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Securities | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities Available-for-Sale Debt Securities The following tables summarize available-for-sale debt securities held by the Company at December 31, 2021 and 2020:
December 31, 2021 | Available-for-Sale Debt Securities
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasuries | $ | 160,291 |  | $ | 85 |  | $ | 2,542 |  | $ | 157,834 |
Obligations of U.S. Government sponsored entities | 843,218 |  | 4,527 |  | 15,372 |  | 832,373 |
Obligations of U.S. states and political subdivisions | 102,177 |  | 2,092 |  | 100 |  | 104,169 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 76,502 |  | 1,187 |  | 532 |  | 77,157 |
U.S. Government sponsored entities | 879,102 |  | 5,735 |  | 14,281 |  | 870,556 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 76 |  | 2,424 |
Total available-for-sale debt securities | $ | 2,063,790 |  | $ | 13,626 |  | $ | 32,903 |  | $ | 2,044,513 |
December 31, 2020 | Available-for-Sale Debt Securities
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Obligations of U.S. Government sponsored entities | $ | 599,652 |  | $ | 9,820 |  | $ | 1,992 |  | $ | 607,480 |
Obligations of U.S. states and political subdivisions | 126,642 |  | 3,144 |  | 40 |  | 129,746 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 179,538 |  | 3,216 |  | 646 |  | 182,108 |
U.S. Government sponsored entities | 691,562 |  | 14,593 |  | 675 |  | 705,480 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 121 |  | 2,379 |
Total available-for-sale debt securities | $ | 1,599,894 |  | $ | 30,773 |  | $ | 3,474 |  | $ | 1,627,193 |
Held-to-Maturity Securities The following tables summarize held-to-maturity debt securities held by the Company at December 31, 2021 and 2020:
December 31, 2021 | Held-to-Maturity Securities
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasuries | $ | 86,689 |  | $ | 279 |  | $ | 600 |  | $ | 86,368 |
Obligations of U.S. Government sponsored entities | 197,320 |  | 389 |  | 1,789 |  | 195,920 |
Total held-to-maturity debt securities | $ | 284,009 |  | $ | 668 |  | $ | 2,389 |  | $ | 282,288 |
There were no held-to-maturity debt securities at December 31, 2020. The following table sets forth information with regard to sales transactions of debt securities available-for-sale:
| Year ended December 31,
(In thousands) | 2021 | 2020 | 2019
Proceeds from sales | $ | 142,679 |  | $ | 42,333 |  | $ | 232,598 |
Gross realized gains | 1,126 |  | 179 |  | 1,123 |
Gross realized losses | (851) |  | 0 |  | (595) |
Net gains (losses) on sales of available-for-sale debt securities | $ | 275 |  | $ | 179 |  | $ | 528 |
The Company's available-for-sale and held-to-maturity debt securities portfolios includes callable securities that may be called prior to maturity. In 2021, 2020, and 2019, the Company recognized gross gains of $0, $251,000 and $88,000 on securities that were called. The Company also recognized net losses of $26,000 on equity securities for the years ended December 31, 2021 and net gains of $13,000 and $29,000 for the years ended December 31, 2020 and 2019, respectively, reflecting the change in fair value. The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2021:
December 31, 2021 | Available-for-Sale Debt Securities
| Less than 12 Months | 12 Months or Longer | Total
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasuries | $ | 147,810 |  | $ | 2,542 |  | $ | 0 |  | $ | 0 |  | $ | 147,810 |  | $ | 2,542 |
Obligations of U.S. Government sponsored entities | 362,895 |  | $ | 6,694 |  | $ | 289,210 |  | $ | 8,678 |  | $ | 652,105 |  | $ | 15,372 |
Obligations of U.S. states and political subdivisions | 9,700 |  | 85 |  | 1,283 |  | 15 |  | 10,983 |  | 100 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 22,074 |  | 160 |  | 16,846 |  | 372 |  | 38,920 |  | 532 |
U.S. Government sponsored entities | 553,351 |  | 11,440 |  | 84,537 |  | 2,841 |  | 637,888 |  | 14,281 |
U.S. corporate debt securities | 0 |  | 0 |  | 2,424 |  | 76 |  | 2,424 |  | 76 |
Total available-for-sale debt securities | $ | 1,095,830 |  | $ | 20,921 |  | $ | 394,300 |  | $ | 11,982 |  | $ | 1,490,130 |  | $ | 32,903 |
The following table summarizes held-to-maturity debt securities that had unrealized losses at December 31, 2021:
December 31, 2021 | Held-to-Maturity Securities
| Less than 12 Months | 12 Months or Longer | Total
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasuries | $ | 35,280 |  | $ | 600 |  | $ | 0 |  | $ | 0 |  | $ | 35,280 |  | $ | 600 |
Obligations of U.S. Government sponsored entities | 84,592 |  | 1,789 |  | 0 |  | 0 |  | 84,592 |  | 1,789 |
Total held-to-maturity securities | $ | 119,872 |  | $ | 2,389 |  | $ | 0 |  | $ | 0 |  | $ | 119,872 |  | $ | 2,389 |
Within the available-for-sale and held-to-maturity portfolios, the total number of securities in an unrealized loss position were 268 and 77 at December 31, 2021 and 2020. The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2020:
December 31, 2020 | Available-for-Sale Debt Securities
| Less than 12 Months | 12 Months or Longer | Total
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
Obligations of U.S. Government sponsored entities | $ | 310,711 |  | $ | 1,992 |  | $ | 0 |  | $ | 0 |  | $ | 310,711 |  | $ | 1,992 |
Obligations of U.S. states and political subdivisions | 8,868 |  | 40 |  | 0 |  | 0 |  | 8,868 |  | 40 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 10,560 |  | 396 |  | 1,819 |  | 250 |  | 12,379 |  | 646 |
U.S. Government sponsored entities | 87,643 |  | 586 |  | 5,068 |  | 89 |  | 92,711 |  | 675 |
U.S. corporate debt securities | 0 |  | 0 |  | 2,379 |  | 121 |  | 2,379 |  | 121 |
Total available-for-sale debt securities | $ | 417,782 |  | $ | 3,014 |  | $ | 9,266 |  | $ | 460 |  | $ | 427,048 |  | $ | 3,474 |
There were no held-to-maturity debt securities at December 31, 2020. The Company evaluates available-for-sale debt securities for expected credit losses (“ECL”) in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Factors that may be indicative of ECL include, but are not limited to, the following: ◦Extent to which the fair value is less than the amortized cost basis. ◦Adverse conditions specifically related to the security, an industry, or geographic area (changes in technology, business practice). ◦Payment structure of the debt security with respect to underlying issuer or obligor. ◦Failure of the issuer to make scheduled payment of principal and/or interest. ◦Changes to the rating of a security or issuer by a nationally recognized statistical rating organization. ◦Changes in tax or regulatory guidelines that impact a security or underlying issuer. For available-for-sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (technical impairment) is the result of changes in interest rates or reflects a fundamental change in the credit worthiness of the underlying issuer. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the Statement of Condition, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit-related quality of the investment securities. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. The gross unrealized losses reported for available-for-sale residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association, FHLMC and U.S. government agencies such as Government National Mortgage Association. The gross unrealized losses for held-to-maturity securities are on US Treasuries and securities issued by U.S. government-sponsored enterprises, including The Federal National Mortgage Agency and the Federal Farm Credit Banks Funding Corporation. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity debt securities from the estimate of credit losses. As of December 31, 2021, the held-to- maturity portfolio consisted of U.S. Treasury securities and securities issued by U.S. government-sponsored enterprises, including The Federal National Mortgage Agency and the Federal Farm Credit Banks Funding Corporation. U.S. Treasury securities are backed by the full faith and credit of and/or guaranteed by the U.S. government, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities. Securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk-free,” and have a long history of zero credit loss. As such, the Company did not record an allowance for credit losses for these securities as of December 31, 2021. The Company did not recognize any net credit impairment charge to earnings on investment securities in 2021, 2020, or 2019. The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.
December 31, 2021 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 77,159 |  | $ | 77,892 |
Due after one year through five years | 474,537 |  | 471,776 |
Due after five years through ten years | 501,748 |  | 492,573 |
Due after ten years | 54,742 |  | 54,559 |
Total | 1,108,186 |  | 1,096,800 |
Mortgage-backed securities | 955,604 |  | 947,713 |
Total available-for-sale debt securities | $ | 2,063,790 |  | $ | 2,044,513 |
December 31, 2020 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 54,484 |  | $ | 55,008 |
Due after one year through five years | 379,044 |  | 388,132 |
Due after five years through ten years | 228,572 |  | 229,107 |
Due after ten years | 66,694 |  | 67,358 |
Total | 728,794 |  | 739,605 |
Mortgage-backed securities | 871,100 |  | 887,588 |
Total available-for-sale debt securities | $ | 1,599,894 |  | $ | 1,627,193 |
December 31, 2021 |  |
(In thousands) | Amortized Cost | Fair Value
Held-to-maturity securities: |  |
Due after five years through ten years | 284,009 |  | 282,288 |
Total held-to-maturity debt securities | $ | 284,009 |  | $ | 282,288 |
There were no held-to-maturity debt securities at December 31, 2020. Trading Securities The Company had no securities designated as trading during 2021 or 2020. Pledged Securities The Company pledges securities as collateral for public deposits and other borrowings, and sells securities under agreements to repurchase. See “Note 8 - Securities Sold Under Agreements to Repurchase and Federal Funds Purchased” for further discussion. Securities carried of $1.4 billion and $1.2 billion, at December 31, 2021 and 2020, respectively, were either pledged or sold under agreements to repurchase. Concentrations of Securities Except for U.S. government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of shareholders’ equity at December 31, 2021. Equity Securities The Company invests in one CRA qualified equity fund. This security is carried at market value. Investment in Small Business Investment Companies The Company has equity investments in small business investment companies (“SBIC”) establish ed for the purpose of providing financing to small businesses in market areas served by the Company. These investments totaled $1.6 million a nd $1.5 million at December 31, 2021 and 2020, respectfully, and were included in other assets on the Company’s Consolidated Statements of Condition. These investments are accounted for either under the cost method or the equity method of accounting. As of December 31, 2021, the Company reviewed these investments and determined that there was no impairment. Federal Home Loan Bank Stock The Company also holds non-marketable Federal Home Loan Bank New York (“FHLBNY”) stock, non-marketable Federal Home Loan Bank Pittsburgh (“FHLBPITT”) stock and non-marketable Atlantic Community Bankers Bank (“ACBB”) stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in FHLB stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock, FHLBPITT stock and ACBB stock totaled $9.9 million, $1.0 million and $95,000 at December 31, 2021, respectively. These securities are carried at par, which is also cost. The FHLBNY and FHLBPITT continue to pay dividends and repurchase stock. As such, the Company has not recognized any impairment on its holdings of FHLBNY and FHLBPITT stock.

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