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v3.24.3

INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Investment Securities Available For Sale [Abstract] |
Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale | 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 September 30, 2024 and December 31, 2023 follows:
|  | September 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S government-sponsored agencies |  | $ | 244,808 |  |  | $ | — |  |  | $ | (39,795 | ) |  | $ | — |  |  | $ | 205,013 |
Mortgage-backed securities–residential |  |  | 476,695 |  |  |  | 2,845 |  |  |  | (37,458 | ) |  |  | — |  |  |  | 442,082 |
SBA pool securities |  |  | 24,291 |  |  |  | — |  |  |  | (2,878 | ) |  |  | — |  |  |  | 21,413 |
Corporate bond |  |  | 15,500 |  |  |  | 29 |  |  |  | (1,324 | ) |  |  | — |  |  |  | 14,205 |
Total securities available for sale |  | $ | 761,294 |  |  | $ | 2,874 |  |  | $ | (81,455 | ) |  | $ | — |  |  | $ | 682,713 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (2,302 | ) |  | $ | — |  |  | $ | 37,698 |
Mortgage-backed securities–residential |  |  | 63,158 |  |  |  | — |  |  |  | (8,418 | ) |  |  | — |  |  |  | 54,740 |
Total securities held to maturity |  | $ | 103,158 |  |  | $ | — |  |  | $ | (10,720 | ) |  | $ | — |  |  | $ | 92,438 |
|  | December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit 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 |
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments | The following tables present 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 September 30, 2024 and December 31, 2023.
|  | September 30, 2024 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 205,013 |  |  | $ | (39,795 | ) |  | $ | 205,013 |  |  | $ | (39,795 | )
Mortgage-backed securities residential |  |  | 8,162 |  |  |  | (101 | ) |  |  | 229,706 |  |  |  | (37,357 | ) |  |  | 237,868 |  |  |  | (37,458 | )
SBA pool securities |  |  | — |  |  |  | — |  |  |  | 21,088 |  |  |  | (2,878 | ) |  |  | 21,088 |  |  |  | (2,878 | )
Corporate bond |  |  | — |  |  |  | — |  |  |  | 8,676 |  |  |  | (1,324 | ) |  |  | 8,676 |  |  |  | (1,324 | )
Total securities available for sale |  | $ | 8,162 |  |  | $ | (101 | ) |  | $ | 464,483 |  |  | $ | (81,354 | ) |  | $ | 472,645 |  |  | $ | (81,455 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 37,698 |  |  | $ | (2,302 | ) |  | $ | 37,698 |  |  | $ | (2,302 | )
Mortgage-backed securities residential |  |  | — |  |  |  | — |  |  |  | 54,740 |  |  |  | (8,418 | ) |  |  | 54,740 |  |  |  | (8,418 | )
Total securities held to maturity |  | $ | — |  |  | $ | — |  |  | $ | 92,438 |  |  | $ | (10,720 | ) |  | $ | 92,438 |  |  | $ | (10,720 | )
Total securities |  | $ | 8,162 |  |  | $ | (101 | ) |  | $ | 556,921 |  |  | $ | (92,074 | ) |  | $ | 565,083 |  |  | $ | (92,175 | )
|  | December 31, 2023 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | 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 | )

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