Securities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Securities |
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| Schedule of portfolio of securities |
The following tables summarize the Company’s portfolio of securities held-to-maturity at: | | | | | | | | | | | | | | | | | | | | | | | | Allowance | | Net | | Gross | | Gross | | | | | | Amortized | | for | | Carrying | | Unrecognized | | Unrecognized | | | | June 30, 2025 | | Cost | | Credit Losses | | Amount | | Gains | | Losses | | Fair Value | | | | (In thousands) | Municipals | | $ | 43,360 | | $ | (355) | | $ | 43,005 | | $ | — | | $ | (5,065) | | $ | 37,940 | | | | | | | | | | | | | | | | | | | | FNMA | | | 7,826 | | | — | | | 7,826 | | | — | | | (680) | | | 7,146 | | | | | | | | | | | | | | | | | | | | Total | | $ | 51,186 | | $ | (355) | | $ | 50,831 | | $ | — | | $ | (5,745) | | $ | 45,086 |
| | | | | | | | | | | | | | | | | | | | | | | | Allowance | | Net | | Gross | | Gross | | | | | | Amortized | | for | | Carrying | | Unrecognized | | Unrecognized | | | | December 31, 2024 | | Cost | | Credit Losses | | Amount | | Gains | | Losses | | Fair Value | | | | (In thousands) | Municipals | | $ | 44,002 | | $ | (353) | | $ | 43,649 | | $ | — | | $ | (5,834) | | $ | 37,815 | | | | | | | | | | | | | | | | | | | | FNMA | | | 7,836 | | | — | | | 7,836 | | | — | | | (933) | | | 6,903 | | | | | | | | | | | | | | | | | | | | Total | | $ | 51,838 | | $ | (353) | | $ | 51,485 | | $ | — | | $ | (6,767) | | $ | 44,718 |
The following tables summarize the Company’s portfolio of securities available for sale on: | | | | | | | | | | | | | | | | | | | | | | Allowance | | Gross | | Gross | | | | | | Amortized | | | for | | Unrealized | | Unrealized | | | | June 30, 2025 | | Cost | | Credit Losses | | Gains | | Losses | | Fair Value | | | | (In thousands) | U.S. government agencies | | $ | 7,510 | | $ | — | | $ | 40 | | $ | (28) | | $ | 7,522 | Municipals | | | 20,627 | | | (3,066) | | | — | | | (683) | | | 16,878 | Corporate | | | 145,038 | | | — | | | 1,143 | | | (4,554) | | | 141,627 | Mutual funds | | | 12,291 | | | — | | | — | | | — | | | 12,291 | Collateralized loan obligations | | | 384,043 | | | — | | | 562 | | | (1,320) | | | 383,285 | Other | | | 1,428 | | | — | | | — | | | — | | | 1,428 | Total other securities | | | 570,937 | | | (3,066) | | | 1,745 | | | (6,585) | | | 563,031 | REMIC and CMO | | | 632,223 | | | — | | | 1,748 | | | (1,013) | | | 632,958 | GNMA | | | 28,926 | | | — | | | 143 | | | (6) | | | 29,063 | FNMA | | | 94,083 | | | — | | | 1,097 | | | (13) | | | 95,167 | FHLMC | | | 70,648 | | | — | | | 920 | | | — | | | 71,568 | Total mortgage-backed securities | | | 825,880 | | | — | | | 3,908 | | | (1,032) | | | 828,756 | | | | | | | | | | | | | | | | | Total Securities available for sale | | $ | 1,396,817 | | $ | (3,066) | | $ | 5,653 | | $ | (7,617) | | $ | 1,391,787 |
| | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | | | | Unrealized | | Unrealized | | | | December 31, 2024 | | Cost | | Fair Value | | Gains | | Losses | | Fair Value | | | | (In thousands) | U.S. government agencies | | $ | 8,804 | | $ | — | | $ | 77 | | $ | (33) | | $ | 8,848 | Municipals | | | 20,627 | | | (2,627) | | | — | | | — | | | 18,000 | Corporate | | | 130,882 | | | — | | | 735 | | | (6,368) | | | 125,249 | Mutual funds | | | 11,890 | | | — | | | — | | | — | | | 11,890 | Collateralized loan obligations | | | 420,260 | | | — | | | 1,126 | | | (569) | | | 420,817 | Other | | | 1,465 | | | — | | | — | | | — | | | 1,465 | Total other securities | | | 593,928 | | | (2,627) | | | 1,938 | | | (6,970) | | | 586,269 | REMIC and CMO | | | 707,540 | | | — | | | 1,107 | | | (1,067) | | | 707,580 | GNMA | | | 30,099 | | | — | | | — | | | (154) | | | 29,945 | FNMA | | | 99,183 | | | — | | | 11 | | | (1,048) | | | 98,146 | FHLMC | | | 76,048 | | | — | | | 13 | | | (96) | | | 75,965 | Total mortgage-backed securities | | | 912,870 | | | — | | | 1,131 | | | (2,365) | | | 911,636 | | | | | | | | | | | | | | | | | Total securities available for sale | | $ | 1,506,798 | | $ | (2,627) | | $ | 3,069 | | $ | (9,335) | | $ | 1,497,905 |
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| Schedule of amortized cost and fair value of the Company's securities classified as held-to-maturity and available for sale |
| | | | | | | | | Amortized | | | | Securities held-to-maturity: | | Cost | | Fair Value | | | | (In thousands) | Due after ten years | | $ | 43,360 | | $ | 37,940 | Total other securities | | | 43,360 | | | 37,940 | Mortgage-backed securities | | | 7,826 | | | 7,146 | Total securities held-to-maturity | | $ | 51,186 | | $ | 45,086 |
| | | | | | | | | Amortized | | | | Securities available for sale: | | Cost | | Fair Value | | | | (In thousands) | Due after one year through five years | | $ | 60,388 | | $ | 58,710 | Due after five years through ten years | | | 252,833 | | | 251,547 | Due after ten years | | | 245,425 | | | 240,483 | Total other securities | | | 558,646 | | | 550,740 | Mutual funds | | | 12,291 | | | 12,291 | Mortgage-backed securities | | | 825,880 | | | 828,756 | Total securities available for sale | | $ | 1,396,817 | | $ | 1,391,787 |
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| Schedule of securities with gross unrealized losses and their fair value |
| | | | | | | | | | | | | | | | | | | | | | | At June 30, 2025 | | | | | Total | | Less than 12 months | | 12 months or more | | | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Count | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | (Dollars in thousands) | Held-to-maturity securities | | | | | | | | | | | | | | | | | | | | | FNMA | | 1 | | | 7,146 | | | (680) | | | — | | | — | | | 7,146 | | | (680) | Total mortgage-backed securities | | 1 | | | 7,146 | | | (680) | | | — | | | — | | | 7,146 | | | (680) | | | | | | | | | | | | | | | | | | | | | | Total | | 1 | | $ | 7,146 | | $ | (680) | | $ | — | | $ | — | | $ | 7,146 | | $ | (680) | | | | | | | | | | | | | | | | | | | | | | Available for sale securities | | | | | | | | | | | | | | | | | | | | | U.S. government agencies | | 3 | | $ | 4,497 | | $ | (28) | | $ | 1,364 | | $ | (6) | | $ | 3,133 | | $ | (22) | Corporate | | 12 | | | 92,648 | | | (4,554) | | | 2,970 | | | (30) | | | 89,678 | | | (4,524) | Collateralized loan obligations | | 19 | | | 252,453 | | | (1,320) | | | 129,928 | | | (191) | | | 122,525 | | | (1,129) | Total other securities | | 34 | | | 349,598 | | | (5,902) | | | 134,262 | | | (227) | | | 215,336 | | | (5,675) | | | | | | | | | | | | | | | | | | | | | | REMIC and CMO | | 20 | | | 253,971 | | | (1,013) | | | 223,583 | | | (630) | | | 30,388 | | | (383) | GNMA | | 1 | | | 1,506 | | | (6) | | | — | | | — | | | 1,506 | | | (6) | FNMA | | 1 | | | 19,628 | | | (13) | | | 19,628 | | | (13) | | | — | | | — | Total mortgage-backed securities | | 22 | | | 275,105 | | | (1,032) | | | 243,211 | | | (643) | | | 31,894 | | | (389) | Total securities available for sale | | 56 | | $ | 624,703 | | $ | (6,934) | | $ | 377,473 | | $ | (870) | | $ | 247,230 | | $ | (6,064) |
| | | | | | | | | | | | | | | | | | | | | | | At December 31, 2024 | | | | | Total | | Less than 12 months | | 12 months or more | | | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Count | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | (Dollars in thousands) | Held-to-maturity securities | | | | | | | | | | | | | | | | | | | | | FNMA | | 1 | | | 6,903 | | | (933) | | | — | | | — | | | 6,903 | | | (933) | Total mortgage-backed securities | | 1 | | | 6,903 | | | (933) | | | — | | | — | | | 6,903 | | | (933) | | | | | | | | | | | | | | | | | | | | | | Total | | 1 | | $ | 6,903 | | $ | (933) | | $ | — | | $ | — | | $ | 6,903 | | $ | (933) | | | | | | | | | | | | | | | | | | | | | | Available for sale securities | | | | | | | | | | | | | | | | | | | | | U.S. government agencies | | 2 | | $ | 3,339 | | $ | (33) | | $ | — | | $ | — | | $ | 3,339 | | $ | (33) | Corporate | | 13 | | | 95,758 | | | (6,368) | | | — | | | — | | | 95,758 | | | (6,368) | Collateralized loan obligations | | 18 | | | 201,470 | | | (569) | | | 201,470 | | | (569) | | | — | | | — | Total other securities | | 33 | | | 300,567 | | | (6,970) | | | 201,470 | | | (569) | | | 99,097 | | | (6,401) | | | | | | | | | | | | | | | | | | | | | | REMIC and CMO | | 19 | | | 287,948 | | | (1,067) | | | 281,570 | | | (936) | | | 6,378 | | | (131) | GNMA | | 4 | | | 29,945 | | | (154) | | | 28,443 | | | (134) | | | 1,502 | | | (20) | FNMA | | 6 | | | 97,417 | | | (1,048) | | | 97,417 | | | (1,048) | | | — | | | — | FHLMC | | 3 | | | 56,540 | | | (96) | | | 56,540 | | | (96) | | | — | | | — | Total mortgage-backed securities | | 32 | | | 471,850 | | | (2,365) | | | 463,970 | | | (2,214) | | | 7,880 | | | (151) | Total | | 65 | | $ | 772,417 | | $ | (9,335) | | $ | 665,440 | | $ | (2,783) | | $ | 106,977 | | $ | (6,552) |
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| Schedule of allowance for credit losses for debt securities available for sale |
| | | | | | | | | | | | | For the three months ended | | For the six months ended | | June 30, | | June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | (In thousands) | Beginning balance | $ | 2,627 | | $ | — | | $ | 2,627 | | $ | — | Provision (benefit) | | 439 | | | — | | | 439 | | | — | Allowance for credit losses | $ | 3,066 | | $ | — | | $ | 3,066 | | $ | — |
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| Schedule of allowance for credit losses for debt securities held-to-maturity |
| | | | | | | | | | | | | For the three months ended | | For the six months ended | | June 30, | | June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | (In thousands) | Beginning balance | $ | 359 | | $ | 1,084 | | $ | 353 | | $ | 1,087 | Provision (benefit) | | (4) | | | 5 | | | 2 | | | 2 | Allowance for credit losses | $ | 355 | | $ | 1,089 | | $ | 355 | | $ | 1,089 |
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