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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

INVESTMENT SECURITIES

Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity

The following tables summarizes the amortized cost and fair value of debt securities AFS and HTM and equity investments and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses (in thousands):


					Gross			Gross
					Unrealized/			Unrealized/
		Amortized			Unrecognized			Unrecognized
At December 31, 2021		Cost			Gains			Losses			Fair Value
Available-for-Sale Securities:
U.S. Government agency securities		$	67,994		$	—		$	(1,660)		$	66,334
U.S. State and Municipal securities			11,799			—			(300)			11,499
Residential MBS			476,393			623			(10,465)			466,551
Commercial MBS			17,787			219			(379)			17,627
Asset-backed securities			4,635			—			(22)			4,613
Total securities available-for-sale		$	578,608		$	842		$	(12,826)		$	566,624

Held-to-Maturity Securities:
U.S. Treasury securities		$	29,811		$	6		$	(43)		$	29,774
U.S. State and Municipal securities			16,055			299			—			16,354
Residential MBS			328,095			105			(2,259)			325,941
Commercial MBS			8,138			—			(99)			8,039
Total securities held-to-maturity		$	382,099		$	410		$	(2,401)		$	380,108

Equity Investments:
CRA Mutual Fund		$	2,326		$	—		$	(53)		$	2,273
Total equity investment securities		$	2,326		$	—		$	(53)		$	2,273


					Gross			Gross
					Unrealized/			Unrealized/
		Amortized			Unrecognized			Unrecognized
At December 31, 2020		Cost			Gains			Losses			Fair Value
Available-for-Sale:
U.S. Government agency securities		$	37,997		$	—		$	(81)		$	37,916
Residential MBS			192,163			2,599			(74)			194,688
Commercial MBS			32,589			997			(94)			33,492
Total securities available-for-sale		$	262,749		$	3,596		$	(249)		$	266,096

Held-to-Maturity Securities:
Residential MBS		$	2,760		$	67		$	—		$	2,827
Total securities held-to-maturity		$	2,760		$	67		$	—		$	2,827

Equity Investments:
CRA Mutual Fund		$	2,299		$	14		$	—		$	2,313
Total equity investment securities		$	2,299		$	14		$	—		$	2,313

Schedule of proceeds from sales and calls of securities and associated gains

The following table summarizes the proceeds from sales and calls of securities and associated gains (in thousands):


		Year Ended December 31,
		2021			2020
Proceeds		$	43,241		$	141,422
Gross gains		$	609		$	3,286
Tax impact		$	(197)		$	(1,036)

Schedule of amortized cost and fair value of debt securities classified by contractual maturity

The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. Equity securities, primarily investment in mutual funds, have been excluded from the table. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties (in thousands):


		Held-to-Maturity						Available-for-Sale
At December 31, 2021		Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due within 1 year		$	—		$	—		$	—		$	—
After 1 year through 5 years			29,811			29,774			48,515			47,370
After 5 years though 10 years			9,973			9,912			36,242			36,024
After 10 years			342,315			340,422			493,851			483,230
Total Securities		$	382,099		$	380,108		$	578,608		$	566,624


		Held-to-Maturity						Available-for-Sale
At December 31, 2020		Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due within 1 year		$	—		$	—		$	—		$	—
After 1 year through 5 years			—			—			38,911			38,851
After 5 years though 10 years			1,656			1,701			29,391			30,106
After 10 years			1,104			1,126			194,447			197,139
Total Securities		$	2,760		$	2,827		$	262,749		$	266,096

Schedule of securities with unrealized/unrecognized losses

Debt securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands):


		Less than 12 Months						12 Months or More						Total
					Unrealized/						Unrealized/						Unrealized/
		Estimated			Unrecognized			Estimated			Unrecognized			Estimated			Unrecognized
At December 31, 2021		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
Available-for-Sale Securities:
U.S. Government agency securities		$	29,267		$	(730)		$	37,067		$	(930)		$	66,334		$	(1,660)
U.S. State and Municipal securities			8,372			(300)			—			—			8,372			(300)
Residential MBS			423,686			(9,727)			12,931			(738)			436,617			(10,465)
Commercial MBS			11,202			(296)			3,511			(83)			14,713			(379)
Asset-backed securities			4,613			(22)			—			—			4,613			(22)
Total securities available-for-sale		$	477,140		$	(11,075)		$	53,509		$	(1,751)		$	530,649		$	(12,826)

Held-to-Maturity Securities:
U.S. Treasury Securities		$	9,697		$	(43)		$	—		$	—		$	9,697		$	(43)
Residential MBS			301,896			(2,259)			—			—			301,896			(2,259)
Commercial MBS			8,039			(99)			—			—			8,039			(99)
Total securities held-to-maturity		$	319,632		$	(2,401)		$	—		$	—		$	319,632		$	(2,401)


		Less than 12 Months						12 Months or More						Total
					Unrealized/						Unrealized/						Unrealized/
		Estimated			Unrecognized			Estimated			Unrecognized			Estimated			Unrecognized
At December 31, 2020		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
Available-for-Sale Securities:
U.S. Government agency securities		$	37,916		$	(81)		$	—		$	—		$	37,916		$	(81)
Residential MBS			33,734			(74)			—			—			33,734			(74)
Commercial MBS			12,314			(93)			385			(1)			12,699			(94)
Total securities available-for-sale		$	83,964		$	(248)		$	385		$	(1)		$	84,349		$	(249)