INDEPENDENT BANK CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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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 | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Amount | Percent | Amount | Percent | |
| (Dollars in thousands) | ||||
| Fair value of securities available for sale | ||||
| U.S. government agency securities | $209,660 | 16.8% | $207,138 | 15.5% |
| U.S. treasury securities | 592,001 | 47.3% | 769,102 | 57.6% |
| Agency mortgage-backed securities | 378,161 | 30.2% | 277,047 | 20.8% |
| Agency collateralized mortgage obligations | 28,995 | 2.3% | 33,189 | 2.5% |
| State, county and municipal securities | 194 | —% | 190 | —% |
| Pooled trust preferred securities issued by banks and insurers | 1,095 | 0.1% | 1,018 | 0.1% |
| Small business administration pooled securities | 40,838 | 3.3% | 46,572 | 3.5% |
| Total fair value of securities available for sale | 1,250,944 | 100.0% | 1,334,256 | 100.0% |
| Amortized cost of securities held to maturity | ||||
| U.S. government agency securities | — | —% | 29,521 | 1.9% |
| U.S. treasury securities | 100,791 | 7.0% | 100,712 | 6.4% |
| Agency mortgage-backed securities | 788,470 | 54.9% | 829,431 | 52.9% |
| Agency collateralized mortgage obligations | 422,827 | 29.5% | 477,517 | 30.4% |
| Single issuer trust preferred securities issued by banks | — | —% | 1,500 | 0.1% |
| Small business administration pooled securities | 122,868 | 8.6% | 130,426 | 8.3% |
| Total amortized cost of securities held to maturity | 1,434,956 | 100.0% | 1,569,107 | 100.0% |
| Total | $2,685,900 | $2,903,363 | ||
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, 2024 and 2023, the Company had no securities categorized as level 3 within the fair value hierarchy.
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