INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract]

Major Categories of Securities Owned by Entity

The following tables summarize the major categories of securities owned by the Company as of the dates indicated:

	At March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities available-for-sale:
Agency Notes	$	10,000	$	36	$	—		$	10,036
Corporate Securities		47,111		465		(544	)		47,032
Pass-through MBS issued by GSEs		227,805		10,829		—			238,634
Agency Collateralized Mortgage Obligations (“CMOs”)		255,896		6,671		(444	)		262,123
Total securities available-for-sale	$	540,812	$	18,001	$	(988	)	$	557,825

	At December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities available-for-sale:
Agency Notes	$	20,000	$	—	$	(65	)	$	19,935
Corporate Securities		28,086		510		—			28,596
Pass-through MBS issued by GSEs		241,695		5,788		—			247,483
Agency CMOs		254,453		1,105		(577	)		254,981
Total securities available-for-sale	$	544,234	$	7,403	$	(642	)	$	550,995

Summary of Sale of Available-for-sale Securities

At March 31, 2020, the available-for-sale agency notes possessed a weighted average contractual maturity of 6.4 years.  At March 31, 2020, available-for-sale agency CMO and MBS securities possessed a weighted average contractual maturity of 17.0 years.  At March 31, 2020, the corporate securities possessed a weighted average contractual maturity of 5.3 years.

	For the Three Months Ended March 31,
	2020		2019
Pass through MBS issued by GSEs:
Proceeds		—		6,117
Gross gains		—		—
Tax expense on gain		—		—
Gross losses		—		174
Tax benefit on loss		—		56
Agency CMOs:
Proceeds		4,199		9,382
Gross gains		8		98
Tax expense on gain		3		31
Gross losses		—		—
Tax benefit on loss		—		—

Sales of Marketable Equity Securities

A summary of the sales of marketable equity securities is listed below for the periods indicated:

	For the Three Months Ended March 31,
	2020		2019
Proceeds:
Marketable equity securities	$	137	$	137

Gross Unrealized Losses and Fair Value of Investment Securities by Investment Category and Length of Time in a Continuous Unrealized Loss Position

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, 2020
	Less than 12 Consecutive Months				12 Consecutive Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale:
Corporate Notes	$	32,303	$	544	$	—	$	—	$	32,303	$	544
Agency CMOs		59,814		444		—		—		59,814		444

	December 31, 2019
	Less than 12 Consecutive Months				12 Consecutive Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale:
Agency Notes	$	9,935	$	65	$	—	$	—	$	9,935	$	65
Agency CMOs		107,150		548		4,304		29		111,454		577