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Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of available-for-sale securities | The following tables summarize available-for-sale debt securities held by the Company at December 31, 2023 and 2022:
December 31, 2023 | Available-for-Sale Debt Securities
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasuries | $ | 114,418 |  | $ | 495 |  | $ | 5,009 |  | $ | 109,904 |
Obligations of U.S. Government sponsored entities | 472,286 |  | 6,449 |  | 22,277 |  | 456,458 |
Obligations of U.S. states and political subdivisions | 89,999 |  | 2 |  | 8,077 |  | 81,924 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 49,976 |  | 8 |  | 4,744 |  | 45,240 |
U.S. Government sponsored entities | 819,303 |  | 2,422 |  | 100,895 |  | 720,830 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 206 |  | 2,294 |
Total available-for-sale debt securities | $ | 1,548,482 |  | $ | 9,376 |  | $ | 141,208 |  | $ | 1,416,650 |
December 31, 2022 | Available-for-Sale Debt Securities
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasuries | $ | 190,170 |  | $ | 0 |  | $ | 22,919 |  | $ | 167,251 |
Obligations of U.S. Government sponsored entities | 681,192 |  | 0 |  | 80,025 |  | 601,167 |
Obligations of U.S. states and political subdivisions | 93,599 |  | 8 |  | 8,326 |  | 85,281 |
Mortgage-backed securities – residential, issued by |  |  |  |
U.S. Government agencies | 58,727 |  | 12 |  | 6,071 |  | 52,668 |
U.S. Government sponsored entities | 805,603 |  | 0 |  | 119,381 |  | 686,222 |
U.S. corporate debt securities | 2,500 |  | 0 |  | 122 |  | 2,378 |
Total available-for-sale debt securities | $ | 1,831,791 |  | $ | 20 |  | $ | 236,844 |  | $ | 1,594,967 |
Schedule of held to maturity securities | The following tables summarize held-to-maturity debt securities held by the Company at December 31, 2023 and 2022:
December 31, 2023 | Held-to-Maturity Debt Securities
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasuries | $ | 86,266 |  | $ | 0 |  | $ | 11,051 |  | $ | 75,215 |
Obligations of U.S. Government sponsored entities | 226,135 |  | $ | 0 |  | 33,895 |  | 192,240 |
Total held-to-maturity debt securities | $ | 312,401 |  | $ | 0 |  | $ | 44,946 |  | $ | 267,455 |
December 31, 2022 | Held-to-Maturity Debt Securities
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasuries | $ | 86,478 |  | $ | 0 |  | $ | 12,937 |  | $ | 73,541 |
Obligations of U.S. Government sponsored entities | 225,866 |  | 0 |  | 37,715 |  | 188,151 |
Total held-to-maturity debt securities | $ | 312,344 |  | $ | 0 |  | $ | 50,652 |  | $ | 261,692 |
The following table summarizes held-to-maturity debt securities that had unrealized losses at December 31, 2023:
December 31, 2023 | Held-to-Maturity Debt Securities
| Less than 12 Months | 12 Months or Longer | Total
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasuries | $ | 0 |  | $ | 0 |  | $ | 75,215 |  | $ | 11,051 |  | $ | 75,215 |  | $ | 11,051 |
Obligations of U.S. Government sponsored entities | 0 |  | 0 |  | 192,240 |  | 33,895 |  | 192,240 |  | 33,895 |
Total held-to-maturity debt securities | $ | 0 |  | $ | 0 |  | $ | 267,455 |  | $ | 44,946 |  | $ | 267,455 |  | $ | 44,946 |
The following table summarizes held-to-maturity debt securities that had unrealized losses at December 31, 2022:
December 31, 2022 | Held-to-Maturity Debt Securities
| Less than 12 Months | 12 Months or Longer | Total
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasuries | $ | 0 |  | $ | 0 |  | $ | 73,542 |  | $ | 12,937 |  | $ | 73,542 |  | $ | 12,937 |
Obligations of U.S. Government sponsored entities | 24,543 |  | 3,903 |  | 163,607 |  | 33,812 |  | 188,150 |  | 37,715 |
Total held-to-maturity debt securities | $ | 24,543 |  | $ | 3,903 |  | $ | 237,149 |  | $ | 46,749 |  | $ | 261,692 |  | $ | 50,652 |
December 31, 2023 |  |
(In thousands) | Amortized Cost | Fair Value
Held-to-maturity debt securities: |  |
Due after five years through ten years | $ | 312,401 |  | $ | 267,455 |
Total held-to-maturity debt securities | $ | 312,401 |  | $ | 267,455 |
December 31, 2022 |  |
(In thousands) | Amortized Cost | Fair Value
Held-to-maturity debt securities: |  |
Due after five years through ten years | $ | 312,344 |  | $ | 261,692 |
Total held-to-maturity debt securities | $ | 312,344 |  | $ | 261,692 |
Schedule of sales transactions of available-for-sale securities | The following table sets forth information with regard to sales transactions of available-for-sale debt securities:
| Year ended December 31,
(In thousands) | 2023 | 2022 | 2021
Proceeds from sales | $ | 440,488 |  | $ | 160,638 |  | $ | 142,679 |
Gross realized gains | 0 |  | 0 |  | 1,126 |
Gross realized losses | (69,983) |  | (11,916) |  | (851) |
Net (loss) gain on sales of available-for-sale debt securities | $ | (69,983) |  | $ | (11,916) |  | $ | 275 |
Schedule of debt securities, available for sale with unrealized losses | The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2023:
December 31, 2023 | Available-for-Sale Debt Securities
| Less than 12 Months | 12 Months or Longer | Total
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasuries | $ | 0 |  | $ | 0 |  | $ | 65,663 |  | $ | 5,009 |  | $ | 65,663 |  | $ | 5,009 |
Obligations of U.S. Government sponsored entities | 14,453 |  | 110 |  | 220,913 |  | 22,167 |  | 235,366 |  | 22,277 |
Obligations of U.S. states and political subdivisions | 10,572 |  | 106 |  | 69,601 |  | 7,971 |  | 80,173 |  | 8,077 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 1,145 |  | 4 |  | 43,764 |  | 4,740 |  | 44,909 |  | 4,744 |
U.S. Government sponsored entities | 5,659 |  | 66 |  | 609,456 |  | 100,829 |  | 615,115 |  | 100,895 |
U.S. corporate debt securities | 0 |  | 0 |  | 2,294 |  | 206 |  | 2,294 |  | 206 |
Total available-for-sale debt securities | $ | 31,829 |  | $ | 286 |  | $ | 1,011,691 |  | $ | 140,922 |  | $ | 1,043,520 |  | $ | 141,208 |
The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2022:
December 31, 2022 | Available-for-Sale Debt Securities
| Less than 12 Months | 12 Months or Longer | Total
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasuries | $ | 28,602 |  | $ | 2,132 |  | $ | 138,649 |  | $ | 20,787 |  | $ | 167,251 |  | $ | 22,919 |
Obligations of U.S. Government sponsored entities | 143,794 |  | 7,508 |  | 457,373 |  | 72,517 |  | 601,167 |  | 80,025 |
Obligations of U.S. states and political subdivisions | 46,638 |  | 2,385 |  | 33,435 |  | 5,941 |  | 80,073 |  | 8,326 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |
U.S. Government agencies | 22,945 |  | 1,258 |  | 29,356 |  | 4,813 |  | 52,301 |  | 6,071 |
U.S. Government sponsored entities | 186,690 |  | 16,869 |  | 499,532 |  | 102,512 |  | 686,222 |  | 119,381 |
U.S. corporate debt securities | 0 |  | 0 |  | 2,378 |  | 122 |  | 2,378 |  | 122 |
Total available-for-sale debt securities | $ | 428,669 |  | $ | 30,152 |  | $ | 1,160,723 |  | $ | 206,692 |  | $ | 1,589,392 |  | $ | 236,844 |
Schedule of amortized cost and estimated fair value of debt securities by contractual maturity |
December 31, 2023 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 99,242 |  | $ | 98,650 |
Due after one year through five years | 307,093 |  | 296,279 |
Due after five years through ten years | 245,617 |  | 233,569 |
Due after ten years | 27,251 |  | 22,082 |
Total | 679,203 |  | 650,580 |
Mortgage-backed securities | 869,279 |  | 766,070 |
Total available-for-sale debt securities | $ | 1,548,482 |  | $ | 1,416,650 |
December 31, 2022 |  |
(In thousands) | Amortized Cost | Fair Value
Available-for-sale debt securities: |  |
Due in one year or less | $ | 50,922 |  | $ | 50,269 |
Due after one year through five years | 508,880 |  | 459,721 |
Due after five years through ten years | 367,743 |  | 314,408 |
Due after ten years | 39,916 |  | 31,679 |
Total | 967,461 |  | 856,077 |
Mortgage-backed securities | 864,330 |  | 738,890 |
Total available-for-sale debt securities | $ | 1,831,791 |  | $ | 1,594,967 |

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