SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

SECURITIES

Schedule of major categories of securities owned by entity

	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	10,000		—		(393)	$	9,607
Treasury securities		—		—		—		—
Corporate securities		173,972		755		(10,778)		163,949
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		303,303		30		(3,112)		300,221
Agency CMOs		220,314		16		(28,442)		191,888
State and municipal obligations		26,545		—		(1,517)		25,028
Total securities available-for-sale	$	734,134	$	801	$	(44,242)	$	690,693
	December 31, 2024
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,977	$	—	$	(10,961)	$	79,016
Corporate securities		13,000		140		(855)		12,285
Pass-through MBS issued by GSEs		298,697		—		(43,716)		254,981
Agency CMOs		235,665		29		(29,699)		205,995
Total securities held-to-maturity	$	637,339	$	169	$	(85,231)	$	552,277

	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	10,000	$	—	$	(629)	$	9,371
Treasury securities		245,877		—		(11,687)		234,190
Corporate securities		174,978		—		(23,808)		151,170
Pass-through MBS issued by GSEs		230,253		10		(24,978)		205,285
Agency CMOs		305,860		46		(46,491)		259,415
State and municipal obligations		28,741		—		(1,932)		26,809
Total securities available-for-sale	$	995,709	$	56	$	(109,525)	$	886,240
	December 31, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,563	$	—	$	(11,300)	$	78,263
Corporate securities		9,000		—		(1,825)		7,175
Pass-through MBS issued by GSEs		279,853		—		(37,579)		242,274
Agency CMOs		216,223		16		(27,021)		189,218
Total securities held-to-maturity	$	594,639	$	16	$	(77,725)	$	516,930

Amortized cost and fair value of securities are shown by contractual maturity

	December 31, 2024
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	6,717	$	6,597
One to five years		54,401		50,984
Five to ten years		149,399		141,003
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMOs		523,617		492,109
Total	$	734,134	$	690,693
Held-to-maturity
Within one year	$	—	$	—
One to five years		19,829		18,598
Five to ten years		83,148		72,703
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMOs		534,362		460,976
Total	$	637,339	$	552,277

Summary of sale of available-for-sale securities

	Year Ended December 31,
(In thousands)	2024		2023		2022
Securities available-for-sale
Proceeds	$	379,053	$	77,804	$	—
Gross gains		—		130		—
Tax expense on gains		—		39		—
Gross losses		42,810		1,577		—
Tax benefit on losses		13,139		467		—

Schedule of gross unrealized losses and fair value of investment securities

	December 31, 2024
	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	$	—	$	—	$	9,607	$	393	$	9,607	$	393
Corporate securities		2,925		16		141,124		10,762		144,049		10,778
Pass-through MBS issued by GSEs		289,095		2,170		6,119		942		295,214		3,112
Agency CMOs		32,101		357		154,770		28,085		186,871		28,442
State and municipal obligations		3,469		31		21,559		1,486		25,028		1,517

	December 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	$	—	$	—	$	9,371	$	629	$	9,371	$	629
Treasury securities		—		—		234,190		11,687		234,190		11,687
Corporate securities		20,935		917		130,235		22,891		151,170		23,808
Pass-through MBS issued by GSEs		—		—		203,469		24,978		203,469		24,978
Agency CMOs		—		—		251,900		46,491		251,900		46,491
State and municipal obligations		1,796		54		21,513		1,878		23,309		1,932