INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables)

9 Months Ended

Sep. 30, 2021

INVESTMENT AND MORTGAGE-BACKED SECURITIES

Major Categories of Securities Owned by Entity

	September 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	82,475	$	—	$	(1,457)	$	81,018
Treasury securities		248,173		5		(482)		247,696
Corporate securities		122,476		4,758		(401)		126,833
Pass-through MBS issued by GSEs		622,225		6,005		(6,273)		621,957
Agency Collateralized Mortgage Obligations ("CMOs")		590,385		5,159		(5,118)		590,426
State and municipal obligations		41,158		153		(178)		41,133
Total securities available-for-sale	$	1,706,892	$	16,080	$	(13,909)	$	1,709,063
	September 30, 2021
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Pass-through MBS issued by GSEs	$	25,325	$	—	$	—	$	25,325
Agency Collateralized Mortgage Obligations ("CMOs")		14,978		—		—		14,978
Total securities held-to-maturity	$	40,303	$	—	$	—	$	40,303

	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

	September 30, 2021
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	1,346	$	1,351
One to five years		270,069		269,665
Five to ten years		209,938		212,881
Beyond ten years		12,929		12,783
Pass-through MBS issued by GSEs and agency CMO		1,212,610		1,212,383
Total	$	1,706,892	$	1,709,063
Held-to-maturity
Pass-through MBS issued by GSEs and agency CMO	$	40,303	$	40,303
Total	$	40,303	$	40,303

Summary of Sale of Available-for-sale Securities

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2021		2020		2021		2020
Agency Notes:
Proceeds	$	—	$	—	$	—	$	273
Gross gains		—		—		—		—
Tax expense on gain		—		—		—		—
Gross losses		—		—		—		—
Tax benefit on loss		—		—		—		—
Corporate Securities:
Proceeds		—		—		50,273		25,403
Gross gains		—		—		729		1,344
Tax expense on gain		—		—		232		423
Gross losses		—		—		41		—
Tax benefit on loss		—		—		13		—
Pass through MBS issued by GSEs:
Proceeds		—		5,987		26,823		39,182
Gross gains		—		215		187		2,005
Tax expense on gain		—		67		59		630
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		—
Gross losses		—		—		—		—
Tax benefit on loss		—		—		—		—

Sales of Marketable Equity Securities

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2021		2020		2021		2020
Proceeds:
Marketable equity securities	$	—	$	137	$	—	$	410

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

	September 30, 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	$	81,018	$	1,457	$	—	$	—	$	81,018	$	1,457
Treasury securities		231,984		482		—		—		231,984		482
Corporate securities		17,863		401		—		—		17,863		401
Pass-through MBS issued by GSEs		446,864		6,273		—		—		446,864		6,273
Agency CMOs		347,726		5,118		—		—		347,726		5,118
State and municipal obligations		16,412		178		—		—		16,412		178

	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
Pass-through MBS issued by GSEs		5,007		31		—		—		5,007		31
Agency CMOs		6,563		30		4,954		46		11,517		76