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Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Securities [Abstract] |
Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of Available for Sale ("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 December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury |  | $ | 73,016 |  |  | $ | 59 |  |  | $ | 6 |  |  | $ | 73,069 |
Federal agency |  |  | 248,454 |  |  |  | - |  |  |  | 8,523 |  |  |  | 239,931 |
State & municipal |  |  | 95,531 |  |  |  | 116 |  |  |  | 1,559 |  |  |  | 94,088 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 538,036 |  |  |  | 8,036 |  |  |  | 5,589 |  |  |  | 540,483 |
U.S. government agency securities |  |  | 65,339 |  |  |  | 1,108 |  |  |  | 255 |  |  |  | 66,192 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 484,550 |  |  |  | 2,723 |  |  |  | 5,113 |  |  |  | 482,160 |
U.S. government agency securities |  |  | 139,380 |  |  |  | 939 |  |  |  | 884 |  |  |  | 139,435 |
Corporate |  |  | 50,500 |  |  |  | 1,516 |  |  |  | 13 |  |  |  | 52,003 |
Total AFS securities |  | $ | 1,694,806 |  |  | $ | 14,497 |  |  | $ | 21,942 |  |  | $ | 1,687,361 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 245,590 |  |  | $ | 59 |  |  | $ | 2,052 |  |  | $ | 243,597 |
State & municipal |  |  | 42,550 |  |  |  | 630 |  |  |  | - |  |  |  | 43,180 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 521,448 |  |  |  | 17,079 |  |  |  | 22 |  |  |  | 538,505 |
U.S. government securities |  |  | 55,049 |  |  |  | 2,332 |  |  |  | 47 |  |  |  | 57,334 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 311,710 |  |  |  | 7,549 |  |  |  | 58 |  |  |  | 319,201 |
U.S. government securities |  |  | 114,864 |  |  |  | 3,739 |  |  |  | - |  |  |  | 118,603 |
Corporate |  |  | 27,500 |  |  |  | 778 |  |  |  | - |  |  |  | 28,278 |
Total AFS securities |  | $ | 1,318,711 |  |  | $ | 32,166 |  |  | $ | 2,179 |  |  | $ | 1,348,698 |
Components of Net Realized Gains (Losses) on Sale of AFS Securities | The components of net realized gains (losses) on AFS securities are as follows. These amounts were reclassified out of AOCI and into earnings.
|  | Years Ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Gross realized gains |  | $ | - |  |  | $ | 3 |  |  | $ | 73 |
Gross realized (losses) |  |  | - |  |  |  | - |  |  |  | (152 | )
Net AFS realized gains (losses) |  | $ | - |  |  | $ | 3 |  |  | $ | (79 | )
Amortized Cost, Estimated Fair Value, and Unrealized Gains (Losses) of Held to Maturity 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 December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 100,000 |  |  | $ | - |  |  | $ | 4,365 |  |  | $ | 95,635 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 161,462 |  |  |  | 2,232 |  |  |  | 1,319 |  |  |  | 162,375 |
U.S. government agency securities |  |  | 9,112 |  |  |  | 514 |  |  |  | - |  |  |  | 9,626 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 94,342 |  |  |  | 1,932 |  |  |  | 129 |  |  |  | 96,145 |
U.S. government agency securities |  |  | 44,473 |  |  |  | 336 |  |  |  | 674 |  |  |  | 44,135 |
State & municipal |  |  | 323,821 |  |  |  | 5,026 |  |  |  | 1,503 |  |  |  | 327,344 |
Total HTM securities |  | $ | 733,210 |  |  | $ | 10,040 |  |  | $ | 7,990 |  |  | $ | 735,260 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 100,000 |  |  | $ | - |  |  | $ | 1,658 |  |  | $ | 98,342 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 107,914 |  |  |  | 4,583 |  |  |  | - |  |  |  | 112,497 |
U.S. government agency securities |  |  | 11,533 |  |  |  | 979 |  |  |  | - |  |  |  | 12,512 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 103,105 |  |  |  | 4,477 |  |  |  | - |  |  |  | 107,582 |
U.S. government agency securities |  |  | 79,145 |  |  |  | 3,950 |  |  |  | - |  |  |  | 83,095 |
State & municipal |  |  | 214,863 |  |  |  | 7,953 |  |  |  | 17 |  |  |  | 222,799 |
Total HTM securities |  | $ | 616,560 |  |  | $ | 21,942 |  |  | $ | 1,675 |  |  | $ | 636,827 |
Gains and (Losses) on Equity Securities | The following tables set forth information with regard to gains and (losses) on equity securities:
|  | Years Ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |
Net gains and (losses) recognized on equity securities |  | $ | 537 |  |  | $ | (414 | )
Less: Net gains and (losses) recognized during the period on equity securities sold during the period |  |  | - |  |  |  | - |
Unrealized gains and (losses) recognized on equity securities still held |  | $ | 537 |  |  | $ | (414 | )
Contractual Maturities of Debt Securities | The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2021:
(In thousands) |  | Amortized Cost |  |  | Estimated Fair Value |
AFS debt securities: |  |  |  |  |  |
Within one year |  | $ | 919 |  |  | $ | 920 |
From one to five years |  |  | 111,381 |  |  |  | 111,252 |
From five to ten years |  |  | 738,891 |  |  |  | 731,896 |
After ten years |  |  | 843,615 |  |  |  | 843,293 |
Total AFS debt securities |  | $ | 1,694,806 |  |  | $ | 1,687,361 |
HTM debt securities: |  |  |  |  |  |  |  |
Within one year |  | $ | 102,967 |  |  | $ | 103,011 |
From one to five years |  |  | 58,364 |  |  |  | 59,832 |
From five to ten years |  |  | 222,178 |  |  |  | 221,043 |
After ten years |  |  | 349,701 |  |  |  | 351,374 |
Total HTM debt securities |  | $ | 733,210 |  |  | $ | 735,260 |
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 at December 31, 2021, segregated according to the length of time the securities had been 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 December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury |  | $ | 49,105 |  |  | $ | (6 | ) |  |  | 2 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 49,105 |  |  | $ | (6 | ) |  |  | 2 |
Federal agency |  |  | 41,618 |  |  |  | (1,846 | ) |  |  | 4 |  |  |  | 198,313 |  |  |  | (6,677 | ) |  |  | 12 |  |  |  | 239,931 |  |  |  | (8,523 | ) |  |  | 16 |
State & municipal |  |  | 87,515 |  |  |  | (1,559 | ) |  |  | 61 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 87,515 |  |  |  | (1,559 | ) |  |  | 61 |
Mortgage-backed |  |  | 281,217 |  |  |  | (4,319 | ) |  |  | 24 |  |  |  | 39,491 |  |  |  | (1,525 | ) |  |  | 6 |  |  |  | 320,708 |  |  |  | (5,844 | ) |  |  | 30 |
Collateralized mortgage obligations |  |  | 341,673 |  |  |  | (5,495 | ) |  |  | 34 |  |  |  | 15,774 |  |  |  | (502 | ) |  |  | 4 |  |  |  | 357,447 |  |  |  | (5,997 | ) |  |  | 38 |
Corporate |  |  | 9,987 |  |  |  | (13 | ) |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,987 |  |  |  | (13 | ) |  |  | 2 |
Total securities with unrealized losses |  | $ | 811,115 |  |  | $ | (13,238 | ) |  |  | 127 |  |  | $ | 253,578 |  |  | $ | (8,704 | ) |  |  | 22 |  |  | $ | 1,064,693 |  |  | $ | (21,942 | ) |  |  | 149 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 95,635 |  |  | $ | (4,365 | ) |  |  | 4 |  |  | $ | 95,635 |  |  | $ | (4,365 | ) |  |  | 4 |
Mortgage-backed |  |  | 103,789 |  |  |  | (1,319 | ) |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 103,789 |  |  |  | (1,319 | ) |  |  | 10 |
Collateralized mortgage obligations |  |  | 54,612 |  |  |  | (803 | ) |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 54,612 |  |  |  | (803 | ) |  |  | 6 |
State & municipal |  |  | 52,783 |  |  |  | (1,189 | ) |  |  | 40 |  |  |  | 8,950 |  |  |  | (314 | ) |  |  | 10 |  |  |  | 61,733 |  |  |  | (1,503 | ) |  |  | 50 |
Total securities with unrealized losses |  | $ | 211,184 |  |  | $ | (3,311 | ) |  |  | 56 |  |  | $ | 104,585 |  |  | $ | (4,679 | ) |  |  | 14 |  |  | $ | 315,769 |  |  | $ | (7,990 | ) |  |  | 70 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 148,537 |  |  | $ | (2,052 | ) |  |  | 10 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 148,537 |  |  | $ | (2,052 | ) |  |  | 10 |
Mortgage-backed |  |  | 47,269 |  |  |  | (60 | ) |  |  | 3 |  |  |  | 800 |  |  |  | (9 | ) |  |  | 4 |  |  |  | 48,069 |  |  |  | (69 | ) |  |  | 7 |
Collateralized mortgage obligations |  |  | 17,837 |  |  |  | (58 | ) |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17,837 |  |  |  | (58 | ) |  |  | 6 |
Total securities with unrealized losses |  | $ | 213,643 |  |  | $ | (2,170 | ) |  |  | 19 |  |  | $ | 800 |  |  | $ | (9 | ) |  |  | 4 |  |  | $ | 214,443 |  |  | $ | (2,179 | ) |  |  | 23 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 98,342 |  |  | $ | (1,658 | ) |  |  | 4 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 98,342 |  |  | $ | (1,658 | ) |  |  | 4 |
State & municipal |  |  | 4,805 |  |  |  | (17 | ) |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,805 |  |  |  | (17 | ) |  |  | 5 |
Total securities with unrealized losses |  | $ | 103,147 |  |  | $ | (1,675 | ) |  |  | 9 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 103,147 |  |  | $ | (1,675 | ) |  |  | 9 |

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- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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