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Securities (Tables)

9 Months Ended

Sep. 30, 2022

Amortized Cost, Estimated Fair Value and Unrealized Gains and Losses of AFS Securities

The amortized cost, estimated fair value and unrealized gains and losses of AFS securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
As of September 30, 2022
U.S. treasury	$	132,600	$	-	$	11,978	$	120,622
Federal agency		248,427		-		43,637		204,790
State & municipal		98,126		-		14,311		83,815
Mortgage-backed:
Government-sponsored enterprises		469,757		8		60,393		409,372
U.S. government agency securities		82,086		19		7,966		74,139
Collateralized mortgage obligations:
Government-sponsored enterprises		513,088		35		58,833		454,290
U.S. government agency securities		175,425		1		19,332		156,094
Corporate		58,980		-		5,601		53,379
Total AFS securities	$	1,778,489	$	63	$	222,051	$	1,556,501
As of December 31, 2021
U.S. treasury	$	73,016	$	59	$	6	$	73,069
Federal agency		248,454		-		8,523		239,931
State & municipal		95,531		116		1,559		94,088
Mortgage-backed:
Government-sponsored enterprises		538,036		8,036		5,589		540,483
U.S. government agency securities		65,339		1,108		255		66,192
Collateralized mortgage obligations:
Government-sponsored enterprises		484,550		2,723		5,113		482,160
U.S. government agency securities		139,380		939		884		139,435
Corporate		50,500		1,516		13		52,003
Total AFS securities	$	1,694,806	$	14,497	$	21,942	$	1,687,361

Amortized Cost, Estimated Fair Value, and Unrealized Gains and Losses of HTM Securities

The amortized cost, estimated fair value and unrealized gains and losses of HTM securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
As of September 30, 2022
Federal agency	$	100,000	$	-	$	21,179	$	78,821
Mortgage-backed:
Government-sponsored enterprises		254,889		-		40,946		213,943
U.S. government agency securities		18,403		4		573		17,834
Collateralized mortgage obligations:
Government-sponsored enterprises		203,213		-		14,608		188,605
U.S. government agency securities		67,940		1		9,071		58,870
State & municipal		285,096		2		29,071		256,027
Total HTM securities	$	929,541	$	7	$	115,448	$	814,100
As of December 31, 2021
Federal agency	$	100,000	$	-	$	4,365	$	95,635
Mortgage-backed:
Government-sponsored enterprises		161,462		2,232		1,319		162,375
U.S. government agency securities		9,112		514		-		9,626
Collateralized mortgage obligations:
Government-sponsored enterprises		94,342		1,932		129		96,145
U.S. government agency securities		44,473		336		674		44,135
State & municipal		323,821		5,026		1,503		327,344
Total HTM securities	$	733,210	$	10,040	$	7,990	$	735,260

Gains and (Losses) on Equity Securities

The following tables set forth information with regard to gains and (losses) on equity securities:

	Three Months Ended September 30,
(In thousands)	2022			2021
Net (losses) and gains recognized on equity securities	$	(148	)	$	(114	)
Less: Net (losses) and gains recognized on equity securities sold during the period		-			-
Unrealized (losses) and gains recognized on equity securities still held	$	(148	)	$	(114	)

	Nine Months Ended September 30,
(In thousands)	2022			2021
Net (losses) and gains recognized on equity securities	$	(918	)	$	539
Less: Net (losses) and gains recognized on equity securities sold during the period		-			-
Unrealized (losses) and gains recognized on equity securities still held	$	(918	)	$	539

Contractual Maturities of Debt Securities

The following table sets forth information with regard to contractual maturities of debt securities at September 30, 2022:

(In thousands)	Amortized Cost		Estimated Fair Value
AFS debt securities:
Within one year	$	1,644	$	1,636
From one to five years		253,118		233,059
From five to ten years		741,574		638,816
After ten years		782,153		682,990
Total AFS debt securities	$	1,778,489	$	1,556,501
HTM debt securities:
Within one year	$	56,687	$	56,676
From one to five years		77,429		74,329
From five to ten years		291,847		253,807
After ten years		503,578		429,288
Total HTM debt securities	$	929,541	$	814,100

Investment Securities with Unrealized Losses

The following table sets forth information with regard to investment securities with unrealized losses, for which an allowance for credit losses has not been recorded, segregated according to the length of time the securities had been in a continuous unrealized loss position:

	Less Than 12 Months							12 Months or Longer							Total
(In thousands)	Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions
As of September 30, 2022
AFS securities:
U.S. treasury	$	120,622	$	(11,978	)		8	$	-	$	-			-	$	120,622	$	(11,978	)		8
Federal agency		-		-			-		204,790		(43,637	)		16		204,790		(43,637	)		16
State & municipal		19,439		(2,716	)		16		64,376		(11,595	)		52		83,815		(14,311	)		68
Mortgage-backed		245,801		(22,675	)		160		236,256		(45,684	)		24		482,057		(68,359	)		184
Collateralized mortgage obligations		381,916		(37,494	)		96		223,569		(40,671	)		26		605,485		(78,165	)		122
Corporate		53,379		(5,601	)		17		-		-			-		53,379		(5,601	)		17
Total securities with unrealized losses	$	821,157	$	(80,464	)		297	$	728,991	$	(141,587	)		118	$	1,550,148	$	(222,051	)		415

HTM securities:
Federal agency	$	-	$	-			-	$	78,821	$	(21,179	)		4	$	78,821	$	(21,179	)		4
Mortgage-backed		159,823		(24,108	)		25		71,827		(17,411	)		9		231,650		(41,519	)		34
Collateralized mortgage obligation		204,362		(13,975	)		47		42,467		(9,704	)		6		246,829		(23,679	)		53
State & municipal		154,286		(17,017	)		189		40,517		(12,054	)		42		194,803		(29,071	)		231
Total securities with unrealized losses	$	518,471	$	(55,100	)		261	$	233,632	$	(60,348	)		61	$	752,103	$	(115,448	)		322

As of December 31, 2021
AFS securities:
U.S. treasury	$	49,105	$	(6	)		2	$	-	$	-			-	$	49,105	$	(6	)		2
Federal agency		41,618		(1,846	)		4		198,313		(6,677	)		12		239,931		(8,523	)		16
State & municipal		87,515		(1,559	)		61		-		-			-		87,515		(1,559	)		61
Mortgage-backed		281,217		(4,319	)		24		39,491		(1,525	)		6		320,708		(5,844	)		30
Collateralized mortgage obligations		341,673		(5,495	)		34		15,774		(502	)		4		357,447		(5,997	)		38
Corporate		9,987		(13	)		2		-		-			-		9,987		(13	)		2
Total securities with unrealized losses	$	811,115	$	(13,238	)		127	$	253,578	$	(8,704	)		22	$	1,064,693	$	(21,942	)		149

HTM securities:
Federal agency	$	-	$	-			-	$	95,635	$	(4,365	)		4	$	95,635	$	(4,365	)		4
Mortgage-backed		103,789		(1,319	)		10		-		-			-		103,789		(1,319	)		10
Collateralized mortgage obligations		54,612		(803	)		6		-		-			-		54,612		(803	)		6
State & municipal		52,783		(1,189	)		40		8,950		(314	)		10		61,733		(1,503	)		50
Total securities with unrealized losses	$	211,184	$	(3,311	)		56	$	104,585	$	(4,679	)		14	$	315,769	$	(7,990	)		70