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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investment Securities [Abstract]

Investment Securities

	September 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	$	135,067		$	4,897		$	-		$	139,964		1.96%
GNMA certificates		141,412			4,480			-			145,892		2.29%
CMOs issued by US government-sponsored agencies		42,816			1,048			-			43,864		1.97%
Total mortgage-backed securities		319,295			10,425			-			329,720		2.11%
Investment securities
US Treasury securities		91,109			422			-			91,531		1.61%
Obligations of US government-sponsored agencies		1,688			26			-			1,714		1.39%
Other debt securities		808			42			-			850		2.99%
Total investment securities		93,605			490			-			94,095		1.62%
Total securities available for sale	$	412,900		$	10,915		$	-		$	423,815		2.00%

	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

	September 30, 2020
	Available-for-sale
	Amortized Cost			Fair Value
	(In thousands)
Mortgage-backed securities
Due less than one year
FNMA and FHLMC certificates	$	597		$	624
Total due in less than one year		597			624
Due from 1 to 5 years
GNMA certificates		546			550
Total due from 1 to 5 years		546			550
Due after 5 to 10 years
CMOs issued by US government-sponsored agencies	$	35,553		$	36,442
FNMA and FHLMC certificates		103,975		$	107,933
GNMA certificates		64,979		$	66,388
Total due after 5 to 10 years		204,507			210,763
Due after 10 years
FNMA and FHLMC certificates	$	30,495		$	31,407
GNMA certificates		75,888		$	78,954
CMOs issued by US government-sponsored agencies		7,262		$	7,422
Total due after 10 years		113,645			117,783
Total mortgage-backed securities		319,295			329,720
Investment securities
Due less than one year
US Treasury securities	$	81,103		$	81,245
Other debt securities		100		$	100
Total due in less than one year		81,203			81,345
Due from 1 to 5 years
Obligations of US government-sponsored agencies	$	1,688		$	1,714
US Treasury securities		10,006		$	10,286
Total due from 1 to 5 years		11,694			12,000
Due from 5 to 10 years
Other debt securities		708			750
Total due after 5 to 10 years		708			750
Total investment securities		93,605			94,095
Total	$	412,900		$	423,815

Gross Realized Gains and Losses by Category

	Nine-Month Period Ended September 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		$	-


	Nine-Month Period Ended September 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	$	451,081		$	447,305		$	3,776		$	-
GNMA certificates		229,385			224,887			4,498			-
Total	$	680,466		$	672,192		$	8,274		$	-

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