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v3.23.1

Securities | 3 Months Ended
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Mar. 31, 2023
Investments Debt And Equity Securities [Abstract] |
Securities | Note 2 — Securities The following is a summary of securities available for sale as of the dates indicated:
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
|  | (in thousands) |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 56,174 |  |  | $ | 79 |  |  | $ | (1,327 | ) |  | $ | 54,926 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 532,117 |  |  |  | 152 |  |  |  | (68,164 | ) |  |  | 464,105 |
Mortgage-backed securities - commercial |  |  | 61,489 |  |  |  | — |  |  |  | (10,623 | ) |  |  | 50,866 |
Collateralized mortgage obligations |  |  | 112,021 |  |  |  | 69 |  |  |  | (11,544 | ) |  |  | 100,546 |
Debt securities |  |  | 150,362 |  |  |  | — |  |  |  | (9,994 | ) |  |  | 140,368 |
Total U.S. government agency and sponsored agency obligations |  |  | 855,989 |  |  |  | 221 |  |  |  | (100,325 | ) |  |  | 755,885 |
Municipal bonds-tax exempt |  |  | 77,889 |  |  |  | — |  |  |  | (9,999 | ) |  |  | 67,890 |
Total securities available for sale |  | $ | 990,052 |  |  | $ | 300 |  |  | $ | (111,651 | ) |  | $ | 878,701 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 49,690 |  |  | $ | — |  |  | $ | (1,664 | ) |  | $ | 48,026 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 540,590 |  |  |  | 63 |  |  |  | (75,501 | ) |  |  | 465,152 |
Mortgage-backed securities - commercial |  |  | 61,799 |  |  |  | — |  |  |  | (10,507 | ) |  |  | 51,292 |
Collateralized mortgage obligations |  |  | 98,236 |  |  |  | — |  |  |  | (12,751 | ) |  |  | 85,485 |
Debt securities |  |  | 150,338 |  |  |  | — |  |  |  | (11,839 | ) |  |  | 138,499 |
Total U.S. government agency and sponsored agency obligations |  |  | 850,963 |  |  |  | 63 |  |  |  | (110,598 | ) |  |  | 740,428 |
Municipal bonds-tax exempt |  |  | 78,143 |  |  |  | — |  |  |  | (12,759 | ) |  |  | 65,384 |
Total securities available for sale |  | $ | 978,796 |  |  | $ | 63 |  |  | $ | (125,021 | ) |  | $ | 853,838 |
The amortized cost and estimated fair value of securities as of March 31, 2023 and December 31, 2022, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities.
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Available for Sale |  |  | Available for Sale |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
|  | (in thousands) |
Within one year |  | $ | 35,558 |  |  | $ | 35,134 |  |  | $ | 28,665 |  |  | $ | 28,043 |
Over one year through five years |  |  | 187,050 |  |  |  | 175,950 |  |  |  | 180,322 |  |  |  | 167,000 |
Over five years through ten years |  |  | 61,568 |  |  |  | 56,330 |  |  |  | 39,213 |  |  |  | 35,318 |
Over ten years |  |  | 705,876 |  |  |  | 611,287 |  |  |  | 730,596 |  |  |  | 623,477 |
Total |  | $ | 990,052 |  |  | $ | 878,701 |  |  | $ | 978,796 |  |  | $ | 853,838 |
The following table summarizes debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | Holding Period |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Gross |  |  | Estimated |  |  | Number |  |  | Gross |  |  | Estimated |  |  | Number |  |  | Gross |  |  | Estimated |  |  | Number |
|  | Unrealized |  |  | Fair |  |  | of |  |  | Unrealized |  |  | Fair |  |  | of |  |  | Unrealized |  |  | Fair |  |  | of |
|  | Loss |  |  | Value |  |  | Securities |  |  | Loss |  |  | Value |  |  | Securities |  |  | Loss |  |  | Value |  |  | Securities |
|  | (in thousands, except number of securities) |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | (186 | ) |  | $ | 24,606 |  |  |  | 11 |  |  | $ | (1,141 | ) |  | $ | 17,823 |  |  |  | 5 |  |  | $ | (1,327 | ) |  | $ | 42,429 |  |  |  | 16 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | (989 | ) |  |  | 30,094 |  |  |  | 16 |  |  |  | (67,175 | ) |  |  | 422,817 |  |  |  | 107 |  |  |  | (68,164 | ) |  |  | 452,911 |  |  |  | 123 |
Mortgage-backed securities - commercial |  |  | (65 | ) |  |  | 4,094 |  |  |  | 1 |  |  |  | (10,558 | ) |  |  | 46,772 |  |  |  | 14 |  |  |  | (10,623 | ) |  |  | 50,866 |  |  |  | 15 |
Collateralized mortgage obligations |  |  | (426 | ) |  |  | 18,991 |  |  |  | 5 |  |  |  | (11,118 | ) |  |  | 66,075 |  |  |  | 23 |  |  |  | (11,544 | ) |  |  | 85,066 |  |  |  | 28 |
Debt securities |  |  | (92 | ) |  |  | 13,834 |  |  |  | 4 |  |  |  | (9,902 | ) |  |  | 126,534 |  |  |  | 26 |  |  |  | (9,994 | ) |  |  | 140,368 |  |  |  | 30 |
Total U.S. government agency and sponsored agency obligations |  |  | (1,572 | ) |  |  | 67,013 |  |  |  | 26 |  |  |  | (98,753 | ) |  |  | 662,198 |  |  |  | 170 |  |  |  | (100,325 | ) |  |  | 729,211 |  |  |  | 196 |
Municipal bonds-tax exempt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,999 | ) |  |  | 67,890 |  |  |  | 19 |  |  |  | (9,999 | ) |  |  | 67,890 |  |  |  | 19 |
Total |  | $ | (1,758 | ) |  | $ | 91,619 |  |  |  | 37 |  |  | $ | (109,893 | ) |  | $ | 747,911 |  |  |  | 194 |  |  | $ | (111,651 | ) |  | $ | 839,530 |  |  |  | 231 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | (414 | ) |  | $ | 33,812 |  |  |  | 14 |  |  | $ | (1,250 | ) |  | $ | 14,215 |  |  |  | 4 |  |  | $ | (1,664 | ) |  | $ | 48,027 |  |  |  | 18 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | (1,712 | ) |  |  | 36,009 |  |  |  | 18 |  |  |  | (73,789 | ) |  |  | 424,302 |  |  |  | 105 |  |  |  | (75,501 | ) |  |  | 460,311 |  |  |  | 123 |
Mortgage-backed securities - commercial |  |  | (84 | ) |  |  | 4,069 |  |  |  | 1 |  |  |  | (10,423 | ) |  |  | 47,221 |  |  |  | 14 |  |  |  | (10,507 | ) |  |  | 51,290 |  |  |  | 15 |
Collateralized mortgage obligations |  |  | (1,011 | ) |  |  | 23,606 |  |  |  | 8 |  |  |  | (11,740 | ) |  |  | 61,879 |  |  |  | 20 |  |  |  | (12,751 | ) |  |  | 85,485 |  |  |  | 28 |
Debt securities |  |  | (1,103 | ) |  |  | 31,714 |  |  |  | 8 |  |  |  | (10,736 | ) |  |  | 106,785 |  |  |  | 22 |  |  |  | (11,839 | ) |  |  | 138,499 |  |  |  | 30 |
Total U.S. government agency and sponsored agency obligations |  |  | (3,910 | ) |  |  | 95,398 |  |  |  | 35 |  |  |  | (106,688 | ) |  |  | 640,187 |  |  |  | 161 |  |  |  | (110,598 | ) |  |  | 735,585 |  |  |  | 196 |
Municipal bonds-tax exempt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,759 | ) |  |  | 65,385 |  |  |  | 19 |  |  |  | (12,759 | ) |  |  | 65,385 |  |  |  | 19 |
Total |  | $ | (4,324 | ) |  | $ | 129,210 |  |  |  | 49 |  |  | $ | (120,697 | ) |  | $ | 719,787 |  |  |  | 184 |  |  | $ | (125,021 | ) |  | $ | 848,997 |  |  |  | 233 |
The Company evaluates its available-for-sale securities portfolio for impairment on a quarterly basis. The Company did not recognize unrealized losses in income because we have the ability and the intent to hold and we do not expect to be required to sell these securities until the recovery of their cost basis. The quarterly impairment assessment takes into account the changes in the credit quality of these debt securities since acquisition and the likelihood of a credit loss occurring over the life of the securities. In the event that a credit loss is expected to occur in the future, an allowance is established and a corresponding credit loss is recognized. Based on this analysis, as of March 31, 2023, the Company determined that no credit losses are expected to be realized on the tax-exempt municipal bond portfolio. The remainder of the portfolio consists of U.S. Treasury obligations, U.S. government agency securities, and U.S. government sponsored agency securities, all of which have the backing of the U.S. government, and are therefore not expected to incur credit losses. Securities available for sale with market values of $22.9 million and $23.4 million as of March 31, 2023 and December 31, 2022, respectively, were pledged to secure borrowings from the Federal Reserve Bank (“FRB”) Discount Window and the new Bank Term Funding Program (“BTFP”). At March 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies in an amount greater than 10% of shareholders’ equity.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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