Securities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of available-for-sale securities |
The following tables summarize available-for-sale debt securities held by the Company at June 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | Available-for-Sale Debt Securities | | June 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | (In thousands) | | | | | |
| U.S. Treasuries | $ | 190,275 | | $ | 0 | | $ | 22,181 | | $ | 168,094 | | | Obligations of U.S. Government sponsored entities | 592,694 | | 0 | | 69,151 | | 523,543 | | | Obligations of U.S. states and political subdivisions | 90,330 | | 1 | | 8,284 | | 82,047 | | | Mortgage-backed securities – residential, issued by | | | | | | U.S. Government agencies | 54,852 | | 9 | | 5,919 | | 48,942 | | | U.S. Government sponsored entities | 757,400 | | 0 | | 114,265 | | 643,135 | | |
| U.S. corporate debt securities | 2,500 | | 0 | | 258 | | 2,242 | | | Total available-for-sale debt securities | $ | 1,688,051 | | $ | 10 | | $ | 220,058 | | $ | 1,468,003 | |
| | | | | | | | | | | | | | | | Available-for-Sale Debt Securities | | December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | (In thousands) | | | | | | U.S. Treasuries | $ | 190,170 | | $ | 0 | | $ | 22,919 | | $ | 167,251 | | | Obligations of U.S. Government sponsored entities | 681,192 | | 0 | | 80,025 | | 601,167 | | | Obligations of U.S. states and political subdivisions | 93,599 | | 8 | | 8,326 | | 85,281 | | | Mortgage-backed securities – residential, issued by | | | | | | U.S. Government agencies | 58,727 | | 12 | | 6,071 | | 52,668 | | | U.S. Government sponsored entities | 805,603 | | 0 | | 119,381 | | 686,222 | | |
| U.S. corporate debt securities | 2,500 | | 0 | | 122 | | 2,378 | | | Total available-for-sale debt securities | $ | 1,831,791 | | $ | 20 | | $ | 236,844 | | $ | 1,594,967 | |
|
| Schedule of held-to-maturity securities |
The following tables summarize held-to-maturity debt securities held by the Company at June 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | Held-to-Maturity Securities | | June 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | (In thousands) | | | | | | U.S. Treasuries | $ | 86,370 | | $ | 0 | | $ | 12,598 | | $ | 73,772 | | | Obligations of U.S. Government sponsored entities | 225,999 | | 0 | | 37,327 | | 188,672 | | |
| Total held-to-maturity debt securities | $ | 312,369 | | $ | 0 | | $ | 49,925 | | $ | 262,444 | |
| | | | | | | | | | | | | | | | Held-to-Maturity Securities | | December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | (In thousands) | | | | | | U.S. Treasuries | $ | 86,478 | | $ | 0 | | $ | 12,937 | | $ | 73,541 | | | Obligations of U.S. Government sponsored entities | 225,866 | | 0 | | 37,715 | | 188,151 | | |
| Total held-to-maturity debt securities | $ | 312,344 | | $ | 0 | | $ | 50,652 | | $ | 261,692 | |
The following table summarizes held-to-maturity debt securities that had unrealized losses at June 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | Less than 12 Months | 12 Months or Longer | Total | | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | | U.S. Treasuries | $ | 0 | | $ | 0 | | $ | 73,772 | | $ | 12,598 | | $ | 73,772 | | $ | 12,598 | | | Obligations of U.S. Government sponsored entities | 8,176 | | 751 | | 180,496 | | 36,576 | | 188,672 | | 37,327 | | | Total held-to-maturity debt securities | $ | 8,176 | | $ | 751 | | $ | 254,268 | | $ | 49,174 | | $ | 262,444 | | $ | 49,925 | |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | Less than 12 Months | 12 Months or Longer | Total | | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | | U.S. Treasuries | $ | 0 | | $ | 0 | | $ | 73,542 | | $ | 12,937 | | $ | 73,542 | | $ | 12,937 | | | Obligations of U.S. Government sponsored entities | 24,543 | | 3,903 | | 163,607 | | 33,812 | | 188,150 | | 37,715 | | |
| Total held-to-maturity debt securities | $ | 24,543 | | $ | 3,903 | | $ | 237,149 | | $ | 46,749 | | $ | 261,692 | | $ | 50,652 | |
|
| Schedule of available-for-sale securities with unrealized losses |
The following table summarizes available-for-sale debt securities that had unrealized losses at June 30, 2023, and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | Less than 12 Months | 12 Months or Longer | Total | | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | | U.S. Treasuries | $ | 0 | | $ | 0 | | $ | 168,094 | | $ | 22,181 | | $ | 168,094 | | $ | 22,181 | | | Obligations of U.S. Government sponsored entities | 28,596 | | 758 | | 494,947 | | 68,393 | | 523,543 | | 69,151 | | | Obligations of U.S. states and political subdivisions | 26,104 | | 756 | | 55,842 | | 7,528 | | 81,946 | | 8,284 | | |
| Mortgage-backed securities – residential, issued by | | | | | | | | U.S. Government agencies | 6,244 | | 254 | | 42,351 | | 5,665 | | 48,595 | | 5,919 | | | U.S. Government sponsored entities | 13,055 | | 727 | | 630,081 | | 113,538 | | 643,136 | | 114,265 | | | U.S. corporate debt securities | 0 | | 0 | | 2,242 | | 258 | | 2,242 | | 258 | | | Total available-for-sale debt securities | $ | 73,999 | | $ | 2,495 | | $ | 1,393,557 | | $ | 217,563 | | $ | 1,467,556 | | $ | 220,058 | |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | Less than 12 Months | 12 Months or Longer | Total | | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | | U.S. Treasuries | $ | 28,602 | | $ | 2,132 | | $ | 138,649 | | $ | 20,787 | | $ | 167,251 | | $ | 22,919 | | | Obligations of U.S. Government sponsored entities | 143,794 | | 7,508 | | 457,373 | | 72,517 | | 601,167 | | 80,025 | | | Obligations of U.S. states and political subdivisions | 46,638 | | 2,385 | | 33,435 | | 5,941 | | 80,073 | | 8,326 | | |
| Mortgage-backed securities – residential, issued by | | | | | | | | U.S. Government agencies | 22,945 | 1,258 | 29,356 | 4,813 | 52,301 | 6,071 | | U.S. Government sponsored entities | 186,690 | 16,869 | 499,532 | 102,512 | 686,222 | 119,381 | | U.S. corporate debt securities | 0 | | 0 | | 2,378 | | 122 | | 2,378 | | 122 | | | Total available-for-sale debt securities | $ | 428,669 | | $ | 30,152 | | $ | 1,160,723 | | $ | 206,692 | | $ | 1,589,392 | | $ | 236,844 | |
|
| Schedule of amortized cost and estimated fair value of debt securities by contractual maturity |
| | | | | | | | | | June 30, 2023 | | | | (In thousands) | Amortized Cost | Fair Value | | Available-for-sale debt securities: | | | | Due in one year or less | $ | 47,677 | | $ | 46,893 | | | Due after one year through five years | 514,770 | | 461,320 | | | Due after five years through ten years | 269,157 | | 230,292 | | | Due after ten years | 44,195 | | 37,421 | | | Total | 875,799 | | 775,926 | | | Mortgage-backed securities | 812,252 | | 692,077 | | | Total available-for-sale debt securities | $ | 1,688,051 | | $ | 1,468,003 | |
| | | | | | | | | | December 31, 2022 | | | | (In thousands) | Amortized Cost | Fair Value | | Available-for-sale debt securities: | | | | Due in one year or less | $ | 50,922 | | $ | 50,269 | | | Due after one year through five years | 508,880 | | 459,721 | | | Due after five years through ten years | 367,743 | | 314,408 | | | Due after ten years | 39,916 | | 31,679 | | | Total | 967,461 | | 856,077 | | | Mortgage-backed securities | 864,330 | | 738,890 | | | Total available-for-sale debt securities | $ | 1,831,791 | | $ | 1,594,967 | |
| | | | | | | | | | June 30, 2023 | | | | (In thousands) | Amortized Cost | Fair Value | | Held-to-maturity debt securities: | | | |
|
| Due after five years through ten years | $ | 312,369 | | $ | 262,444 | | | Total held-to-maturity debt securities | $ | 312,369 | | $ | 262,444 | |
| | | | | | | | | | December 31, 2022 | | | | (In thousands) | Amortized Cost | Fair Value | | Held-to-maturity debt securities: | | | |
|
| Due after five years through ten years | $ | 312,344 | | $ | 261,692 | | | Total held-to-maturity debt securities | $ | 312,344 | | $ | 261,692 | |
|