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

6 Months Ended

Jun. 30, 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
June 30, 2023
Securities available for sale
U.S Treasuries						$	7,979					$	2					$	—					$	7,981
Municipal bonds and obligations						65,840						275						(2,493)						63,622						—
Agency collateralized mortgage obligations						591,299						—						(99,959)						491,340						—
Agency mortgage-backed securities						611,157						—						(92,605)						518,552						—
Agency commercial mortgage-backed securities						258,283						—						(38,506)						219,777						—
Corporate bonds						43,331						60						(4,988)						38,403						—
Other bonds and obligations						655						67						(66)						656						—
Total securities available for sale						1,578,544						404						(238,617)						1,340,331						—
Securities held to maturity
Municipal bonds and obligations						259,843						401						(21,405)						238,839						49
Agency collateralized mortgage obligations						120,349						—						(20,469)						99,880						—
Agency mortgage-backed securities						49,231						—						(8,973)						40,258						—
Agency commercial mortgage-backed securities						132,320						—						(25,272)						107,048						—
Tax advantaged economic development bonds						1,734						7						(94)						1,647						22
Other bonds and obligations						288						—						—						288						—
Total securities held to maturity						563,765						408						(76,213)						487,960						71
Marketable equity securities						15,035						—						(2,167)						12,868						—
Total						$	2,157,344					$	812					$	(316,997)					$	1,841,159					$	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 and six months ended June 30, 2023 and 2022:

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at March 31, 2023			$	49					$	22					$	71
(Benefit)/provision for credit losses			—						—						—
Balance at June 30, 2023			$	49					$	22					$	71

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at March 31, 2022			$	67					$	32					$	99
(Benefit)/provision for credit losses			(1)						(4)						(5)
Balance at June 30, 2022			$	66					$	28					$	94

(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 June 30, 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			(4)						(7)						(11)
Balance at June 30, 2022			$	66					$	28					$	94

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 June 30, 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						$	8,799					$	8,800					$	894					$	894
Over 1 year to 5 years						10,866						10,754						2,309						2,298
Over 5 years to 10 years						54,612						49,747						36,477						36,281
Over 10 years						43,528						41,361						222,185						201,301
Total bonds and obligations						117,805						110,662						261,865						240,774
Mortgage-backed securities						1,460,739						1,229,669						301,900						247,186
Total						$	1,578,544					$	1,340,331					$	563,765					$	487,960

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
June 30, 2023
Securities available for sale
Municipal bonds and obligations						$	550					$	24,993					$	1,943					$	17,862					$	2,493					$	42,855
Agency collateralized mortgage obligations						113						2,276						99,846						489,064						99,959						491,340
Agency mortgage-backed securities						157						2,648						92,448						515,824						92,605						518,472
Agency commercial mortgage-backed securities						1,042						9,678						37,464						210,099						38,506						219,777
Corporate bonds						1,064						12,797						3,924						24,698						4,988						37,495
Other bonds and obligations						—						—						66						295						66						295
Total securities available for sale						$	2,926					$	52,392					$	235,691					$	1,257,842					$	238,617					$	1,310,234
Securities held to maturity
Municipal bonds and obligations						$	1,710					$	89,477					$	19,695					$	74,807					$	21,405					$	164,284
Agency collateralized mortgage obligations						1,709						34,330						18,760						65,550						20,469						99,880
Agency mortgage-backed securities						—						—						8,973						40,258						8,973						40,258
Agency commercial mortgage-backed securities						—						—						25,272						107,048						25,272						107,048
Tax advantaged economic development bonds						—						—						94						962						94						962
Total securities held to maturity						3,419						123,807						72,794						288,625						76,213						412,432
Total						$	6,345					$	176,199					$	308,485					$	1,546,467					$	314,830					$	1,722,666
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
-Topic 326
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
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-Section 50
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-Section 50
-Paragraph 4
-Publisher FASB
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Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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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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