XML 35 R24.htm IDEA: XBRL DOCUMENT

INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

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 AFS and HTM debt securities 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 recognized in earnings (in thousands):


					Gross			Gross
					Unrealized/			Unrealized/
		Amortized			Unrecognized			Unrecognized
At June 30, 2024		Cost			Gains			Losses			Fair Value
Available-for-Sale Securities:
U.S. Government agency securities		$	67,998		$	—		$	(5,837)		$	62,161
U.S. State and Municipal securities			11,419			—			(1,929)			9,490
Residential MBS			458,207			494			(71,926)			386,775
Commercial MBS			46,217			12			(2,891)			43,338
Asset-backed securities			3,032			—			(48)			2,984
Total securities available-for-sale		$	586,873		$	506		$	(82,631)		$	504,748

Held-to-Maturity Securities:
U.S. Treasury securities		$	29,916		$	—		$	(1,098)		$	28,818
U.S. State and Municipal securities			15,445			—			(1,891)			13,554
Residential MBS			395,928			—			(62,732)			333,196
Commercial MBS			8,079			—			(1,057)			7,022
Total securities held-to-maturity		$	449,368		$	—		$	(66,778)		$	382,590

Equity Investments:
CRA Mutual Fund		$	2,441		$	—		$	(319)		$	2,122
Total equity investment securities		$	2,441		$	—		$	(319)		$	2,122


					Gross			Gross
					Unrealized/			Unrealized/
		Amortized			Unrecognized			Unrecognized
At December 31, 2023		Cost			Gains			Losses			Fair Value
Available-for-Sale Securities:
U.S. Government agency securities		$	67,997		$	—		$	(6,222)		$	61,775
U.S. State and Municipal securities			11,496			—			(1,797)			9,699
Residential MBS			419,331			1,198			(68,609)			351,920
Commercial MBS			36,879			71			(2,366)			34,584
Asset-backed securities			3,287			—			(58)			3,229
Total securities available-for-sale		$	538,990		$	1,269		$	(79,052)		$	461,207

Held-to-Maturity Securities:
U.S. Treasury securities		$	29,895		$	—		$	(1,412)		$	28,483
U.S. State and Municipal securities			15,569			—			(1,574)			13,995
Residential MBS			415,306			—			(60,556)			354,750
Commercial MBS			8,090			—			(1,066)			7,024
Total securities held-to-maturity		$	468,860		$	—		$	(64,608)		$	404,252

Equity Investments:
CRA Mutual Fund		$	2,410		$	—		$	(287)		$	2,123
Total equity investment securities		$	2,410		$	—		$	(287)		$	2,123

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, 2024		Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due within 1 year		$	20,015		$	19,466		$	—		$	—
After 1 year through 5 years			17,980			16,374			72,627			67,417
After 5 years through 10 years			980			913			19,087			17,441
After 10 years			410,393			345,837			495,159			419,890
Total Securities		$	449,368		$	382,590		$	586,873		$	504,748


		Held-to-Maturity						Available-for-Sale
At December 31, 2023		Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due within 1 year		$	—		$	—		$	—		$	—
After 1 year through 5 years			37,984			35,507			65,822			60,757
After 5 years through 10 years			1,112			1,044			22,163			21,174
After 10 years			429,764			367,701			451,005			379,276
Total Securities		$	468,860		$	404,252		$	538,990		$	461,207

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, 2024		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
Available-for-Sale Securities:
U.S. Government agency securities		$	—		$	—		$	62,161		$	(5,837)		$	62,161		$	(5,837)
U.S. State and Municipal securities			—			—			9,490			(1,929)			9,490			(1,929)
Residential MBS			49,607			(992)			273,061			(70,934)			322,668			(71,926)
Commercial MBS			10,307			(151)			23,583			(2,740)			33,890			(2,891)
Asset-backed securities			—			—			2,984			(48)			2,984			(48)
Total securities available-for-sale		$	59,914		$	(1,143)		$	371,279		$	(81,488)		$	431,193		$	(82,631)

Held-to-Maturity Securities:
U.S. Treasury securities		$	—		$	—		$	28,818		$	(1,098)		$	28,818		$	(1,098)
U.S. State and Municipal securities			—			—			13,554			(1,891)			13,554			(1,891)
Residential MBS			—			—			333,196			(62,732)			333,196			(62,732)
Commercial MBS			—			—			7,022			(1,057)			7,022			(1,057)
Total securities held-to-maturity		$	—		$	—		$	382,590		$	(66,778)		$	382,590		$	(66,778)


		Less than 12 Months						12 Months or More						Total
					Unrealized/						Unrealized/						Unrealized/
		Estimated			Unrecognized			Estimated			Unrecognized			Estimated			Unrecognized
At December 31, 2023		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
Available-for-Sale Securities:
U.S. Government agency securities		$	—		$	—		$	61,775		$	(6,222)		$	61,775		$	(6,222)
U.S. State and Municipal securities			—			—			9,699			(1,797)			9,699			(1,797)
Residential MBS			—			—			292,970			(68,609)			292,970			(68,609)
Commercial MBS			10,873			(198)			13,322			(2,168)			24,195			(2,366)
Asset-backed securities			—			—			3,229			(58)			3,229			(58)
Total securities available-for-sale		$	10,873		$	(198)		$	380,995		$	(78,854)		$	391,868		$	(79,052)

Held-to-Maturity Securities:
U.S. Treasury securities		$	—		$	—		$	28,483		$	(1,412)		$	28,483		$	(1,412)
U.S. State and Municipal securities			—			—			13,995			(1,574)			13,995			(1,574)
Residential MBS			—			—			354,750			(60,556)			354,750			(60,556)
Commercial MBS			—			—			7,024			(1,066)			7,024			(1,066)
Total securities held-to-maturity		$	—		$	—		$	404,252		$	(64,608)		$	404,252		$	(64,608)