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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Gross Realized and Unrealized Gains (Losses) on Marketable Equity Securities | The gross realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(In Thousands) | 2023 |  | 2022 | 2023 |  | 2022
Unrealized gain (loss) on marketable equity securities | $12 |  |  | $33 |  | ($445) |  |  | ($1,199) |
Gain on sale of marketable equity securities, net | — |  |  | — |  | — |  |  | — |
Total | $12 |  |  | $33 |  | ($445) |  |  | ($1,199) |
Summary of Available-For-Sale Securities | The following table summarizes the amortized cost, estimated fair value, and the Allowance for Credit Losses ("ACL") of debt securities and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities at the periods indicated:
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
September 30, 2023 |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $614,215 |  |  | $— |  |  | ($35,580) |  |  | $— |  |  | $578,635 |
Municipal securities | 820 |  |  | — |  |  | (11) |  |  | — |  |  | 809 |
Corporate bonds | 14,015 |  |  | 50 |  |  | (587) |  |  | — |  |  | 13,478 |
Collateralized loan obligations | 60,164 |  |  | — |  |  | (936) |  |  | — |  |  | 59,228 |
Total securities available for sale | $689,214 |  |  | $50 |  |  | ($37,114) |  |  | $— |  |  | $652,150 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
December 31, 2022 |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $634,582 |  |  | $1 |  |  | ($39,422) |  |  | $— |  |  | $595,161 |
Municipal securities | 820 |  |  | — |  |  | (25) |  |  | — |  |  | 795 |
Corporate bonds | 24,281 |  |  | 37 |  |  | (674) |  |  | — |  |  | 23,644 |
Collateralized loan obligations | 59,434 |  |  | — |  |  | (2,005) |  |  | — |  |  | 57,429 |
Total securities available for sale | $719,117 |  |  | $38 |  |  | ($42,126) |  |  | $— |  |  | $677,029 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2022 |  |  |  |  |  |  |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $36,750 |  |  | $— |  |  | ($4,111) |  |  | $32,639 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | — |
Total securities held to maturity, net of ACL | $36,750 |  |  | $— |  |  | ($4,111) |  |  | $32,639 |
Summary of Held-To-Maturity Securities |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2023 |  |  |  |  |  |  |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $36,750 |  |  | $— |  |  | ($4,517) |  |  | $32,233 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | — |
Total securities held to maturity, net of ACL | $36,750 |  |  | $— |  |  | ($4,517) |  |  | $32,233 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
December 31, 2022 |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $634,582 |  |  | $1 |  |  | ($39,422) |  |  | $— |  |  | $595,161 |
Municipal securities | 820 |  |  | — |  |  | (25) |  |  | — |  |  | 795 |
Corporate bonds | 24,281 |  |  | 37 |  |  | (674) |  |  | — |  |  | 23,644 |
Collateralized loan obligations | 59,434 |  |  | — |  |  | (2,005) |  |  | — |  |  | 57,429 |
Total securities available for sale | $719,117 |  |  | $38 |  |  | ($42,126) |  |  | $— |  |  | $677,029 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2022 |  |  |  |  |  |  |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $36,750 |  |  | $— |  |  | ($4,111) |  |  | $32,639 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | — |
Total securities held to maturity, net of ACL | $36,750 |  |  | $— |  |  | ($4,111) |  |  | $32,639 |
Gross Unrealized Losses on Available For Sale Securities and the Fair Value | Gross unrealized losses on available for sale securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2023 and December 31, 2022 were as follows:
| Less Than 12 Months | More Than 12 Months | Total
(In Thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
September 30, 2023 |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $42,827 |  | ($658) |  | $535,809 |  | ($34,922) |  | $578,636 |  | ($35,580) |
Corporate bonds | — |  | — |  | 6,431 |  | (587) |  | 6,431 |  | (587) |
Collateralized loan obligations | 9,874 |  | (126) |  | 49,354 |  | (810) |  | 59,228 |  | (936) |
Municipal securities | — |  | — |  | 809 |  | (11) |  | 809 |  | (11) |
Total | $52,701 |  | ($784) |  | $592,403 |  | ($36,330) |  | $645,104 |  | ($37,114) |
December 31, 2022: |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $282,319 |  | ($8,876) |  | $302,840 |  | ($30,546) |  | $585,159 |  | ($39,422) |
Corporate bonds | 13,216 |  | (43) |  | 4,394 |  | (631) |  | 17,610 |  | (674) |
Collateralized loan obligations | 22,309 |  | (632) |  | 35,120 |  | (1,373) |  | 57,429 |  | (2,005) |
Municipal securities | 795 |  | (25) |  | — |  | — |  | 795 |  | (25) |
Total | $318,639 |  | ($9,576) |  | $342,354 |  | ($32,550) |  | $660,993 |  | ($42,126) |
Schedule of Amortized Cost and Fair Value by Contractual Maturity | The amortized cost and estimated fair values of debt securities at September 30, 2023, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In Thousands) | Amortized Cost |  | Fair Value
US Treasury and government sponsored entities |  |  |
Within 1 year | $134,494 |  |  | $132,302 |
1-5 years | 479,721 |  |  | 446,333 |
Total | $614,215 |  |  | $578,635 |
Corporate bonds |  |  |
Within 1 year | $2,000 |  |  | $1,981 |
1-5 years | 22,015 |  |  | 20,836 |
5-10 years | 26,750 |  |  | 25,842 |
Total | $50,765 |  |  | $48,659 |
Collateralized loan obligations |  |  |
5-10 years | $29,670 |  |  | $29,450 |
Over 10 years | 30,494 |  |  | 29,778 |
Total | $60,164 |  |  | $59,228 |
Municipal securities |  |  |
Within 1 year | $820 |  |  | $809 |
Total | $820 |  |  | $809 |
Summary of Interest Income On Available-for-Sale Investment Securities | A summary of interest income for the three and nine-month periods ending September 30, 2023 and 2022, on available for sale investment securities are as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(In Thousands) | 2023 |  | 2022 | 2023 |  | 2022
US Treasury and government sponsored entities | $2,794 |  |  | $2,137 |  | $8,424 |  |  | $4,375 |
Other | 1,214 |  |  | 781 |  | 3,505 |  |  | 1,595 |
Total taxable interest income | $4,008 |  |  | $2,918 |  | $11,929 |  |  | $5,970 |
Municipal securities | $4 |  |  | $4 |  | $13 |  |  | $13 |
Total tax-exempt interest income | $4 |  |  | $4 |  | $13 |  |  | $13 |
Total | $4,012 |  |  | $2,922 |  | $11,942 |  |  | $5,983 |

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