SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

SECURITIES

Major Categories of Securities Owned by Entity

	March 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Treasury securities	$	247,665	$	—	$	(13,134)	$	234,531
Corporate securities		151,382		980		(4,937)		147,425
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		443,266		905		(26,055)		418,116
Agency collateralized mortgage obligations ("CMOs")		469,808		7		(29,632)		440,183
State and municipal obligations		38,619		2		(1,840)		36,781
Total securities available-for-sale	$	1,350,740	$	1,894	$	(75,598)	$	1,277,036
	March 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	88,858	$	—	$	(5,025)	$	83,833
Pass-through MBS issued by GSEs		180,379		—		(13,503)		166,876
Agency CMOs		114,685		—		(6,705)		107,980
Total securities held-to-maturity	$	383,922	$	—	$	(25,233)	$	358,689

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	82,476	$	—	$	(2,222)	$	80,254
Treasury securities		247,916		—		(3,147)		244,769
Corporate securities		148,430		4,354		(754)		152,030
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		528,749		4,271		(6,566)		526,454
Agency collateralized mortgage obligations ("CMOs")		527,348		2,705		(8,795)		521,258
State and municipal obligations		39,175		73		(302)		38,946
Total securities available-for-sale	$	1,574,094	$	11,403	$	(21,786)	$	1,563,711
	December 31, 2021
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Pass-through MBS issued by GSEs	$	118,382	$	59	$	(1,141)	$	117,300
Agency CMOs		60,927		—		(873)		60,054
Total securities held-to-maturity	$	179,309	$	59	$	(2,014)	$	177,354

Schedule of amortized cost and fair value of debt securities

	March 31, 2022
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	4,226	$	4,196
One to five years		277,389		262,734
Five to ten years		150,906		146,993
Beyond ten years		5,145		4,814
Pass-through MBS issued by GSEs and agency CMO		913,074		858,299
Total	$	1,350,740	$	1,277,036
Held-to-maturity
Within one year	$	—	$	—
One to five years		10,000		9,827
Five to ten years		78,858		74,006
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		295,064		274,856
Total	$	383,922	$	358,689

Summary of Sale of Available-for-sale Securities

	Three Months Ended
	March 31,
(In thousands)	2022		2021
Securities available-for-sale
Proceeds	$	—	$	134,558
Gross gains		—		1,307
Tax expense on gains		—		414
Gross losses		—		120
Tax benefit on losses		—		38

Sales of Marketable Equity Securities

	Three Months Ended
	March 31,
(In thousands)	2022		2021
Proceeds:
Marketable equity securities	$	—	$	6,101

Gross Unrealized Losses and Fair Value of Investment Securities by Investment Category and Length of Time in a Continuous Unrealized Loss Position

	March 31, 2022
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Treasury securities	$	234,530	$	13,134	$	—	$	—	$	234,530	$	13,134
Corporate securities		95,535		4,847		2,910		90		98,445		4,937
Pass-through MBS issued by GSEs		290,385		18,572		70,248		7,483		360,633		26,055
Agency CMOs		320,114		16,773		116,425		12,859		436,539		29,632
State and municipal obligations		31,150		1,308		4,190		532		35,340		1,840

	December 31, 2021
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Agency notes	$	58,607	$	1,369	$	21,647	$	853	$	80,254	$	2,222
Treasury securities		244,769		3,147		—		—		244,769		3,147
Corporate securities		37,620		754		—		—		37,620		754
Pass-through MBS issued by GSEs		422,634		6,333		4,748		233		427,382		6,566
Agency CMOs		349,879		8,672		3,182		123		353,061		8,795
State and municipal obligations		18,887		302		—		—		18,887		302