Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities from amortized cost to fair value

Amortized cost, allowance for credit losses and approximate fair values of debt securities available for sale at December 31, 2022 are summarized as follows:

	December 31, 2022
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Estimated Fair Value
(in thousands)			Gains		Losses
U.S. government sponsored enterprise debt securities (1) (2)	$	480,359	$	981	$	(43,666)	$	—	$	437,674
Corporate debt securities (2)	306,898		1		(26,199)		—		280,700
U.S. government agency debt securities (1) (2)	373,593		42		(42,814)		—		330,821
U.S. treasury securities	1,997		—		(1)		—		1,996
Municipal bonds (1)	1,731		—		(75)		—		1,656
Collateralized loan obligations	5,000		—		(226)		—		4,774
Total debt securities available for sale (3)	$	1,169,578	$	1,024	$	(112,981)	$	—	$	1,057,621

__________________

(1)Includes residential mortgage-backed securities. As of December 31, 2022, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $743.0 million and fair value of $666.5 million.

(2)Includes commercial mortgage-backed securities. As of December 31, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $91.0 million and fair value of $80.9 million.

(3)Excludes accrued interest receivable of $5.6 million as of December 31, 2022, which is included as part of other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2022.

The amortized cost and approximate fair values of debt securities available for sale at December 31, 2021 are summarized as follows:

	December 31, 2021
	Amortized Cost		Gross Unrealized				Estimated Fair Value
(in thousands)			Gains		Losses
U.S. government sponsored enterprise debt securities (1)(2)	$	443,892	$	9,319	$	(2,438)	$	450,773
Corporate debt securities (2)	348,576		10,143		(929)		357,790
U.S. government agency debt securities (1)(2)	362,323		1,953		(2,370)		361,906
Municipal bonds (1)	2,252		96		—		2,348
U.S. treasury securities	2,501		1		—		2,502
Total debt securities available for sale	$	1,159,544	$	21,512	$	(5,737)	$	1,175,319

________________

(1) Includes residential mortgage-backed securities. As of December 31, 2021, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $654.7 million and fair value of $661.3 million.

(2) Includes commercial mortgage-backed securities. As of December 31, 2021, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $123.5 million and fair value of $123.8 million.

Schedule of realized gain (loss)

In the years ended December 31, 2022 and 2021, proceeds from sales, redemptions and calls, gross realized gains, gross realized losses of debt securities available for sale were as follows:

	Years Ended December 31
(in thousands)	2022		2021
Proceeds from sales, redemptions and calls of debt securities available for sale	$	61,399	$	114,923
Gross realized gains	73		4,307
Gross realized losses	(2,522)		(33)
Realized (loss) gain, net	$	(2,449)	$	4,274

Schedule of available for sale securities with unrealized losses

The Company’s investment in debt securities available for sale with unrealized losses aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below:

	December 31, 2022
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Estimated Fair Value		Unrealized Loss		Number of Securities	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
U.S. government sponsored enterprise debt securities	250	$	292,595	$	(22,315)	108	$	96,986	$	(21,351)	$	389,581	$	(43,666)
Corporate debt securities	50	203,516		(13,374)		14	72,190		(12,825)		275,706		(26,199)
U.S. government agency debt securities	92	88,056		(4,976)		104	240,668		(37,838)		328,724		(42,814)
Municipal bonds	3	1,656		(75)		—	—		—		1,656		(75)
U.S. treasury securities	1	1,996		(1)		—	—		—		1,996		(1)
Collateralized Loan Obligations	1	4,774		(226)		—	—		—		4,774		(226)
	397	$	592,593	$	(40,967)	226	$	409,844	$	(72,014)	$	1,002,437	$	(112,981)

	December 31, 2021
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Estimated Fair Value		Unrealized Loss		Number of Securities	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
U.S. government sponsored enterprise debt securities	29	$	54,562	$	(1,434)	59	$	25,526	$	(1,004)	$	80,088	$	(2,438)
Corporate debt securities	8	52,672		(259)		3	10,286		(670)		62,958		(929)
U.S. government agency debt securities	35	200,051		(1,177)		69	52,109		(1,193)		252,160		(2,370)
	72	$	307,285	$	(2,870)	131	$	87,921	$	(2,867)	$	395,206	$	(5,737)

Schedule of held to maturity securities

Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows:

	December 31, 2022
	Amortized Cost		Gross Unrealized				Estimated Fair Value		Allowance for Credit Losses
(in thousands)			Gains		Losses
U.S. government agency debt securities (1)	$	68,556	$	109	$	(7,778)	$	60,887	$	—
U.S. government sponsored enterprise debt securities (1)(2)	173,545		—		(16,823)		156,722		—
Total debt securities held to maturity (3)	$	242,101	$	109	$	(24,601)	$	217,609	$	—

__________________

(1)Includes residential mortgage-backed securities. As of December 31, 2022, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $213.9 million and fair value of $191.4 million.

(2)Includes commercial mortgage-backed securities. As of December 31, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $28.2 million and fair value of $26.2 million.

(3)Excludes accrued interest receivable of $0.8 million as of December 31, 2022, which is included as part of other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2022.

	December 31, 2021
	Amortized Cost		Gross Unrealized				Estimated Fair Value
(in thousands)			Gains		Losses
U.S. government agency debt securities (1)	$	66,307	$	62	$	(363)	$	66,006
U.S. government sponsored enterprise debt securities (1) (2)	51,868		1,581		(378)		53,071
Total debt securities held to maturity	$	118,175	$	1,643	$	(741)	$	119,077

__________________

(1)Includes residential mortgage-backed securities. As of December 31, 2021,we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $89.4 million and fair value of $88.7 million.

(2)Includes commercial mortgage-backed securities. As of December 31, 2021, includes total commercial mortgage-backed securities with amortized cost of $28.8 million and fair value of $30.4 million.

The Company’s investment in debt securities held to maturity with unrealized losses aggregated by length of time that individual securities have been in a continuous unrealized loss position, are summarized below:

	December 31, 2022
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Estimated Fair Value		Unrealized Loss		Number of Securities	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
U.S. government agency debt securities	—	$	—	$	—	12	$	50,755	$	(7,778)	$	50,755	$	(7,778)
U.S. government sponsored enterprise debt securities	31	142,033		(9,085)		3	14,689		(7,738)		156,722		(16,823)
	31	$	142,033	$	(9,085)	15	$	65,444	$	(15,516)	$	207,477	$	(24,601)

	December 31, 2021
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Estimated Fair Value		Unrealized Loss		Number of Securities		Estimated Fair Value	Unrealized Loss		Estimated Fair Value		Unrealized Loss
U.S. government agency debt securities	11	$	61,037	$	(363)	$	—	—	$	—	$	61,037	$	(363)
U.S. government sponsored enterprise debt securities	2	22,669		(378)		—		—	—		22,669		(378)
	13	$	83,706	$	(741)	$	—	—	$	—	$	83,706	$	(741)

Schedule of contractual maturities of securities

Contractual maturities of debt securities at December 31, 2022 are as follows:

	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within 1 year	$	9,311	$	9,281	$	—	$	—
After 1 year through 5 years	74,994		71,231		6,480		3,848
After 5 years through 10 years	286,468		262,664		13,130		12,395
After 10 years	798,805		714,445		222,491		201,366
	$	1,169,578	$	1,057,621	$	242,101	$	217,609