INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2021

Investment Securities Available For Sale [Abstract]

2. INVESTMENT SECURITIES

A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the consolidated statements of condition as of December 31, 2021 and 2020 follows:

	2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Securities Available for Sale:
U.S. government-sponsored agencies	$	280,045	$	—	$	(7,824	)	$	272,221
Mortgage-backed securities-residential		481,062		3,849		(7,937	)		476,974
SBA pool securities		40,649		12		(1,100	)		39,561
State and political subdivisions		5,431		45		—			5,476
Corporate bond		2,500		21		—			2,521
Total securities available for sale	$	809,687	$	3,927	$	(16,861	)	$	796,753
Securities Held to Maturity:
U.S. government-sponsored agencies	$	40,000	$	7	$	(25	)	$	39,982
Mortgage-backed securities-residential		68,680		67		(269	)		68,478
Total securities held to maturity	$	108,680	$	74	$	(294	)	$	108,460

	2020
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Securities Available for Sale:
U.S. treasuries	$	2,613	$	—	$	—		$	2,613
U.S. government-sponsored agencies		84,424		2		(655	)		83,771
Mortgage-backed securities-residential		467,915		8,604		(461	)		476,058
SBA pool securities		49,457		31		(359	)		49,129
State and political subdivisions		7,987		102		—			8,089
Corporate bond		3,000		29		—			3,029
Total securities available for sale	$	615,396	$	8,768	$	(1,475	)	$	622,689

The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity, such as mortgage-backed securities and SBA pool securities are shown separately.

(In thousands)	Available for Sale				Held to Maturity
Maturing in:	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	3,541	$	3,554	$	—	$	—
After one year through five years		7,516		7,492		15,000		14,991
After five years through ten years		127,170		123,807		25,000		24,991
After ten years		149,749		145,365		—		—
		287,976		280,218		40,000		39,982
Mortgage-backed securities-residential		481,062		476,974		68,680		68,478
SBA pool securities		40,649		39,561		—		—
Total	$	809,687	$	796,753	$	108,680	$	108,460

Securities available for sale with a fair value of $764.4 million and $598.3 million as of December 31, 2021 and December 31, 2020, respectively, were pledged, but not necessarily encumbered, to secure public funds and for other purposes required or permitted by law. In addition, securities held to maturity with a carrying value of $108.7 million were also pledged as of December 31, 2021 for the same purposes.

There were no sales of securities available for sale for the years ended December 31, 2021, 2020 and 2019.

The following table presents the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of December 31, 2021 and 2020.

	2021
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
Securities Available for Sale:
U.S. government- sponsored agencies	$	243,187	$	(6,858	)	$	29,034	$	(966	)	$	272,221	$	(7,824	)
Mortgage-backed securities-residential		265,403		(7,053	)		33,455		(884	)		298,858		(7,937	)
SBA pool securities		22,057		(567	)		10,562		(533	)		32,619		(1,100	)
Total securities available for sale	$	530,647	$	(14,478	)	$	73,051	$	(2,383	)	$	603,698	$	(16,861	)
Securities Held to Maturity:
U.S. government- sponsored agencies	$	24,975	$	(25	)	$	—	$	—		$	24,975	$	(25	)
Mortgage-backed securities-residential		48,307		(269	)		—		—			48,307		(269	)
Total securities held to maturity	$	73,282	$	(294	)	$	—	$	—		$	73,282	$	(294	)
Total securities	$	603,929	$	(14,772	)	$	73,051	$	(2,383	)	$	676,980	$	(17,155	)

	2020
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
Securities Available for Sale:
U.S. government- sponsored agencies	$	73,769	$	(655	)	$	—	$	—		$	73,769	$	(655	)
Mortgage-backed securities-residential		103,340		(430	)		13,914		(31	)		117,254		(461	)
SBA pool securities		39,720		(343	)		2,095		(16	)		41,815		(359	)
Total securities available for sale	$	216,829	$	(1,428	)	$	16,009	$	(47	)	$	232,838	$	(1,475	)

Management believes that the unrealized losses on investment securities available for sale and held to maturity are temporary and due to interest rate fluctuations and/or volatile market conditions rather than the credit worthiness of the issuers. The Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired.

No other-than-temporary impairment charges were recognized in 2021, 2020 or 2019.

The Company has an investment in a CRA investment fund with a fair value of $14.7 million and $15.1 million at December 31, 2021 and 2020, respectively. The investment is classified as an equity security in our Consolidated Statements of Condition. This security had a loss of $432,000 for the year ended December 31, 2021, and gains of

$281,000 and $117,000 for the years ended December 31, 2020 and 2019, respectively. This amount is included in securities gains/(losses), net on the Consolidated Statements of Income.