v3.25.2
Securities (Tables)
 6 Months Ended
Jun. 30, 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 AFS securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of June 30, 2025
                        
U.S. treasury
   $ 104,095     $ 34     $ (3,920 )   $ 100,209  
Federal agency
    
248,330
      
-
      
(21,708
)
    
226,622
  
State & municipal
    
93,556
      
1
      
(5,524
)
    
88,033
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
460,203
      
837
      
(30,288
)
    
430,752
  
U.S. government agency securities
    
112,183
      
373
      
(4,295
)
    
108,261
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
613,607
      
1,210
      
(32,928
)
    
581,889
  
U.S. government agency securities
    
181,822
      
73
      
(24,056
)
    
157,839
  
Corporate
    
38,498
      
-
      
(2,675
)
    
35,823
  
Total AFS securities
  
$
1,852,294
    
$
2,528
    
$
(125,394
)
  
$
1,729,428
  
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 HTM securities are as follows:

(In thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Estimated
Fair Value
  
As of June 30, 2025
                        
Federal agency
  
$
100,000
    
$
-
    
$
(12,829
)
  
$
87,171
  
Mortgage-backed:
                                
Government-sponsored enterprises
    
198,957
      
-
      
(27,343
)
    
171,614
  
U.S. government agency securities
    
14,105
      
1
      
(51
)
    
14,055
  
Collateralized mortgage obligations:
                                
Government-sponsored enterprises
    
158,778
      
88
      
(8,183
)
    
150,683
  
U.S. government agency securities
    
59,142
      
-
      
(10,091
)
    
49,051
  
State & municipal
    
278,682
      
2
      
(15,871
)
    
262,813
  
Total HTM securities
  
$
809,664
    
$
91
    
$
(74,368
)
  
$
735,387
  
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 tables set forth information with regard to gains and (losses) on equity securities:

 
Three Months Ended June 30,
  
(In thousands)
  
2025
    
2024
  
Net gains (losses) recognized on equity securities
  
$
112
    
$
(92
)
Less: Net gains (losses) recognized on equity securities sold during the period
    
(35
)
    
-
  
Unrealized gains (losses) recognized on equity securities still held
  
$
147
    
$
(92
)

 
Six Months Ended June 30,
  
(In thousands)
  
2025
    
2024
  
Net gains (losses) recognized on equity securities
  
$
8
    
$
(193
)
Less: Net gains (losses) recognized on equity securities sold during the period
    
(35
)
    
-
  
Unrealized gains (losses) recognized on equity securities still held
  
$
43
    
$
(193
)
Contractual Maturities of Debt Securities
The following table sets forth information with regard to contractual maturities of debt securities at June 30, 2025:

(In thousands)
  
Amortized
Cost
    
Estimated
Fair Value
  
AFS debt securities:
            
Within one year
  
$
90,827
    
$
89,677
  
From one to five years
    
632,475
      
594,417
  
From five to ten years
    
221,923
      
208,864
  
After ten years
    
907,069
      
836,470
  
Total AFS debt securities
  
$
1,852,294
    
$
1,729,428
  
HTM debt securities:
                
Within one year
  
$
92,748
    
$
92,656
  
From one to five years
    
198,559
      
187,673
  
From five to ten years
    
151,189
      
135,999
  
After ten years
    
367,168
      
319,059
  
Total HTM debt securities
  
$
809,664
    
$
735,387
  
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 were 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 June 30, 2025
                                                      
AFS securities:
  
                                                 
U.S. treasury
   $ -     $ -       -     $ 95,173     $ (3,920 )     5     $ 95,173     $ (3,920 )     5  
Federal agency
    
-
      
-
      
-
      
226,622
      
(21,708
)
    
16
      
226,622
      
(21,708
)
    
16
  
State & municipal
    
-
      
-
      
-
      
87,272
      
(5,524
)
    
65
      
87,272
      
(5,524
)
    
65
  
Mortgage-backed
    
34,785
      
(218
)
    
7
      
350,950
      
(34,365
)
    
146
      
385,735
      
(34,583
)
    
153
  
Collateralized mortgage obligations
    
113,346
      
(489
)
    
13
      
468,427
      
(56,495
)
    
112
      
581,773
      
(56,984
)
    
125
  
Corporate     -       -       -       35,823       (2,675 )     13       35,823       (2,675 )     13  
Total securities with unrealized losses
  
$
148,131
    
$
(707
)
    
20
    
$
1,264,267
    
$
(124,687
)
    
357
    
$
1,412,398
    
$
(125,394
)
    
377
  
HTM securities:
                                                                        
Federal agency
  
$
-
    
$
-
      
-
    
$
87,171
    
$
(12,829
)
    
4
    
$
87,171
    
$
(12,829
)
    
4
  
Mortgage-backed
    
11,031
      
(4
)
    
1
      
174,596
      
(27,390
)
    
33
      
185,627
      
(27,394
)
    
34
  
Collateralized mortgage obligation
     -
       -       -
       193,085
       (18,274 )     49
       193,085
       (18,274 )     49
  
State & municipal
    
10,812
      
(171
)
    
12
      
157,826
      
(15,700
)
    
171
      
168,638
      
(15,871
)
    
183
  
Total securities with unrealized losses
  
$
21,843
    
$
(175
)
    
13
    
$
612,678
    
$
(74,193
)
    
257
    
$
634,521
    
$
(74,368
)
    
270
  
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