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v3.22.1

INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2022
Investment Securities Available For Sale [Abstract] |
Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale | A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of March 31, 2022 and December 31, 2021 follows:
|  | March 31, 2022 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Allowance for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S government-sponsored agencies |  | $ | 244,761 |  |  | $ | — |  |  | $ | (26,498 | ) |  | $ | — |  |  | $ | 218,263 |
Mortgage-backed securities–residential |  |  | 364,177 |  |  |  | 378 |  |  |  | (24,042 | ) |  |  | — |  |  |  | 340,513 |
SBA pool securities |  |  | 38,326 |  |  |  | 2 |  |  |  | (2,853 | ) |  |  | — |  |  |  | 35,475 |
State and political subdivisions |  |  | 4,523 |  |  |  | 3 |  |  |  | (6 | ) |  |  | — |  |  |  | 4,520 |
Corporate bond |  |  | 2,500 |  |  |  | — |  |  |  | (108 | ) |  |  | — |  |  |  | 2,392 |
Total securities available for sale |  | $ | 654,287 |  |  | $ | 383 |  |  | $ | (53,507 | ) |  | $ | — |  |  | $ | 601,163 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (1,982 | ) |  | $ | — |  |  | $ | 38,018 |
Mortgage-backed securities–residential |  |  | 66,816 |  |  |  | — |  |  |  | (4,520 | ) |  |  | — |  |  |  | 62,296 |
Total |  | $ | 106,816 |  |  | $ | — |  |  | $ | (6,502 | ) |  | $ | — |  |  | $ | 100,314 |
|  | December 31, 2021 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S government-sponsored agencies |  | $ | 280,045 |  |  | $ | — |  |  | $ | (7,824 | ) |  | $ | 272,221 |
Mortgage-backed securities–residential |  |  | 481,062 |  |  |  | 3,849 |  |  |  | (7,937 | ) |  |  | 476,974 |
SBA pool securities |  |  | 40,649 |  |  |  | 12 |  |  |  | (1,100 | ) |  |  | 39,561 |
State and political subdivisions |  |  | 5,431 |  |  |  | 45 |  |  |  | — |  |  |  | 5,476 |
Corporate bond |  |  | 2,500 |  |  |  | 21 |  |  |  | — |  |  |  | 2,521 |
Total securities available for sale |  | $ | 809,687 |  |  | $ | 3,927 |  |  | $ | (16,861 | ) |  | $ | 796,753 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | 7 |  |  | $ | (25 | ) |  | $ | 39,982 |
Mortgage-backed securities–residential |  |  | 68,680 |  |  |  | 67 |  |  |  | (269 | ) |  |  | 68,478 |
Total |  | $ | 108,680 |  |  | $ | 74 |  |  | $ | (294 | ) |  | $ | 108,460 |
Summary of Gross Gains, Gross Losses and Net Tax Benefit Related to Proceeds on Sales of Securities Available for Sale | The following table presents a summary of the gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the quarter ended March 31, 2022:
(In thousands) |  | March 31, 2022 |
Proceeds from sales |  | $ | 120,245 |
Gross gains |  |  | 3 |
Gross losses |  |  | (6,612 | )
Net tax (benefit)/expense |  |  | 1,581 |
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments | The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of March 31, 2022 and December 31, 2021.
|  | March 31, 2022 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 90,578 |  |  | $ | (9,277 | ) |  | $ | 127,685 |  |  | $ | (17,221 | ) |  | $ | 218,263 |  |  | $ | (26,498 | )
Mortgage-backed securities residential |  |  | 132,068 |  |  |  | (7,083 | ) |  |  | 156,945 |  |  |  | (16,959 | ) |  |  | 289,013 |  |  |  | (24,042 | )
SBA pool securities |  |  | 24,484 |  |  |  | (1,653 | ) |  |  | 9,393 |  |  |  | (1,200 | ) |  |  | 33,877 |  |  |  | (2,853 | )
State and political subdivisions |  |  | 1,609 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 1,609 |  |  |  | (6 | )
Corporate bond |  |  | 2,392 |  |  |  | (108 | ) |  |  | — |  |  |  | — |  |  |  | 2,392 |  |  |  | (108 | )
Total securities available for sale |  | $ | 251,131 |  |  | $ | (18,127 | ) |  | $ | 294,023 |  |  | $ | (35,380 | ) |  | $ | 545,154 |  |  | $ | (53,507 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 38,018 |  |  | $ | (1,982 | ) |  | $ | — |  |  | $ | — |  |  | $ | 38,018 |  |  | $ | (1,982 | )
Mortgage-backed securities residential |  |  | 62,296 |  |  |  | (4,520 | ) |  |  | — |  |  |  | — |  |  |  | 62,296 |  |  |  | (4,520 | )
Total securities held to maturity |  | $ | 100,314 |  |  | $ | (6,502 | ) |  | $ | — |  |  | $ | — |  |  | $ | 100,314 |  |  | $ | (6,502 | )
Total securities |  | $ | 351,445 |  |  | $ | (24,629 | ) |  | $ | 294,023 |  |  | $ | (35,380 | ) |  | $ | 645,468 |  |  | $ | (60,009 | )
|  | December 31, 2021 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 243,187 |  |  | $ | (6,858 | ) |  | $ | 29,034 |  |  | $ | (966 | ) |  | $ | 272,221 |  |  | $ | (7,824 | )
Mortgage-backed securities residential |  |  | 265,403 |  |  |  | (7,053 | ) |  |  | 33,455 |  |  |  | (884 | ) |  |  | 298,858 |  |  |  | (7,937 | )
SBA pool securities |  |  | 22,057 |  |  |  | (567 | ) |  |  | 10,562 |  |  |  | (533 | ) |  |  | 32,619 |  |  |  | (1,100 | )
Total securities available for sale |  | $ | 530,647 |  |  | $ | (14,478 | ) |  | $ | 73,051 |  |  | $ | (2,383 | ) |  | $ | 603,698 |  |  | $ | (16,861 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 24,975 |  |  | $ | (25 | ) |  | $ | — |  |  | $ | — |  |  | $ | 24,975 |  |  | $ | (25 | )
Mortgage-backed securities residential |  |  | 48,307 |  |  |  | (269 | ) |  |  | — |  |  |  | — |  |  |  | 48,307 |  |  |  | (269 | )
Total securities held to maturity |  | $ | 73,282 |  |  | $ | (294 | ) |  | $ | — |  |  | $ | — |  |  | $ | 73,282 |  |  | $ | (294 | )
Total securities |  | $ | 603,929 |  |  | $ | (14,772 | ) |  | $ | 73,051 |  |  | $ | (2,383 | ) |  | $ | 676,980 |  |  | $ | (17,155 | )

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