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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Gross Realized and Unrealized Gains (Losses) on Marketable Equity Securities | The gross realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income for the periods indicated were as follows:
(In Thousands) | 2021 |  | 2020 |  | 2019
Unrealized (loss) gain on marketable equity securities | ($101) |  |  | $61 |  |  | $911 |
Gain on sale of marketable equity securities, net | 67 |  |  | 98 |  |  | — |
Total | ($34) |  |  | $159 |  |  | $911 |
Summary of Available-For-Sale Securities | The following table summarizes the amortized cost, estimated fair value, and ACL of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and unrecognized gains and losses of held to maturity securities at the periods indicated:
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $345,514 |  |  | $333 |  |  | ($4,367) |  |  | $— |  |  | $341,480 |
Municipal securities | 820 |  |  | 20 |  |  | — |  |  | — |  |  | 840 |
Corporate bonds | 32,721 |  |  | 302 |  |  | (77) |  |  | — |  |  | 32,946 |
Collateralized loan obligations | 51,431 |  |  | 9 |  |  | (22) |  |  | — |  |  | 51,418 |
Total securities available for sale | $430,486 |  |  | $664 |  |  | ($4,466) |  |  | $— |  |  | $426,684 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $20,000 |  |  | $— |  |  | ($836) |  |  | $19,164 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | — |
Total securities held to maturity, net of ACL | $20,000 |  |  | $— |  |  | ($836) |  |  | $19,164 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2020 |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $173,318 |  |  | $1,330 |  |  | ($47) |  |  | $174,601 |
Municipal securities | 820 |  |  | 36 |  |  | — |  |  | 856 |
Corporate bonds | 29,951 |  |  | 546 |  |  | (5) |  |  | 30,492 |
Collateralized loan obligations | 41,782 |  |  | 44 |  |  | (142) |  |  | 41,684 |
Total securities available for sale | $245,871 |  |  | $1,956 |  |  | ($194) |  |  | $247,633 |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $10,000 |  |  | $— |  |  | $— |  |  | $10,000 |
Total securities held to maturity | $10,000 |  |  | $— |  |  | $— |  |  | $10,000 |
Summary of Held-To-Maturity Securities |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $20,000 |  |  | $— |  |  | ($836) |  |  | $19,164 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | — |
Total securities held to maturity, net of ACL | $20,000 |  |  | $— |  |  | ($836) |  |  | $19,164 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2020 |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $173,318 |  |  | $1,330 |  |  | ($47) |  |  | $174,601 |
Municipal securities | 820 |  |  | 36 |  |  | — |  |  | 856 |
Corporate bonds | 29,951 |  |  | 546 |  |  | (5) |  |  | 30,492 |
Collateralized loan obligations | 41,782 |  |  | 44 |  |  | (142) |  |  | 41,684 |
Total securities available for sale | $245,871 |  |  | $1,956 |  |  | ($194) |  |  | $247,633 |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $10,000 |  |  | $— |  |  | $— |  |  | $10,000 |
Total securities held to maturity | $10,000 |  |  | $— |  |  | $— |  |  | $10,000 |
Schedule of Gross Unrealized Losses on Investment Securities | Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and 2020, were as follows:
| Less Than 12 Months | More Than 12 Months | Total
(In Thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
2021 |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $292,845 |  | ($4,012) |  | $21,743 |  | ($355) |  | $314,588 |  | ($4,367) |
Corporate bonds | 4,953 |  | (77) |  | — |  | — |  | 4,953 |  | (77) |
Collateralized loan obligations | 29,470 |  | (22) |  | — |  | — |  | 29,470 |  | (22) |
Total | $327,268 |  | ($4,111) |  | $21,743 |  | ($355) |  | $349,011 |  | ($4,466) |
2020 |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $31,270 |  | ($47) |  | $— |  | $— |  | $31,270 |  | ($47) |
Corporate bonds | 3,198 |  | (5) |  | — |  | — |  | 3,198 |  | (5) |
Collateralized loan obligations | 23,670 |  | (118) |  | 2,967 |  | (24) |  | 26,637 |  | (142) |
Total | $58,138 |  | ($170) |  | $2,967 |  | ($24) |  | $61,105 |  | ($194) |
Schedule of Amortized Cost and Fair Value by Contractual Maturity | The amortized cost and fair values of available for sale and held to maturity debt securities at December 31, 2021, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In Thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
U.S. Treasury and government sponsored entities |  |  |  |  |
Within 1 year | $4,999 |  |  | $5,041 |  |  | 2.80 | %
1-5 years | 340,515 |  |  | 336,439 |  |  | 0.79 | %
Total | $345,514 |  |  | $341,480 |  |  | 0.82 | %
Corporate bonds |  |  |  |  |
1-5 years | $37,691 |  |  | $37,912 |  |  | 2.41 | %
5-10 years | 15,030 |  |  | 14,953 |  |  | 6.50 | %
Total | $52,721 |  |  | $52,865 |  |  | 2.81 | %
Collateralized loan obligations |  |  |  |  |
1-5 years | $5,000 |  |  | $5,000 |  |  | 1.65 | %
5-10 years | 46,431 |  |  | 46,418 |  |  | 1.39 | %
Total | $51,431 |  |  | $51,418 |  |  | 1.42 | %
Municipal securities |  |  |  |  |
1-5 years | 820 |  |  | 840 |  |  | 2.14 | %
Total | $820 |  |  | $840 |  |  | 2.14 | %
Schedule of Proceeds, Gains, and Losses for Investment Securities | The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the years ending December 31, 2021, 2020, and 2019, respectively, are as follows:
(In Thousands) | Proceeds |  | Gross Gains |  | Gross Losses
2021 |  |  |  |  |
Available for sale securities | $— |  |  | $— |  |  | $— |
2020 |  |  |  |  |
Available for sale securities | $— |  |  | $— |  |  | $— |
2019 |  |  |  |  |
Available for sale securities | $4,219 |  |  | $23 |  |  | $— |
Summary of Interest Income on Investment Securities | A summary of interest income for the years ending December 31, 2021, 2020, and 2019 on available for investment securities is as follows:
(In Thousands) | 2021 |  | 2020 |  | 2019
U.S. Treasury and government sponsored entities | $2,203 |  |  | $3,396 |  |  | $4,170 |
Other | 1,118 |  |  | 1,354 |  |  | 2,282 |
Total taxable interest income | $3,321 |  |  | $4,750 |  |  | $6,452 |
Municipal securities | $18 |  |  | $82 |  |  | $120 |
Total tax-exempt interest income | $18 |  |  | $82 |  |  | $120 |
Total | $3,339 |  |  | $4,832 |  |  | $6,572 |

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