SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

SECURITIES

Schedule of major categories of securities owned by entity

	September 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	10,000	$	—	$	(857)	$	9,143
Treasury securities		246,135		—		(16,262)		229,873
Corporate securities		169,549		—		(28,462)		141,087
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		239,509		—		(33,306)		206,203
Agency collateralized mortgage obligations ("CMOs")		311,632		21		(56,011)		255,642
State and municipal obligations		30,845		—		(2,914)		27,931
Total securities available-for-sale	$	1,007,670	$	21	$	(137,812)	$	869,879
	September 30, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,461	$	—	$	(15,305)	$	74,156
Corporate securities		9,000		—		(1,945)		7,055
Pass-through MBS issued by GSEs		283,258		—		(53,777)		229,481
Agency CMOs		218,572		—		(33,278)		185,294
Total securities held-to-maturity	$	600,291	$	—	$	(104,305)	$	495,986

	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 MBS issued by GSEs		272,774		—		(31,534)		241,240
Agency 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

	September 30, 2023
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	83,132	$	80,015
One to five years		206,284		188,885
Five to ten years		167,113		139,134
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		551,141		461,845
Total	$	1,007,670	$	869,879
Held-to-maturity
Within one year	$	—	$	—
One to five years		19,772		17,743
Five to ten years		78,689		63,468
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		501,830		414,775
Total	$	600,291	$	495,986

Summary of sale of available-for-sale securities

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2023		2022		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		—

Schedule of gross unrealized losses and fair value of investment securities by investment category and length of time in a continuous unrealized loss position

	September 30, 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	$	—	$	—	$	9,143	$	857	$	9,143	$	857
Treasury securities		—		—		229,873		16,262		229,873		16,262
Corporate securities		19,118		2,248		121,969		26,214		141,087		28,462
Pass-through MBS issued by GSEs		904		12		205,299		33,294		206,203		33,306
Agency CMOs		2,427		41		248,193		55,970		250,620		56,011
State and municipal obligations		1,713		137		26,218		2,777		27,931		2,914

	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