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Securities | 12 Months Ended
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Dec. 31, 2020
Summary of Significant Accounting Policies. |
Securities | 7. Securities The Company did not hold any trading securities at December 31, 2020 and 2019. Securities available for sale are recorded at fair value. Securities held-to-maturity are recorded at amortized cost. ​ Allowance for credit losses The Company’s estimate of expected credit losses for held-to-maturity debt securities is based on historical information, current conditions and a reasonable and supportable forecast. The Company’s portfolio is made up of three securities, one which is structured similar to a commercial owner occupied loan, which is modeled for credit losses similar to commercial business loans secured by real estate, one that currently has an active forbearance with a specific reserve of $0.6 million and one security is issued and guaranteed by Fannie Mae, which is a government sponsored enterprise that has a credit rating and perceived credit risk comparable to the U.S. government and therefore the Company assumes a zero loss expectation. As of December 31, 2020, the active forbearance has an outstanding balance of $21.0 million. During the time this security is in forbearance, it is considered current and as such, continues to accrue interest at its original contractual terms. Accrued interest receivable on held-to-maturity securities totaled $0.1 million at December 31, 2020 and is excluded from estimates of credit losses. The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized | ​ | for Credit
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses |  | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Municipals | ​ | $ | 50,825 | ​ | $ | 54,538 | ​ | $ | 3,713 | ​ | $ | — | ​ | $ | (907)
Total municipals | ​ |  | 50,825 | ​ |  | 54,538 | ​ |  | 3,713 | ​ |  | — | ​ |  | (907)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,914 | ​ |  | 8,991 | ​ |  | 1,077 | ​ |  | — | ​ |  | —
Total mortgage-backed securities | ​ |  | 7,914 | ​ |  | 8,991 | ​ |  | 1,077 | ​ |  | — | ​ |  | —
Total | ​ | $ | 58,739 | ​ | $ | 63,529 | ​ | $ | 4,790 | ​ | $ | — | ​ | $ | (907)
​ The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrecognized | ​ | Unrecognized | ​ | for Credit
​ |  | Cost |  | Fair Value |  | Gains | ​ | Losses |  | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Municipals | ​ | $ | 50,954 | ​ | $ | 53,998 | ​ | $ | 3,044 | ​ | $ | — | ​ | $ | —
Total municipals | ​ |  | 50,954 | ​ |  | 53,998 | ​ |  | 3,044 | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,934 | ​ |  | 8,114 | ​ |  | 180 | ​ |  | — | ​ |  | —
Total mortgage-backed securities | ​ |  | 7,934 | ​ |  | 8,114 | ​ |  | 180 | ​ |  | — | ​ |  | —
Total | ​ | $ | 58,888 | ​ | $ | 62,112 | ​ | $ | 3,224 | ​ | $ | — | ​ | $ | —
​ The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
U.S. government agencies | ​ | $ | 6,452 | ​ | $ | 6,453 | ​ | $ | 2 | ​ | $ | 1
Corporate | ​ | ​ | 130,000 | ​ | ​ | 123,865 | ​ | ​ | 131 | ​ | ​ | 6,266
Mutual funds | ​ |  | 12,703 | ​ |  | 12,703 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 100,561 | ​ |  | 99,198 | ​ |  | — | ​ |  | 1,363
Other | ​ |  | 1,295 | ​ |  | 1,295 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 251,011 | ​ |  | 243,514 | ​ |  | 133 | ​ |  | 7,630
REMIC and CMO | ​ |  | 175,142 | ​ |  | 180,877 | ​ |  | 5,735 | ​ |  | —
GNMA | ​ |  | 13,009 | ​ |  | 13,053 | ​ |  | 66 | ​ |  | 22
FNMA | ​ |  | 143,154 | ​ |  | 146,169 | ​ |  | 3,046 | ​ |  | 31
FHLMC | ​ |  | 63,796 | ​ |  | 64,361 | ​ |  | 648 | ​ |  | 83
Total mortgage-backed securities | ​ |  | 395,101 | ​ |  | 404,460 | ​ |  | 9,495 | ​ |  | 136
Total securities available for sale | ​ | $ | 646,112 | ​ | $ | 647,974 | ​ | $ | 9,628 | ​ | $ | 7,766
​ The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Corporate | ​ | $ | 130,000 | ​ | $ | 123,050 | ​ | $ | — | ​ | $ | 6,950
Municipals | ​ |  | 12,797 | ​ |  | 12,916 | ​ |  | 119 | ​ |  | —
Mutual funds | ​ |  | 12,216 | ​ |  | 12,216 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 100,349 | ​ |  | 99,137 | ​ |  | — | ​ |  | 1,212
Other | ​ |  | 1,332 | ​ |  | 1,332 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 256,694 | ​ |  | 248,651 | ​ |  | 119 | ​ |  | 8,162
REMIC and CMO | ​ |  | 348,236 | ​ |  | 348,989 | ​ |  | 2,193 | ​ |  | 1,440
GNMA | ​ |  | 653 | ​ |  | 704 | ​ |  | 51 | ​ |  | —
FNMA | ​ |  | 104,235 | ​ |  | 104,882 | ​ |  | 1,073 | ​ |  | 426
FHLMC | ​ |  | 68,476 | ​ |  | 69,274 | ​ |  | 871 | ​ |  | 73
Total mortgage-backed securities | ​ |  | 521,600 | ​ |  | 523,849 | ​ |  | 4,188 | ​ |  | 1,939
Total securities available for sale | ​ | $ | 778,294 | ​ | $ | 772,500 | ​ | $ | 4,307 | ​ | $ | 10,101
​ We did not hold any private issue CMO’s that are collateralized by commercial real estate mortgages at December 31, 2020 and 2019. The corporate securities held by the Company at December 31, 2020 and 2019 are issued by U.S. banking institutions. The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at December 31, 2020, by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized | ​ | ​ | ​
​ |  | Cost |  | Fair Value
​ |  | (In thousands)
Due after ten years | ​ | $ | 50,825 | ​ | $ | 54,538
Total other securities | ​ | ​ | 50,825 | ​ | ​ | 54,538
Mortgage-backed securities | ​ | ​ | 7,914 | ​ | ​ | 8,991
Total securities held-to-maturity |  | $ | 58,739 |  | $ | 63,529
​ The amortized cost and fair value of the Company’s securities, classified as available for sale at December 31, 2020, by contractual maturity, are shown below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
​ |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due after one year through five years | ​ | $ | 45,000 | ​ | $ | 43,738
Due after five years through ten years | ​ |  | 138,730 | ​ |  | 133,201
Due after ten years | ​ | ​ | 54,578 | ​ | ​ | 53,872
Total other securities | ​ |  | 238,308 | ​ |  | 230,811
Mutual funds | ​ |  | 12,703 | ​ |  | 12,703
Mortgage-backed securities | ​ |  | 395,101 | ​ |  | 404,460
Total securities available for sale | ​ | $ | 646,112 | ​ | $ | 647,974
​ The following table shows the Company’s securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Total | ​ | Less than 12 months | ​ | 12 months or more
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
​ |  | Count |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ | ​ | (Dollars in thousands)
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government agencies |  | 1 | ​ | $ | 4,988 | ​ | $ | 1 | ​ | $ | 4,988 | ​ | $ | 1 | ​ | $ | — | ​ | $ | —
Corporate |  | 14 | ​ |  | 113,734 | ​ |  | 6,266 | ​ |  | — | ​ |  | — | ​ |  | 113,734 | ​ |  | 6,266
CLO |  | 13 | ​ |  | 99,199 | ​ |  | 1,363 | ​ |  | 7,441 | ​ |  | 52 | ​ |  | 91,758 | ​ |  | 1,311
Total other securities |  | 28 | ​ |  | 217,921 | ​ |  | 7,630 | ​ |  | 12,429 | ​ |  | 53 | ​ |  | 205,492 | ​ |  | 7,577
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
GNMA |  | 1 | ​ |  | 10,341 | ​ |  | 22 | ​ |  | 10,341 | ​ |  | 22 | ​ |  | — | ​ |  | —
FNMA |  | 5 | ​ |  | 32,463 | ​ |  | 31 | ​ |  | 23,864 | ​ |  | 28 | ​ |  | 8,599 | ​ |  | 3
FHLMC |  | 3 | ​ |  | 30,095 | ​ |  | 83 | ​ |  | 30,095 | ​ |  | 83 | ​ |  | — | ​ |  | —
Total mortgage-backed securities |  | 9 | ​ |  | 72,899 | ​ |  | 136 | ​ |  | 64,300 | ​ |  | 133 | ​ |  | 8,599 | ​ |  | 3
Total securities available for sale |  | 37 | ​ | $ | 290,820 | ​ | $ | 7,766 | ​ | $ | 76,729 | ​ | $ | 186 | ​ | $ | 214,091 | ​ | $ | 7,580
​ ​ The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Total | ​ | Less than 12 months | ​ | 12 months or more
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
​ |  | Count |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ | ​ | (Dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate |  | 16 | ​ | $ | 123,050 | ​ | $ | 6,950 | ​ | $ | — | ​ | $ | — | ​ | $ | 123,050 | ​ | $ | 6,950
CLO |  | 13 | ​ |  | 99,137 | ​ |  | 1,212 | ​ |  | 25,451 | ​ |  | 108 | ​ |  | 73,686 | ​ |  | 1,104
Total other securities |  | 29 | ​ |  | 222,187 | ​ |  | 8,162 | ​ |  | 25,451 | ​ |  | 108 | ​ |  | 196,736 | ​ |  | 8,054
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 23 | ​ |  | 120,989 | ​ |  | 1,440 | ​ |  | 102,384 | ​ |  | 1,117 | ​ |  | 18,605 | ​ |  | 323
GNMA |  | 1 | ​ |  | 49 | ​ |  | — | ​ |  | 49 | ​ |  | — | ​ |  | — | ​ |  | —
FNMA |  | 8 | ​ |  | 67,618 | ​ |  | 426 | ​ |  | 19,073 | ​ |  | 138 | ​ |  | 48,545 | ​ |  | 288
FHLMC |  | 1 | ​ |  | 30,200 | ​ |  | 73 | ​ |  | — | ​ |  | — | ​ |  | 30,200 | ​ |  | 73
Total mortgage-backed securities |  | 33 | ​ |  | 218,856 | ​ |  | 1,939 | ​ |  | 121,506 | ​ |  | 1,255 | ​ |  | 97,350 | ​ |  | 684
Total securities available for sale |  | 62 | ​ | $ | 441,043 | ​ | $ | 10,101 | ​ | $ | 146,957 | ​ | $ | 1,363 | ​ | $ | 294,086 | ​ | $ | 8,738
​ The Company reviewed each available for sale debt security that had an unrealized loss at December 31, 2020 and December 31, 2019. At December 31, 2020, the Company evaluated whether the decline in fair value of a debt security resulted from credit losses or other factors under ASC 326. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. All of these securities are rated investment grade or above and have a long history of no credit losses. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. In determining the risk of loss for available for sale securities, the Company considered that mortgage-backed securities are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to U.S. government, the issuer of Corporate securities are global systematically important banks, and the tranche of the purchased CLO’s. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. Based on this review, management believes that the unrealized losses have resulted from other factors not deemed credit-related and no allowance for credit loss was recorded. Accrued interest receivable on available-for-sale debt securities totaled $1.3 million at December 31, 2020 and is excluded from the estimate of credit losses. Upon adoption of ASC Topic 326, “Credit Losses” on January 1, 2020, see Note 22 related to the adoption of Topic 326, we recorded a transition adjustment of $0.3 million in the allowance for credit losses for held-to-maturity debt securities. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the year ended December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mortgage-backed securities | ​ | Other securities
​ | ​ | (In thousands)
Beginning balance | ​ | $ | — | ​ | $ | —
CECL adoption | ​ | ​ | — | ​ | ​ | 340
Provision | ​ | ​ | — | ​ | ​ | 567
Allowance for credit losses - securities | ​ | $ | — | ​ | $ | 907
​ The Company sold available for sale securities with carrying values at the time of sale totaling $221.0 million, $26.4 million and $67.0 million during the years ended December 31, 2020, 2019 and 2018, respectively. The Company purchased mortgage-backed available for sale securities totaling $308.1 million, $128.0 million and $196.4 million during the years ended December 31, 2020, 2019 and 2018, respectively. The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended
​ | ​ | December 31,
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (In thousands)
Gross gains from the sale of securities | ​ | $ | 1,499 | ​ | $ | 423 | ​ | $ | 105
Gross losses from the sale of securities | ​ |  | (2,200) | ​ |  | (438) | ​ |  | (2,025)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net losses from the sale of securities | ​ | $ | (701) | ​ | $ | (15) | ​ | $ | (1,920)
​ Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $22.6 million and $20.0 million at December 31, 2020 and 2019, respectively.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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