XML 39 R29.htm IDEA: XBRL DOCUMENT

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investment Securities

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


		March 31, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
Securities available for sale:
Treasury notes		$	109,146		$	15		$	58		$	109,103
Federal agencies			240,000			—			1,499			238,501
Mortgage-backed - Government Agency ("Agency") ⁽²⁾ - multi-family			13,044			—			—			13,044
Mortgage-backed - Non-Agency residential - fair value option⁽¹⁾			472,192			—			—			472,192
Mortgage-backed - Agency - residential - fair value option ⁽¹⁾			228,448			—			—			228,448
Total securities available for sale		$	1,062,830		$	15		$	1,557		$	1,061,288
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family		$	710,024		$	—		$	419		$	709,605
Mortgage-backed - Non-Agency - residential			453,167			2,385			87			455,465
Mortgage-backed - Agency			11,976			—			868			11,108
Total securities held to maturity		$	1,175,167		$	2,385		$	1,374		$	1,176,178

(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 Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), and Government National Mortgage Association (“Ginnie Mae”).


		December 31, 2023
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			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⁾ - multi-family			14,465			5			3			14,467
Mortgage-backed - Non-Agency residential - fair value option⁽¹⁾			485,500			—			—			485,500
Mortgage-backed - Agency - residential - fair value option ⁽¹⁾			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 Ginnie Mae.

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


		March 31, 2024						December 31, 2023
		Amortized			Fair			Amortized			Fair
		Cost			Value			Cost			Value

Securities available for sale:		(In thousands)
Within one year		$	209,146		$	207,796		$	308,474		$	305,406
After one through five years			140,000			139,808			71,518			71,317
			349,146			347,604			379,992			376,723
Mortgage-backed - Agency			13,044			13,044			14,465			14,467
Mortgage-backed - Non-Agency residential - fair value option			472,192			472,192			485,500			485,500
Mortgage-backed - Agency - residential - fair value option			228,448			228,448			236,997			236,997
		$	1,062,830		$	1,061,288		$	1,116,954		$	1,113,687
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family		$	710,024		$	709,605		$	719,662		$	719,247
Mortgage-backed - Non-Agency - residential			453,167			455,465			472,539			473,094
Mortgage-backed - Agency			11,976			11,108			12,016			11,194
		$	1,175,167		$	1,176,178		$	1,204,217		$	1,203,535

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


		March 31, 2024
								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		$	3,092		$	1		$	26,938		$	57		$	30,030		$	58
Federal agencies			139,808			192			98,693			1,307			238,501			1,499
		$	142,900		$	193		$	125,631		$	1,364		$	268,531		$	1,557


		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