v3.25.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Securities [Abstract]  
Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of AFS Securities
The amortized cost, estimated fair value and unrealized gains (losses) of available for sale (“AFS”) securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of March 31, 2025
                        
U.S. treasury
   $ 108,965     $ 52     $ (4,790 )   $ 104,227  
Federal agency
    
248,339
      
-
      
(24,910
)
    
223,429
  
State & municipal
    
95,257
      
-
      
(6,555
)
    
88,702
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
449,327
      
338
      
(34,432
)
    
415,233
  
U.S. government agency securities
    
92,529
      
207
      
(4,892
)
    
87,844
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
603,719
      
821
      
(36,555
)
    
567,985
  
U.S. government agency securities
    
196,036
      
82
      
(24,645
)
    
171,473
  
Corporate
    
48,492
      
-
      
(2,708
)
    
45,784
  
Total AFS securities
  
$
1,842,664
    
$
1,500
    
$
(139,487
)
  
$
1,704,677
  
As of December 31, 2024
                                
U.S. treasury
   $ 108,838     $ 59     $ (6,107 )   $ 102,790  
Federal agency
    
248,348
      
-
      
(29,831
)
    
218,517
  
State & municipal
    
95,457
      
-
      
(7,967
)
    
87,490
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
435,825
      
2
      
(41,528
)
    
394,299
  
U.S. government agency securities
    
76,528
      
9
      
(6,471
)
    
70,066
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
546,685
      
142
      
(42,831
)
    
503,996
  
U.S. government agency securities
    
179,136
      
39
      
(26,683
)
    
152,492
  
Corporate
    
48,482
      
-
      
(3,468
)
    
45,014
  
Total AFS securities
  
$
1,739,299
    
$
251
    
$
(164,886
)
  
$
1,574,664
  
Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of HTM Securities
The amortized cost, estimated fair value and unrealized gains (losses) of held to maturity (“HTM”) securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of March 31, 2025
                        
Federal agency
  
$
100,000
    
$
-
    
$
(14,304
)
  
$
85,696
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
204,020
      
-
      
(29,009
)
    
175,011
  
U.S. government agency securities
    
14,111
      
1
      
(173
)
    
13,939
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
163,514
      
57
      
(9,610
)
    
153,961
  
U.S. government agency securities
    
60,229
      
-
      
(10,327
)
    
49,902
  
State & municipal
    
294,959
      
2
      
(17,066
)
    
277,895
  
Total HTM securities
  
$
836,833
    
$
60
    
$
(80,489
)
  
$
756,404
  
As of December 31, 2024
                                
Federal agency
  
$
100,000
    
$
-
    
$
(16,656
)
  
$
83,344
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
208,579
      
-
      
(34,349
)
    
174,230
  
U.S. government agency securities
    
15,611
      
1
      
(516
)
    
15,096
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
168,018
      
-
      
(11,554
)
    
156,464
  
U.S. government agency securities
    
60,906
      
-
      
(11,245
)
    
49,661
  
State & municipal
    
289,807
      
41
      
(18,698
)
    
271,150
  
Total HTM securities
  
$
842,921
    
$
42
    
$
(93,018
)
  
$
749,945
  
Gains and (Losses) on Equity Securities
The following table sets forth information with regard to gains and (losses) on equity securities:

   
Three Months Ended
March 31,
  
(In thousands)
  
2025
    
2024
  
Net losses recognized on equity securities
  
$
(104
)
  
$
(101
)
Less: Net losses recognized on equity securities sold during the period
    
-
      
-
  
Unrealized losses recognized on equity securities still held
  
$
(104
)
  
$
(101
)
Contractual Maturities of Debt Securities
The following table sets forth information with regard to contractual maturities of debt securities at March 31, 2025:

(In thousands)
  
Amortized
Cost
    
Estimated
Fair Value
  
AFS debt securities:
            
Within one year
  
$
84,171
    
$
82,763
  
From one to five years
    
633,838
      
590,105
  
From five to ten years
    
246,641
      
230,740
  
After ten years
    
878,014
      
801,069
  
Total AFS debt securities
  
$
1,842,664
    
$
1,704,677
  
HTM debt securities:
                
Within one year
  
$
101,944
    
$
101,895
  
From one to five years
    
164,050
      
156,038
  
From five to ten years
    
193,621
      
171,658
  
After ten years
    
377,218
      
326,813
  
Total HTM debt securities
  
$
836,833
    
$
756,404
  
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, 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 March 31, 2025
                                                      
AFS securities:
                                                      
U.S. treasury
   $ -     $ -       -     $ 94,177     $ (4,790 )     5     $ 94,177     $ (4,790 )     5  
Federal agency
    
-
      
-
      
-
      
223,429
      
(24,910
)
    
16
      
223,429
      
(24,910
)
    
16
  
State & municipal
    
759
      
(3
)
    
1
      
87,943
      
(6,552
)
    
66
      
88,702
      
(6,555
)
    
67
  
Mortgage-backed
    
60,880
      
(455
)
    
10
      
358,323
      
(38,869
)
    
148
      
419,203
      
(39,324
)
    
158
  
Collateralized mortgage obligations
    
104,059
      
(490
)
    
12
      
476,660
      
(60,710
)
    
114
      
580,719
      
(61,200
)
    
126
  
Corporate
    
-
      
-
      
-
      
45,784
      
(2,708
)
    
15
      
45,784
      
(2,708
)
    
15
  
Total securities with unrealized losses
  
$
165,698
    
$
(948
)
    
23
    
$
1,286,316
    
$
(138,539
)
    
364
    
$
1,452,014
    
$
(139,487
)
    
387
  
HTM securities:
                                                                        
Federal agency
  
$
-
    
$
-
      
-
    
$
85,696
    
$
(14,304
)
    
4
    
$
85,696
    
$
(14,304
)
    
4
  
Mortgage-backed
    
-
      
-
      
-
      
188,902
      
(29,182
)
    
34
      
188,902
      
(29,182
)
    
34
  
Collateralized mortgage obligation
     -       -       -       196,888       (19,937 )     52       196,888       (19,937 )     52  
State & municipal
    
11,651
      
(130
)
    
14
      
161,569
      
(16,936
)
    
176
      
173,220
      
(17,066
)
    
190
  
Total securities with unrealized losses
  
$
11,651
    
$
(130
)
    
14
    
$
633,055
    
$
(80,359
)
    
266
    
$
644,706
    
$
(80,489
)
    
280
  
As of December 31, 2024
                                                                        
AFS securities:
                                                                        
U.S. treasury
   $ -     $ -       -     $ 92,737     $ (6,107 )     5     $ 92,737     $ (6,107 )     5  
Federal agency
    
-
      
-
      
-
      
218,517
      
(29,831
)
    
16
      
218,517
      
(29,831
)
    
16
  
State & municipal
     759       (4 )     1       86,731       (7,963 )     66       87,490       (7,967 )     67  
Mortgage-backed
    
95,153
      
(1,374
)
    
16
      
368,589
      
(46,625
)
    
152
      
463,742
      
(47,999
)
    
168
  
Collateralized mortgage obligations
    
98,494
      
(1,128
)
    
14
      
480,891
      
(68,386
)
    
116
      
579,385
      
(69,514
)
    
130
  
Corporate
     1,478       (9 )     1       43,536       (3,459 )     14       45,014       (3,468 )     15  
Total securities with unrealized losses
  
$
195,884
    
$
(2,515
)
    
32
    
$
1,291,001
    
$
(162,371
)
    
369
    
$
1,486,885
    
$
(164,886
)
    
401
  
HTM securities:
                                                                        
Federal agency
  
$
-
    
$
-
      
-
    
$
83,344
    
$
(16,656
)
    
4
    
$
83,344
    
$
(16,656
)
    
4
  
Mortgage-backed
     -       -       -       189,271       (34,865 )     34       189,271       (34,865 )     34  
Collateralized mortgage obligations
     7,147       (7 )     1       198,978       (22,792 )     52       206,125       (22,799 )     53  
State & municipal
    
9,458
      
(107
)
    
12
      
168,945
      
(18,591
)
    
186
      
178,403
      
(18,698
)
    
198
  
Total securities with unrealized losses
  
$
16,605
    
$
(114
)
    
13
    
$
640,538
    
$
(92,904
)
    
276
    
$
657,143
    
$
(93,018
)
    
289