INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table 2 - Securities Portfolio Composition
The following table sets forth the fair value of available for sale securities and the amortized cost of held to maturity securities along with the percentage distribution:
Table 2 - Securities Portfolio Composition
| December 31 | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Amount | Percent | Amount | Percent | |
| (Dollars in thousands) | ||||
| Fair value of securities available for sale | ||||
| U.S. government agency securities | $207,138 | 15.5% | $202,300 | 14.5% |
| U.S. treasury securities | 769,102 | 57.6% | 791,341 | 56.5% |
| Agency mortgage-backed securities | 277,047 | 20.8% | 313,688 | 22.4% |
| Agency collateralized mortgage obligations | 33,189 | 2.5% | 38,843 | 2.8% |
| State, county and municipal securities | 190 | —% | 191 | —% |
| Pooled trust preferred securities issued by banks and insurers | 1,018 | 0.1% | 1,034 | 0.1% |
| Small business administration pooled securities | 46,572 | 3.5% | 51,757 | 3.7% |
| Total fair value of securities available for sale | 1,334,256 | 100.0% | 1,399,154 | 100.0% |
| Amortized cost of securities held to maturity | ||||
| U.S. government agency securities | 29,521 | 1.9% | 31,258 | 1.8% |
| U.S. treasury securities | 100,712 | 6.4% | 100,634 | 5.9% |
| Agency mortgage-backed securities | 829,431 | 52.9% | 898,927 | 52.8% |
| Agency collateralized mortgage obligations | 477,517 | 30.4% | 535,971 | 31.4% |
| Single issuer trust preferred securities issued by banks | 1,500 | 0.1% | 1,500 | 0.1% |
| Small business administration pooled securities | 130,426 | 8.3% | 136,830 | 8.0% |
| Total amortized cost of securities held to maturity | 1,569,107 | 100.0% | 1,705,120 | 100.0% |
| Total | $2,903,363 | $3,104,274 | ||
The Company’s available for sale securities are carried at fair value and are categorized within the fair value hierarchy based on the observability of model inputs. Securities which require inputs that are both significant to the fair value measurement and unobservable are classified as level 3 within the fair value hierarchy. At December 31, 2023 and 2022, the Company had no securities categorized as level 3 within the fair value hierarchy.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.