INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022 follows:

	2023
			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	$	244,794	$	—	$	(47,103	)	$	—	$	197,691
Mortgage-backed securities-residential		363,893		80		(43,177	)		—		320,796
SBA pool securities		27,148		—		(3,744	)		—		23,404
Corporate bond		10,000		—		(1,274	)		—		8,726
Total securities available for sale	$	645,835	$	80	$	(95,298	)	$	—	$	550,617
Securities Held to Maturity:
U.S. government-sponsored agencies	$	40,000	$	—	$	(3,369	)	$	—	$	36,631
Mortgage-backed securities-residential		67,755		—		(9,971	)		—		57,784
Total securities held to maturity	$	107,755	$	—	$	(13,340	)	$	—	$	94,415

	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

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, 2023, 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	$	—	$	—	$	—	$	—
After one year through five years		35,000		30,752		40,000		36,631
After five years through ten years		139,976		115,175		—		—
After ten years		79,818		60,490		—		—
		254,794		206,417		40,000		36,631
Mortgage-backed securities-residential		363,893		320,796		67,755		57,784
SBA pool securities		27,148		23,404		—		—
Total	$	645,835	$	550,617	$	107,755	$	94,415

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)	2023		2022			2021
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, 2023 and 2022.

	2023
	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	$	—	$	—		$	197,691	$	(47,103	)	$	197,691	$	(47,103	)
Mortgage-backed      securities-residential		36,634		(963	)		217,513		(42,214	)		254,147		(43,177	)
SBA pool securities		655		(1	)		22,749		(3,743	)		23,404		(3,744	)
Corporate bond		—		—			8,726		(1,274	)		8,726		(1,274	)
Total securities available for sale	$	37,289	$	(964	)	$	446,679	$	(94,334	)	$	483,968	$	(95,298	)
Securities Held to Maturity:
U.S. government-      sponsored agencies	$	—	$	—		$	36,631	$	(3,369	)	$	36,631	$	(3,369	)
Mortgage-backed      securities-residential		9,647		(135	)		48,137		(9,836	)		57,784		(9,971	)
Total securities held to maturity	$	9,647	$	(135	)	$	84,768	$	(13,205	)	$	94,415	$	(13,340	)
Total securities	$	46,936	$	(1,099	)	$	531,447	$	(107,539	)	$	578,383	$	(108,638	)

	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	)