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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-28190
CAMDEN NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Maine | 01-0413282 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
| | | |
2 ELM STREET | CAMDEN | ME | 04843 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (207) 236-8821
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, without par value | CAC | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | | | | |
Large accelerated filer | ☐ | | Accelerated filer | ☒ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date:
Outstanding at April 29, 2022: Common stock (no par value) 14,656,487 shares.
CAMDEN NATIONAL CORPORATION
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022
TABLE OF CONTENTS OF INFORMATION REQUIRED IN REPORT
| | | | | | | | |
| | PAGE |
PART I. FINANCIAL INFORMATION | |
| |
ITEM 1. | FINANCIAL STATEMENTS | |
| | |
| Consolidated Statements of Condition (unaudited) - March 31, 2022 and December 31, 2021 | |
| | |
| Consolidated Statements of Income (unaudited) - Three Months Ended March 31, 2022 and 2021 | |
| | |
| Consolidated Statements of Comprehensive Income (unaudited) - Three Months Ended March 31, 2022 and 2021 | |
| | |
| Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - Three Months Ended March 31, 2022 and 2021 | |
| | |
| Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2022 and 2021 | |
| | |
| Notes to the Unaudited Consolidated Financial Statements | |
| | |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |
| | |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | |
| | |
ITEM 4. | CONTROLS AND PROCEDURES | |
| | |
PART II. OTHER INFORMATION | |
| | |
ITEM 1. | LEGAL PROCEEDINGS | |
| | |
ITEM 1A. | RISK FACTORS | |
| | |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | |
| | |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES | |
| | |
ITEM 4. | MINE SAFETY DISCLOSURES | |
| | |
ITEM 5. | OTHER INFORMATION | |
| | |
ITEM 6. | EXHIBITS | |
| | |
SIGNATURES | |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CONDITION
(unaudited)
| | | | | | | | | | | | | | |
(In thousands, except number of shares) | | March 31, 2022 | | December 31, 2021 |
ASSETS | | | | |
Cash and due from banks | | $ | 53,875 | | | $ | 38,902 | |
Interest-bearing deposits in other banks (including restricted cash) | | 85,508 | | | 181,723 | |
Total cash, cash equivalents and restricted cash | | 139,383 | | | 220,625 | |
Investments: | | | | |
Trading securities | | 4,124 | | | 4,428 | |
Available-for-sale securities, at fair value (amortized cost of $1,516,057 and $1,508,981, respectively) | | 1,421,809 | | | 1,507,486 | |
Held-to-maturity securities, at amortized cost (fair value of $1,300 and $1,380, respectively) | | 1,290 | | | 1,291 | |
Other investments | | 10,187 | | | 10,280 | |
Total investments | | 1,437,410 | | | 1,523,485 | |
Loans held for sale, at fair value (book value of $6,818 and $5,786, respectively) | | 6,705 | | | 5,815 | |
Loans | | 3,534,218 | | | 3,431,474 | |
Less: allowance for credit losses on loans | | (31,770) | | | (33,256) | |
Net loans | | 3,502,448 | | | 3,398,218 | |
Goodwill | | 94,697 | | | 94,697 | |
Core deposit intangible assets | | 2,032 | | | 2,188 | |
Bank-owned life insurance | | 97,816 | | | 97,241 | |
Premises and equipment, net | | 37,226 | | | 37,775 | |
Deferred tax assets | | 36,131 | | | 19,210 | |
Other assets | | 66,567 | | | 101,102 | |
Total assets | | $ | 5,420,415 | | | $ | 5,500,356 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
Liabilities | | | | |
Deposits: | | | | |
Non-interest checking | | $ | 1,200,807 | | | $ | 1,279,565 | |
Interest checking | | 1,440,390 | | | 1,351,736 | |
Savings and money market | | 1,474,300 | | | 1,459,472 | |
Certificates of deposit | | 299,865 | | | 309,648 | |
Brokered deposits | | 161,302 | | | 208,468 | |
Total deposits | | 4,576,664 | | | 4,608,889 | |
Short-term borrowings | | 237,668 | | | 211,608 | |
| | | | |
Subordinated debentures | | 44,331 | | | 44,331 | |
Accrued interest and other liabilities | | 79,306 | | | 94,234 | |
Total liabilities | | 4,937,969 | | | 4,959,062 | |
Commitments and Contingencies | | | | |
Shareholders’ Equity | | | | |
Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 14,746,410 and 14,739,956 shares on March 31, 2022 and December 31, 2021, respectively | | 123,012 | | | 123,111 | |
Retained earnings | | 435,347 | | | 424,412 | |
Accumulated other comprehensive loss: | | | | |
Net unrealized loss on available-for-sale debt securities, net of tax | | (73,984) | | | (1,173) | |
Net unrealized gain (loss) on cash flow hedging derivative instruments, net of tax | | 1,166 | | | (1,779) | |
Net unrecognized loss on postretirement plans, net of tax | | (3,095) | | | (3,277) | |
Total accumulated other comprehensive loss | | (75,913) | | | (6,229) | |
Total shareholders’ equity | | 482,446 | | | 541,294 | |
Total liabilities and shareholders’ equity | | $ | 5,420,415 | | | $ | 5,500,356 | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
(In thousands, except number of shares and per share data) | | 2022 | | 2021 | | | | |
Interest Income | | | | | | | | |
Interest and fees on loans | | $ | 32,035 | | | $ | 30,560 | | | | | |
Taxable interest on investments | | 5,789 | | | 3,829 | | | | | |
Nontaxable interest on investments | | 764 | | | 728 | | | | | |
Dividend income | | 106 | | | 105 | | | | | |
Other interest income | | 164 | | | 166 | | | | | |
Total interest income | | 38,858 | | | 35,388 | | | | | |
Interest Expense | | | | | | | | |
Interest on deposits | | 1,833 | | | 2,063 | | | | | |
Interest on borrowings | | 131 | | | 156 | | | | | |
Interest on subordinated debentures | | 529 | | | 805 | | | | | |
Total interest expense | | 2,493 | | | 3,024 | | | | | |
Net interest income | | 36,365 | | | 32,364 | | | | | |
Credit for credit losses | | (1,075) | | | (1,956) | | | | | |
Net interest income after credit for credit losses | | 37,440 | | | 34,320 | | | | | |
Non-Interest Income | | | | | | | | |
Debit card income | | 2,924 | | | 2,736 | | | | | |
Service charges on deposit accounts | | 1,833 | | | 1,539 | | | | | |
Income from fiduciary services | | 1,631 | | | 1,526 | | | | | |
Mortgage banking income, net | | 1,034 | | | 7,109 | | | | | |
Brokerage and insurance commissions | | 994 | | | 953 | | | | | |
Bank-owned life insurance | | 576 | | | 594 | | | | | |
| | | | | | | | |
| | | | | | | | |
Other income | | 833 | | | 758 | | | | | |
Total non-interest income | | 9,825 | | | 15,215 | | | | | |
Non-Interest Expense | | | | | | | | |
Salaries and employee benefits | | 15,506 | | | 14,522 | | | | | |
Furniture, equipment and data processing | | 3,132 | | | 3,027 | | | | | |
Net occupancy costs | | 2,144 | | | 1,951 | | | | | |
Debit card expense | | 1,066 | | | 986 | | | | | |
Consulting and professional fees | | 1,007 | | | 863 | | | | | |
Regulatory assessments | | 655 | | | 503 | | | | | |
Amortization of core deposit intangible assets | | 156 | | | 164 | | | | | |
Other real estate owned and collection recoveries, net | | (85) | | | (191) | | | | | |
Other expenses | | 2,628 | | | 3,074 | | | | | |
Total non-interest expense | | 26,209 | | | 24,899 | | | | | |
Income before income tax expense | | 21,056 | | | 24,636 | | | | | |
Income Tax Expense | | 4,261 | | | 4,896 | | | | | |
Net Income | | $ | 16,795 | | | $ | 19,740 | | | | | |
Per Share Data | | | | | | | | |
Basic earnings per share | | $ | 1.14 | | | $ | 1.32 | | | | | |
Diluted earnings per share | | $ | 1.13 | | | $ | 1.31 | | | | | |
Weighted average number of common shares outstanding | | 14,741,271 | | | 14,916,387 | | | | | |
Diluted weighted average number of common shares outstanding | | 14,822,332 | | | 14,994,534 | | | | | |
Cash dividends declared per share | | $ | 0.40 | | | $ | 0.36 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
(In thousands) | | 2022 | | 2021 | | | | |
Net Income | | $ | 16,795 | | | $ | 19,740 | | | | | |
Other comprehensive loss: | | | | | | | | |
Net change in unrealized gain on available-for-sale securities, net of tax | | (72,811) | | | (17,509) | | | | | |
Net change in unrealized loss on cash flow hedging derivatives, net of tax | | 2,945 | |
| 5,164 | | | | | |
Net change in other comprehensive income for supplemental executive retirement plan and other postretirement benefit plan, net of tax | | 182 | | | 170 | | | | | |
Other comprehensive loss | | (69,684) | | | (12,175) | | | | | |
Comprehensive (Loss) Income | | $ | (52,889) | | | $ | 7,565 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Shareholders’ Equity |
(In thousands, except number of shares and per share data) | | Shares Outstanding | | Amount | | | |
Balance at December 31, 2020 | | 14,909,097 | | | $ | 131,072 | | | $ | 377,502 | | | $ | 20,740 | | | $ | 529,314 | |
Net income | | — | | | — | | | 19,740 | | | — | | | 19,740 | |
Other comprehensive income, net of tax | | — | | | — | | | — | | | (12,175) | | | (12,175) | |
Stock-based compensation expense | | — | | | 703 | | | — | | | — | | | 703 | |
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings | | 19,337 | | | (80) | | | — | | | — | | | (80) | |
Common stock repurchased | | — | | | — | | | — | | | — | | | — | |
Cash dividends declared ($0.36 per share) | | — | | | — | | | (5,382) | | | — | | | (5,382) | |
Balance at March 31, 2021 | | 14,928,434 | | | $ | 131,695 | | | $ | 391,860 | | | $ | 8,565 | | | $ | 532,120 | |
Balance at December 21, 2021 | | 14,739,956 | | | $ | 123,111 | | | $ | 424,412 | | | $ | (6,229) | | | 541,294 | |
Net income | | — | | | — | | | 16,795 | | | — | | | 16,795 | |
Other comprehensive income, net of tax | | — | | | — | | | — | | | (69,684) | | | (69,684) | |
Stock-based compensation expense | | — | | | 624 | | | — | | | — | | | 624 | |
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings | | 19,540 | | | (114) | | | — | | | — | | | (114) | |
Common stock repurchased | | (13,086) | | | (609) | | | — | | | — | | | (609) | |
| | | | | | | | | | |
Cash dividends declared ($0.40 per share) | | — | | | — | | | (5,860) | | | — | | | (5,860) | |
Balance at March 31, 2022 | | 14,746,410 | | | $ | 123,012 | | | $ | 435,347 | | | $ | (75,913) | | | $ | 482,446 | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
(In thousands) | | 2022 | | 2021 |
Operating Activities | | | | |
Net Income | | $ | 16,795 | | | $ | 19,740 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Originations of mortgage loans held for sale | | (47,671) | | | (174,370) | |
Proceeds from the sale of mortgage loans | | 47,771 | | | 198,799 | |
Gain on sale of mortgage loans, net of origination costs | | (1,132) | | | (6,173) | |
Credit for credit losses | | (1,075) | | | (1,956) | |
Depreciation and amortization expense | | 899 | | | 927 | |
Investment securities amortization and accretion, net | | 1,217 | | | 1,971 | |
Stock-based compensation expense | | 624 | | | 703 | |
Amortization of core deposit intangible assets | | 156 | | | 164 | |
Purchase accounting accretion, net | | (80) | | | (234) | |
| | | | |
| | | | |
| | | | |
Net decrease in derivative collateral posted | | 24,070 | | | 24,380 | |
Decrease in other assets | | 998 | | | 591 | |
Increase (decrease) in other liabilities | | 178 | | | (2,484) | |
Net cash provided by operating activities | | 42,750 | | | 62,058 | |
Investing Activities | | | | |
Proceeds from available-for-sale debt securities | | 69,572 | | | 94,697 | |
Purchase of available-for-sale debt securities | | (77,865) | | | (118,707) | |
| | | | |
| | | | |
Net increase in loans | | (102,976) | | | (17,277) | |
| | | | |
Purchase of Federal Home Loan Bank stock | | (1,799) | | | — | |
Proceeds from sale of Federal Home Loan Bank stock | | 1,892 | | | 1,329 | |
Purchase of premises and equipment | | (393) | | | (320) | |
| | | | |
| | | | |
Recoveries of previously charged-off loans | | 62 | | | 51 | |
Proceeds from the sale of other real estate owned | | 287 | | | 350 | |
Net cash used in investing activities | | (111,220) | | | (39,877) | |
Financing Activities | | | | |
Net (decrease) increase in deposits | | (32,225) | | | 206,386 | |
Net proceeds from borrowings less than 90 days | | 26,060 | | | 23,969 | |
| | | | |
Repayments of Federal Home Loan Bank long-term advances | | — | | | (25,000) | |
| | | | |
| | | | |
| | | | |
Common stock repurchases | | (542) | | | (11) | |
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings | | (114) | | | (80) | |
Cash dividends paid on common stock | | (5,911) | | | (4,934) | |
Finance lease payments | | (40) | | | (38) | |
Net cash (used in) provided by financing activities | | (12,772) | | | 200,292 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | | (81,242) | | | 222,473 | |
Cash, cash equivalents, and restricted cash at beginning of period | | 220,625 | | | 145,774 | |
Cash, cash equivalents and restricted cash at end of period | | $ | 139,383 | | | $ | 368,247 | |
Supplemental information | | | | |
Interest paid | | $ | 2,470 | | | $ | 3,117 | |
Income taxes paid | | 150 | | | 176 | |
| | | | |
Unsettled common stock repurchase | | 67 | | | — | |
Transfer from premises to other real estate owned | | — | | | 204 | |
| | | | |
The accompanying notes are an integral part of these consolidated financial statements.
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – BASIS OF PRESENTATION
The accompanying unaudited consolidated interim financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated statements of condition of Camden National Corporation (the "Company") as of March 31, 2022 and December 31, 2021, the consolidated statements of income for the three months ended March 31, 2022 and 2021, the consolidated statements of comprehensive income for the three months ended March 31, 2022 and 2021, the consolidated statements of changes in shareholders' equity for the three months ended March 31, 2022 and 2021, and the consolidated statements of cash flows for the three months ended March 31, 2022 and 2021. The consolidated financial statements include the accounts of the Company and Camden National Bank (the "Bank"), a wholly-owned subsidiary of the Company (which includes the consolidated accounts of Healthcare Professional Funding Corporation ("HPFC") and Property A, Inc. as of and for the three months ended March 31, 2022 and 2021). All intercompany accounts and transactions have been eliminated in consolidation. Assets held by the Bank in a fiduciary capacity, through Camden National Wealth Management, a division of the Bank, are not assets of the Company and, therefore, are not included in the consolidated statements of condition. The Company also owns 100% of the common stock of Camden Capital Trust A and Union Bankshares Capital Trust I. These entities are unconsolidated subsidiaries of the Company. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not impact net income or shareholders' equity as previously reported. Net income reported for the three months ended March 31, 2022, is not necessarily indicative of the results that may be expected for the full year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Management's Discussion and Analysis of Financial Condition and Results of Operations." The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.
| | | | | | | | | | | | | | | | | | | | |
Acronym | | Description | | Acronym | | Description |
AFS: | | Available-for-sale | | GAAP: | | Generally accepted accounting principles in the United States |
ALCO: | | Asset/Liability Committee | | GDP: | | Gross domestic product |
ACL: | | Allowance for credit losses | | HPFC: | | Healthcare Professional Funding Corporation, a wholly-owned subsidiary of Camden National Bank |
AOCI: | | Accumulated other comprehensive income (loss) | | HTM: | | Held-to-maturity |
ASC: | | Accounting Standards Codification | | IRS: | | Internal Revenue Service |
ASU: | | Accounting Standards Update | | LGD: | | Loss given default |
Bank: | | Camden National Bank, a wholly-owned subsidiary of Camden National Corporation | | LIBOR: | | London Interbank Offered Rate |
BOLI: | | Bank-owned life insurance | | LTIP: | | Long-Term Performance Share Plan |
Board ALCO: | | Board of Directors' Asset/Liability Committee | | Management ALCO: | | Management Asset/Liability Committee |
CARES Act: | | Coronavirus Aid, Relief, and Economic Security Act, signed into law in March 2020 in response to COVID-19 | | MBS: | | Mortgage-backed security |
CCTA: | | Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation | | MSPP: | | Management Stock Purchase Plan |
CDs: | | Certificate of deposits | | N/A: | | Not applicable |
CECL: | | Current Expected Credit Losses | | N.M.: | | Not meaningful |
Company: | | Camden National Corporation | | OCC: | | Office of the Comptroller of the Currency |
CMO: | | Collateralized mortgage obligation | | OCI: | | Other comprehensive income (loss) |
CUSIP: | | Committee on Uniform Securities Identification Procedures | | OREO: | | Other real estate owned |
DCRP: | | Defined Contribution Retirement Plan | | OTTI: | | Other-than-temporary impairment |
EPS: | | Earnings per share | | PD: | | Probability of default |
FASB: | | Financial Accounting Standards Board | | SBA: | | U.S. Small Business Administration |
FDIC: | | Federal Deposit Insurance Corporation | | SBA PPP: | | U.S. Small Business Administration Paycheck Protection Program |
FHLB: | | Federal Home Loan Bank | | SERP: | | Supplemental executive retirement plans |
FHLBB: | | Federal Home Loan Bank of Boston | | SOFR: | | Secured Overnight Financing Rate |
FHLMC: | | Federal Home Loan Mortgage Corporation | | TDR: | | Troubled-debt restructured loan |
FNMA: | | Federal National Mortgage Association | | UBCT: | | Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation |
FRB: | | Federal Reserve System Board of Governors | | U.S.: | | United States of America |
FRBB: | | Federal Reserve Bank of Boston | | | | |
NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS
The following provides a brief description of recently issued accounting pronouncements that have yet to be adopted by the Company:
ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). The FASB issued ASU 2022-02 to provide new guidance on troubled debt restructuring and write offs for entities who have adopted ASU 2016-13. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the effect of ASU 2022-02 on its consolidated financial statements and does not anticipate a material impact upon adoption.
ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging- Portfolio Layer Method ("ASU 2022-01"). The FASB issued ASU 2022-01 to amend ASU 2017-12 which was adopted by the Company in 2018. This amendment expands and renames the last-of-layer method the portfolio layer method, expands the scope and provides additional guidance for entities that apply the portfolio layer method of hedge accounting in accordance with Topic 815. The amendment is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the amendment and does not anticipate a material impact on its consolidated financial statements upon adoption of this guidance.
NOTE 3 – INVESTMENTS
Trading Securities
Trading securities are reported on the Company's consolidated statements of condition at fair value. As of March 31, 2022 and December 31, 2021, the fair value of the Company's trading securities were $4.1 million and $4.4 million, respectively. These securities are held in a rabbi trust account and invested in mutual funds. The trading securities will be used for future payments associated with the Company's deferred compensation plan for eligible employees and directors.
AFS Debt Securities
AFS debt securities are reported on the Company's consolidated statements of condition at fair value. The following table summarizes the amortized cost, estimated fair value, and unrealized gains (losses) of AFS debt securities, as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands) | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value |
March 31, 2022 | | | | | | | | |
Obligations of U.S. government-sponsored enterprises | | $ | 8,585 | | | $ | — | | | $ | (915) | | | $ | 7,670 | |
Obligations of states and political subdivisions | | 113,388 | | | 587 | | | (2,019) | | | 111,956 | |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 1,029,454 | | | 435 | | | (69,051) | | | 960,838 | |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | | 341,998 | | | 145 | | | (22,252) | | | 319,891 | |
Subordinated corporate bonds | | 22,632 | | | 55 | | | (1,233) | | | 21,454 | |
Total AFS debt securities | | $ | 1,516,057 | | | $ | 1,222 | | | $ | (95,470) | | | $ | 1,421,809 | |
December 31, 2021 | | | | | | | | |
Obligations of U.S. government-sponsored enterprises | | $ | 8,585 | | | $ | — | | | $ | (241) | | | $ | 8,344 | |
Obligations of states and political subdivisions | | 112,086 | | | 5,392 | | | — | | | 117,478 | |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 1,003,869 | | | 7,856 | | | (11,468) | | | 1,000,257 | |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | | 361,781 | | | 2,835 | | | (5,767) | | | 358,849 | |
Subordinated corporate bonds | | 22,660 | | | 152 | | | (254) | | | 22,558 | |
Total AFS debt securities | | $ | 1,508,981 | | | $ | 16,235 | | | $ | (17,730) | | | $ | 1,507,486 | |
As of March 31, 2022 and December 31, 2021, there was no allowance carried on AFS debt securities.
The net unrealized losses on AFS debt securities reported within AOCI at March 31, 2022, were $74.0 million, net of a deferred tax asset of $20.3 million. The net unrealized losses on AFS debt securities reported within AOCI at December 31, 2021, were $1.2 million, net of a deferred tax asset of $321,000.
For the three months ended March 31, 2022 and 2021, the Company did not sell any AFS debt securities.
The following table presents the Company's AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, segregated by the length of time the securities have been in a continuous loss position, as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Less Than 12 Months | | 12 Months or More | | Total |
(In thousands, except number of holdings) | | Number of Holdings | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses |
March 31, 2022 | | | | | | | | | | | | | | |
Obligations of U.S. government-sponsored enterprises | | 4 | | | $ | 3,033 | | | $ | (352) | | | $ | 4,637 | | | $ | (563) | | | $ | 7,670 | | | $ | (915) | |
Obligations of states and political subdivisions | | 30 | | | 46,149 | | | (2,019) | | | — | | | — | | | 46,149 | | | (2,019) | |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 215 | | | 819,454 | | | (58,095) | | | 99,504 | | | (10,956) | | | $ | 918,958 | | | (69,051) | |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | | 98 | | | 196,036 | | | (10,751) | | | 102,752 | | | (11,501) | | | 298,788 | | | (22,252) | |
Subordinated corporate bonds | | 12 | | | 19,433 | | | (1,199) | | | 966 | | | (34) | | | 20,399 | | | (1,233) | |
Total AFS debt securities | | 359 | | | $ | 1,084,105 | | | $ | (72,416) | | | $ | 207,859 | | | $ | (23,054) | | | $ | 1,291,964 | | | $ | (95,470) | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
December 31, 2021 | | | | | | | | | | | | | | |
Obligations of U.S. government-sponsored enterprises | | 4 | | | $ | 8,344 | | | $ | (241) | | | $ | — | | | $ | — | | | $ | 8,344 | | | $ | (241) | |
Obligations of states and political subdivisions | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 113 | | | 659,851 | | | (8,999) | | | 61,978 | | | (2,469) | | | 721,829 | | | ( |