Securities (Tables)

6 Months Ended

Jun. 30, 2023

Securities [Abstract]

Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of Available for Sale ("AFS") Securities

The amortized cost, estimated fair value and unrealized gains (losses) of available for sale (“AFS”) securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
As of June 30, 2023
U.S. treasury	$	133,019	$	-	$	(11,022	)	$	121,997
Federal agency		248,401		-		(39,748	)		208,653
State & municipal		96,645		2		(12,472	)		84,175
Mortgage-backed:
Government-sponsored enterprises		426,190		4		(53,872	)		372,322
U.S. government agency securities		77,869		11		(8,813	)		69,067
Collateralized mortgage obligations:
Government-sponsored enterprises		474,708		8		(58,849	)		415,867
U.S. government agency securities		166,936		-		(25,434	)		141,502
Corporate		48,423		-		(8,080	)		40,343
Total AFS securities	$	1,672,191	$	25	$	(218,290	)	$	1,453,926
As of December 31, 2022
U.S. treasury	$	132,891	$	-	$	(11,233	)	$	121,658
Federal agency		248,419		-		(42,000	)		206,419
State & municipal		97,036		5		(14,190	)		82,851
Mortgage-backed:
Government-sponsored enterprises		454,177		9		(54,675	)		399,511
U.S. government agency securities		81,844		15		(7,676	)		74,183
Collateralized mortgage obligations:
Government-sponsored enterprises		498,021		9		(59,473	)		438,557
U.S. government agency securities		171,090		-		(21,284	)		149,806
Corporate		60,404		-		(6,164	)		54,240
Total AFS securities	$	1,743,882	$	38	$	(216,695	)	$	1,527,225

Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of Held to Maturity ("HTM") Securities

The amortized cost, estimated fair value and unrealized gains (losses) of held to maturity (“HTM”) securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
As of June 30, 2023
Federal agency	$	100,000	$	-	$	(19,620	)	$	80,380
Mortgage-backed:
Government-sponsored enterprises		239,102		-		(35,641	)		203,461
U.S. government agency securities		17,391		1		(827	)		16,565
Collateralized mortgage obligations:
Government-sponsored enterprises		197,597		84		(15,575	)		182,106
U.S. government agency securities		65,298		-		(11,007	)		54,291
State & municipal		293,488		50		(21,700	)		271,838
Total HTM securities	$	912,876	$	135	$	(104,370	)	$	808,641
As of December 31, 2022
Federal agency	$	100,000	$	-	$	(20,678	)	$	79,322
Mortgage-backed:
Government-sponsored enterprises		249,511		-		(36,819	)		212,692
U.S. government agency securities		18,396		4		(619	)		17,781
Collateralized mortgage obligations:
Government-sponsored enterprises		207,738		200		(14,876	)		193,062
U.S. government agency securities		66,628		-		(9,842	)		56,786
State & municipal		277,244		5		(24,245	)		253,004
Total HTM securities	$	919,517	$	209	$	(107,079	)	$	812,647

Gains and (Losses) on Equity Securities

The following tables set forth information with regard to gains and (losses) on equity securities:

	Three Months Ended June 30,
(In thousands)	2023			2022
Net (losses) recognized on equity securities	$	(191	)	$	(587	)
Less: Net (losses) recognized on equity securities sold during the period		-			-
Unrealized (losses) recognized on equity securities still held	$	(191	)	$	(587	)

	Six Months Ended June 30,
(In thousands)	2023			2022
Net (losses) recognized on equity securities	$	(189	)	$	(770	)
Less: Net (losses) recognized on equity securities sold during the period		-			-
Unrealized (losses) recognized on equity securities still held	$	(189	)	$	(770	)

Contractual Maturities of Debt Securities

The following table sets forth information with regard to contractual maturities of debt securities at June 30, 2023:

(In thousands)	Amortized Cost		Estimated Fair Value
AFS debt securities:
Within one year	$	10,194	$	10,009
From one to five years		440,801		393,528
From five to ten years		508,775		438,195
After ten years		712,421		612,194
Total AFS debt securities	$	1,672,191	$	1,453,926
HTM debt securities:
Within one year	$	72,506	$	72,463
From one to five years		100,046		96,551
From five to ten years		282,757		245,029
After ten years		457,567		394,598
Total HTM debt securities	$	912,876	$	808,641

Investment Securities with Unrealized Losses

The following table sets forth information with regard to investment securities with unrealized losses, for which an allowance for credit losses has not been recorded, segregated according to the length of time the securities had been in a continuous unrealized loss position:

	Less Than 12 Months							12 Months or Longer							Total
(In thousands)	Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions
As of June 30, 2023
AFS securities:
U.S. treasury	$	9,763	$	(182	)		1	$	112,234	$	(10,840	)		7	$	121,997	$	(11,022	)		8
Federal agency		-		-			-		208,653		(39,748	)		16		208,653		(39,748	)		16
State & municipal		-		-			-		83,404		(12,472	)		66		83,404		(12,472	)		66
Mortgage-backed		20,856		(1,033	)		48		419,602		(61,652	)		136		440,458		(62,685	)		184
Collateralized mortgage obligations		46,530		(1,999	)		15		508,725		(82,284	)		107		555,255		(84,283	)		122
Corporate		12,844		(1,579	)		4		27,499		(6,501	)		11		40,343		(8,080	)		15
Total securities with unrealized losses	$	89,993	$	(4,793	)		68	$	1,360,117	$	(213,497	)		343	$	1,450,110	$	(218,290	)		411
HTM securities:
Federal agency	$	-	$	-			-	$	80,380	$	(19,620	)		4	$	80,380	$	(19,620	)		4
Mortgage-backed		27,586		(1,519	)		7		192,339		(34,949	)		27		219,925		(36,468	)		34
Collateralized mortgage obligation		70,172		(3,894	)		13		156,957		(22,688	)		41		227,129		(26,582	)		54
State & municipal		61,670		(1,285	)		86		129,553		(20,415	)		134		191,223		(21,700	)		220
Total securities with unrealized losses	$	159,428	$	(6,698	)		106	$	559,229	$	(97,672	)		206	$	718,657	$	(104,370	)		312
As of December 31, 2022
AFS securities:
U.S. treasury	$	55,616	$	(3,864	)		5	$	66,042	$	(7,369	)		3	$	121,658	$	(11,233	)		8
Federal agency		-		-			-		206,419		(42,000	)		16		206,419		(42,000	)		16
State & municipal		3,679		(341	)		2		78,395		(13,849	)		64		82,074		(14,190	)		66
Mortgage-backed		204,447		(15,048	)		149		267,926		(47,303	)		32		472,373		(62,351	)		181
Collateralized mortgage obligations		211,612		(14,458	)		77		374,376		(66,299	)		49		585,988		(80,757	)		126
Corporate		34,434		(2,970	)		12		19,806		(3,194	)		6		54,240		(6,164	)		18
Total securities with unrealized losses	$	509,788	$	(36,681	)		245	$	1,012,964	$	(180,014	)		170	$	1,522,752	$	(216,695	)		415
HTM securities:
Federal agency	$	-	$	-			-	$	79,322	$	(20,678	)		4	$	79,322	$	(20,678	)		4
Mortgage-backed		91,417		(9,096	)		21		138,936		(28,342	)		13		230,353		(37,438	)		34
Collateralized mortgage obligations		191,644		(13,863	)		47		48,289		(10,855	)		8		239,933		(24,718	)		55
State & municipal		110,727		(4,930	)		149		82,949		(19,315	)		76		193,676		(24,245	)		225
Total securities with unrealized losses	$	393,788	$	(27,889	)		217	$	349,496	$	(79,190	)		101	$	743,284	$	(107,079	)		318