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INVESTMENT SECURITIES (Tables)
 9 Months Ended
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

)