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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investment Securities [Abstract]

Investment Securities

	June 30, 2020
				Gross			Gross						Weighted
	Amortized			Unrealized			Unrealized			Fair			Average
	Cost			Gains			Losses			Value			Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	145,405		$	4,412		$	-		$	149,817		1.97%
GNMA certificates		138,084			3,681			-			141,765		2.30%
CMOs issued by US government-sponsored agencies		47,498			1,114			-			48,612		1.97%
Total mortgage-backed securities		330,987			9,207			-			340,194		2.11%
Investment securities
US Treasury securities		196,358			982			-			197,340		1.63%
Obligations of US government-sponsored agencies		1,796			28			-			1,824		1.39%
Other debt securities		844			37			-			881		2.99%
Total investment securities		198,998			1,047			-			200,045		1.63%
Total securities available for sale	$	529,985		$	10,254		$	-		$	540,239		1.93%

	December 31, 2019
				Gross			Gross						Weighted
	Amortized			Unrealized			Unrealized			Fair			Average
	Cost			Gains			Losses			Value			Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	403,227		$	846		$	1,417		$	402,656		2.00%
GNMA certificates		215,755			718			4			216,469		2.33%
CMOs issued by US government-sponsored agencies		55,235			16			490			54,761		1.97%
Total mortgage-backed securities		674,217			1,580			1,911			673,886		2.11%
Investment securities
US Treasury securities		397,183			-			-			397,183		1.60%
Obligations of US government-sponsored agencies		1,967			-			6			1,961		1.38%
Other debt securities		1,108			31			-			1,139		3.00%
Total investment securities		400,258			31			6			400,283		1.60%
Total securities available-for-sale	$	1,074,475		$	1,611		$	1,917		$	1,074,169		1.92%

Investment Securities by Contractual Maturity

	June 30, 2020
	Available-for-sale
	Amortized Cost			Fair Value
	(In thousands)
Mortgage-backed securities
Due from 1 to 5 years
FNMA and FHLMC certificates	$	905		$	947
GNMA certificates		622			628
Total due from 1 to 5 years		1,527			1,575
Due after 5 to 10 years
CMOs issued by US government-sponsored agencies	$	39,142		$	40,046
FNMA and FHLMC certificates		108,476			112,013
GNMA certificates		65,902			67,185
Total due after 5 to 10 years		213,520			219,244
Due after 10 years
FNMA and FHLMC certificates	$	36,024		$	36,857
GNMA certificates		71,560			73,952
CMOs issued by US government-sponsored agencies		8,356			8,566
Total due after 10 years		115,940			119,375
Total mortgage-backed securities		330,987			340,194
Investment securities
Due less than one year
US Treasury securities	$	186,351		$	187,026
Other debt securities		100			100
Total due in less than one year		186,451			187,126
Due from 1 to 5 years
Obligations of US government-sponsored agencies	$	1,796		$	1,824
US Treasury securities		10,007			10,314
Total due from 1 to 5 years		11,803			12,138
Due from 5 to 10 years
Other debt securities		744			781
Total due after 5 to 10 years		744			781
Total investment securities		198,998			200,045
Total	$	529,985		$	540,239

Gross Realized Gains and Losses by Category

	Six-Month Period Ended June 30, 2020
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	229,571		$	227,213		$	2,358		$	-
GNMA certificates		91,413			89,043			2,370			-
Total	$	320,984		$	316,256		$	4,728		$	-


	Six-Month Period Ended June 30, 2019
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	213,376		$	211,549		$	1,827		$	-
GNMA certificates		141,125			138,177			2,949			-
Total	$	354,501		$	349,726		$	4,776		$	-

Unrealized Gains and Losses by Category

	December 31, 2019
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies	$	35,417		$	387		$	35,030
FNMA and FHLMC certificates		259,099			1,415			257,684
Obligations of US Government and sponsored agencies		1,967			6			1,961
GNMA certificates		19			-			19
	$	296,502		$	1,808		$	294,694

	Less than 12 months
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies		11,503			103			11,400
FNMA and FHLMC certificates		4,919			2			4,917
GNMA certificates		3,549			4			3,545
US Treasury Securities		627			-			627
	$	20,598		$	109		$	20,489

	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies		46,920			490			46,430
FNMA and FHLMC certificates		264,018			1,417			262,601
Obligations of US government and sponsored agencies		1,967			6			1,961
GNMA certificates		3,568			4			3,564
US Treasury Securities		627			-			627
	$	317,100		$	1,917		$	315,183