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

9 Months Ended

Sep. 30, 2024

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, 2024
Securities available for sale
U.S. Treasuries						$	6,896					$	11					$	—					$	6,907
Municipal bonds and obligations						64,050						289						(1,408)						62,931						—
Agency collateralized mortgage obligations						308,857						340						(56,765)						252,432						—
Agency mortgage-backed securities						276,077						9						(43,155)						232,931						—
Agency commercial mortgage-backed securities						86,714						—						(16,148)						70,566						—
Corporate bonds						38,697						23						(3,403)						35,317						—
Other bonds and obligations						655						67						(66)						656						—
Total securities available for sale						781,946						739						(120,945)						661,740						—
Securities held to maturity
Municipal bonds and obligations						236,707						421						(17,087)						220,041						45
Agency collateralized mortgage obligations						103,272						—						(15,332)						87,940						—
Agency mortgage-backed securities						44,465						—						(7,048)						37,417						—
Agency commercial mortgage-backed securities						126,312						—						(22,001)						104,311						—
Tax advantaged economic development bonds						1,244						—						(36)						1,208						20
Other bonds and obligations						277						—						—						277						—
Total securities held to maturity						512,277						421						(61,504)						451,194						65
Equity securities						15,035						—						(1,757)						13,278						—
Total						$	1,309,258					$	1,160					$	(184,206)					$	1,126,212					$	65

(In thousands)						Amortized  Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance
December 31, 2023
Securities available for sale
U.S. Treasuries						$	7,980					$	1					$	—					$	7,981					$	—
Municipal bonds and obligations						64,788						494						(1,429)						63,853						—
Agency collateralized mortgage obligations						426,986						—						(79,112)						347,874						—
Agency mortgage-backed securities						492,633						2						(75,155)						417,480						—
Agency commercial mortgage-backed securities						174,879						—						(29,553)						145,326						—
Corporate bonds						43,291						34						(4,210)						39,115						—
Other bonds and obligations						655						67						(66)						656						—
Total securities available for sale						1,211,212						598						(189,525)						1,022,285						—
Securities held to maturity
Municipal bonds and obligations						251,046						698						(16,987)						234,757						48
Agency collateralized mortgage obligations						112,929						—						(18,360)						94,569						—
Agency mortgage-backed securities						47,379						—						(8,052)						39,327						—
Agency commercial mortgage-backed securities						130,169						—						(24,368)						105,801						—
Tax advantaged economic development bonds						1,540						6						(60)						1,486						20
Other bonds and obligations						288						—						—						288						—
Total securities held to maturity						543,351						704						(67,827)						476,228						68
Equity securities						15,035						—						(2,006)						13,029						—
Total						$	1,769,598					$	1,302					$	(259,358)					$	1,511,542					$	68

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, 2024 and 2023:

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at June 30, 2024			$	45					$	20					$	65
Provision for credit losses			—						—						—
Balance at September 30, 2024			$	45					$	20					$	65

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at June 30, 2023			$	49					$	22					$	71
(Benefit) for credit losses			(1)						(1)						(2)
Balance at September 30, 2023			$	48					$	21					$	69

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at December 31, 2023			$	48					$	20					$	68
(Benefit) for credit losses			(3)						—						(3)
Balance at September 30, 2024			$	45					$	20					$	65

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at December 31, 2022			$	66					$	25					$	91
(Benefit) for credit losses			(18)						(4)						(22)
Balance at September 30, 2023			$	48					$	21					$	69

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 September 30, 2024 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						$	7,271					$	7,281					$	646					$	646
Over 1 year to 5 years						19,220						18,903						1,910						1,904
Over 5 years to 10 years						48,936						45,939						48,372						48,226
Over 10 years						34,871						33,688						187,300						170,750
Total bonds and obligations						110,298						105,811						238,228						221,526
Mortgage-backed securities						671,648						555,929						274,049						229,668
Total						$	781,946					$	661,740					$	512,277					$	451,194

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
September 30, 2024
Securities available for sale
U.S. Treasuries						$	—					$	—					$	—					$	—					$	—					$	—
Municipal bonds and obligations						61						10,885						1,347						26,465						1,408						37,350
Agency collateralized mortgage obligations						—						—						56,765						212,953						56,765						212,953
Agency mortgage-backed securities						—						—						43,155						232,132						43,155						232,132
Agency commercial mortgage-backed securities						—						—						16,148						70,566						16,148						70,566
Corporate bonds						—						—						3,403						34,501						3,403						34,501
Other bonds and obligations						—						—						66						295						66						295
Total securities available for sale						$	61					$	10,885					$	120,884					$	576,912					$	120,945					$	587,797
Securities held to maturity
Municipal bonds and obligations						$	107					$	34,770					$	16,980					$	115,023					$	17,087					$	149,793
Agency collateralized mortgage obligations						—						—						15,332						87,940						15,332						87,940
Agency mortgage-backed securities						—						—						7,048						37,417						7,048						37,417
Agency commercial mortgage-backed securities						—						—						22,001						104,311						22,001						104,311
Tax advantaged economic development bonds						5						370						31						838						36						1,208
Total securities held to maturity						112						35,140						61,392						345,529						61,504						380,669
Total						$	173					$	46,025					$	182,276					$	922,441					$	182,449					$	968,466
December 31, 2023
Securities available for sale
Municipal bonds and obligations						$	76					$	9,326					$	1,353					$	22,739					$	1,429					$	32,065
Agency collateralized mortgage obligations						—						—						79,112						347,874						79,112						347,874
Agency mortgage-backed securities						1						22						75,154						417,151						75,155						417,173
Agency commercial mortgage-backed securities						—						—						29,553						145,326						29,553						145,326
Corporate bonds						457						6,543						3,753						31,690						4,210						38,233
Other bonds and obligations						—						—						66						295						66						295
Total securities available for sale						$	534					$	15,891					$	188,991					$	965,075					$	189,525					$	980,966
Securities held to maturity
Municipal bonds and obligations						$	229					$	28,895					$	16,758					$	92,063					$	16,987					$	120,958
Agency collateralized mortgage obligations						1						21						18,359						94,548						18,360						94,569
Agency mortgage-backed securities						—						—						8,052						39,327						8,052						39,327
Agency commercial mortgage-backed securities						—						—						24,368						105,801						24,368						105,801
Tax advantaged economic development bonds						—						—						60						922						60						922
Total securities held to maturity						230						28,916						67,597						332,661						67,827						361,577
Total						$	764					$	44,807					$	256,588					$	1,297,736					$	257,352					$	1,342,543

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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
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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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-Topic 326
-SubTopic 20
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-Section 50
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