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INVESTMENT AND MORTGAGE-BACKED SECURITIES | 6 Months Ended
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Jun. 30, 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 82,474 | ​ | $ | — | ​ | $ | (1,439) | ​ | $ | 81,035
Treasury securities | ​ | ​ | 167,984 | ​ | ​ | 114 | ​ | ​ | (100) | ​ | ​ | 167,998
Corporate securities | ​ |  | 103,740 | ​ |  | 4,380 | ​ |  | (56) | ​ |  | 108,064
Pass-through MBS issued by GSEs | ​ |  | 326,786 | ​ |  | 6,908 | ​ |  | (1,945) | ​ |  | 331,749
Agency Collateralized Mortgage Obligations ("CMOs") | ​ |  | 528,649 | ​ |  | 6,532 | ​ |  | (3,691) | ​ |  | 531,490
State and municipal obligations | ​ | ​ | 41,329 | ​ | ​ | 231 | ​ | ​ | (108) | ​ | ​ | 41,452
Total securities available-for-sale | ​ | $ | 1,250,962 | ​ | $ | 18,165 | ​ | $ | (7,339) | ​ | $ | 1,261,788
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 $505.5 million and $99.4 million at June 30, 2021 and December 31, 2020, respectively. At June 30, 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | June 30, 2021
​ | ​ | Amortized | ​ | Fair
(In thousands) | ​ | Cost | ​ | Value
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | 949 | ​ | $ | 958
One to five years | ​ | ​ | 174,565 | ​ | ​ | 174,660
Five to ten years | ​ | ​ | 212,080 | ​ | ​ | 215,115
Beyond ten years | ​ | ​ | 7,933 | ​ | ​ | 7,816
Pass-through MBS issued by GSEs and agency CMO | ​ | ​ | 855,435 | ​ | ​ | 863,239
Total | ​ | $ | 1,250,962 | ​ | $ | 1,261,788
​ The following table presents the information related to sales of securities available-for-sale as of the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2021 |  | 2020 | ​ | 2021 |  | 2020
Agency Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | $ | — | ​ | $ | 273 | ​ | $ | — | ​ | $ | 273
Gross gains | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Tax expense on gain | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Gross losses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Tax benefit on loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Corporate Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | ​ | 3,519 | ​ | ​ | 25,403 | ​ | ​ | 50,273 | ​ | ​ | 25,403
Gross gains | ​ | ​ | 20 | ​ | ​ | 1,344 | ​ | ​ | 729 | ​ | ​ | 1,344
Tax expense on gain | ​ | ​ | 6 | ​ | ​ | 423 | ​ | ​ | 232 | ​ | ​ | 423
Gross losses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 41 | ​ | ​ | —
Tax benefit on loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13 | ​ | ​ | —
Pass through MBS issued by GSEs: |  | ​ | ​ |  | ​ |  | ​ | ​ |  |  | ​ |
Proceeds | ​ | ​ | — | ​ | ​ | 33,195 | ​ | ​ | 26,823 | ​ | ​ | 33,195
Gross gains | ​ |  | — | ​ |  | 1,790 | ​ |  | 187 | ​ |  | 1,790
Tax expense on gain | ​ |  | — | ​ |  | 563 | ​ |  | 59 | ​ |  | 563
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 | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2021 |  | 2020 | ​ | 2021 |  | 2020
Proceeds: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Marketable equity securities | ​ | $ | — | ​ | $ | 136 | ​ | $ | 6,101 | ​ | $ | 273
​ There were no gains on marketable equity securities for the three months ended June 30, 2021. Net gain of $436 thousand was recognized on marketable equity securities for the three months ended June 30, 2020. Net gain (loss) of $131 thousand and $(36) thousand were recognized on marketable equity securities for the six months ended June 30, 2021 and 2020, respectively. 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 and mortgage-backed securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 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 | ​ | $ | 81,035 | ​ | $ | 1,439 | ​ | $ | — | ​ | $ | — | ​ | $ | 81,035 | ​ | $ | 1,439
Treasury securities | ​ | ​ | 70,963 | ​ | ​ | 100 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 70,963 | ​ | ​ | 100
Corporate securities | ​ | ​ | 6,855 | ​ | ​ | 56 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,855 | ​ | ​ | 56
Pass-through MBS issued by GSEs | ​ | ​ | 177,409 | ​ | ​ | 1,945 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 177,409 | ​ | ​ | 1,945
Agency CMOs | ​ | ​ | 235,036 | ​ | ​ | 3,691 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 235,036 | ​ | ​ | 3,691
State and municipal obligations | ​ |  | 7,723 | ​ |  | 108 | ​ |  | — | ​ |  | — | ​ |  | 7,723 | ​ |  | 108
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
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 June 30, 2021.

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