
	Available-for-Sale Debt Securities
March 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	190,997	$	0	$	12,094	$	178,903
Obligations of U.S. Government sponsored entities	852,733		898		51,524		802,107
Obligations of U.S. states and political subdivisions	100,287		152		4,778		95,661
Mortgage-backed securities – residential, issued by
U.S. Government agencies	68,435		157		2,315		66,277
U.S. Government sponsored entities	891,954		83		56,264		835,773

U.S. corporate debt securities	2,500		0		73		2,427
Total available-for-sale debt securities	$	2,106,906	$	1,290	$	127,048	$	1,981,148


	Available-for-Sale Debt Securities
December 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	160,291	$	85	$	2,542	$	157,834
Obligations of U.S. Government sponsored entities	843,218		4,527		15,372		832,373
Obligations of U.S. states and political subdivisions	102,177		2,092		100		104,169
Mortgage-backed securities – residential, issued by
U.S. Government agencies	76,502		1,187		532		77,157
U.S. Government sponsored entities	879,102		5,735		14,281		870,556

U.S. corporate debt securities	2,500		0		76		2,424
Total available-for-sale debt securities	$	2,063,790	$	13,626	$	32,903	$	2,044,513


	Held-to-Maturity Securities
March 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	86,635	$	0	$	6,002	$	80,633
Obligations of U.S. Government sponsored entities	216,889		0		16,605		200,284

Total held-to-maturity debt securities	$	303,524	$	0	$	22,607	$	280,917


	Held-to-Maturity Securities
December 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	86,689	$	279	$	600	$	86,368
Obligations of U.S. Government sponsored entities	$	197,320	$	389	$	1,789	$	195,920

Total held-to-maturity debt securities	$	284,009	$	668	$	2,389	$	282,288

The Company may from time to time sell debt securities from its available-for-sale portfolio. There were no sales of available-for-sale debt securities for the three months ended March 31, 2022. Realized gains on sales of available-for-sale debt securities were $329,000 for the three months ended March 31, 2021 and we recorded $0 in realized gains (losses), for the same period during 2021. The sales of available-for-sale investment securities were the result of general investment portfolio and interest rate risk management. The Company's available-for-sale portfolio includes callable securities that may be called prior to maturity. Realized gains on called available-for-sale debt securities were $0 for the three months ended March 31, 2022 and $0 for the same period during 2021. The Company also recognized losses on equity securities of $47,000 for the three months ended March 31, 2022 and losses of $12,000 for the same period during 2021, reflecting the change in fair value.


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. Treasuries	$	174,290	$	11,756	$	4,613	$	338	$	178,903	$	12,094
Obligations of U.S. Government sponsored entities	269,829		18,755		394,741		32,769		664,570		51,524
Obligations of U.S. states and political subdivisions	65,155		4,291		3,378		487		68,533		4,778
Mortgage-backed securities – residential, issued by
U.S. Government agencies	30,557		996		17,796		1,319		48,353		2,315
U.S. Government sponsored entities	542,511		25,160		275,733		31,104		818,244		56,264
U.S. corporate debt securities	0		0		2,427		73		2,427		73
Total available-for-sale debt securities	$	1,082,342	$	60,958	$	698,688	$	66,090	$	1,781,030	$	127,048


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	147,810	$	2,542	$	0	$	0	$	147,810	$	2,542
Obligations of U.S. Government sponsored entities	362,895		6,694		289,210		8,678		652,105		15,372
Obligations of U.S. states and political subdivisions	9,700		85		1,283		15		10,983		100
Mortgage-backed securities – residential, issued by
U.S. Government agencies	22,074		160		16,846		372		38,920		532
U.S. Government sponsored entities	553,351		11,440		84,537		2,841		637,888		14,281
U.S. corporate debt securities	0		0		2,424		76		2,424		76
Total available-for-sale debt securities	$	1,095,830	$	20,921	$	394,300	$	11,982	$	1,490,130	$	32,903


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	80,633	$	6,002	$	0	$	0	$	80,633	$	6,002
Obligations of U.S. Government sponsored entities	$	200,284	$	16,605	$	0	$	0	$	200,284	$	16,605

Total held-to-maturity debt securities	$	280,917	$	22,607	$	0	$	0	$	280,917	$	22,607


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	35,280	$	600	$	0	$	0	$	35,280	$	600
Obligations of U.S. Government sponsored entities	$	84,592	$	1,789	$	0	$	0	$	84,592	$	1,789

Total held-to-maturity debt securities	$	119,872	$	2,389	$	0	$	0	$	119,872	$	2,389

The Company evaluates available-for-sale debt securities for expected credit losses ("ECL") in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors.

For available-for-sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (technical impairment) is the result of changes in interest rates or reflects a fundamental change in the credit worthiness of the underlying issuer. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses ("ACL") on the Statement of Condition, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change.

The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit-related quality of the investment securities. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost.

Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity debt securities from the estimate of credit losses. As of March 31, 2022, the held-to- maturity portfolio consisted of U.S. Treasury securities and securities issued by U.S. government-sponsored enterprises, including The Federal National Mortgage Agency and the Federal Farm Credit Banks Funding Corporation. U.S. Treasury securities are backed by the full faith and credit of and/or guaranteed by the U.S. government, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities. Securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as "risk-free," and have a long history of zero credit loss. As such, the Company did not record an allowance for credit losses for these securities as of March 31, 2022.

The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.


March 31, 2022
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	58,553	$	58,888
Due after one year through five years	525,430		501,283
Due after five years through ten years	508,112		470,234
Due after ten years	54,422		48,693
Total	1,146,517		1,079,098
Mortgage-backed securities	960,389		902,050
Total available-for-sale debt securities	$	2,106,906	$	1,981,148


December 31, 2021
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	77,159	$	77,892
Due after one year through five years	474,537		471,776
Due after five years through ten years	501,748		492,573
Due after ten years	54,742		54,559
Total	1,108,186		1,096,800
Mortgage-backed securities	955,604		947,713
Total available-for-sale debt securities	$	2,063,790	$	2,044,513

The Company also holds non-marketable Federal Home Loan Bank New York ("FHLBNY") stock and non-marketable Atlantic Community Bankers Bank ("ACBB") stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in FHLB stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock and ACBB stock totaled $7.0 million and $95,000, respectively, at March 31, 2022. These securities are carried at par, which is also cost. The FHLBNY continues to pay dividends and repurchase stock. Quarterly, we evaluate our investment in the FHLB for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, as of March 31, 2022, we determined that no impairment write-downs were required.