XML 54 R38.htm IDEA: XBRL DOCUMENT v3.22.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Securities [Abstract]  
Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of Available for Sale ("AFS") Securities
The amortized cost, estimated fair value and unrealized gains (losses) of AFS securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of December 31, 2021
                        
U.S. treasury
  $
73,016     $
59     $
6     $
73,069  
Federal agency
  

248,454
    

-
    

8,523
    

239,931
  
State & municipal
    
95,531
      
116
      
1,559
      
94,088
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
538,036
      
8,036
      
5,589
      
540,483
  
U.S. government agency securities
    
65,339
      
1,108
      
255
      
66,192
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
484,550
      
2,723
      
5,113
      
482,160
  
U.S. government agency securities
    
139,380
      
939
      
884
      
139,435
  
Corporate
    
50,500
      
1,516
      
13
      
52,003
  
Total AFS securities
  
$
1,694,806
    
$
14,497
    
$
21,942
    
$
1,687,361
  
As of December 31, 2020
                                
Federal agency
  
$
245,590
    
$
59
    
$
2,052
    
$
243,597
  
State & municipal
    
42,550
      
630
      
-
      
43,180
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
521,448
      
17,079
      
22
      
538,505
  
U.S. government securities
    
55,049
      
2,332
      
47
      
57,334
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
311,710
      
7,549
      
58
      
319,201
  
U.S. government securities
    
114,864
      
3,739
      
-
      
118,603
  
Corporate
    27,500       778       -       28,278  
Total AFS securities
  
$
1,318,711
    
$
32,166
    
$
2,179
    
$
1,348,698
  
Components of Net Realized Gains (Losses) on Sale of AFS Securities
The components of net realized gains (losses) on AFS securities are as follows. These amounts were reclassified out of AOCI and into earnings.

 
Years Ended December 31,
  
(In thousands)
  
2021
    
2020
    
2019
  
Gross realized gains
  
$
-
    
$
3
    
$
73
  
Gross realized (losses)
    
-
      
-
   
(152
)
Net AFS realized gains (losses)
  
$
-
    
$
3
 
$
(79
)
Amortized Cost, Estimated Fair Value, and Unrealized Gains (Losses) of Held to Maturity Securities
The amortized cost, estimated fair value and unrealized gains (losses) of HTM securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of December 31, 2021
                        
Federal agency
  
$
100,000
    
$
-
    
$
4,365
    
$
95,635
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
161,462
      
2,232
      
1,319
      
162,375
  
U.S. government agency securities
    
9,112
      
514
      
-
      
9,626
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
94,342
      
1,932
      
129
      
96,145
  
U.S. government agency securities
    
44,473
      
336
      
674
      
44,135
  
State & municipal
    
323,821
      
5,026
      
1,503
      
327,344
  
Total HTM securities
  
$
733,210
    
$
10,040
    
$
7,990
    
$
735,260
  
As of December 31, 2020
                                
Federal agency
  $
100,000     $
-     $
1,658     $
98,342  
Mortgage-backed:
                                
Government-sponsored enterprises
  

107,914
    

4,583
    

-
    

112,497
  
U.S. government agency securities
    
11,533
      
979
      
-
      
12,512
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
103,105
      
4,477
      
-
      
107,582
  
U.S. government agency securities
    
79,145
      
3,950
      
-
      
83,095
  
State & municipal
    
214,863
      
7,953
      
17
      
222,799
  
Total HTM securities
  
$
616,560
    
$
21,942
    
$
1,675
    
$
636,827
  
Gains and (Losses) on Equity Securities
The following tables set forth information with regard to gains and (losses) on equity securities:

 
Years Ended
December 31,
  
(In thousands)
  
2021
    
2020
  
Net gains and (losses) recognized on equity securities
  
$
537
    
$
(414
)
Less: Net gains and (losses) recognized during the period on equity securities sold during the period
    
-
      
-
  
Unrealized gains and (losses) recognized on equity securities still held
  
$
537
    
$
(414
)
Contractual Maturities of Debt Securities
The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2021:

(In thousands)
  
Amortized
Cost
    
Estimated
Fair Value
  
AFS debt securities:
            
Within one year
  
$
919
    
$
920
  
From one to five years
    
111,381
      
111,252
  
From five to ten years
    
738,891
      
731,896
  
After ten years
    
843,615
      
843,293
  
Total AFS debt securities
  
$
1,694,806
    
$
1,687,361
  
HTM debt securities:
                
Within one year
  
$
102,967
    
$
103,011
  
From one to five years
    
58,364
      
59,832
  
From five to ten years
    
222,178
      
221,043
  
After ten years
    
349,701
      
351,374
  
Total HTM debt securities
  
$
733,210
    
$
735,260
  
Investment Securities with Unrealized Losses
The following table sets forth information with regard to investment securities with unrealized losses, for which an allowance for credit losses has not been recorded at December 31, 2021, segregated according to the length of time the securities had been in a continuous unrealized loss position:

 
Less Than 12 Months
    
12 Months or Longer
    
Total
  
(In thousands)
  
Fair
Value
    
Unrealized
Losses
    
Number
of
Positions
    
Fair
Value
    
Unrealized
Losses
    
Number
of
Positions
    
Fair
Value
    
Unrealized
Losses
    
Number
of
Positions
  
As of December 31, 2021
                                                      
AFS securities:
                                                      
U.S. treasury
  $ 49,105     $ (6 )     2     $ -     $ -       -     $ 49,105     $ (6 )     2
  
Federal agency
    
41,618
      
(1,846
)
    
4
      
198,313
      
(6,677
)
    
12
      
239,931
      
(8,523
)
    
16
  
State & municipal
    87,515       (1,559 )     61       -       -       -       87,515       (1,559 )     61  
Mortgage-backed
    
281,217
      
(4,319
)
    
24
      
39,491
      
(1,525
)
    
6
      
320,708
      
(5,844
)
    
30
  
Collateralized mortgage obligations
    
341,673
      
(5,495
)
    
34
      
15,774
      
(502
)
    
4
      
357,447
      
(5,997
)
    
38
  
Corporate
    9,987       (13 )     2       -       -       -       9,987       (13 )     2  
Total securities with unrealized losses
  
$
811,115
    
$
(13,238
)
    
127
    
$
253,578
    
$
(8,704
)
    
22
    
$
1,064,693
    
$
(21,942
)
    
149
  
                                                                         
HTM securities:
                                                                        
Federal agency
  
$
-
    
$
-
      
-
    
$
95,635
    
$
(4,365
)
    
4
    
$
95,635
    
$
(4,365
)
    
4
  
Mortgage-backed
    103,789       (1,319 )     10       -       -       -       103,789       (1,319 )     10  
Collateralized mortgage obligations
    54,612       (803 )     6       -       -       -       54,612       (803 )     6  
State & municipal
    
52,783
      
(1,189
)
    
40
      
8,950
      
(314
)
    
10
      
61,733
      
(1,503
)
    
50
  
Total securities with unrealized losses
  
$
211,184
    
$
(3,311
)
    
56
    
$
104,585
    
$
(4,679
)
    
14
    
$
315,769
    
$
(7,990
)
    
70
  
                                                                         
As of December 31, 2020
                                                                        
AFS securities:
                                                                        
Federal agency
  
$
148,537
    
$
(2,052
)
    
10
    
$
-
    
$
-
      
-
    
$
148,537
    
$
(2,052
)
    
10
  
Mortgage-backed
    
47,269
      
(60
)
    
3
      
800
      
(9
)
    
4
      
48,069
      
(69
)
    
7
  
Collateralized mortgage obligations
    
17,837
      
(58
)
    
6
      
-
      
-
      
-
      
17,837
      
(58
)
    
6
  
Total securities with unrealized losses
  
$
213,643
    
$
(2,170
)
    
19
    
$
800
    
$
(9
)
    
4
    
$
214,443
    
$
(2,179
)
    
23
  
                                                                         
HTM securities:
                                                                        
Federal agency
  $ 98,342     $ (1,658 )     4     $ -     $ -       -     $ 98,342     $ (1,658 )     4  
State & municipal
    
4,805
      
(17
)
    
5
      
-
      
-
      
-
      
4,805
      
(17
)
    
5
  
Total securities with unrealized losses
  
$
103,147
    
$
(1,675
)
    
9
    
$
-
    
$
-
      
-
    
$
103,147
    
$
(1,675
)
    
9