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INVESTMENT AND MORTGAGE-BACKED SECURITIES | 9 Months Ended
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Sep. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency notes | ​ | $ | 82,475 | ​ | $ | — | ​ | $ | (1,457) | ​ | $ | 81,018
Treasury securities | ​ | ​ | 248,173 | ​ | ​ | 5 | ​ | ​ | (482) | ​ | ​ | 247,696
Corporate securities | ​ |  | 122,476 | ​ |  | 4,758 | ​ |  | (401) | ​ |  | 126,833
Pass-through MBS issued by GSEs | ​ |  | 622,225 | ​ |  | 6,005 | ​ |  | (6,273) | ​ |  | 621,957
Agency Collateralized Mortgage Obligations ("CMOs") | ​ |  | 590,385 | ​ |  | 5,159 | ​ |  | (5,118) | ​ |  | 590,426
State and municipal obligations | ​ | ​ | 41,158 | ​ | ​ | 153 | ​ | ​ | (178) | ​ | ​ | 41,133
Total securities available-for-sale | ​ | $ | 1,706,892 | ​ | $ | 16,080 | ​ | $ | (13,909) | ​ | $ | 1,709,063
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Pass-through MBS issued by GSEs | ​ | $ | 25,325 | ​ | $ | — | ​ | $ | — | ​ | $ | 25,325
Agency Collateralized Mortgage Obligations ("CMOs") | ​ |  | 14,978 | ​ |  | — | ​ |  | — | ​ |  | 14,978
Total securities held-to-maturity | ​ | $ | 40,303 | ​ | $ | — | ​ | $ | — | ​ | $ | 40,303
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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. As of December 31, 2020, there were no securities held-to-maturity. The carrying amount of securities pledged as collateral was $684.0 million and $99.4 million at September 30, 2021 and December 31, 2020, respectively. At September 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | September 30, 2021
​ | ​ | Amortized | ​ | Fair
(In thousands) | ​ | Cost | ​ | Value
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​
Within one year | ​ | $ | 1,346 | ​ | $ | 1,351
One to five years | ​ | ​ | 270,069 | ​ | ​ | 269,665
Five to ten years | ​ | ​ | 209,938 | ​ | ​ | 212,881
Beyond ten years | ​ | ​ | 12,929 | ​ | ​ | 12,783
Pass-through MBS issued by GSEs and agency CMO | ​ | ​ | 1,212,610 | ​ | ​ | 1,212,383
Total | ​ | $ | 1,706,892 | ​ | $ | 1,709,063
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity | ​ | ​ | ​ | ​ | ​ | ​
Pass-through MBS issued by GSEs and agency CMO | ​ | $ | 40,303 | ​ | $ | 40,303
Total | ​ | $ | 40,303 | ​ | $ | 40,303
​ The following table presents the information related to sales of securities available-for-sale as of the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(In thousands) |  | 2021 |  | 2020 | ​ | 2021 |  | 2020
Agency Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 273
Gross gains | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Tax expense on gain | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Gross losses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Tax benefit on loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Corporate Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50,273 | ​ | ​ | 25,403
Gross gains | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 729 | ​ | ​ | 1,344
Tax expense on gain | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 232 | ​ | ​ | 423
Gross losses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 41 | ​ | ​ | —
Tax benefit on loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13 | ​ | ​ | —
Pass through MBS issued by GSEs: |  | ​ | ​ |  | ​ |  | ​ | ​ |  |  | ​ |
Proceeds | ​ | ​ | — | ​ | ​ | 5,987 | ​ | ​ | 26,823 | ​ | ​ | 39,182
Gross gains | ​ |  | — | ​ |  | 215 | ​ |  | 187 | ​ |  | 2,005
Tax expense on gain | ​ |  | — | ​ |  | 67 | ​ |  | 59 | ​ |  | 630
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 | ​ |  | —
Gross losses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Tax benefit on loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(In thousands) |  | 2021 |  | 2020 | ​ | 2021 |  | 2020
Proceeds: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Marketable equity securities | ​ | $ | — | ​ | $ | 137 | ​ | $ | — | ​ | $ | 410
​ There were no gains on marketable equity securities for the three months ended September 30, 2021. Net gain of $175 thousand was recognized on marketable equity securities for the three months ended September 30, 2020. Net gains of $131 thousand and $139 thousand were recognized on marketable equity securities for the nine months ended September 30, 2021 and 2020, respectively. Marketable equity securities were fully liquidated in connection with the termination of the BMP. There were no sales of securities held-to-maturity during the three months ended September 30, 2021 and 2020. There were no sales of securities held-to-maturity during the nine months ended September 30, 2021 and 2020. There were no transfers to or from securities held-to-maturity during the three months ended September 30, 2021 and 2020. There were no transfers to or from securities held-to-maturity during the nine months ended September 30, 2021 and 2020. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 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 | ​ | $ | 81,018 | ​ | $ | 1,457 | ​ | $ | — | ​ | $ | — | ​ | $ | 81,018 | ​ | $ | 1,457
Treasury securities | ​ | ​ | 231,984 | ​ | ​ | 482 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 231,984 | ​ | ​ | 482
Corporate securities | ​ | ​ | 17,863 | ​ | ​ | 401 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,863 | ​ | ​ | 401
Pass-through MBS issued by GSEs | ​ | ​ | 446,864 | ​ | ​ | 6,273 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 446,864 | ​ | ​ | 6,273
Agency CMOs | ​ | ​ | 347,726 | ​ | ​ | 5,118 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 347,726 | ​ | ​ | 5,118
State and municipal obligations | ​ |  | 16,412 | ​ |  | 178 | ​ |  | — | ​ |  | — | ​ |  | 16,412 | ​ |  | 178
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 September 30, 2021.

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