INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2022 and December 31, 2021 follows:

	March 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Allowance for		Fair
(In thousands)	Cost		Gains		Losses			Credit Losses		Value
Securities Available for Sale:
U.S government-sponsored agencies	$	244,761	$	—	$	(26,498	)	$	—	$	218,263
Mortgage-backed securities–residential		364,177		378		(24,042	)		—		340,513
SBA pool securities		38,326		2		(2,853	)		—		35,475
State and political subdivisions		4,523		3		(6	)		—		4,520
Corporate bond		2,500		—		(108	)		—		2,392
Total securities available for sale	$	654,287	$	383	$	(53,507	)	$	—	$	601,163
Securities Held to Maturity:
U.S. government-sponsored agencies	$	40,000	$	—	$	(1,982	)	$	—	$	38,018
Mortgage-backed securities–residential		66,816		—		(4,520	)		—		62,296
Total	$	106,816	$	—	$	(6,502	)	$	—	$	100,314

	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	$	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 quarter ended March 31, 2022:

(In thousands)	March 31, 2022
Proceeds from sales	$	120,245
Gross gains		3
Gross losses		(6,612	)
Net tax (benefit)/expense		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 March 31, 2022 and December 31, 2021.

	March 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	$	90,578	$	(9,277	)	$	127,685	$	(17,221	)	$	218,263	$	(26,498	)
Mortgage-backed securities residential		132,068		(7,083	)		156,945		(16,959	)		289,013		(24,042	)
SBA pool securities		24,484		(1,653	)		9,393		(1,200	)		33,877		(2,853	)
State and political subdivisions		1,609		(6	)		—		—			1,609		(6	)
Corporate bond		2,392		(108	)		—		—			2,392		(108	)
Total securities available for sale	$	251,131	$	(18,127	)	$	294,023	$	(35,380	)	$	545,154	$	(53,507	)
Securities Held to Maturity:
U.S. government-sponsored agencies	$	38,018	$	(1,982	)	$	—	$	—		$	38,018	$	(1,982	)
Mortgage-backed securities residential		62,296		(4,520	)		—		—			62,296		(4,520	)
Total securities held to maturity	$	100,314	$	(6,502	)	$	—	$	—		$	100,314	$	(6,502	)
Total securities	$	351,445	$	(24,629	)	$	294,023	$	(35,380	)	$	645,468	$	(60,009	)

	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	)