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

3 Months Ended

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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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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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
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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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