Investment Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of securities available-for-sale securities

The following tables set forth investment securities available-for-sale, held-to-maturity and equity securities held-for-trading at the dates indicated:

	At December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	182,922	$	2,939	$	58	$	185,803
GSE CMOs	87,001		22		1,091		85,932
GSE MBSs	153,049		797		503		153,343
SBA commercial loan asset-backed securities	34		—		—		34
Corporate debt obligations	28,484		502		—		28,986
U.S. treasury bonds	44,675		338		116		44,897
Total investment securities available-for-sale	$	496,165	$	4,598	$	1,768	$	498,995
Investment securities held-to-maturity:
GSE debentures	$	31,228	$	113	$	51	$	31,290
GSEs MBSs	9,360		—		81		9,279
Municipal obligations	45,692		822		—		46,514
Foreign government obligations	500		—		22		478
Total investment securities held-to-maturity	$	86,780	$	935	$	154	$	87,561
Equity securities held-for-trading			$	561			$	3,581

	At December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	184,072	$	99	$	3,092	$	181,079
GSE CMOs	107,363		17		4,250		103,130
GSE MBSs	169,334		124		4,369		165,089
SBA commercial loan asset-backed securities	51		—		—		51
Corporate debt obligations	40,618		—		910		39,708
U.S. treasury bonds	13,812		65		141		13,736
Total investment securities available-for-sale	$	515,250	$	305	$	12,762	$	502,793
Investment securities held-to-maturity:
GSE debentures	$	50,546	$	22	$	967	$	49,601
GSEs MBSs	11,426		—		295		11,131
Municipal obligations	52,304		10		716		51,598
Foreign government obligations	500		—		—		500
Total investment securities held-to-maturity	$	114,776	$	32	$	1,978	$	112,830
Equity securities held for trading					1,170		$	4,207

Investment securities in a continuous unrealized loss position

Investment securities as of December 31, 2019 and 2018 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows:

	At December 31, 2019
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	10,965	$	58	$	—	$	—	$	10,965	$	58
GSE CMOs	28,659		217		55,885		874		84,544		1,091
GSE MBSs	42,046		115		42,257		388		84,303		503
SBA commercial loan asset-backed securities	—		—		33		—		33		—
U.S. Treasury bonds	25,754		116		—		—		25,754		116
Temporarily impaired investment securities available-for-sale	107,424		506		98,175		1,262		205,599		1,768
Investment securities held-to-maturity:
GSE debentures	8,714		30		2,977		21		11,691		51
GSEs MBSs	—		—		9,257		81		9,257		81
Municipal obligations	710		—		205		—		915		—
Foreign government obligations	478		22		—		—		478		22
Temporarily impaired investment securities held-to-maturity	9,902		52		12,439		102		22,341		154
Total temporarily impaired investment securities	$	117,326	$	558	$	110,614	$	1,364	$	227,940	$	1,922

	At December 31, 2018
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	25,780	$	191	$	130,284	$	2,901	$	156,064	$	3,092
GSE CMOs	—		—		102,630		4,250		102,630		4,250
GSE MBSs	21,487		113		138,051		4,256		159,538		4,369
SBA commercial loan asset-backed securities	—		—		51		—		51		—
Corporate debt obligations	10,019		93		29,689		817		39,708		910
U.S. Treasury bonds	3,927		37		4,753		104		8,680		141
Temporarily impaired investment securities available-for-sale	61,213		434		405,458		12,328		466,671		12,762
Investment securities held-to-maturity:
GSE debentures	—		—		40,653		967		40,653		967
GSEs MBSs	—		—		11,080		295		11,080		295
Municipal obligations	14,813		107		35,058		609		49,871		716
Foreign government obligations	—		—		500		—		500		—
Temporarily impaired investment securities held-to-maturity	14,813		107		87,291		1,871		102,104		1,978
Total temporarily impaired investment securities	$	76,026	$	541	$	492,749	$	14,199	$	568,775	$	14,740

Schedule of maturities of the investments in debt securities

The final stated maturities of the debt securities are as follows for the periods indicated:

	At December 31,
	2019					2018
	Amortized Cost		Estimated Fair Value		Weighted Average Rate	Amortized Cost		Estimated Fair Value		Weighted Average Rate
	(Dollars in Thousands)
Investment securities available-for-sale:
Within 1 year	$	12,797	$	12,804	1.76%	$	12,041	$	12,007	2.03%
After 1 year through 5 years	217,569		220,757		2.19%	195,701		192,692		2.14%
After 5 years through 10 years	93,805		94,212		2.04%	115,665		112,819		2.18%
Over 10 years	171,994		171,222		2.12%	191,843		185,275		2.17%
	$	496,165	$	498,995	2.13%	$	515,250	$	502,793	2.16%
Investment securities held-to-maturity:
Within 1 year	$	6,366	$	6,381	1.33%	$	7,640	$	7,618	1.17%
After 1 year through 5 years	63,898		64,559		1.81%	72,735		71,492		1.84%
After 5 years through 10 years	7,177		7,364		1.79%	23,025		22,640		2.20%
Over 10 years	9,339		9,257		1.90%	11,376		11,080		2.13%
	$	86,780	$	87,561	1.82%	$	114,776	$	112,830	1.89%

Schedule of sales of investment securities

Sales of investment and restricted equity securities are summarized as follows:

	Year Ended December 31,
	2019			2018			2017
	(In Thousands)
Proceeds from sales of debt securities	$	—		$	20,000		$	—
Proceeds from sales of marketable and restricted equity securities	1,212			2,700			11,393
Gross gains from sales	—			1,472			11,612
Gross losses from sales	(232		)	(68		)	(219		)
Gain on sales of securities, net	$	(232	)	$	1,404		$	11,393