INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Table 3 - Securities Portfolio, Weighted Average Yields
The following table sets forth the weighted average yield for each range of contractual maturities of the Bank’s available for sale and held to maturity securities portfolios at December 31, 2023. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Weighted average yields in the table below have been calculated based on the amortized cost of the security.
Table 3 - Securities Portfolio, Weighted Average Yields
| Within One Year | One Year to Five Years | Five Years to Ten Years | Over Ten Years | Total | |
|---|---|---|---|---|---|
| Weighted Average Yield | |||||
| Securities available for sale: | |||||
| U.S. government agency securities | — | 1.2% | 1.6% | — | 1.3% |
| U.S. treasury securities | 0.4% | 0.9% | — | — | 0.8% |
| Agency mortgage-backed securities | 4.0% | 1.6% | 1.9% | 2.0% | 1.8% |
| Agency collateralized mortgage obligations | — | — | 2.1% | 3.6% | 3.5% |
| State, county, and municipal securities | — | 3.0% | — | — | 3.0% |
| Single issuer trust preferred securities issued by banks | — | — | — | 3.7% | 3.7% |
| Pooled trust preferred securities issued by banks and insurers | — | — | — | 6.1% | 6.1% |
| Small business administration pooled securities | — | — | — | 2.2% | 2.2% |
| Total available for sale securities | 0.4% | 1.1% | 1.8% | 2.3% | 1.2% |
| Securities held to maturity: | |||||
| U.S. government agency securities: | 0.5% | — | — | — | 0.5% |
| U.S. treasury securities | — | 1.3% | 1.5% | — | 1.3% |
| Agency mortgage-backed securities | — | 2.9% | 2.4% | 3.2% | 2.8% |
| Agency collateralized mortgage obligations | — | 2.5% | 1.1% | 1.6% | 1.7% |
| Single issuer trust preferred securities issued by banks | — | 8.3% | — | — | 8.3% |
| Small business administration pooled securities | — | — | 2.2% | 4.1% | 4.0% |
| Total held to maturity securities | 0.5% | 2.6% | 2.3% | 2.5% | 2.5% |
| Total | 0.4% | 1.6% | 2.2% | 2.4% | 1.8% |
As of December 31, 2023, the weighted average life of the securities portfolio was 4.1 years and the modified duration was 3.6 years.
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