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SECURITIES (Tables)
6 Months Ended
Jun. 30, 2025
SECURITIES  
Schedule of major categories of securities owned by entity

June 30, 2025

Gross

Gross

Allowance

Amortized

Unrealized

Unrealized

For Credit

Fair

(In thousands)

    

Cost

    

Gains

    

Losses

Losses

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Agency notes

$

10,000

$

$

(236)

$

$

9,764

Corporate securities

 

180,198

424

(7,730)

(1,800)

 

171,092

Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")

 

285,789

2,756

(880)

 

287,665

Agency CMOs

 

236,411

695

(24,440)

 

212,666

State and municipal obligations

23,387

(1,113)

22,274

Total securities available-for-sale

$

735,785

$

3,875

$

(34,399)

$

(1,800)

$

703,461

June 30, 2025

Gross

Gross

Amortized

Unrecognized

Unrecognized

Fair

(In thousands)

    

Cost

    

Gains

    

Losses

    

Value

Securities held-to-maturity:

 

  

 

  

 

  

 

  

Agency notes

$

90,188

$

$

(7,786)

$

82,402

Corporate securities

13,000

200

(560)

12,640

Pass-through MBS issued by GSEs

290,933

200

(36,559)

254,574

Agency CMOs

 

231,067

 

320

 

(24,496)

 

206,891

Total securities held-to-maturity

$

625,188

$

720

$

(69,401)

$

556,507

December 31, 2024

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

(In thousands)

    

Cost

    

Gains

    

Losses

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Agency notes

$

10,000

$

$

(393)

$

9,607

Corporate securities

173,972

 

755

 

(10,778)

 

163,949

Pass-through MBS issued by GSEs

 

303,303

 

30

 

(3,112)

 

300,221

Agency CMOs

 

220,314

 

16

 

(28,442)

 

191,888

State and municipal obligations

 

26,545

(1,517)

25,028

Total securities available-for-sale

$

734,134

$

801

$

(44,242)

$

690,693

December 31, 2024

Gross

Gross

Amortized

Unrecognized

Unrecognized

Fair

(In thousands)

    

Cost

    

Gains

    

Losses

    

Value

Securities held-to-maturity:

 

  

 

  

 

  

 

  

Agency notes

$

89,977

$

$

(10,961)

$

79,016

Corporate securities

13,000

140

(855)

12,285

Pass-through MBS issued by GSEs

298,697

(43,716)

254,981

Agency CMOs

 

235,665

 

29

 

(29,699)

 

205,995

Total securities held-to-maturity

$

637,339

$

169

$

(85,231)

$

552,277

Schedule of amortized cost and fair value of debt securities

June 30, 2025

Amortized

Fair

(In thousands)

Cost

Value

Available-for-sale

Within one year

$

8,604

$

8,529

One to five years

73,503

69,378

Five to ten years

131,478

125,223

Beyond ten years

Pass-through MBS issued by GSEs and agency CMOs

522,200

500,331

Total

$

735,785

$

703,461

Held-to-maturity

Within one year

$

$

One to five years

34,507

32,405

Five to ten years

68,681

62,637

Beyond ten years

Pass-through MBS issued by GSEs and agency CMOs

522,000

461,465

Total

$

625,188

$

556,507

Summary of sale of available-for-sale securities

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(In thousands)

    

2025

    

2024

2025

    

2024

Securities available-for-sale

Proceeds

$

24,837

$

$

24,837

$

Gross gains

748

748

Tax expense on gains

221

221

Gross losses

676

676

Tax benefit on losses

200

200

Schedule of gross unrealized losses and fair value of investment securities

June 30, 2025

Less than 12

12 Consecutive

Consecutive Months

Months or Longer

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(In thousands)

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

Securities available-for-sale:

 

  

 

  

 

  

 

  

 

  

 

  

Agency notes

$

$

$

9,764

$

236

$

9,764

$

236

Corporate securities

27,733

212

89,744

7,518

117,477

7,730

Pass-through MBS issued by GSEs

33,584

108

5,784

772

39,368

880

Agency CMOs

147,252

24,440

147,252

24,440

State and municipal obligations

 

 

 

18,774

 

1,113

18,774

1,113

December 31, 2024

Less than 12

12 Consecutive

Consecutive Months

Months or Longer

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(In thousands)

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

Securities available-for-sale:

 

  

 

  

 

  

 

  

 

  

 

  

Agency Notes

$

$

$

9,607

$

393

$

9,607

$

393

Corporate securities

2,925

16

141,124

10,762

144,049

10,778

Pass-through MBS issued by GSEs

289,095

2,170

6,119

942

295,214

3,112

Agency CMOs

32,101

357

154,770

28,085

186,871

28,442

State and municipal obligations

3,469

 

31

 

21,559

 

1,486

25,028

1,517

Roll forward of the allowance for credit losses for corporate securities available-for-sale

Three Months Ended June 30, 

Six Months Ended June 30, 

(In thousands)

    

2025

2024

    

2025

2024

Beginning balance

$

893

$

$

$

Provision for credit losses

 

907

 

 

1,800

 

Ending balance

$

1,800

$

$

1,800

$