XML 57 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Unrealized gain (loss) on marketable equity securities$120 ($1,119)($101)
Gain on sale of marketable equity securities, net— — 67 
Total$120 ($1,119)($34)
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 CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2023    
Securities available for sale    
U.S. Treasury and government sponsored entities$587,639 $451 ($23,965)$— $564,125 
Municipal securities820 — (4)— 816 
Corporate bonds14,014 28 (418)— 13,624 
Collateralized loan obligations59,795 12 (436)— 59,371 
Total securities available for sale$662,268 $491 ($24,823)$— $637,936 
December 31, 2022
Securities available for sale
U.S. Treasury and government sponsored entities$634,582 $1 ($39,422)$— $595,161 
Municipal securities820 — (25)— 795 
Corporate bonds24,281 37 (674)— 23,644 
Collateralized loan obligations59,434 — (2,005)— 57,429 
Total securities available for sale$719,117 $38 ($42,126)$— $677,029 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2023   
Securities held to maturity
Corporate bonds$36,750 $— ($3,337)$33,413 
Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($3,337)$33,413 
December 31, 2022
Securities held to maturity
Corporate bonds$36,750 $— ($4,111)$32,639 
Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($4,111)$32,639 
Summary of Held-To-Maturity Securities
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2023   
Securities held to maturity
Corporate bonds$36,750 $— ($3,337)$33,413 
Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($3,337)$33,413 
December 31, 2022
Securities held to maturity
Corporate bonds$36,750 $— ($4,111)$32,639 
Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($4,111)$32,639 
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, 2023 and 2022, were as follows:
 Less Than 12 MonthsMore Than 12 MonthsTotal
(In Thousands)Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
2023      
Securities Available for Sale      
U.S. Treasury and government sponsored entities$9,997 ($3)$528,574 ($23,962)$538,571 ($23,965)
Corporate bonds— — 6,599 (418)6,599 (418)
Municipal securities— — 816 (4)816 (4)
Collateralized loan obligations3,909 (91)43,149 (345)47,058 (436)
Total$13,906 ($94)$579,138 ($24,729)$593,044 ($24,823)
2022      
Securities Available for Sale      
U.S. Treasury and government sponsored entities$282,319 ($8,876)$302,840 ($30,546)$585,159 ($39,422)
Municipal securities795 (25)— — 795 (25)
Corporate bonds13,216 (43)4,394 (631)17,610 (674)
Collateralized loan obligations22,309 (632)35,120 (1,373)57,429 (2,005)
Total$318,639 ($9,576)$342,354 ($32,550)$660,993 ($42,126)
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, 2023, 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 CostFair ValueWeighted Average Yield
U.S. Treasury and government sponsored entities   
Within 1 year$163,987 $160,054 1.14 %
1-5 years423,652 404,071 2.05 %
Total$587,639 $564,125 1.79 %
Corporate bonds   
Within 1 year$2,000 $1,997 3.59 %
1-5 years22,014 21,264 4.95 %
5-10 years26,750 23,776 5.01 %
Total$50,764 $47,037 4.93 %
Collateralized loan obligations   
5-10 years$34,301 $34,102 6.83 %
Over 10 years25,494 25,269 7.07 %
Total$59,795 $59,371 6.94 %
Municipal securities   
Within 1 year$820 $816 2.12 %
Total$820 $816 2.12 %
Schedule of Proceeds, Gains, and Losses for Investment Securities The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the years ending December 31, 2023, 2022, and 2021, respectively, are as follows: 
(In Thousands)ProceedsGross GainsGross Losses
2023   
Available for sale securities$— $— $— 
2022   
Available for sale securities$— $— $— 
2021   
Available for sale securities$— $— $— 
Summary of Interest Income on Investment Securities A summary of interest income for the years ending December 31, 2023, 2022, and 2021 on available for investment securities is as follows:
(In Thousands)202320222021
U.S. Treasury and government sponsored entities$11,074 $7,030 $2,203 
Other4,741 2,631 1,118 
Total taxable interest income$15,815 $9,661 $3,321 
Municipal securities$18 $18 $18 
Total tax-exempt interest income$18 $18 $18 
Total$15,833 $9,679 $3,339