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INVESTMENT SECURITIES (Tables)
6 Months Ended
Jun. 30, 2022
INVESTMENT SECURITIES  
Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity

The following tables summarize 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 June 30, 2022

    

Cost

    

Gains

    

Losses

    

Fair Value

Available-for-Sale Securities:

U.S. Government agency securities

$

67,995

$

$

(6,416)

$

61,579

U.S. State and Municipal securities

11,724

(2,058)

9,666

Residential MBS

427,596

(52,275)

375,321

Commercial MBS

16,434

(1,450)

14,984

Asset-backed securities

4,324

(213)

4,111

Total securities available-for-sale

$

528,073

$

$

(62,412)

$

465,661

Held-to-Maturity Securities:

U.S. Treasury securities

$

29,832

$

$

(1,652)

$

28,180

U.S. State and Municipal securities

15,936

(2,598)

13,338

Residential MBS

476,851

71

(39,662)

437,260

Commercial MBS

8,121

(911)

7,210

Total securities held-to-maturity

$

530,740

$

71

$

(44,823)

$

485,988

Equity Investments:

CRA Mutual Fund

$

2,339

$

$

(232)

$

2,107

Total equity investment securities

$

2,339

$

$

(232)

$

2,107

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

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

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

Three months ended June 30, 

Six months ended June 30, 

    

2022

    

2021

    

2022

    

2021

Proceeds

$

$

43,241

$

$

43,241

Gross gains

$

$

609

$

$

609

Tax impact

$

$

(195)

$

$

(195)

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 investments 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 June 30, 2022

    

Amortized Cost

    

Fair Value

    

Amortized Cost

    

Fair Value

Due within 1 year

$

$

$

$

After 1 year through 5 years

29,832

28,179

49,534

45,709

After 5 years through 10 years

9,686

8,726

32,880

30,088

After 10 years

491,222

449,083

445,659

389,864

Total Securities

$

530,740

$

485,988

$

528,073

$

465,661

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 through 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

Schedule of securities with unrealized/unrecognized losses

Debt securities with unrealized 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 June 30, 2022

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

Available-for-Sale Securities:

U.S. Government agency securities

$

$

$

61,579

$

(6,416)

$

61,579

$

(6,416)

U.S. State and Municipal securities

5,871

(1,016)

3,795

(1,042)

9,666

(2,058)

Residential MBS

244,366

(30,483)

130,955

(21,792)

375,321

(52,275)

Commercial MBS

2,639

(26)

12,345

(1,424)

14,984

(1,450)

Asset-backed securities

4,111

(213)

4,111

(213)

Total securities available-for-sale

$

256,987

$

(31,738)

$

208,674

$

(30,674)

$

465,661

$

(62,412)

Held-to-Maturity Securities:

U.S. Treasury securities

$

28,180

$

(1,652)

$

$

$

28,180

$

(1,652)

U.S. State and Municipal securities

13,338

(2,598)

13,338

(2,598)

Residential MBS

409,189

(39,662)

409,189

(39,662)

Commercial MBS

7,210

(911)

7,210

(911)

Asset-backed securities

Total securities held-to-maturity

$

457,917

$

(44,823)

$

$

$

457,917

$

(44,823)

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)