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Investment Securities (Tables)

6 Months Ended

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

X

- 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.

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