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INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024 follows:


		June 30, 2025
						Gross				Gross				Allowance
		Amortized				Unrealized				Unrealized				for				Fair
(In thousands)		Cost				Gains				Losses				Credit Losses				Value
Securities Available for Sale:
U.S government-sponsored agencies		$	244,823			$	—			$	(39,420	)		$	—			$	205,403
Mortgage-backed securities–residential			565,416				3,716				(40,409	)			—				528,723
SBA pool securities			21,187				—				(2,524	)			—				18,663
Corporate bond			15,500				141				(897	)			—				14,744
Total securities available for sale		$	846,926			$	3,857			$	(83,250	)		$	—			$	767,533
Securities Held to Maturity:
U.S. government-sponsored agencies		$	40,000			$	—			$	(1,738	)		$	—			$	38,262
Mortgage-backed securities–residential			58,623				—				(8,806	)			—				49,817
Total securities held to maturity		$	98,623			$	—			$	(10,544	)		$	—			$	88,079


		December 31, 2024
						Gross				Gross				Allowance
		Amortized				Unrealized				Unrealized				for				Fair
(In thousands)		Cost				Gains				Losses				Credit Losses				Value
Securities Available for Sale:
U.S government-sponsored agencies		$	244,813			$	—			$	(47,899	)		$	—			$	196,914
Mortgage-backed securities–residential			595,789				1,086				(48,263	)			—				548,612
SBA pool securities			27,772				—				(3,290	)			—				24,482
Corporate bond			15,500				105				(1,069	)			—				14,536
Total securities available for sale		$	883,874			$	1,191			$	(100,521	)		$	—			$	784,544
Securities Held to Maturity:
U.S. government-sponsored agencies		$	40,000			$	—			$	(2,666	)		$	—			$	37,334
Mortgage-backed securities–residential			61,635				—				(10,319	)			—				51,316
Total securities held to maturity		$	101,635			$	—			$	(12,985	)		$	—			$	88,650

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 expense related to proceeds on sales of securities available for sale for the three and six months ended June 30, 2025. There were no sales of securities for the three and six months ended June 30, 2024.


(In thousands)		June 30, 2025
Proceeds from sales		$	53,182
Gross gains			7
Net tax expense			(2	)

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 June 30, 2025 and December 31, 2024.


		June 30, 2025
		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		$	—			$	—			$	205,403			$	(39,420	)		$	205,403			$	(39,420	)
Mortgage-backed securities residential			18,288				(206	)			206,109				(40,203	)			224,397				(40,409	)
SBA pool securities			313				(1	)			18,350				(2,523	)			18,663				(2,524	)
Corporate bond			—				—				9,103				(897	)			9,103				(897	)
Total securities available for sale		$	18,601			$	(207	)		$	438,965			$	(83,043	)		$	457,566			$	(83,250	)
Securities Held to Maturity:
U.S. government-sponsored agencies		$	—			$	—			$	38,262			$	(1,738	)		$	38,262			$	(1,738	)
Mortgage-backed securities residential			—				—				49,817				(8,806	)			49,817				(8,806	)
Total securities held to maturity		$	—			$	—			$	88,079			$	(10,544	)		$	88,079			$	(10,544	)
Total securities		$	18,601			$	(207	)		$	527,044			$	(93,587	)		$	545,645			$	(93,794	)


		December 31, 2024
		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		$	—			$	—			$	196,914			$	(47,899	)		$	196,914			$	(47,899	)
Mortgage-backed securities residential			171,531				(2,063	)			216,735				(46,200	)			388,266				(48,263	)
SBA pool securities			4,861				(11	)			19,621				(3,279	)			24,482				(3,290	)
Corporate bond			—				—				8,931				(1,069	)			8,931				(1,069	)
Total securities available for sale		$	176,392			$	(2,074	)		$	442,201			$	(98,447	)		$	618,593			$	(100,521	)
Securities Held to Maturity:
U.S. government-sponsored agencies		$	—			$	—			$	37,334			$	(2,666	)		$	37,334			$	(2,666	)
Mortgage-backed securities residential			—				—				51,316				(10,319	)			51,316				(10,319	)
Total securities held to maturity		$	—			$	—			$	88,650			$	(12,985	)		$	88,650			$	(12,985	)
Total securities		$	176,392			$	(2,074	)		$	530,851			$	(111,432	)		$	707,243			$	(113,506	)