Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investment Securities

Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses

	June 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Securities available for sale:
Treasury notes	$	109,067	$	12	$	—	$	109,079
Federal agencies		220,000		1		683		219,318
Mortgage-backed - Government Agency ("Agency") (2) - multi-family		5,848		—		—		5,848
Mortgage-backed - Non-Agency residential - fair value option (1)		462,627		—		—		462,627
Mortgage-backed - Agency - residential - fair value option (1)		220,147		—		—		220,147
Total securities available for sale	$	1,017,689	$	13	$	683	$	1,017,019
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family	$	689,249	$	—	$	524	$	688,725
Mortgage-backed - Non-Agency - residential		589,925		2,397		81		592,241
Mortgage-backed - Agency		11,936		—		942		10,994
Total securities held to maturity	$	1,291,110	$	2,397	$	1,547	$	1,291,960

(1) Fair value option securities represent securities which the Company has elected to carry at fair value with changes in the fair value recognized in earnings as they occur.

(2) Agency includes government sponsored agencies, such as Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), and Government National Mortgage Association (“Ginnie Mae”).

	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Securities available for sale:
Treasury notes	$	129,261	$	45	$	338	$	128,968
Federal agencies		250,731		—		2,976		247,755
Mortgage-backed - Government Agency ("Agency") (2) - multi-family		14,465		5		3		14,467
Mortgage-backed - Non-Agency residential - fair value option (1)		485,500		—		—		485,500
Mortgage-backed - Agency - residential - fair value option (1)		236,997		—		—		236,997
Total securities available for sale	$	1,116,954	$	50	$	3,317	$	1,113,687
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family	$	719,662	$	—	$	415	$	719,247
Mortgage-backed - Non-Agency - residential		472,539		973		418		473,094
Mortgage-backed - Agency		12,016		—		822		11,194
Total securities held to maturity	$	1,204,217	$	973	$	1,655	$	1,203,535

(1) Fair value option securities represent securities which the Company has elected to carry at fair value with changes in the fair value recognized in earnings as they occur.

(2) Agency includes government sponsored agencies, such as Fannie Mae, Freddie Mac, and Ginnie Mae.

Schedule of amortized cost and fair value of available-for-sale securities and held to maturity securities by contractual maturity

	June 30, 2024				December 31, 2023
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Securities available for sale:	(In thousands)
Within one year	$	189,067	$	188,522	$	308,474	$	305,406
After one through five years		140,000		139,875		71,518		71,317
		329,067		328,397		379,992		376,723
Mortgage-backed - Agency		5,848		5,848		14,465		14,467
Mortgage-backed - Non-Agency residential - fair value option		462,627		462,627		485,500		485,500
Mortgage-backed - Agency - residential - fair value option		220,147		220,147		236,997		236,997
	$	1,017,689	$	1,017,019	$	1,116,954	$	1,113,687
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family	$	689,249	$	688,725	$	719,662	$	719,247
Mortgage-backed - Non-Agency - residential		589,925		592,241		472,539		473,094
Mortgage-backed - Agency		11,936		10,994		12,016		11,194
	$	1,291,110	$	1,291,960	$	1,204,217	$	1,203,535

Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous

	June 30, 2024
					12 Months or
	Less than 12 Months				Longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Securities available for sale:
Federal agencies	$	114,874	$	126	$	79,443	$	557	$	194,317	$	683
	$	114,874	$	126	$	79,443	$	557	$	194,317	$	683

	December 31, 2023
					12 Months or
	Less than 12 Months				Longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Securities available for sale:
Treasury notes	$	3,052	$	6	$	32,080	$	332	$	35,132	$	338
Federal agencies		60,541		189		167,213		2,787		227,754		2,976
Mortgage-backed - Agency		364		1		186		2		550		3
	$	63,957	$	196	$	199,479	$	3,121	$	263,436	$	3,317