SECURITIES (Tables)

3 Months Ended

Mar. 31, 2023

SECURITIES

Major Categories of Securities Owned by Entity

	March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	10,000	$	—	$	(709)	$	9,291
Treasury securities		246,646		—		(16,215)		230,431
Corporate securities		172,626		—		(28,744)		143,882
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		263,194		—		(28,120)		235,074
Agency collateralized mortgage obligations ("CMOs")		324,394		2		(46,002)		278,394
State and municipal obligations		32,078		—		(2,338)		29,740
Total securities available-for-sale	$	1,048,938	$	2	$	(122,128)	$	926,812
	March 31, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,258	$	—	$	(11,619)	$	77,639
Corporate securities		9,000		—		(2,063)		6,937
Pass-through MBS issued by GSEs		290,698		123		(37,137)		253,684
Agency CMOs		216,686		16		(22,390)		194,312
Total securities held-to-maturity	$	605,642	$	139	$	(73,209)	$	532,572

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Treasury securities	$	246,899	$	—	$	(19,643)	$	227,256
Corporate securities		183,791		57		(17,075)		166,773
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		272,774		—		(31,534)		241,240
Agency collateralized mortgage obligations ("CMOs")		331,394		2		(50,057)		281,339
State and municipal obligations		37,000		—		(3,021)		33,979
Total securities available-for-sale	$	1,071,858	$	59	$	(121,330)	$	950,587
	December 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,157	$	—	$	(14,095)	$	75,062
Corporate securities		9,000		—		(553)		8,447
Pass-through MBS issued by GSEs		278,281		—		(40,960)		237,321
Agency CMOs		209,360		—		(24,431)		184,929
Total securities held-to-maturity	$	585,798	$	—	$	(80,039)	$	505,759

Schedule of amortized cost and fair value of debt securities

	March 31, 2023
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	11,050	$	10,679
One to five years		269,229		251,440
Five to ten years		175,926		146,950
Beyond ten years		5,145		4,275
Pass-through MBS issued by GSEs and agency CMO		587,588		513,468
Total	$	1,048,938	$	926,812
Held-to-maturity
Within one year	$	—	$	—
One to five years		10,000		9,407
Five to ten years		88,258		75,169
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		507,384		447,996
Total	$	605,642	$	532,572

Summary of Sale of Available-for-sale Securities

	Three Months Ended
	March 31,
(In thousands)	2023		2022
Securities available-for-sale
Proceeds	$	77,804	$	—
Gross gains		130		—
Tax expense on gains		39		—
Gross losses		1,577		—
Tax benefit on losses		467		—

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

	March 31, 2023
	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	$	—	$	—	$	9,291	$	709	$	9,291	$	709
Treasury securities		—		—		230,431		16,215		230,431		16,215
Corporate securities		81,866		13,507		62,016		15,237		143,882		28,744
Pass-through MBS issued by GSEs		27,912		867		207,162		27,253		235,074		28,120
Agency CMOs		3,778		32		269,614		45,970		273,392		46,002
State and municipal obligations		2,021		29		27,719		2,309		29,740		2,338

	December 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	$	—	$	—	$	227,256	$	19,643	$	227,256	$	19,643
Corporate securities		110,707		8,494		50,116		8,581		160,823		17,075
Pass-through MBS issued by GSEs		50,813		2,010		190,427		29,524		241,240		31,534
Agency CMOs		55,924		3,454		220,413		46,603		276,337		50,057
State and municipal obligations		10,848		174		22,681		2,847		33,529		3,021