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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 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 December 31, 2022 and 2021 follows:

		2022
						Gross				Gross				Allowance
		Amortized				Unrealized				Unrealized				For Credit				Fair
(In thousands)		Cost				Gains				Losses				Losses				Value
Securities Available for Sale:
U.S. government-sponsored agencies		$	244,774			$	—			$	(54,232	)		$	—			$	190,542
Mortgage-backed securities-residential			372,471				27				(46,760	)			—				325,738
SBA pool securities			31,934				1				(4,508	)			—				27,427
State and political subdivisions			1,866				—				(17	)			—				1,849
Corporate bond			10,000				—				(908	)			—				9,092
Total securities available for sale		$	661,045			$	28			$	(106,425	)		$	—			$	554,648
Securities Held to Maturity:
U.S. government-sponsored agencies		$	40,000			$	—			$	(4,563	)		$	—			$	35,437
Mortgage-backed securities-residential			62,291				—				(10,541	)			—				51,750
Total securities held to maturity		$	102,291			$	—			$	(15,104	)		$	—			$	87,187

		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 securities held to maturity		$	108,680			$	74			$	(294	)		$	108,460

Schedule of Securities by Maturity

The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity, such as mortgage-backed securities and SBA pool securities are shown separately.

(In thousands)	Available for Sale								Held to Maturity
Maturing in:	Amortized Cost				Fair Value				Amortized Cost				Fair Value
One year or less	$	1,866			$	1,849			$	—			$	—
After one year through five years		—				—				30,000				26,771
After five years through ten years		149,996				122,413				10,000				8,666
After ten years		104,778				77,221				—				—
		256,640				201,483				40,000				35,437
Mortgage-backed securities-residential		372,471				325,738				62,291				51,750
SBA pool securities		31,934				27,427				—				—
Total	$	661,045			$	554,648			$	102,291			$	87,187

Summary of Gross Gains, Gross Losses and Net Tax Benefit Related to Proceeds on Sales of Securities Available for Sale

The following is a summary of gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the years ended December 31:

(In thousands)		2022				2021				2020
Proceeds on sales		$	118,972			$	—			$	—
Gross gains			3				—				—
Gross losses			(6,612	)			—				—
Net tax benefit			1,581				—				—

Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments

The following table presents 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 December 31, 2022 and 2021.

		2022
		Duration of Unrealized Loss
		Less Than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In thousands)		Value				Losses				Value				Losses				Value				Losses
Securities Available for Sale:
U.S. government-      sponsored agencies		$	—			$	—			$	190,542			$	(54,232	)		$	190,542			$	(54,232	)
Mortgage-backed      securities-residential			82,907				(4,082	)			174,557				(42,678	)			257,464				(46,760	)
SBA pool securities			3,377				(332	)			23,256				(4,176	)			26,633				(4,508	)
State and political subdivisions			1,579				(17	)			—				—				1,579				(17	)
Corporate bond			9,092				(908	)			—				—				9,092				(908	)
Total securities available for sale		$	96,955			$	(5,339	)		$	388,355			$	(101,086	)		$	485,310			$	(106,425	)
Securities Held to Maturity:
U.S. government-      sponsored agencies		$	13,174			$	(1,826	)		$	22,263			$	(2,737	)		$	35,437			$	(4,563	)
Mortgage-backed      securities-residential			15,635				(3,585	)			36,115				(6,956	)			51,750				(10,541	)
Total securities held to maturity		$	28,809			$	(5,411	)		$	58,378			$	(9,693	)		$	87,187			$	(15,104	)
Total securities		$	125,764			$	(10,750	)		$	446,733			$	(110,779	)		$	572,497			$	(121,529	)

		2021
		Duration of Unrealized Loss
		Less Than 12 Months								12 Months or Longer								Total
		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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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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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