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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Unrealized Gain (Loss) on Investments | The following tables present the amortized cost and fair value of investment securities, and the corresponding amounts of gross unrealized and unrecognized gains and losses including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in AOCI, at the dates indicated:
| June 30, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
Investment securities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 68,514 |  |  | $ | — |  |  | $ | (4,255) |  |  | $ | 64,259 |
Municipal securities | 145,681 |  |  | 48 |  |  | (15,714) |  |  | 130,015 |
Residential CMO and MBS(1) | 465,625 |  |  | — |  |  | (54,653) |  |  | 410,972 |
Commercial CMO and MBS(1) | 698,833 |  |  | 17 |  |  | (50,509) |  |  | 648,341 |
Corporate obligations | 4,000 |  |  | — |  |  | (226) |  |  | 3,774 |
Other asset-backed securities | 19,491 |  |  | 9 |  |  | (311) |  |  | 19,189 |
Total | $ | 1,402,144 |  |  | $ | 74 |  |  | $ | (125,668) |  |  | $ | 1,276,550 |
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
| June 30, 2023
| Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value
| (In thousands)
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 151,005 |  |  | $ | — |  |  | $ | (30,245) |  |  | $ | 120,760 |
Residential CMO and MBS(1) | 280,032 |  |  | — |  |  | (17,219) |  |  | 262,813 |
Commercial CMO and MBS(1) | 323,239 |  |  | — |  |  | (42,002) |  |  | 281,237 |
Total | $ | 754,276 |  |  | $ | — |  |  | $ | (89,466) |  |  | $ | 664,810 |
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
Investment securities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 68,912 |  |  | $ | — |  |  | $ | (5,053) |  |  | $ | 63,859 |
Municipal securities | 171,087 |  |  | 172 |  |  | (18,233) |  |  | 153,026 |
Residential CMO and MBS(1) | 479,473 |  |  | — |  |  | (55,087) |  |  | 424,386 |
Commercial CMO and MBS(1) | 714,136 |  |  | 19 |  |  | (49,734) |  |  | 664,421 |
Corporate obligations | 4,000 |  |  | — |  |  | (166) |  |  | 3,834 |
Other asset-backed securities | 22,425 |  |  | 14 |  |  | (522) |  |  | 21,917 |
Total | $ | 1,460,033 |  |  | $ | 205 |  |  | $ | (128,795) |  |  | $ | 1,331,443 |
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
| December 31, 2022
| Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value
| (In thousands)
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 150,936 |  |  | $ | — |  |  | $ | (33,585) |  |  | $ | 117,351 |
Residential CMO and MBS(1) | 290,318 |  |  | — |  |  | (17,440) |  |  | 272,878 |
Commercial CMO and MBS(1) | 325,142 |  |  | — |  |  | (41,937) |  |  | 283,205 |
Total | $ | 766,396 |  |  | $ | — |  |  | $ | (92,962) |  |  | $ | 673,434 |
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of investment securities by contractual maturity at the date indicated. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
| June 30, 2023
| Securities Available for Sale |  | Securities Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Due in one year or less | $ | 30,995 |  |  | $ | 30,804 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 38,496 |  |  | 36,522 |  |  | — |  |  | — |
Due after five years through ten years | 47,291 |  |  | 44,222 |  |  | 83,244 |  |  | 68,938 |
Due after ten years | 101,413 |  |  | 86,500 |  |  | 67,761 |  |  | 51,822 |
Total investment securities due at a single maturity date | 218,195 |  |  | 198,048 |  |  | 151,005 |  |  | 120,760 |
| June 30, 2023
| Securities Available for Sale |  | Securities Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
MBS(1) | 1,183,949 |  |  | 1,078,502 |  |  | 603,271 |  |  | 544,050 |
Total investment securities | $ | 1,402,144 |  |  | $ | 1,276,550 |  |  | $ | 754,276 |  |  | $ | 664,810 |
(1)MBS, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed.
Schedule of fair value and unrealized losses of available for sale investment securities | The following tables present the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated:
| June 30, 2023
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (In thousands)
U.S. government and agency securities | $ | — |  |  | $ | — |  |  | $ | 64,259 |  |  | $ | (4,255) |  |  | $ | 64,259 |  |  | $ | (4,255) |
Municipal securities | 28,423 |  |  | (243) |  |  | 90,903 |  |  | (15,471) |  |  | 119,326 |  |  | (15,714) |
Residential CMO and MBS(1) | 94,015 |  |  | (3,598) |  |  | 316,957 |  |  | (51,055) |  |  | 410,972 |  |  | (54,653) |
Commercial CMO and MBS(1) | 170,005 |  |  | (4,692) |  |  | 475,114 |  |  | (45,817) |  |  | 645,119 |  |  | (50,509) |
Corporate obligations | — |  |  | — |  |  | 3,774 |  |  | (226) |  |  | 3,774 |  |  | (226) |
Other asset-backed securities | 4,219 |  |  | (4) |  |  | 12,308 |  |  | (307) |  |  | 16,527 |  |  | (311) |
Total | $ | 296,662 |  |  | $ | (8,537) |  |  | $ | 963,315 |  |  | $ | (117,131) |  |  | $ | 1,259,977 |  |  | $ | (125,668) |
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
| December 31, 2022
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (In thousands)
U.S. government and agency securities | $ | 51,900 |  |  | $ | (2,031) |  |  | $ | 11,959 |  |  | $ | (3,022) |  |  | $ | 63,859 |  |  | $ | (5,053) |
Municipal securities | 82,580 |  |  | (5,585) |  |  | 40,945 |  |  | (12,648) |  |  | 123,525 |  |  | (18,233) |
Residential CMO and MBS(1) | 217,949 |  |  | (14,770) |  |  | 206,437 |  |  | (40,317) |  |  | 424,386 |  |  | (55,087) |
Commercial CMO and MBS(1) | 473,580 |  |  | (16,971) |  |  | 181,692 |  |  | (32,763) |  |  | 655,272 |  |  | (49,734) |
Corporate obligations | 3,834 |  |  | (166) |  |  | — |  |  | — |  |  | 3,834 |  |  | (166) |
Other asset-backed securities | 16,489 |  |  | (510) |  |  | 721 |  |  | (12) |  |  | 17,210 |  |  | (522) |
Total | $ | 846,332 |  |  | $ | (40,033) |  |  | $ | 441,754 |  |  | $ | (88,762) |  |  | $ | 1,288,086 |  |  | $ | (128,795) |
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of realized gains and losses on sale of securities available for sale | During the three months ended June 30, 2023 and 2022 there were no sales of investment securities available for sale. The following table presents the gross realized gains and losses on the sale of investment securities available for sale determined using the specific identification for the dates indicated:
|  |  | Six Months Ended June 30,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (In thousands)
Gross realized gains |  |  |  |  | $ | 36 |  |  | $ | — |
Gross realized losses |  |  |  |  | (322) |  |  | — |
Net realized (loss) gain |  |  |  |  | $ | (286) |  |  | $ | — |
Scheduled of amortized cost and fair value of securities pledged as collateral | The following table summarizes the amortized cost and fair value of investment securities that were pledged as collateral for the following obligations at the dates indicated:
| June 30, 2023 |  | December 31, 2022
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
State and local governments public deposits | $ | 225,512 |  |  | $ | 210,173 |  |  | $ | 156,784 |  |  | $ | 137,931 |
FRB | 881,662 |  |  | 765,440 |  |  | 60,660 |  |  | 49,506 |
Securities sold under agreement to repurchase | 52,084 |  |  | 46,614 |  |  | 63,685 |  |  | 55,836 |
Other securities pledged | 54,113 |  |  | 47,024 |  |  | 54,910 |  |  | 48,358 |
Total | $ | 1,213,371 |  |  | $ | 1,069,251 |  |  | $ | 336,039 |  |  | $ | 291,631 |

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