INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

INVESTMENT AND MORTGAGE-BACKED SECURITIES

Major Categories of Securities Owned by Entity

	March 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	72,500	$	—	$	(2,930)	$	69,570
Treasury securities		92,547		—		(275)		92,272
Corporate securities		95,786		3,367		(420)		98,733
Pass-through MBS issued by GSEs		321,442		7,053		(4,788)		323,707
Agency Collateralized Mortgage Obligations ("CMOs")		522,841		6,305		(6,324)		522,822
State and municipal obligations		45,498		179		(288)		45,389
Total securities available-for-sale	$	1,150,614	$	16,904	$	(15,025)	$	1,152,493

	December 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	47,500	$	12	$	(91)	$	47,421
Corporate securities		62,021		2,440		—		64,461
Pass-through MBS issued by GSEs		135,842		7,672		(31)		143,483
Agency CMOs		274,898		8,674		(76)		283,496
Total securities available-for-sale	$	520,261	$	18,798	$	(198)	$	538,861

Schedule of amortized cost and fair value of debt securities

	March 31, 2021
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	2,123	$	2,130
One to five years		116,049		115,878
Five to ten years		183,014		182,961
Beyond ten years		5,145		4,995
Pass-through MBS issued by GSEs and agency CMO		844,283		846,529
Total	$	1,150,614	$	1,152,493

Summary of Sale of Available-for-sale Securities

	Three Months Ended
	March 31,
(In thousands)	2021		2020
Corporate Securities:
Proceeds	$	46,754	$	—
Gross gains		709		—
Tax expense on gain		225		—
Gross losses		41		—
Tax benefit on loss		13		—
Pass through MBS issued by GSEs:
Proceeds		26,823		—
Gross gains		187		—
Tax expense on gain		59		—
Gross losses		35		—
Tax benefit on loss		11		—
Agency CMOs:
Proceeds		41,324		4,199
Gross gains		268		8
Tax expense on gain		85		3
Gross losses		44		—
Tax benefit on loss		14		—
State and municipal obligations:
Proceeds		19,657		—
Gross gains		143		—
Tax expense on gain		45		—

Sales of Marketable Equity Securities

	Three Months Ended
	March 31,
(In thousands)	2021		2020
Proceeds:
Marketable equity securities	$	6,101	$	137

Gross Unrealized Losses and Fair Value of Investment Securities by Investment Category and Length of Time in a Continuous Unrealized Loss Position

	March 31, 2021
	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	$	69,570	$	2,930	$	—	$	—	$	69,570	$	2,930
Treasury securities		92,272		275		—		—		92,272		275
Corporate securities		18,278		420		—		—		18,278		420
Pass-through MBS issued by GSEs		181,917		4,788		—		—		181,917		4,788
Agency CMOs		239,145		6,324		—		—		239,145		6,324
State and municipal obligations		19,004		288		—		—		19,004		288

	December 31, 2020
	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	$	22,409	$	91	$	—	$	—	$	22,409	$	91
Corporate securities		—		—		—		—		—		—
Pass-through MBS issued by GSEs		5,007		31		—		—		5,007		31
Agency CMOs		6,563		30		4,954		46		11,517		76