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SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND EQUITY SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2023
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
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | 8,981 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,981 |  |  |
Municipal bonds and obligations |  | 65,849 |  |  | 749 |  |  | (1,981) |  |  | 64,617 |  |  | — |
Agency collateralized mortgage obligations |  | 612,727 |  |  | — |  |  | (86,778) |  |  | 525,949 |  |  | — |
Agency mortgage-backed securities |  | 628,243 |  |  | 1 |  |  | (88,647) |  |  | 539,597 |  |  | — |
Agency commercial mortgage-backed securities |  | 261,167 |  |  | — |  |  | (33,759) |  |  | 227,408 |  |  | — |
Corporate bonds |  | 43,349 |  |  | 66 |  |  | (3,352) |  |  | 40,063 |  |  | — |
Other bonds and obligations |  | 655 |  |  | 67 |  |  | (66) |  |  | 656 |  |  | — |
Total securities available for sale |  | 1,620,971 |  |  | 883 |  |  | (214,583) |  |  | 1,407,271 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 263,818 |  |  | 1,174 |  |  | (19,260) |  |  | 245,732 |  |  | 49 |
Agency collateralized mortgage obligations |  | 124,335 |  |  | — |  |  | (18,041) |  |  | 106,294 |  |  | — |
Agency mortgage-backed securities |  | 50,152 |  |  | — |  |  | (8,511) |  |  | 41,641 |  |  | — |
Agency commercial mortgage-backed securities |  | 134,180 |  |  | — |  |  | (22,781) |  |  | 111,399 |  |  | — |
Tax advantaged economic development bonds |  | 1,830 |  |  | 7 |  |  | (103) |  |  | 1,734 |  |  | 22 |
Other bonds and obligations |  | 291 |  |  | — |  |  | — |  |  | 291 |  |  | — |
Total securities held to maturity |  | 574,606 |  |  | 1,181 |  |  | (68,696) |  |  | 507,091 |  |  | 71 |
Marketable equity securities |  | 15,036 |  |  | — |  |  | (1,964) |  |  | 13,072 |  |  | — |
Total |  | $ | 2,210,613 |  |  | $ | 2,064 |  |  | $ | (285,243) |  |  | $ | 1,927,434 |  |  | $ | 71 |
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | 11,972 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 11,973 |  |  | $ | — |
Municipal bonds and obligations |  | 65,943 |  |  | 422 |  |  | (3,030) |  |  | 63,335 |  |  | — |
Agency collateralized mortgage obligations |  | 631,732 |  |  | — |  |  | (99,787) |  |  | 531,945 |  |  | — |
Agency mortgage-backed securities |  | 643,308 |  |  | 1 |  |  | (96,996) |  |  | 546,313 |  |  | — |
Agency commercial mortgage-backed securities |  | 264,218 |  |  | — |  |  | (35,750) |  |  | 228,468 |  |  | — |
Corporate bonds |  | 43,368 |  |  | 80 |  |  | (2,938) |  |  | 40,510 |  |  | — |
Other bonds and obligations |  | 655 |  |  | 67 |  |  | (66) |  |  | 656 |  |  | — |
Total securities available for sale |  | 1,661,196 |  |  | 571 |  |  | (238,567) |  |  | 1,423,200 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 266,793 |  |  | 691 |  |  | (23,704) |  |  | 243,780 |  |  | 66 |
Agency collateralized mortgage obligations |  | 128,136 |  |  | — |  |  | (20,420) |  |  | 107,716 |  |  | — |
Agency mortgage-backed securities |  | 50,958 |  |  | — |  |  | (9,240) |  |  | 41,718 |  |  | — |
Agency commercial mortgage-backed securities |  | 135,206 |  |  | — |  |  | (23,203) |  |  | 112,003 |  |  | — |
Tax advantaged economic development bonds |  | 2,069 |  |  | 8 |  |  | (121) |  |  | 1,956 |  |  | 25 |
Other bonds and obligations |  | 291 |  |  | — |  |  | — |  |  | 291 |  |  | — |
Total securities held to maturity |  | 583,453 |  |  | 699 |  |  | (76,688) |  |  | 507,464 |  |  | 91 |
Marketable equity securities |  | 15,035 |  |  | — |  |  | (2,179) |  |  | 12,856 |  |  | — |
Total |  | $ | 2,259,684 |  |  | $ | 1,270 |  |  | $ | (317,434) |  |  | $ | 1,943,520 |  |  | $ | 91 |
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 months ended March 31, 2023 and 2022:
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2022 | $ | 66 |  |  | $ | 25 |  |  | $ | 91 |
(Benefit)/provision for credit losses | (17) |  |  | (3) |  |  | (20) |
Balance at March 31, 2023 | $ | 49 |  |  | $ | 22 |  |  | $ | 71 |
(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) |  |  | (3) |  |  | (6) |
Balance at March 31, 2022 | $ | 67 |  |  | $ | 32 |  |  | $ | 99 |
Schedule of Amortized Cost and 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 March 31, 2023 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 |  | $ | 9,800 |  |  | $ | 9,801 |  |  | $ | 802 |  |  | $ | 803 |
Over 1 year to 5 years |  | 10,863 |  |  | 10,694 |  |  | 2,222 |  |  | 2,218 |
Over 5 years to 10 years |  | 52,127 |  |  | 49,259 |  |  | 34,563 |  |  | 34,659 |
Over 10 years |  | 46,044 |  |  | 44,563 |  |  | 228,352 |  |  | 210,077 |
Total bonds and obligations |  | 118,834 |  |  | 114,317 |  |  | 265,939 |  |  | 247,757 |
Mortgage-backed securities |  | 1,502,137 |  |  | 1,292,954 |  |  | 308,667 |  |  | 259,334 |
Total |  | $ | 1,620,971 |  |  | $ | 1,407,271 |  |  | $ | 574,606 |  |  | $ | 507,091 |
Schedule of Securities with Unrealized Losses, Segregated by the Duration of their Continuous Unrealized Loss Positions | 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
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 356 |  |  | $ | 13,295 |  |  | $ | 1,625 |  |  | $ | 15,813 |  |  | $ | 1,981 |  |  | $ | 29,108 |
Agency collateralized mortgage obligations |  | 250 |  |  | 9,999 |  |  | 86,528 |  |  | 515,950 |  |  | 86,778 |  |  | 525,949 |
Agency mortgage-backed securities |  | 142 |  |  | 4,110 |  |  | 88,505 |  |  | 535,398 |  |  | 88,647 |  |  | 539,508 |
Agency commercial mortgage-backed securities |  | 911 |  |  | 10,783 |  |  | 32,848 |  |  | 216,624 |  |  | 33,759 |  |  | 227,407 |
Corporate bonds |  | 1,301 |  |  | 24,063 |  |  | 2,051 |  |  | 15,089 |  |  | 3,352 |  |  | 39,152 |
Other bonds and obligations |  | — |  |  | — |  |  | 66 |  |  | 295 |  |  | 66 |  |  | 295 |
Total securities available for sale |  | $ | 2,960 |  |  | $ | 62,250 |  |  | $ | 211,623 |  |  | $ | 1,299,169 |  |  | $ | 214,583 |  |  | $ | 1,361,419 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 633 |  |  | $ | 46,988 |  |  | $ | 18,627 |  |  | $ | 78,012 |  |  | $ | 19,260 |  |  | $ | 125,000 |
Agency collateralized mortgage obligations |  | 1,065 |  |  | 37,271 |  |  | 16,976 |  |  | 69,023 |  |  | 18,041 |  |  | 106,294 |
Agency mortgage-backed securities |  | — |  |  | — |  |  | 8,511 |  |  | 41,641 |  |  | 8,511 |  |  | 41,641 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | 22,781 |  |  | 111,399 |  |  | 22,781 |  |  | 111,399 |
Tax advantaged economic development bonds |  | — |  |  | — |  |  | 103 |  |  | 989 |  |  | 103 |  |  | 989 |
Total securities held to maturity |  | 1,698 |  |  | 84,259 |  |  | 66,998 |  |  | 301,064 |  |  | 68,696 |  |  | 385,323 |
Total |  | $ | 4,658 |  |  | $ | 146,509 |  |  | $ | 278,621 |  |  | $ | 1,600,233 |  |  | $ | 283,279 |  |  | $ | 1,746,742 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 2,406 |  |  | $ | 36,696 |  |  | $ | 624 |  |  | $ | 2,763 |  |  | $ | 3,030 |  |  | $ | 39,459 |
Agency collateralized mortgage obligations |  | 23,052 |  |  | 247,509 |  |  | 76,735 |  |  | 284,434 |  |  | 99,787 |  |  | 531,943 |
Agency mortgage-backed securities |  | 3,124 |  |  | 37,540 |  |  | 93,872 |  |  | 508,683 |  |  | 96,996 |  |  | 546,223 |
Agency commercial mortgage-backed securities |  | 9,885 |  |  | 96,396 |  |  | 25,865 |  |  | 132,043 |  |  | 35,750 |  |  | 228,439 |
Corporate bonds |  | 1,709 |  |  | 25,657 |  |  | 1,229 |  |  | 9,929 |  |  | 2,938 |  |  | 35,586 |
Other bonds and obligations |  | — |  |  | — |  |  | 66 |  |  | 295 |  |  | 66 |  |  | 295 |
Total securities available for sale |  | $ | 40,176 |  |  | $ | 443,798 |  |  | $ | 198,391 |  |  | $ | 938,147 |  |  | $ | 238,567 |  |  | $ | 1,381,945 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 5,476 |  |  | $ | 125,494 |  |  | $ | 18,228 |  |  | $ | 38,341 |  |  | $ | 23,704 |  |  | $ | 163,835 |
Agency collateralized mortgage obligations |  | 2,734 |  |  | 49,539 |  |  | 17,686 |  |  | 58,177 |  |  | 20,420 |  |  | 107,716 |
Agency mortgage-backed securities |  | 300 |  |  | 2,419 |  |  | 8,940 |  |  | 39,299 |  |  | 9,240 |  |  | 41,718 |
Agency commercial mortgage-backed securities |  | 447 |  |  | 9,713 |  |  | 22,756 |  |  | 102,290 |  |  | 23,203 |  |  | 112,003 |
Tax advantaged economic development bonds |  | 1 |  |  | 142 |  |  | 120 |  |  | 1,008 |  |  | 121 |  |  | 1,150 |
Total securities held to maturity |  | 8,958 |  |  | 187,307 |  |  | 67,730 |  |  | 239,115 |  |  | 76,688 |  |  | 426,422 |
Total |  | $ | 49,134 |  |  | $ | 631,105 |  |  | $ | 266,121 |  |  | $ | 1,177,262 |  |  | $ | 315,255 |  |  | $ | 1,808,367 |

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