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v3.24.3

Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of available-for-sale securities | The following tables summarize available-for-sale debt securities held by the Company at September 30, 2024 and December 31, 2023:
| Available-for-Sale Debt Securities
September 30, 2024 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 85,036 |  | $ | 380 |  | $ | 3,305 |  | $ | 82,111 |
Obligations of U.S. Government sponsored entities | 408,292 |  | 8,241 |  | 16,328 |  | 400,205 |
Obligations of U.S. states and political subdivisions | 86,583 |  | 14 |  | 7,079 |  | 79,518 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 70,886 |  | 12 |  | 3,798 |  | 67,100 |
U.S. Government sponsored entities | 757,108 |  | 3,720 |  | 82,875 |  | 677,953 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 108 |  | 2,392 |
Total available-for-sale debt securities | $ | 1,410,405 |  | $ | 12,367 |  | $ | 113,493 |  | $ | 1,309,279 |
| Available-for-Sale Debt Securities
December 31, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 114,418 |  | $ | 495 |  | $ | 5,009 |  | $ | 109,904 |
Obligations of U.S. Government sponsored entities | 472,286 |  | 6,449 |  | 22,277 |  | 456,458 |
Obligations of U.S. states and political subdivisions | 89,999 |  | 2 |  | 8,077 |  | 81,924 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 49,976 |  | 8 |  | 4,744 |  | 45,240 |
U.S. Government sponsored entities | 819,303 |  | 2,422 |  | 100,895 |  | 720,830 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 206 |  | 2,294 |
Total available-for-sale debt securities | $ | 1,548,482 |  | $ | 9,376 |  | $ | 141,208 |  | $ | 1,416,650 |
Schedule of held-to-maturity securities | The following tables summarize held-to-maturity debt securities held by the Company at September 30, 2024 and December 31, 2023:
| Held-to-Maturity Debt Securities
September 30, 2024 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 86,103 |  | $ | 0 |  | $ | 8,956 |  | $ | 77,147 |
Obligations of U.S. Government sponsored entities | 226,343 |  | 0 |  | 26,891 |  | 199,452 |
Total held-to-maturity debt securities | $ | 312,446 |  | $ | 0 |  | $ | 35,847 |  | $ | 276,599 |
| Held-to-Maturity Debt Securities
December 31, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
(In thousands) |  |  |  |
U.S. Treasuries | $ | 86,266 |  | $ | 0 |  | $ | 11,051 |  | $ | 75,215 |
Obligations of U.S. Government sponsored entities | 226,135 |  | 0 |  | 33,895 |  | 192,240 |
Total held-to-maturity debt securities | $ | 312,401 |  | $ | 0 |  | $ | 44,946 |  | $ | 267,455 |
The following table summarizes held-to-maturity debt securities that had unrealized losses at September 30, 2024 and December 31, 2023:
September 30, 2024 | 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 |  | $ | 77,147 |  | $ | 8,956 |  | $ | 77,147 |  | $ | 8,956 |
Obligations of U.S. Government sponsored entities | 0 |  | 0 |  | 199,452 |  | 26,891 |  | 199,452 |  | 26,891 |
Total held-to-maturity debt securities | $ | 0 |  | $ | 0 |  | $ | 276,599 |  | $ | 35,847 |  | $ | 276,599 |  | $ | 35,847 |
December 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 |  | $ | 75,215 |  | $ | 11,051 |  | $ | 75,215 |  | $ | 11,051 |
Obligations of U.S. Government sponsored entities | 0 |  | 0 |  | 192,240 |  | 33,895 |  | 192,240 |  | 33,895 |
Total held-to-maturity debt securities | $ | 0 |  | $ | 0 |  | $ | 267,455 |  | $ | 44,946 |  | $ | 267,455 |  | $ | 44,946 |
Schedule of available-for-sale securities with unrealized losses | The following table summarizes available-for-sale debt securities that had unrealized losses at September 30, 2024, and December 31, 2023:
September 30, 2024 | 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 |  | $ | 67,465 |  | $ | 3,305 |  | $ | 67,465 |  | $ | 3,305 |
Obligations of U.S. Government sponsored entities | 0 |  | 0 |  | 201,802 |  | 16,328 |  | 201,802 |  | 16,328 |
Obligations of U.S. states and political subdivisions | 0 |  | 0 |  | 75,370 |  | 7,079 |  | 75,370 |  | 7,079 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 27,779 |  | 63 |  | 39,010 |  | 3,735 |  | 66,789 |  | 3,798 |
U.S. Government sponsored entities | 5,562 |  | 31 |  | 560,180 |  | 82,844 |  | 565,742 |  | 82,875 |
U.S. corporate debt securities | 0 |  | 0 |  | 2,392 |  | 108 |  | 2,392 |  | 108 |
Total available-for-sale debt securities | $ | 33,341 |  | $ | 94 |  | $ | 946,219 |  | $ | 113,399 |  | $ | 979,560 |  | $ | 113,493 |
December 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 |  | $ | 65,663 |  | $ | 5,009 |  | $ | 65,663 |  | $ | 5,009 |
Obligations of U.S. Government sponsored entities | 14,453 |  | 110 |  | 220,913 |  | 22,167 |  | 235,366 |  | 22,277 |
Obligations of U.S. states and political subdivisions | 10,572 |  | 106 |  | 69,601 |  | 7,971 |  | 80,173 |  | 8,077 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 1,145 | 4 | 43,764 | 4,740 | 44,909 | 4,744
U.S. Government sponsored entities | 5,659 | 66 | 609,456 | 100,829 | 615,115 | 100,895
U.S. corporate debt securities | 0 |  | 0 |  | 2,294 |  | 206 |  | 2,294 |  | 206 |
Total available-for-sale debt securities | $ | 31,829 |  | $ | 286 |  | $ | 1,011,691 |  | $ | 140,922 |  | $ | 1,043,520 |  | $ | 141,208 |
Schedule of amortized cost and estimated fair value of debt securities by contractual maturity |
September 30, 2024 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 109,842 |  | $ | 108,632 |
Due after one year through five years | 226,448 |  | 219,556 |
Due after five years through ten years | 223,794 |  | 217,790 |
Due after ten years | 22,327 |  | 18,248 |
Total | 582,411 |  | 564,226 |
Mortgage-backed securities | 827,994 |  | 745,053 |
Total available-for-sale debt securities | $ | 1,410,405 |  | $ | 1,309,279 |
December 31, 2023 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 99,242 |  | $ | 98,650 |
Due after one year through five years | 307,093 |  | 296,279 |
Due after five years through ten years | 245,617 |  | 233,569 |
Due after ten years | 27,251 |  | 22,082 |
Total | 679,203 |  | 650,580 |
Mortgage-backed securities | 869,279 |  | 766,070 |
Total available-for-sale debt securities | $ | 1,548,482 |  | $ | 1,416,650 |
September 30, 2024 |  |
(In thousands) | Amortized Cost | Fair Value
Held-to-maturity debt securities: |  |
Due after one year through five years | $ | 76,717 |  | $ | 68,743 |
Due after five years through ten years | 235,729 |  | 207,856 |
Total held-to-maturity debt securities | $ | 312,446 |  | $ | 276,599 |
December 31, 2023 |  |
(In thousands) | Amortized Cost | Fair Value
Held-to-maturity debt securities: |  |
Due after five years through ten years | $ | 312,401 |  | $ | 267,455 |
Total held-to-maturity debt securities | $ | 312,401 |  | $ | 267,455 |

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