| Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale |
A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of March 31, 2025 and December 31, 2024 follows:
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March 31, 2025 |
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Gross |
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Gross |
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Allowance |
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Amortized |
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Unrealized |
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Unrealized |
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for |
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Fair |
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(In thousands) |
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Cost |
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Gains |
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Losses |
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Credit Losses |
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Value |
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Securities Available for Sale: |
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U.S government-sponsored agencies |
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$ |
244,818 |
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$ |
— |
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$ |
(41,420 |
) |
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$ |
— |
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$ |
203,398 |
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Mortgage-backed securities–residential |
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629,148 |
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3,305 |
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(42,116 |
) |
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— |
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590,337 |
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SBA pool securities |
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26,483 |
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— |
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(2,772 |
) |
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— |
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23,711 |
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Corporate bond |
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15,500 |
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99 |
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(1,015 |
) |
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— |
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14,584 |
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Total securities available for sale |
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$ |
915,949 |
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$ |
3,404 |
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$ |
(87,323 |
) |
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$ |
— |
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$ |
832,030 |
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Securities Held to Maturity: |
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U.S. government-sponsored agencies |
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$ |
40,000 |
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$ |
— |
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$ |
(2,112 |
) |
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$ |
— |
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$ |
37,888 |
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Mortgage-backed securities–residential |
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60,285 |
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— |
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(9,486 |
) |
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— |
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50,799 |
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Total securities held to maturity |
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$ |
100,285 |
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$ |
— |
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$ |
(11,598 |
) |
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$ |
— |
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$ |
88,687 |
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December 31, 2024 |
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Gross |
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Gross |
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Allowance |
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Amortized |
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Unrealized |
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Unrealized |
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for |
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Fair |
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(In thousands) |
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Cost |
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Gains |
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Losses |
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Credit Losses |
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Value |
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Securities Available for Sale: |
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U.S government-sponsored agencies |
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$ |
244,813 |
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$ |
— |
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$ |
(47,899 |
) |
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$ |
— |
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$ |
196,914 |
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Mortgage-backed securities–residential |
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595,789 |
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1,086 |
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(48,263 |
) |
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— |
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548,612 |
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SBA pool securities |
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27,772 |
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— |
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(3,290 |
) |
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— |
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24,482 |
|
Corporate bond |
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15,500 |
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|
105 |
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(1,069 |
) |
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— |
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14,536 |
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Total securities available for sale |
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$ |
883,874 |
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$ |
1,191 |
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$ |
(100,521 |
) |
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$ |
— |
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$ |
784,544 |
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Securities Held to Maturity: |
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U.S. government-sponsored agencies |
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$ |
40,000 |
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$ |
— |
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$ |
(2,666 |
) |
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$ |
— |
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$ |
37,334 |
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Mortgage-backed securities–residential |
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61,635 |
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— |
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(10,319 |
) |
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— |
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51,316 |
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Total securities held to maturity |
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$ |
101,635 |
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$ |
— |
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$ |
(12,985 |
) |
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$ |
— |
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$ |
88,650 |
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| Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments |
The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of March 31, 2025 and December 31, 2024.
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March 31, 2025 |
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Duration of Unrealized Loss |
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Less Than 12 Months |
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12 Months or Longer |
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Total |
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Approximate |
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Approximate |
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Approximate |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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(In thousands) |
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Value |
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Losses |
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Value |
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Losses |
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Value |
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Losses |
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Securities Available for Sale: |
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U.S. government-sponsored agencies |
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$ |
— |
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$ |
— |
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$ |
203,398 |
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$ |
(41,420 |
) |
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$ |
203,398 |
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$ |
(41,420 |
) |
Mortgage-backed securities residential |
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58,276 |
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(642 |
) |
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218,198 |
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(41,474 |
) |
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276,474 |
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(42,116 |
) |
SBA pool securities |
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4,656 |
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(11 |
) |
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19,055 |
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(2,761 |
) |
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23,711 |
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(2,772 |
) |
Corporate bond |
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— |
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— |
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8,985 |
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(1,015 |
) |
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8,985 |
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(1,015 |
) |
Total securities available for sale |
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$ |
62,932 |
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$ |
(653 |
) |
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$ |
449,636 |
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$ |
(86,670 |
) |
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$ |
512,568 |
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$ |
(87,323 |
) |
Securities Held to Maturity: |
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U.S. government-sponsored agencies |
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$ |
— |
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$ |
— |
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$ |
37,888 |
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$ |
(2,112 |
) |
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$ |
37,888 |
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$ |
(2,112 |
) |
Mortgage-backed securities residential |
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— |
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|
— |
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|
50,799 |
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(9,486 |
) |
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50,799 |
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|
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(9,486 |
) |
Total securities held to maturity |
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$ |
— |
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|
$ |
— |
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|
$ |
88,687 |
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|
$ |
(11,598 |
) |
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$ |
88,687 |
|
|
$ |
(11,598 |
) |
Total securities |
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$ |
62,932 |
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$ |
(653 |
) |
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$ |
538,323 |
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$ |
(98,268 |
) |
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$ |
601,255 |
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$ |
(98,921 |
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December 31, 2024 |
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Duration of Unrealized Loss |
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Less Than 12 Months |
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12 Months or Longer |
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Total |
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Approximate |
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Approximate |
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Approximate |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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(In thousands) |
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Value |
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Losses |
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Value |
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Losses |
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Value |
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|
Losses |
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Securities Available for Sale: |
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|
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|
U.S. government-sponsored agencies |
|
$ |
— |
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|
$ |
— |
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|
$ |
196,914 |
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$ |
(47,899 |
) |
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$ |
196,914 |
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$ |
(47,899 |
) |
Mortgage-backed securities residential |
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171,531 |
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(2,063 |
) |
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216,735 |
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(46,200 |
) |
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388,266 |
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(48,263 |
) |
SBA pool securities |
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4,861 |
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(11 |
) |
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19,621 |
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(3,279 |
) |
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24,482 |
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(3,290 |
) |
Corporate bond |
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|
— |
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|
— |
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|
8,931 |
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(1,069 |
) |
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8,931 |
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|
(1,069 |
) |
Total securities available for sale |
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$ |
176,392 |
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$ |
(2,074 |
) |
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$ |
442,201 |
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$ |
(98,447 |
) |
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$ |
618,593 |
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|
$ |
(100,521 |
) |
Securities Held to Maturity: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. government-sponsored agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
37,334 |
|
|
$ |
(2,666 |
) |
|
$ |
37,334 |
|
|
$ |
(2,666 |
) |
Mortgage-backed securities residential |
|
|
— |
|
|
|
— |
|
|
|
51,316 |
|
|
|
(10,319 |
) |
|
|
51,316 |
|
|
|
(10,319 |
) |
Total securities held to maturity |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
88,650 |
|
|
$ |
(12,985 |
) |
|
$ |
88,650 |
|
|
$ |
(12,985 |
) |
Total securities |
|
$ |
176,392 |
|
|
$ |
(2,074 |
) |
|
$ |
530,851 |
|
|
$ |
(111,432 |
) |
|
$ |
707,243 |
|
|
$ |
(113,506 |
) |
|