INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022 follows:

	June 30, 2023
			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	$	244,784	$	—	$	(51,655	)	$	—	$	193,129
Mortgage-backed securities–residential		359,347		5		(46,826	)		—		312,526
SBA pool securities		29,184		—		(4,306	)		—		24,878
State and political subdivisions		1,854		—		(6	)		—		1,848
Corporate bond		10,000		—		(1,862	)		—		8,138
Total securities available for sale	$	645,169	$	5	$	(104,655	)	$	—	$	540,519
Securities Held to Maturity:
U.S. government-sponsored agencies	$	40,000	$	—	$	(4,248	)	$	—	$	35,752
Mortgage-backed securities–residential		70,438		—		(10,689	)		—		59,749
Total securities held to maturity	$	110,438	$	—	$	(14,937	)	$	—	$	95,501

	December 31, 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	$	244,774	$	—	$	(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

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 six months ended June 30, 2023 and 2022:

(In thousands)	June 30, 2023		June 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 June 30, 2023 and December 31, 2022.

	June 30, 2023
	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	$	—	$	—		$	193,129	$	(51,655	)	$	193,129	$	(51,655	)
Mortgage-backed securities residential		48,016		(1,473	)		213,300		(45,353	)		261,316		(46,826	)
SBA pool securities		457		(1	)		24,058		(4,305	)		24,515		(4,306	)
State and political subdivisions		270		(1	)		1,578		(5	)		1,848		(6	)
Corporate bond		2,040		(459	)		6,098		(1,403	)		8,138		(1,862	)
Total securities available for sale	$	50,783	$	(1,934	)	$	438,163	$	(102,721	)	$	488,946	$	(104,655	)
Securities Held to Maturity:
U.S. government-sponsored agencies	$	—	$	—		$	35,752	$	(4,248	)	$	35,752	$	(4,248	)
Mortgage-backed securities residential		10,039		(253	)		49,710		(10,436	)		59,749		(10,689	)
Total securities held to maturity	$	10,039	$	(253	)	$	85,462	$	(14,684	)	$	95,501	$	(14,937	)
Total securities	$	60,822	$	(2,187	)	$	523,625	$	(117,405	)	$	584,447	$	(119,592	)

	December 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	$	—	$	—		$	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	)