XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.23.1

Securities | 3 Months Ended
--- | ---
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities Available-for-Sale Debt Securities The following table summarizes available-for-sale debt securities held by the Company at March 31, 2023:
| Available-for-Sale Debt Securities
March 31, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 190,220 |  | $ | 0 |  | $ | 19,406 |  | $ | 170,814 |
Obligations of U.S. Government sponsored entities | 670,978 |  | 0 |  | 71,216 |  | 599,762 |
Obligations of U.S. states and political subdivisions | 92,915 |  | 10 |  | 6,241 |  | 86,684 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 56,224 |  | 15 |  | 5,348 |  | 50,891 |
U.S. Government sponsored entities | 782,586 |  | 0 |  | 107,276 |  | 675,310 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 107 |  | 2,393 |
Total available-for-sale debt securities | $ | 1,795,423 |  | $ | 25 |  | $ | 209,594 |  | $ | 1,585,854 |
The following table summarizes available-for-sale debt securities held by the Company at December 31, 2022:
| Available-for-Sale Debt Securities
December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 190,170 |  | $ | 0 |  | $ | 22,919 |  | $ | 167,251 |
Obligations of U.S. Government sponsored entities | 681,192 |  | 0 |  | 80,025 |  | 601,167 |
Obligations of U.S. states and political subdivisions | 93,599 |  | 8 |  | 8,326 |  | 85,281 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 58,727 |  | 12 |  | 6,071 |  | 52,668 |
U.S. Government sponsored entities | 805,603 |  | 0 |  | 119,381 |  | 686,222 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 122 |  | 2,378 |
Total available-for-sale debt securities | $ | 1,831,791 |  | $ | 20 |  | $ | 236,844 |  | $ | 1,594,967 |
Held-to-Maturity Debt Securities The following table summarizes held-to-maturity debt securities held by the Company at March 31, 2023:
| Held-to-Maturity Securities
March 31, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 86,425 |  | $ | 0 |  | $ | 10,966 |  | $ | 75,459 |
Obligations of U.S. Government sponsored entities | 225,932 |  | 0 |  | 34,292 |  | 191,640 |
Total held-to-maturity debt securities | $ | 312,357 |  | $ | 0 |  | $ | 45,258 |  | $ | 267,099 |
The following table summarizes held-to-maturity debt securities held by the Company at December 31, 2022:
| Held-to-Maturity Securities
December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 86,478 |  | $ | 0 |  | $ | 12,937 |  | $ | 73,541 |
Obligations of U.S. Government sponsored entities | 225,866 |  | 0 |  | 37,715 |  | 188,151 |
Total held-to-maturity debt securities | $ | 312,344 |  | $ | 0 |  | $ | 50,652 |  | $ | 261,692 |
The Company may from time to time sell debt securities from its available-for-sale portfolio. There were no sales of available-for-sale debt securities for both the three months ended March 31, 2023 and the three months ended March 31, 2022. Realized gains (losses) on sales of available-for-sale debt securities were $0 for both the three months ended March 31, 2023 and the three months ended March 31, 2022. The Company's available-for-sale portfolio includes callable securities that may be called prior to maturity. There were no realized gains (losses) on called available-for-sale debt securities for the three months ended March 31, 2023 and the three months ended March 31, 2022. The Company also recognized net gains on equity securities of $13,000 for the three months ended March 31, 2023 and net losses of $47,000 for the same period during 2022, reflecting the change in fair value. The following table summarizes available-for-sale debt securities that had unrealized losses at March 31, 2023:
| 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 | $ | 0 |  | $ | 0 |  | $ | 170,814 |  | $ | 19,406 |  | $ | 170,814 |  | $ | 19,406 |
Obligations of U.S. Government sponsored entities | 95,536 |  | 1,931 |  | 504,226 |  | 69,286 |  | 599,762 |  | 71,217 |
Obligations of U.S. states and political subdivisions | 20,397 |  | 306 |  | 58,598 |  | 5,936 |  | 78,995 |  | 6,242 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 5,484 |  | 183 |  | 45,046 |  | 5,164 |  | 50,530 |  | 5,347 |
U.S. Government sponsored entities | 16,950 |  | 761 |  | 658,360 |  | 106,514 |  | 675,310 |  | 107,275 |
U.S. corporate debt securities | 0 |  | 0 |  | 2,393 |  | 107 |  | 2,393 |  | 107 |
Total available-for-sale debt securities | $ | 138,367 |  | $ | 3,181 |  | $ | 1,439,437 |  | $ | 206,413 |  | $ | 1,577,804 |  | $ | 209,594 |
The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2022:
| 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 | $ | 28,602 |  | $ | 2,132 |  | $ | 138,649 |  | $ | 20,787 |  | $ | 167,251 |  | $ | 22,919 |
Obligations of U.S. Government sponsored entities | 143,794 |  | 7,508 |  | 457,373 |  | 72,517 |  | 601,167 |  | 80,025 |
Obligations of U.S. states and political subdivisions | 46,638 |  | 2,385 |  | 33,435 |  | 5,941 |  | 80,073 |  | 8,326 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 22,945 |  | 1,258 |  | 29,356 |  | 4,813 |  | 52,301 |  | 6,071 |
U.S. Government sponsored entities | 186,690 |  | 16,869 |  | 499,532 |  | 102,512 |  | 686,222 |  | 119,381 |
U.S. corporate debt securities | 0 |  | 0 |  | 2,378 |  | 122 |  | 2,378 |  | 122 |
Total available-for-sale debt securities | $ | 428,669 |  | $ | 30,152 |  | $ | 1,160,723 |  | $ | 206,692 |  | $ | 1,589,392 |  | $ | 236,844 |
The following table summarizes held-to-maturity debt securities that had unrealized losses at March 31, 2023:
| 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 | $ | 0 |  | $ | 0 |  | $ | 75,459 |  | $ | 10,966 |  | $ | 75,459 |  | $ | 10,966 |
Obligations of U.S. Government sponsored entities | 8,293 |  | 604 |  | 183,347 |  | 33,688 |  | 191,640 |  | 34,292 |
Total held-to-maturity debt securities | $ | 8,293 |  | $ | 604 |  | $ | 258,806 |  | $ | 44,654 |  | $ | 267,099 |  | $ | 45,258 |
The following table summarizes held-to-maturity debt securities that had unrealized losses at December 31, 2022:
| 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 | $ | 0 |  | $ | 0 |  | $ | 73,542 |  | $ | 12,937 |  | $ | 73,542 |  | $ | 12,937 |
Obligations of U.S. Government sponsored entities | 24,543 |  | 3,903 |  | 163,607 |  | 33,812 |  | 188,150 |  | 37,715 |
Total held-to-maturity debt securities | $ | 24,543 |  | $ | 3,903 |  | $ | 237,149 |  | $ | 46,749 |  | $ | 261,692 |  | $ | 50,652 |
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 (loss), 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. 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 March 31, 2023, 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 "low-risk," 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 March 31, 2023. The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and U.S. government agencies such as Government National Mortgage Association. 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 Company did not recognize any net credit impairment charge to earnings on investment securities in the first quarter of 2023. 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.
March 31, 2023 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 40,237 |  | $ | 39,828 |
Due after one year through five years | 554,392 |  | 506,082 |
Due after five years through ten years | 325,346 |  | 283,610 |
Due after ten years | 36,638 |  | 30,133 |
Total | 956,613 |  | 859,653 |
Mortgage-backed securities | 838,810 |  | 726,201 |
Total available-for-sale debt securities | $ | 1,795,423 |  | $ | 1,585,854 |
December 31, 2022 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 50,922 |  | $ | 50,269 |
Due after one year through five years | 508,880 |  | 459,721 |
Due after five years through ten years | 367,743 |  | 314,408 |
Due after ten years | 39,916 |  | 31,679 |
Total | 967,461 |  | 856,077 |
Mortgage-backed securities | 864,330 |  | 738,890 |
Total available-for-sale debt securities | $ | 1,831,791 |  | $ | 1,594,967 |
March 31, 2023 |  |
(In thousands) | Amortized Cost | Fair Value
Held-to-maturity debt securities: |  |
Due after five years through ten years | $ | 312,357 |  | $ | 267,099 |
Total held-to-maturity debt securities | $ | 312,357 |  | $ | 267,099 |
December 31, 2022 |  |
(In thousands) | Amortized Cost | Fair Value
Held-to-maturity debt securities: |  |
Due after five years through ten years | $ | 312,344 |  | $ | 261,692 |
Total held-to-maturity debt securities | $ | 312,344 |  | $ | 261,692 |
The Company also holds non-marketable Federal Home Loan Bank New York ("FHLBNY") 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 Federal Home Loan Bank ("FHLB") stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock and ACBB stock totaled $19.2 million and $95,000, respectively, at March 31, 2023. These securities are carried at par, which is also cost. The FHLBNY continues to pay dividends and repurchase stock. Quarterly, we evaluate our investment in the FHLB for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, as of March 31, 2023, we determined that no impairment write-downs were required.

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 The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration