INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 follows:

	September 30, 2022
			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	$	244,770	$	—	$	(55,360	)	$	—	$	189,410
Mortgage-backed securities–residential		315,541		40		(48,034	)		—		267,547
SBA pool securities		33,538		2		(4,419	)		—		29,121
State and political subdivisions		2,613		—		(29	)		—		2,584
Corporate bond		10,000		—		(782	)		—		9,218
Total securities available for sale	$	606,462	$	42	$	(108,624	)	$	—	$	497,880
Securities Held to Maturity:
U.S. government-sponsored agencies	$	40,000	$	—	$	(4,869	)	$	—	$	35,131
Mortgage-backed securities–residential		63,551		—		(10,825	)		—		52,726
Total securities held to maturity	$	103,551	$	—	$	(15,694	)	$	—	$	87,857

	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 securities held to maturity	$	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 nine months ended September 30, 2022:

(In thousands)	September 30, 2022
Proceeds from 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 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 September 30, 2022 and December 31, 2021.

	September 30, 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	$	—	$	—		$	189,410	$	(55,360	)	$	189,410	$	(55,360	)
Mortgage-backed securities residential		70,005		(5,425	)		166,924		(42,609	)		236,929		(48,034	)
SBA pool securities		3,788		(282	)		24,313		(4,137	)		28,101		(4,419	)
State and political subdivisions		2,584		(29	)		—		—			2,584		(29	)
Corporate bond		9,218		(782	)		—		—			9,218		(782	)
Total securities available for sale	$	85,595	$	(6,518	)	$	380,647	$	(102,106	)	$	466,242	$	(108,624	)
Securities Held to Maturity:
U.S. government-sponsored agencies	$	35,131	$	(4,869	)	$	—	$	—		$	35,131	$	(4,869	)
Mortgage-backed securities residential		52,726		(10,825	)		—		—			52,726		(10,825	)
Total securities held to maturity	$	87,857	$	(15,694	)	$	—	$	—		$	87,857	$	(15,694	)
Total securities	$	173,452	$	(22,212	)	$	380,647	$	(102,106	)	$	554,099	$	(124,318	)

	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	)