XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.21.1

INVESTMENT AND MORTGAGE-BACKED SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2021
INVESTMENT AND MORTGAGE-BACKED SECURITIES |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 7.INVESTMENT AND MORTGAGE-BACKED SECURITIES The following tables summarize the major categories of securities owned by the Company as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 72,500 | ​ | $ | — | ​ | $ | (2,930) | ​ | $ | 69,570
Treasury securities | ​ | ​ | 92,547 | ​ | ​ | — | ​ | ​ | (275) | ​ | ​ | 92,272
Corporate securities | ​ |  | 95,786 | ​ |  | 3,367 | ​ |  | (420) | ​ |  | 98,733
Pass-through MBS issued by GSEs | ​ |  | 321,442 | ​ |  | 7,053 | ​ |  | (4,788) | ​ |  | 323,707
Agency Collateralized Mortgage Obligations ("CMOs") | ​ |  | 522,841 | ​ |  | 6,305 | ​ |  | (6,324) | ​ |  | 522,822
State and municipal obligations | ​ | ​ | 45,498 | ​ | ​ | 179 | ​ | ​ | (288) | ​ | ​ | 45,389
Total securities available-for-sale | ​ | $ | 1,150,614 | ​ | $ | 16,904 | ​ | $ | (15,025) | ​ | $ | 1,152,493
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 47,500 | ​ | $ | 12 | ​ | $ | (91) | ​ | $ | 47,421
Corporate securities | ​ |  | 62,021 | ​ |  | 2,440 | ​ |  | — | ​ |  | 64,461
Pass-through MBS issued by GSEs | ​ |  | 135,842 | ​ |  | 7,672 | ​ |  | (31) | ​ |  | 143,483
Agency CMOs | ​ |  | 274,898 | ​ |  | 8,674 | ​ |  | (76) | ​ |  | 283,496
Total securities available-for-sale | ​ | $ | 520,261 | ​ | $ | 18,798 | ​ | $ | (198) | ​ | $ | 538,861
​ As a result of the Merger, the Company acquired $652.0 million of securities available-for-sale on the Merger Date. The carrying amount of securities pledged as collateral was $637.1 million and $99.4 million at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity. ​ The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | March 31, 2021
​ | ​ | Amortized | ​ | Fair
(In thousands) | ​ | Cost | ​ | Value
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | 2,123 | ​ | $ | 2,130
One to five years | ​ | ​ | 116,049 | ​ | ​ | 115,878
Five to ten years | ​ | ​ | 183,014 | ​ | ​ | 182,961
Beyond ten years | ​ | ​ | 5,145 | ​ | ​ | 4,995
Pass-through MBS issued by GSEs and agency CMO | ​ | ​ | 844,283 | ​ | ​ | 846,529
Total | ​ | $ | 1,150,614 | ​ | $ | 1,152,493
​ The following table presents the information related to sales of securities available-for-sale as of the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
(In thousands) | ​ | 2021 |  | 2020
Corporate Securities: | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | $ | 46,754 | ​ | $ | —
Gross gains | ​ | ​ | 709 | ​ | ​ | —
Tax expense on gain | ​ | ​ | 225 | ​ | ​ | —
Gross losses | ​ | ​ | 41 | ​ | ​ | —
Tax benefit on loss | ​ | ​ | 13 | ​ | ​ | —
Pass through MBS issued by GSEs: | ​ | ​ |  |  | ​ |
Proceeds | ​ | ​ | 26,823 | ​ | ​ | —
Gross gains | ​ |  | 187 | ​ |  | —
Tax expense on gain | ​ |  | 59 | ​ |  | —
Gross losses | ​ |  | 35 | ​ |  | —
Tax benefit on loss | ​ |  | 11 | ​ |  | —
Agency CMOs: | ​ |  |  | ​ |  |
Proceeds | ​ |  | 41,324 | ​ |  | 4,199
Gross gains | ​ |  | 268 | ​ |  | 8
Tax expense on gain | ​ |  | 85 | ​ |  | 3
Gross losses | ​ | ​ | 44 | ​ | ​ | —
Tax benefit on loss | ​ | ​ | 14 | ​ | ​ | —
State and municipal obligations: | ​ |  |  | ​ |  |
Proceeds | ​ |  | 19,657 | ​ |  | —
Gross gains | ​ |  | 143 | ​ |  | —
Tax expense on gain | ​ |  | 45 | ​ |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
(In thousands) | ​ | 2021 |  | 2020
Proceeds: | ​ | ​ |  |  | ​ |
Marketable equity securities | ​ | $ | 6,101 | ​ | $ | 137
​ Net gain of $131 thousand was recognized on marketable equity securities for the three-month period ended March 31, 2021. Net loss of $472 thousand was recognized on marketable equity securities for the three-month period ended March 31, 2020. Marketable equity securities were fully liquidated in connection with the termination of the BMP. The following table summarizes the gross unrealized losses and fair value of investment securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021
​ | ​ | Less than 12 | ​ | 12 Consecutive | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consecutive Months | ​ | Months or Longer | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(In thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 69,570 | ​ | $ | 2,930 | ​ | $ | — | ​ | $ | — | ​ | $ | 69,570 | ​ | $ | 2,930
Treasury securities | ​ | ​ | 92,272 | ​ | ​ | 275 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 92,272 | ​ | ​ | 275
Corporate securities | ​ | ​ | 18,278 | ​ | ​ | 420 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,278 | ​ | ​ | 420
Pass-through MBS issued by GSEs | ​ | ​ | 181,917 | ​ | ​ | 4,788 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 181,917 | ​ | ​ | 4,788
Agency CMOs | ​ | ​ | 239,145 | ​ | ​ | 6,324 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 239,145 | ​ | ​ | 6,324
State and municipal obligations | ​ |  | 19,004 | ​ |  | 288 | ​ |  | — | ​ |  | — | ​ |  | 19,004 | ​ |  | 288
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Less than 12 | ​ | 12 Consecutive | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consecutive Months | ​ | Months or Longer | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(In thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 22,409 | ​ | $ | 91 | ​ | $ | — | ​ | $ | — | ​ | $ | 22,409 | ​ | $ | 91
Corporate securities | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Pass-through MBS issued by GSEs | ​ |  | 5,007 | ​ |  | 31 | ​ |  | — | ​ |  | — | ​ |  | 5,007 | ​ |  | 31
Agency CMOs | ​ |  | 6,563 | ​ |  | 30 | ​ |  | 4,954 | ​ |  | 46 | ​ |  | 11,517 | ​ |  | 76
​ The issuers of securities available-for-sale are primarily U.S. government-sponsored entities or agencies. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality. In accordance with the Company’s investment policy, corporate notes are rated "investment grade" at the time of purchase and the financials of the issuers are reviewed quarterly. It is likely that the Company will not be required to sell the securities before their anticipated recovery, and as such, the Company does not consider these securities to be other-than-temporarily-impaired at March 31, 2021. On January 1, 2021, the Company adopted the CECL Standard, which requires that debt securities held to maturity be accounted for under the current expected credit losses model, including historical loss experience and impact of current conditions and reasonable and supportable forecasts, with an associated allowance for credit losses. In addition, while credit losses on debt securities available for sale should be measured in accordance with the other-than-temporary impairment (“OTTI”) framework under current GAAP, the amendments in the CECL Standard require that these credit losses be presented as an allowance for credit losses. For AFS debt securities, a decline in fair value due to credit loss results in recording an allowance for credit losses to the extent the fair value is less than the amortized cost basis. There are no held maturity securities as of March 31, 2021.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration