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Securities (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of portfolio of securities

The following tables summarize the Company’s portfolio of securities held-to-maturity at:


					Allowance			Net			Gross			Gross
		Amortized			for			Carrying			Unrecognized			Unrecognized
March 31, 2025		Cost			Credit Losses			Amount			Gains			Losses			Fair Value

		(In thousands)
Municipals		$	43,678		$	(359)		$	43,319		$	—		$	(5,736)		$	37,583

FNMA			7,831			—			7,831			—			(744)			7,087

Total		$	51,509		$	(359)		$	51,150		$	—		$	(6,480)		$	44,670


					Allowance			Net			Gross			Gross
		Amortized			for			Carrying			Unrecognized			Unrecognized
December 31, 2024		Cost			Credit Losses			Amount			Gains			Losses			Fair Value

		(In thousands)
Municipals		$	44,002		$	(353)		$	43,649		$	—		$	(5,834)		$	37,815

FNMA			7,836			—			7,836			—			(933)			6,903

Total		$	51,838		$	(353)		$	51,485		$	—		$	(6,767)		$	44,718

The following tables summarize the Company’s portfolio of securities available for sale on:


						Allowance		Gross			Gross
		Amortized				for		Unrealized			Unrealized
March 31. 2025		Cost			Credit Losses			Gains			Losses			Fair Value

		(In thousands)
U.S. government agencies		$	7,918		$	—		$	36		$	(43)		$	7,911
Municipals			20,627			(2,627)			—			—			18,000
Corporate			130,928			—			823			(5,677)			126,074
Mutual funds			12,160			—			—			—			12,160
Collateralized loan obligations			405,662			—			682			(1,385)			404,959
Other			1,474			—			—			—			1,474
Total other securities			578,769			(2,627)			1,541			(7,105)			570,578
REMIC and CMO			676,300			—			2,653			(764)			678,189
GNMA			29,418			—			121			(12)			29,527
FNMA			96,396			—			739			(53)			97,082
FHLMC			74,003			—			765			—			74,768
Total mortgage-backed securities			876,117			—			4,278			(829)			879,566

Total Securities available for sale		$	1,454,886		$	(2,627)		$	5,819		$	(7,934)		$	1,450,144


								Gross			Gross
		Amortized						Unrealized			Unrealized
December 31. 2024		Cost			Fair Value			Gains			Losses			Fair Value

		(In thousands)
U.S. government agencies		$	8,804		$	—		$	77		$	(33)		$	8,848
Municipals			20,627			(2,627)			—			—			18,000
Corporate			130,882			—			735			(6,368)			125,249
Mutual funds			11,890			—			—			—			11,890
Collateralized loan obligations			420,260			—			1,126			(569)			420,817
Other			1,465			—			—			—			1,465
Total other securities			593,928			(2,627)			1,938			(6,970)			586,269
REMIC and CMO			707,540			—			1,107			(1,067)			707,580
GNMA			30,099			—			—			(154)			29,945
FNMA			99,183			—			11			(1,048)			98,146
FHLMC			76,048			—			13			(96)			75,965
Total mortgage-backed securities			912,870			—			1,131			(2,365)			911,636

Total securities available for sale		$	1,506,798		$	(2,627)		$	3,069		$	(9,335)		$	1,497,905

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		$	43,678		$	37,583
Total other securities			43,678			37,583
Mortgage-backed securities			7,831			7,087
Total securities held-to-maturity		$	51,509		$	44,670


		Amortized
Securities available for sale:		Cost			Fair Value

		(In thousands)
Due after one year through five years		$	56,323		$	54,411
Due after five years through ten years			224,382			221,888
Due after ten years			285,904			282,119
Total other securities			566,609			558,418
Mutual funds			12,160			12,160
Mortgage-backed securities			876,117			879,566
Total securities available for sale		$	1,454,886		$	1,450,144

Schedule of securities with gross unrealized losses and their fair value


		At March 31, 2025
				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
FNMA		1			7,087			(744)			—			—			7,087			(744)
Total mortgage-backed securities		1			7,087			(744)			—			—			7,087			(744)

Total		1		$	7,087		$	(744)		$	—		$	—		$	7,087		$	(744)

Available for sale securities
U.S. government agencies		3		$	4,730		$	(43)		$	1,445		$	(11)		$	3,285		$	(32)
Corporate		11			88,522			(5,677)			—			—			88,522			(5,677)
Collateralized loan obligations		20			224,043			(1,385)			116,425			(449)			107,618			(936)
Total other securities		34			317,295			(7,105)			117,870			(460)			199,425			(6,645)

REMIC and CMO		15			168,597			(764)			136,779			(428)			31,818			(336)
GNMA		2			3,506			(12)			—			—			3,506			(12)
FNMA		1			19,575			(53)			19,575			(53)			—			—
Total mortgage-backed securities		18			191,678			(829)			156,354			(481)			35,324			(348)
Total securities available for sale		52		$	508,973		$	(7,934)		$	274,224		$	(941)		$	234,749		$	(6,993)


		At December 31, 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
FNMA		1			6,903			(933)			—			—			6,903			(933)
Total mortgage-backed securities		1			6,903			(933)			—			—			6,903			(933)

Total		1		$	6,903		$	(933)		$	—		$	—		$	6,903		$	(933)

Available for sale securities
U.S. government agencies		2		$	3,339		$	(33)		$	—		$	—		$	3,339		$	(33)
Corporate		13			95,758			(6,368)			—			—			95,758			(6,368)
Collateralized loan obligations		18			201,470			(569)			201,470			(569)			—			—
Total other securities		33			300,567			(6,970)			201,470			(569)			99,097			(6,401)

REMIC and CMO		19			287,948			(1,067)			281,570			(936)			6,378			(131)
GNMA		4			29,945			(154)			28,443			(134)			1,502			(20)
FNMA		6			97,417			(1,048)			97,417			(1,048)			—			—
FHLMC		3			56,540			(96)			56,540			(96)			—			—
Total mortgage-backed securities		32			471,850			(2,365)			463,970			(2,214)			7,880			(151)
Total		65		$	772,417		$	(9,335)		$	665,440		$	(2,783)		$	106,977		$	(6,552)

Schedule of allowance for credit losses for debt securities held-to-maturity


	For the three months ended
	March 31,
	2025			2024

	(In thousands)
Beginning balance	$	2,627		$	—
Provision (benefit)		—			—
Allowance for credit losses	$	2,627		$	—

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,
	2025			2024

	(In thousands)
Beginning balance	$	353		$	1,087
Provision (benefit)		6			(3)
Allowance for credit losses	$	359		$	1,084