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SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of allowance for credit loss on 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 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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