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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2023
Investment Securities Available For Sale [Abstract] |
INVESTMENT SECURITIES | 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, 2023 and 2022 follows:
|  | 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | For Credit |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 244,794 |  |  | $ | — |  |  | $ | (47,103 | ) |  | $ | — |  |  | $ | 197,691 |
Mortgage-backed securities-residential |  |  | 363,893 |  |  |  | 80 |  |  |  | (43,177 | ) |  |  | — |  |  |  | 320,796 |
SBA pool securities |  |  | 27,148 |  |  |  | — |  |  |  | (3,744 | ) |  |  | — |  |  |  | 23,404 |
Corporate bond |  |  | 10,000 |  |  |  | — |  |  |  | (1,274 | ) |  |  | — |  |  |  | 8,726 |
Total securities available for sale |  | $ | 645,835 |  |  | $ | 80 |  |  | $ | (95,298 | ) |  | $ | — |  |  | $ | 550,617 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (3,369 | ) |  | $ | — |  |  | $ | 36,631 |
Mortgage-backed securities-residential |  |  | 67,755 |  |  |  | — |  |  |  | (9,971 | ) |  |  | — |  |  |  | 57,784 |
Total securities held to maturity |  | $ | 107,755 |  |  | $ | — |  |  | $ | (13,340 | ) |  | $ | — |  |  | $ | 94,415 |
|  | 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | For Credit |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 244,774 |  |  | $ | — |  |  | $ | (54,232 | ) |  | $ | — |  |  | $ | 190,542 |
Mortgage-backed securities-residential |  |  | 372,471 |  |  |  | 27 |  |  |  | (46,760 | ) |  |  | — |  |  |  | 325,738 |
SBA pool securities |  |  | 31,934 |  |  |  | 1 |  |  |  | (4,508 | ) |  |  | — |  |  |  | 27,427 |
State and political subdivisions |  |  | 1,866 |  |  |  | — |  |  |  | (17 | ) |  |  | — |  |  |  | 1,849 |
Corporate bond |  |  | 10,000 |  |  |  | — |  |  |  | (908 | ) |  |  | — |  |  |  | 9,092 |
Total securities available for sale |  | $ | 661,045 |  |  | $ | 28 |  |  | $ | (106,425 | ) |  | $ | — |  |  | $ | 554,648 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (4,563 | ) |  | $ | — |  |  | $ | 35,437 |
Mortgage-backed securities-residential |  |  | 62,291 |  |  |  | — |  |  |  | (10,541 | ) |  |  | — |  |  |  | 51,750 |
Total securities held to maturity |  | $ | 102,291 |  |  | $ | — |  |  | $ | (15,104 | ) |  | $ | — |  |  | $ | 87,187 |
The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2023, 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After one year through five years |  | 35,000 |  |  |  | 30,752 |  |  |  | 40,000 |  |  |  | 36,631 |
After five years through ten years |  | 139,976 |  |  |  | 115,175 |  |  |  | — |  |  |  | — |
After ten years |  | 79,818 |  |  |  | 60,490 |  |  |  | — |  |  |  | — |
|  | 254,794 |  |  |  | 206,417 |  |  |  | 40,000 |  |  |  | 36,631 |
Mortgage-backed securities-residential |  | 363,893 |  |  |  | 320,796 |  |  |  | 67,755 |  |  |  | 57,784 |
SBA pool securities |  | 27,148 |  |  |  | 23,404 |  |  |  | — |  |  |  | — |
Total | $ | 645,835 |  |  | $ | 550,617 |  |  | $ | 107,755 |  |  | $ | 94,415 |
Securities available for sale with a fair value of $434.6 million and $453.7 million as of December 31, 2023 and December 31, 2022, 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 $107.8 million and $102.3 million were also pledged as of December 31, 2023 and December 31, 2022, respectively, for the same purposes. The following is a summary of gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the years ended December 31:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Proceeds on sales |  | $ | — |  |  | $ | 118,972 |  |  | $ | — |
Gross gains |  |  | — |  |  |  | 3 |  |  |  | — |
Gross losses |  |  | — |  |  |  | (6,612 | ) |  |  | — |
Net tax benefit |  |  | — |  |  |  | 1,581 |  |  |  | — |
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, 2023 and 2022.
|  | 2023 |
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 197,691 |  |  | $ | (47,103 | ) |  | $ | 197,691 |  |  | $ | (47,103 | )
Mortgage-backed securities-residential |  |  | 36,634 |  |  |  | (963 | ) |  |  | 217,513 |  |  |  | (42,214 | ) |  |  | 254,147 |  |  |  | (43,177 | )
SBA pool securities |  |  | 655 |  |  |  | (1 | ) |  |  | 22,749 |  |  |  | (3,743 | ) |  |  | 23,404 |  |  |  | (3,744 | )
Corporate bond |  |  | — |  |  |  | — |  |  |  | 8,726 |  |  |  | (1,274 | ) |  |  | 8,726 |  |  |  | (1,274 | )
Total securities available for sale |  | $ | 37,289 |  |  | $ | (964 | ) |  | $ | 446,679 |  |  | $ | (94,334 | ) |  | $ | 483,968 |  |  | $ | (95,298 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government- sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 36,631 |  |  | $ | (3,369 | ) |  | $ | 36,631 |  |  | $ | (3,369 | )
Mortgage-backed securities-residential |  |  | 9,647 |  |  |  | (135 | ) |  |  | 48,137 |  |  |  | (9,836 | ) |  |  | 57,784 |  |  |  | (9,971 | )
Total securities held to maturity |  | $ | 9,647 |  |  | $ | (135 | ) |  | $ | 84,768 |  |  | $ | (13,205 | ) |  | $ | 94,415 |  |  | $ | (13,340 | )
Total securities |  | $ | 46,936 |  |  | $ | (1,099 | ) |  | $ | 531,447 |  |  | $ | (107,539 | ) |  | $ | 578,383 |  |  | $ | (108,638 | )
|  | 2022 |
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 190,542 |  |  | $ | (54,232 | ) |  | $ | 190,542 |  |  | $ | (54,232 | )
Mortgage-backed securities-residential |  |  | 82,907 |  |  |  | (4,082 | ) |  |  | 174,557 |  |  |  | (42,678 | ) |  |  | 257,464 |  |  |  | (46,760 | )
SBA pool securities |  |  | 3,377 |  |  |  | (332 | ) |  |  | 23,256 |  |  |  | (4,176 | ) |  |  | 26,633 |  |  |  | (4,508 | )
State and political subdivisions |  |  | 1,579 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | 1,579 |  |  |  | (17 | )
Corporate Bond |  |  | 9,092 |  |  |  | (908 | ) |  |  | — |  |  |  | — |  |  |  | 9,092 |  |  |  | (908 | )
Total securities available for sale |  | $ | 96,955 |  |  | $ | (5,339 | ) |  | $ | 388,355 |  |  | $ | (101,086 | ) |  | $ | 485,310 |  |  | $ | (106,425 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government- sponsored agencies |  | $ | 13,174 |  |  | $ | (1,826 | ) |  | $ | 22,263 |  |  | $ | (2,737 | ) |  | $ | 35,437 |  |  | $ | (4,563 | )
Mortgage-backed securities-residential |  |  | 15,635 |  |  |  | (3,585 | ) |  |  | 36,115 |  |  |  | (6,956 | ) |  |  | 51,750 |  |  |  | (10,541 | )
Total securities held to maturity |  | $ | 28,809 |  |  | $ | (5,411 | ) |  | $ | 58,378 |  |  | $ | (9,693 | ) |  | $ | 87,187 |  |  | $ | (15,104 | )
Total securities |  | $ | 125,764 |  |  | $ | (10,750 | ) |  | $ | 446,733 |  |  | $ | (110,779 | ) |  | $ | 572,497 |  |  | $ | (121,529 | )
Available for sale and held to maturity securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security's amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statements of Income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of securities currently in a continuous loss position continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at December 31, 2023. Primarily all of the investment securities are backed by loans guaranteed by either U.S. government agencies or U.S. government-sponsored entities, and management believes that default is highly unlikely given the lack of historical credit losses and governmental backing. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded for the years ended December 31, 2023 and December 31, 2022, respectively. No other-than-temporary impairment charges were recognized in 2021. The Company has an investment in a CRA investment fund with a fair value of $13.2 million and $13.0 million at December 31, 2023 and 2022, respectively. The investment is classified as an equity security in our Consolidated Statements of Condition. This security had a gain of $181,000 for the year ended December 31, 2023 and losses of $1.7 million and $432,000 for the years ended December 31, 2022 and December 31, 2021, respectively. This amount is included in the fair value adjustment for CRA equity security on the Consolidated Statements of Income.

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- Definition Disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- Definition INVESTMENT SECURITIES AVAILABLE FOR SALE [Abstract] + References No definition available. + Details
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