XML 37 R25.htm IDEA: XBRL DOCUMENT

INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025		Cost			Gains			Losses			Fair Value
Available-for-Sale Securities:
U.S. Government agency securities		$	67,999		$	—		$	(3,395)		$	64,604
U.S. State and Municipal securities			11,302			—			(1,745)			9,557
Residential MBS			462,627			1,713			(61,228)			403,112
Commercial MBS			46,008			28			(2,328)			43,708
Asset-backed securities			2,618			—			(57)			2,561
Total securities available-for-sale		$	590,554		$	1,741		$	(68,753)		$	523,542

Held-to-Maturity Securities:
U.S. Treasury securities		$	9,950		$	—		$	(224)		$	9,726
U.S. State and Municipal securities			15,256			—			(1,927)			13,329
Residential MBS			365,704			—			(52,212)			313,492
Commercial MBS			8,063			—			(776)			7,287
Total securities held-to-maturity		$	398,973		$	—		$	(55,139)		$	343,834

Equity Investments:
CRA Mutual Fund		$	5,542		$	—		$	(321)		$	5,221
Total equity investment securities		$	5,542		$	—		$	(321)		$	5,221


					Gross			Gross
					Unrealized/			Unrealized/
		Amortized			Unrecognized			Unrecognized
At December 31, 2024		Cost			Gains			Losses			Fair Value
Available-for-Sale Securities:
U.S. Government agency securities		$	67,999		$	—		$	(4,247)		$	63,752
U.S. State and Municipal securities			11,341			—			(1,841)			9,500
Residential MBS			430,968			854			(68,754)			363,068
Commercial MBS			46,094			—			(2,966)			43,128
Asset-backed securities			2,677			—			(40)			2,637
Total securities available-for-sale		$	559,079		$	854		$	(77,848)		$	482,085

Held-to-Maturity Securities:
U.S. Treasury securities		$	29,938		$	—		$	(410)		$	29,528
U.S. State and Municipal securities			15,319			—			(1,686)			13,633
Residential MBS			375,232			—			(58,866)			316,366
Commercial MBS			8,068			—			(876)			7,192
Total securities held-to-maturity		$	428,557		$	—		$	(61,838)		$	366,719

Equity Investments:
CRA Mutual Fund		$	5,503		$	—		$	(394)		$	5,109
Total equity investment securities		$	5,503		$	—		$	(394)		$	5,109

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 March 31, 2025		Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due within 1 year		$	9,950		$	9,726		$	47,999		$	46,994
After 1 year through 5 years			8,063			7,286			23,716			22,086
After 5 years through 10 years			800			762			18,703			17,435
After 10 years			380,160			326,060			500,136			437,027
Total Securities		$	398,973		$	343,834		$	590,554		$	523,542


		Held-to-Maturity						Available-for-Sale
At December 31, 2024		Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due within 1 year		$	29,938		$	29,527		$	38,000		$	36,954
After 1 year through 5 years			8,068			7,192			34,009			31,569
After 5 years through 10 years			858			809			18,819			17,168
After 10 years			389,693			329,191			468,251			396,394
Total Securities		$	428,557		$	366,719		$	559,079		$	482,085

Schedule of securities with unrealized/unrecognized losses

The following tables present 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 (in thousands):


		Less than 12 Months						12 Months or More						Total
					Unrealized/						Unrealized/						Unrealized/
		Estimated			Unrecognized			Estimated			Unrecognized			Estimated			Unrecognized
At March 31, 2025		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
Available-for-Sale Securities:
U.S. Government agency securities		$	—		$	—		$	64,604		$	(3,395)		$	64,604		$	(3,395)
U.S. State and Municipal securities			—			—			9,557			(1,745)			9,557			(1,745)
Residential MBS			38,587			(309)			256,686			(60,919)			295,273			(61,228)
Commercial MBS			10,595			(79)			23,661			(2,249)			34,256			(2,328)
Asset-backed securities			—			—			2,561			(57)			2,561			(57)
Total securities available-for-sale		$	49,182		$	(388)		$	357,069		$	(68,365)		$	406,251		$	(68,753)

Held-to-Maturity Securities:
U.S. Treasury securities		$	—		$	—		$	9,726		$	(224)		$	9,726		$	(224)
U.S. State and Municipal securities			—			—			13,329			(1,927)			13,329			(1,927)
Residential MBS			—			—			313,492			(52,212)			313,492			(52,212)
Commercial MBS			—			—			7,287			(776)			7,287			(776)
Total securities held-to-maturity		$	—		$	—		$	343,834		$	(55,139)		$	343,834		$	(55,139)


		Less than 12 Months						12 Months or More						Total
					Unrealized/						Unrealized/						Unrealized/
		Estimated			Unrecognized			Estimated			Unrecognized			Estimated			Unrecognized
At December 31, 2024		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
Available-for-Sale Securities:
U.S. Government agency securities		$	—		$	—		$	63,752		$	(4,247)		$	63,752		$	(4,247)
U.S. State and Municipal securities			—			—			9,500			(1,841)			9,500			(1,841)
Residential MBS			46,859			(1,104)			258,763			(67,650)			305,622			(68,754)
Commercial MBS			19,624			(410)			23,504			(2,556)			43,128			(2,966)
Asset-backed securities			—			—			2,637			(40)			2,637			(40)
Total securities available-for-sale		$	66,483		$	(1,514)		$	358,156		$	(76,334)		$	424,639		$	(77,848)

Held-to-Maturity Securities:
U.S. Treasury securities		$	—		$	—		$	29,528		$	(410)		$	29,528		$	(410)
U.S. State and Municipal securities			—			—			13,633			(1,686)			13,633			(1,686)
Residential MBS			—			—			316,366			(58,866)			316,366			(58,866)
Commercial MBS			—			—			7,192			(876)			7,192			(876)
Total securities held-to-maturity		$	—		$	—		$	366,719		$	(61,838)		$	366,719		$	(61,838)