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SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Securities Available for Sale, Held to Maturity, and Marketable Equity Securities | The following is a summary of securities available for sale, held to maturity, and marketable equity securities:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | 19,997 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 20,000 |  |  |
Municipal bonds and obligations |  | 66,399 |  |  | 21 |  |  | (5,854) |  |  | 60,566 |  |  | — |
Agency collateralized mortgage obligations |  | 656,132 |  |  | — |  |  | (98,619) |  |  | 557,513 |  |  | — |
Agency mortgage-backed securities |  | 660,065 |  |  | 1 |  |  | (106,329) |  |  | 553,737 |  |  | — |
Agency commercial mortgage-backed securities |  | 270,609 |  |  | — |  |  | (35,033) |  |  | 235,576 |  |  | — |
Corporate bonds |  | 45,269 |  |  | 83 |  |  | (2,451) |  |  | 42,901 |  |  | — |
Other bonds and obligations |  | 655 |  |  | 67 |  |  | (66) |  |  | 656 |  |  | — |
Total securities available for sale |  | 1,719,126 |  |  | 175 |  |  | (248,352) |  |  | 1,470,949 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 267,821 |  |  | 299 |  |  | (36,446) |  |  | 231,674 |  |  | 67 |
Agency collateralized mortgage obligations |  | 132,931 |  |  | — |  |  | (19,965) |  |  | 112,966 |  |  | — |
Agency mortgage-backed securities |  | 52,175 |  |  | — |  |  | (10,333) |  |  | 41,842 |  |  | — |
Agency commercial mortgage-backed securities |  | 137,177 |  |  | — |  |  | (22,659) |  |  | 114,518 |  |  | — |
Tax advantaged economic development bonds |  | 2,235 |  |  | 5 |  |  | (142) |  |  | 2,098 |  |  | 28 |
Other bonds and obligations |  | 164 |  |  | — |  |  | — |  |  | 164 |  |  | — |
Total securities held to maturity |  | 592,503 |  |  | 304 |  |  | (89,545) |  |  | 503,262 |  |  | 95 |
Marketable equity securities |  | 15,035 |  |  | — |  |  | (2,245) |  |  | 12,790 |  |  | — |
Total |  | $ | 2,326,664 |  |  | $ | 479 |  |  | $ | (340,142) |  |  | $ | 1,987,001 |  |  | $ | 95 |
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | 59,972 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 59,973 |  |  | $ | — |
Municipal bonds and obligations |  | 71,822 |  |  | 5,355 |  |  | — |  |  | 77,177 |  |  | — |
Agency collateralized mortgage obligations |  | 693,782 |  |  | 5,566 |  |  | (11,012) |  |  | 688,336 |  |  | — |
Agency mortgage-backed securities |  | 711,154 |  |  | 2,347 |  |  | (7,642) |  |  | 705,859 |  |  | — |
Agency commercial mortgage-backed securities |  | 300,259 |  |  | 3,949 |  |  | (3,628) |  |  | 300,580 |  |  | — |
Corporate bonds |  | 44,824 |  |  | 950 |  |  | (114) |  |  | 45,660 |  |  | — |
Total securities available for sale |  | 1,881,813 |  |  | 18,168 |  |  | (22,396) |  |  | 1,877,585 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 281,515 |  |  | 16,151 |  |  | (693) |  |  | 296,973 |  |  | 70 |
Agency collateralized mortgage obligations |  | 149,195 |  |  | 3,203 |  |  | (3,513) |  |  | 148,885 |  |  | — |
Agency mortgage-backed securities |  | 57,327 |  |  | 95 |  |  | (1,498) |  |  | 55,924 |  |  | — |
Agency commercial mortgage-backed securities |  | 145,573 |  |  | 266 |  |  | (3,289) |  |  | 142,550 |  |  | — |
Tax advantaged economic development bonds |  | 2,728 |  |  | 26 |  |  | (15) |  |  | 2,739 |  |  | 35 |
Other bonds and obligations |  | 165 |  |  | — |  |  | — |  |  | 165 |  |  | — |
Total securities held to maturity |  | 636,503 |  |  | 19,741 |  |  | (9,008) |  |  | 647,236 |  |  | 105 |
Marketable equity securities |  | 15,689 |  |  | 67 |  |  | (303) |  |  | 15,453 |  |  | — |
Total |  | $ | 2,534,005 |  |  | $ | 37,976 |  |  | $ | (31,707) |  |  | $ | 2,540,274 |  |  | $ | 105 |
Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three and nine months ended September 30, 2022 and 2021:
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at June 30, 2022 | $ | 66 |  |  | $ | 28 |  |  | $ | 94 |
Provision for credit losses | 1 |  |  | — |  |  | 1 |
Balance at September 30, 2022 | $ | 67 |  |  | $ | 28 |  |  | $ | 95 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at June 30, 2021 | $ | 90 |  |  | $ | 40 |  |  | $ | 130 |
(Benefit)/provision for credit losses | (3) |  |  | (2) |  |  | (5) |
Balance at September 30, 2021 | $ | 87 |  |  | $ | 38 |  |  | $ | 125 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2021 | $ | 70 |  |  | $ | 35 |  |  | $ | 105 |
(Benefit)/provision for credit losses | (3) |  |  | (7) |  |  | (10) |
Balance at September 30, 2022 | $ | 67 |  |  | $ | 28 |  |  | $ | 95 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2020 | $ | 64 |  |  | $ | 40 |  |  | $ | 104 |
Provision/(benefit) for credit losses | 23 |  |  | (2) |  |  | 21 |
Balance at September 30, 2021 | $ | 87 |  |  | $ | 38 |  |  | $ | 125 |
Schedule of Estimated Fair Value of Available for Sale (“AFS”) and Held to Maturity (“HTM”) Securities Segregated by Contractual Maturity | The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at September 30, 2022 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.
|  | Available for sale |  | Held to maturity
|  | Amortized |  | Fair |  | Amortized |  | Fair
(In thousands) |  | Cost |  | Value |  | Cost |  | Value
Within 1 year |  | $ | 20,441 |  |  | $ | 20,444 |  |  | $ | 1,711 |  |  | $ | 1,710 |
Over 1 year to 5 years |  | 9,392 |  |  | 9,224 |  |  | 2,326 |  |  | 2,313 |
Over 5 years to 10 years |  | 48,894 |  |  | 46,318 |  |  | 23,841 |  |  | 23,500 |
Over 10 years |  | 53,593 |  |  | 48,137 |  |  | 242,342 |  |  | 206,413 |
Total bonds and obligations |  | 132,320 |  |  | 124,123 |  |  | 270,220 |  |  | 233,936 |
Mortgage-backed securities |  | 1,586,806 |  |  | 1,346,826 |  |  | 322,283 |  |  | 269,326 |
Total |  | $ | 1,719,126 |  |  | $ | 1,470,949 |  |  | $ | 592,503 |  |  | $ | 503,262 |
Schedule of Securities Available for Sale and Held to Maturity with Unrealized Losses, Segregated by Duration | Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
|  | Less Than Twelve Months |  | Over Twelve Months |  | Total
|  | Gross |  |  |  | Gross |  |  |  | Gross |  |
|  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair
(In thousands) |  | Losses |  | Value |  | Losses |  | Value |  | Losses |  | Value
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Municipal bonds and obligations |  | 5,854 |  |  | 52,279 |  |  | — |  |  | — |  |  | 5,854 |  |  | 52,279 |
Agency collateralized mortgage obligations |  | 26,129 |  |  | 293,758 |  |  | 72,490 |  |  | 263,754 |  |  | 98,619 |  |  | 557,512 |
Agency mortgage-backed securities |  | 48,764 |  |  | 314,987 |  |  | 57,565 |  |  | 238,651 |  |  | 106,329 |  |  | 553,638 |
Agency commercial mortgage-backed securities |  | 19,323 |  |  | 154,763 |  |  | 15,710 |  |  | 80,799 |  |  | 35,033 |  |  | 235,562 |
Corporate bonds |  | 1,627 |  |  | 34,126 |  |  | 824 |  |  | 7,851 |  |  | 2,451 |  |  | 41,977 |
Other bonds and obligations |  | — |  |  | — |  |  | 66 |  |  | 295 |  |  | 66 |  |  | 295 |
Total securities available for sale |  | $ | 101,697 |  |  | $ | 849,913 |  |  | $ | 146,655 |  |  | $ | 591,350 |  |  | $ | 248,352 |  |  | $ | 1,441,263 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 22,075 |  |  | $ | 166,539 |  |  | $ | 14,371 |  |  | $ | 23,286 |  |  | $ | 36,446 |  |  | $ | 189,825 |
Agency collateralized mortgage obligations |  | 2,537 |  |  | 52,558 |  |  | 17,428 |  |  | 60,408 |  |  | 19,965 |  |  | 112,966 |
Agency mortgage-backed securities |  | 340 |  |  | 2,410 |  |  | 9,993 |  |  | 39,432 |  |  | 10,333 |  |  | 41,842 |
Agency commercial mortgage-backed securities |  | 4,156 |  |  | 25,094 |  |  | 18,503 |  |  | 89,423 |  |  | 22,659 |  |  | 114,517 |
Tax advantaged economic development bonds |  | 1 |  |  | 213 |  |  | 141 |  |  | 1,023 |  |  | 142 |  |  | 1,236 |
Total securities held to maturity |  | 29,109 |  |  | 246,814 |  |  | 60,436 |  |  | 213,572 |  |  | 89,545 |  |  | 460,386 |
Total |  | $ | 130,806 |  |  | $ | 1,096,727 |  |  | $ | 207,091 |  |  | $ | 804,922 |  |  | $ | 337,897 |  |  | $ | 1,901,649 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Agency collateralized mortgage obligations |  | $ | 9,626 |  |  | $ | 375,132 |  |  | $ | 1,386 |  |  | $ | 27,025 |  |  | $ | 11,012 |  |  | $ | 402,157 |
Agency mortgage-backed securities |  | 3,179 |  |  | 222,887 |  |  | 4,463 |  |  | 175,941 |  |  | 7,642 |  |  | 398,828 |
Agency commercial mortgage-backed securities |  | 1,609 |  |  | 103,354 |  |  | 2,019 |  |  | 49,313 |  |  | 3,628 |  |  | 152,667 |
Corporate bonds |  | 114 |  |  | 11,115 |  |  | — |  |  | — |  |  | 114 |  |  | 11,115 |
Total securities available for sale |  | $ | 14,528 |  |  | $ | 712,488 |  |  | $ | 7,868 |  |  | $ | 252,279 |  |  | $ | 22,396 |  |  | $ | 964,767 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 693 |  |  | $ | 36,981 |  |  | $ | — |  |  | $ | — |  |  | $ | 693 |  |  | $ | 36,981 |
Agency collateralized mortgage obligations |  | 1,808 |  |  | 49,308 |  |  | 1,705 |  |  | 36,212 |  |  | 3,513 |  |  | 85,520 |
Agency mortgage-backed securities |  | 839 |  |  | 26,656 |  |  | 659 |  |  | 26,025 |  |  | 1,498 |  |  | 52,681 |
Agency commercial mortgage-backed securities |  | 1,255 |  |  | 80,406 |  |  | 2,034 |  |  | 51,654 |  |  | 3,289 |  |  | 132,060 |
Tax advantaged economic development bonds |  | 15 |  |  | 1,255 |  |  | — |  |  | — |  |  | 15 |  |  | 1,255 |
Total securities held to maturity |  | 4,610 |  |  | 194,606 |  |  | 4,398 |  |  | 113,891 |  |  | 9,008 |  |  | 308,497 |
Total |  | $ | 19,138 |  |  | $ | 907,094 |  |  | $ | 12,266 |  |  | $ | 366,170 |  |  | $ | 31,404 |  |  | $ | 1,273,264 |

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