,709			(8,236)			—			—			56,709			(8,236)

FNMA		1			7,243			(598)			—			—			7,243			(598)
Total mortgage-backed securities		1			7,243			(598)			—			—			7,243			(598)

Total		4		$	63,952		$	(8,834)		$	—		$	—		$	63,952		$	(8,834)

Available for sale securities ⁽¹⁾
U.S. Government Agencies		5		$	24,297		$	(266)		$	—		$	—		$	24,297		$	(266)
Corporate		24			148,377			(14,133)			3,466			(23)			144,911			(14,110)
Collateralized loan obligations		22			249,222			(925)			249,222			(925)			—			—
Total other securities		51			421,896			(15,324)			252,688			(948)			169,208			(14,376)

REMIC and CMO		48			155,212			(23,144)			28,389			(43)			126,823			(23,101)
GNMA		6			10,188			(1,517)			3,843			(10)			6,345			(1,507)
FNMA		42			125,290			(17,541)			—			—			125,290			(17,541)
FHLMC		18			71,936			(12,525)			—			—			71,936			(12,525)
Total mortgage-backed securities		114			362,626			(54,727)			32,232			(53)			330,394			(54,674)
Total		165		$	784,522		$	(70,051)		$	284,920		$	(1,001)		$	499,602		$	(69,050)

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $0.1 million related to AFS securities hedged in a closed portfolio at September 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 nine months ended
	September 30,						September 30,
	2024			2023			2024			2023

		(In thousands)
Beginning balance	$	1,089		$	1,079		$	1,087		$	1,100
Provision (benefit)		(3)			3			(1)			(18)
Allowance for credit losses	$	1,086		$	1,082		$	1,086		$	1,082