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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investment Securities

Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses


		December 31, 2023
					Gross			Gross			Approximate
		Amortized			Unrealized			Unrealized			Fair
		Cost (1)			Gains			Losses			Value

		(In thousands)
Securities available for sale:
Treasury notes		$	129,261		$	45		$	338		$	128,968
Federal agencies			250,731			—			2,976			247,755
Mortgage-backed - Government Agency ("Agency") ⁽²⁾			14,465			5			3			14,467
Mortgage-backed - Non-Agency residential - fair value option			485,500			—			—			485,500
Mortgage-backed - Agency - fair value option			236,997			—			—			236,997
Total securities available for sale		$	1,116,954		$	50		$	3,317		$	1,113,687
Securities held to maturity:
Mortgage-backed - Non-Agency multi-family		$	719,662		$	—		$	415		$	719,247
Mortgage-backed - Non-Agency residential			472,539			973			418			473,094
Mortgage-backed - Agency			12,016			—			822			11,194
Total securities held to maturity		$	1,204,217		$	973		$	1,655		$	1,203,535

(1)

For fair value option securities, the amortized cost reflects the carrying value, which is also equal to the fair value.

(2)

Agency includes government sponsored agencies, such as Fannie Mae, Freddie Mac, and Ginne Mae.


		December 31, 2022
					Gross			Gross			Approximate
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
Securities available for sale:
Treasury notes		$	37,234		$	1		$	955		$	36,280
Federal agencies			284,986			—			13,096			271,890
Mortgage-backed - Agency			15,167			7			7			15,167
Total securities available for sale		$	337,387		$	8		$	14,058		$	323,337
Securities held to maturity:
Mortgage-backed - Non-Agency multi-family		$	871,772		$	12		$	—		$	871,784
Mortgage-backed - Non-Agency residential			247,306			—			124			247,182
Total securities held to maturity		$	1,119,078		$	12		$	124		$	1,118,966

Schedule of amortized cost and fair value of available-for-sale securities and held to maturity securities by contractual maturity


		December 31, 2023
		Amortized			Fair
		Cost (1)			Value

Securities available for sale:		(In thousands)
Within one year		$	308,474		$	305,406
After one through five years			71,518			71,317
			379,992			376,723
Mortgage-backed - Agency			14,465			14,467
Mortgage-backed - Non-Agency residential - fair value option			485,500			485,500
Mortgage-backed - Agency - fair value option			236,997			236,997
		$	1,116,954		$	1,113,687
Securities held to maturity:
Mortgage-backed - Non-Agency multi-family		$	719,662		$	719,247
Mortgage-backed - Non-Agency residential			472,539			473,094
Mortgage-backed - Agency			12,016			11,194
		$	1,204,217		$	1,203,535

(1)

For fair value option securities, the amortized cost reflects the carrying value, which is also equal to the fair value.

Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous


		December 31, 2023
								12 Months or
		Less than 12 Months						Longer						Total
					Gross						Gross						Gross
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
		Value			Losses			Value			Losses			Value			Losses

		(In thousands)
Securities available for sale:
Treasury notes		$	3,052		$	6		$	32,080		$	332		$	35,132		$	338
Federal agencies			60,541			189			167,213			2,787			227,754			2,976
Mortgage-backed - Agency			364			1			186			2			550			3
		$	63,957		$	196		$	199,479		$	3,121		$	263,436		$	3,317


		December 31, 2022
								12 Months or
		Less than 12 Months						Longer						Total
					Gross						Gross						Gross
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
		Value			Losses			Value			Losses			Value			Losses

		(In thousands)
Securities available for sale:
Treasury notes		$	29,560		$	762		$	5,798		$	193		$	35,358		$	955
Federal agencies			19,276			724			252,613			12,372			271,889			13,096
Mortgage-backed - Agency			709			7			—			—			709			7
		$	49,545		$	1,493		$	258,411		$	12,565		$	307,956		$	14,058