XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Securities Available for Sale, Held to Maturity, and Marketable Equity Securities | The following is a summary of securities available for sale, held to maturity, and marketable equity securities:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 6,896 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 6,907 |  |  |
Municipal bonds and obligations |  | 64,050 |  |  | 289 |  |  | (1,408) |  |  | 62,931 |  |  | — |
Agency collateralized mortgage obligations |  | 308,857 |  |  | 340 |  |  | (56,765) |  |  | 252,432 |  |  | — |
Agency mortgage-backed securities |  | 276,077 |  |  | 9 |  |  | (43,155) |  |  | 232,931 |  |  | — |
Agency commercial mortgage-backed securities |  | 86,714 |  |  | — |  |  | (16,148) |  |  | 70,566 |  |  | — |
Corporate bonds |  | 38,697 |  |  | 23 |  |  | (3,403) |  |  | 35,317 |  |  | — |
Other bonds and obligations |  | 655 |  |  | 67 |  |  | (66) |  |  | 656 |  |  | — |
Total securities available for sale |  | 781,946 |  |  | 739 |  |  | (120,945) |  |  | 661,740 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 236,707 |  |  | 421 |  |  | (17,087) |  |  | 220,041 |  |  | 45 |
Agency collateralized mortgage obligations |  | 103,272 |  |  | — |  |  | (15,332) |  |  | 87,940 |  |  | — |
Agency mortgage-backed securities |  | 44,465 |  |  | — |  |  | (7,048) |  |  | 37,417 |  |  | — |
Agency commercial mortgage-backed securities |  | 126,312 |  |  | — |  |  | (22,001) |  |  | 104,311 |  |  | — |
Tax advantaged economic development bonds |  | 1,244 |  |  | — |  |  | (36) |  |  | 1,208 |  |  | 20 |
Other bonds and obligations |  | 277 |  |  | — |  |  | — |  |  | 277 |  |  | — |
Total securities held to maturity |  | 512,277 |  |  | 421 |  |  | (61,504) |  |  | 451,194 |  |  | 65 |
Equity securities |  | 15,035 |  |  | — |  |  | (1,757) |  |  | 13,278 |  |  | — |
Total |  | $ | 1,309,258 |  |  | $ | 1,160 |  |  | $ | (184,206) |  |  | $ | 1,126,212 |  |  | $ | 65 |
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 7,980 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 7,981 |  |  | $ | — |
Municipal bonds and obligations |  | 64,788 |  |  | 494 |  |  | (1,429) |  |  | 63,853 |  |  | — |
Agency collateralized mortgage obligations |  | 426,986 |  |  | — |  |  | (79,112) |  |  | 347,874 |  |  | — |
Agency mortgage-backed securities |  | 492,633 |  |  | 2 |  |  | (75,155) |  |  | 417,480 |  |  | — |
Agency commercial mortgage-backed securities |  | 174,879 |  |  | — |  |  | (29,553) |  |  | 145,326 |  |  | — |
Corporate bonds |  | 43,291 |  |  | 34 |  |  | (4,210) |  |  | 39,115 |  |  | — |
Other bonds and obligations |  | 655 |  |  | 67 |  |  | (66) |  |  | 656 |  |  | — |
Total securities available for sale |  | 1,211,212 |  |  | 598 |  |  | (189,525) |  |  | 1,022,285 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 251,046 |  |  | 698 |  |  | (16,987) |  |  | 234,757 |  |  | 48 |
Agency collateralized mortgage obligations |  | 112,929 |  |  | — |  |  | (18,360) |  |  | 94,569 |  |  | — |
Agency mortgage-backed securities |  | 47,379 |  |  | — |  |  | (8,052) |  |  | 39,327 |  |  | — |
Agency commercial mortgage-backed securities |  | 130,169 |  |  | — |  |  | (24,368) |  |  | 105,801 |  |  | — |
Tax advantaged economic development bonds |  | 1,540 |  |  | 6 |  |  | (60) |  |  | 1,486 |  |  | 20 |
Other bonds and obligations |  | 288 |  |  | — |  |  | — |  |  | 288 |  |  | — |
Total securities held to maturity |  | 543,351 |  |  | 704 |  |  | (67,827) |  |  | 476,228 |  |  | 68 |
Equity securities |  | 15,035 |  |  | — |  |  | (2,006) |  |  | 13,029 |  |  | — |
Total |  | $ | 1,769,598 |  |  | $ | 1,302 |  |  | $ | (259,358) |  |  | $ | 1,511,542 |  |  | $ | 68 |
Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three and nine months ended September 30, 2024 and 2023:
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at June 30, 2024 | $ | 45 |  |  | $ | 20 |  |  | $ | 65 |
Provision for credit losses | — |  |  | — |  |  | — |
Balance at September 30, 2024 | $ | 45 |  |  | $ | 20 |  |  | $ | 65 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at June 30, 2023 | $ | 49 |  |  | $ | 22 |  |  | $ | 71 |
(Benefit) for credit losses | (1) |  |  | (1) |  |  | (2) |
Balance at September 30, 2023 | $ | 48 |  |  | $ | 21 |  |  | $ | 69 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2023 | $ | 48 |  |  | $ | 20 |  |  | $ | 68 |
(Benefit) for credit losses | (3) |  |  | — |  |  | (3) |
Balance at September 30, 2024 | $ | 45 |  |  | $ | 20 |  |  | $ | 65 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2022 | $ | 66 |  |  | $ | 25 |  |  | $ | 91 |
(Benefit) for credit losses | (18) |  |  | (4) |  |  | (22) |
Balance at September 30, 2023 | $ | 48 |  |  | $ | 21 |  |  | $ | 69 |
Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) and Held to Maturity (HTM) Securities, Segregated by Contractual Maturity | The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at September 30, 2024 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.
|  | Available for sale |  | Held to maturity
|  | Amortized |  | Fair |  | Amortized |  | Fair
(In thousands) |  | Cost |  | Value |  | Cost |  | Value
Within 1 year |  | $ | 7,271 |  |  | $ | 7,281 |  |  | $ | 646 |  |  | $ | 646 |
Over 1 year to 5 years |  | 19,220 |  |  | 18,903 |  |  | 1,910 |  |  | 1,904 |
Over 5 years to 10 years |  | 48,936 |  |  | 45,939 |  |  | 48,372 |  |  | 48,226 |
Over 10 years |  | 34,871 |  |  | 33,688 |  |  | 187,300 |  |  | 170,750 |
Total bonds and obligations |  | 110,298 |  |  | 105,811 |  |  | 238,228 |  |  | 221,526 |
Mortgage-backed securities |  | 671,648 |  |  | 555,929 |  |  | 274,049 |  |  | 229,668 |
Total |  | $ | 781,946 |  |  | $ | 661,740 |  |  | $ | 512,277 |  |  | $ | 451,194 |
Schedule of Securities with Unrealized Losses, Segregated by the Duration of their Continuous Unrealized Loss Positions | Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
|  | Less Than Twelve Months |  | Over Twelve Months |  | Total
|  | Gross |  |  |  | Gross |  |  |  | Gross |  |
|  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair
(In thousands) |  | Losses |  | Value |  | Losses |  | Value |  | Losses |  | Value
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Municipal bonds and obligations |  | 61 |  |  | 10,885 |  |  | 1,347 |  |  | 26,465 |  |  | 1,408 |  |  | 37,350 |
Agency collateralized mortgage obligations |  | — |  |  | — |  |  | 56,765 |  |  | 212,953 |  |  | 56,765 |  |  | 212,953 |
Agency mortgage-backed securities |  | — |  |  | — |  |  | 43,155 |  |  | 232,132 |  |  | 43,155 |  |  | 232,132 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | 16,148 |  |  | 70,566 |  |  | 16,148 |  |  | 70,566 |
Corporate bonds |  | — |  |  | — |  |  | 3,403 |  |  | 34,501 |  |  | 3,403 |  |  | 34,501 |
Other bonds and obligations |  | — |  |  | — |  |  | 66 |  |  | 295 |  |  | 66 |  |  | 295 |
Total securities available for sale |  | $ | 61 |  |  | $ | 10,885 |  |  | $ | 120,884 |  |  | $ | 576,912 |  |  | $ | 120,945 |  |  | $ | 587,797 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 107 |  |  | $ | 34,770 |  |  | $ | 16,980 |  |  | $ | 115,023 |  |  | $ | 17,087 |  |  | $ | 149,793 |
Agency collateralized mortgage obligations |  | — |  |  | — |  |  | 15,332 |  |  | 87,940 |  |  | 15,332 |  |  | 87,940 |
Agency mortgage-backed securities |  | — |  |  | — |  |  | 7,048 |  |  | 37,417 |  |  | 7,048 |  |  | 37,417 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | 22,001 |  |  | 104,311 |  |  | 22,001 |  |  | 104,311 |
Tax advantaged economic development bonds |  | 5 |  |  | 370 |  |  | 31 |  |  | 838 |  |  | 36 |  |  | 1,208 |
Total securities held to maturity |  | 112 |  |  | 35,140 |  |  | 61,392 |  |  | 345,529 |  |  | 61,504 |  |  | 380,669 |
Total |  | $ | 173 |  |  | $ | 46,025 |  |  | $ | 182,276 |  |  | $ | 922,441 |  |  | $ | 182,449 |  |  | $ | 968,466 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 76 |  |  | $ | 9,326 |  |  | $ | 1,353 |  |  | $ | 22,739 |  |  | $ | 1,429 |  |  | $ | 32,065 |
Agency collateralized mortgage obligations |  | — |  |  | — |  |  | 79,112 |  |  | 347,874 |  |  | 79,112 |  |  | 347,874 |
Agency mortgage-backed securities |  | 1 |  |  | 22 |  |  | 75,154 |  |  | 417,151 |  |  | 75,155 |  |  | 417,173 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | 29,553 |  |  | 145,326 |  |  | 29,553 |  |  | 145,326 |
Corporate bonds |  | 457 |  |  | 6,543 |  |  | 3,753 |  |  | 31,690 |  |  | 4,210 |  |  | 38,233 |
Other bonds and obligations |  | — |  |  | — |  |  | 66 |  |  | 295 |  |  | 66 |  |  | 295 |
Total securities available for sale |  | $ | 534 |  |  | $ | 15,891 |  |  | $ | 188,991 |  |  | $ | 965,075 |  |  | $ | 189,525 |  |  | $ | 980,966 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 229 |  |  | $ | 28,895 |  |  | $ | 16,758 |  |  | $ | 92,063 |  |  | $ | 16,987 |  |  | $ | 120,958 |
Agency collateralized mortgage obligations |  | 1 |  |  | 21 |  |  | 18,359 |  |  | 94,548 |  |  | 18,360 |  |  | 94,569 |
Agency mortgage-backed securities |  | — |  |  | — |  |  | 8,052 |  |  | 39,327 |  |  | 8,052 |  |  | 39,327 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | 24,368 |  |  | 105,801 |  |  | 24,368 |  |  | 105,801 |
Tax advantaged economic development bonds |  | — |  |  | — |  |  | 60 |  |  | 922 |  |  | 60 |  |  | 922 |
Total securities held to maturity |  | 230 |  |  | 28,916 |  |  | 67,597 |  |  | 332,661 |  |  | 67,827 |  |  | 361,577 |
Total |  | $ | 764 |  |  | $ | 44,807 |  |  | $ | 256,588 |  |  | $ | 1,297,736 |  |  | $ | 257,352 |  |  | $ | 1,342,543 |

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration