At December 31, 2020, there was no allowance for credit losses on available for sale securities. The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	46,665	$	1,098	$	-	$	47,763
Asset-backed securities		254,920		1,454		967		255,407
Collateralized loan obligations		197,515		79		909		196,685
Corporate bonds		166,097		1,547		476		167,168
Trust preferred securities		2,967		-		101		2,866
Total debt securities		668,164		4,178		2,453		669,889

Mortgage-backed securities:
Collateralized mortgage obligations ⁽¹⁾		20,021		489		-		20,510
Residential pass-through securities ⁽¹⁾		693,655		12,336		-		705,991
Commercial pass-through securities ⁽¹⁾		290,095		9,597		189		299,503
Total mortgage-backed securities		1,003,771		22,422		189		1,026,004

Total securities available for sale	$	1,671,935	$	26,600	$	2,642	$	1,695,893

	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	52,843	$	1,211	$	-		54,054
Asset-backed securities		177,413		-		4,966		172,447
Collateralized loan obligations		198,619		-		4,831		193,788
Corporate bonds		142,942		1,267		570		143,639
Trust preferred securities		2,967		-		340		2,627
Total debt securities		574,784		2,478		10,707		566,555

Mortgage-backed securities:
Collateralized mortgage obligations ⁽¹⁾		30,043		860		-		30,903
Residential pass-through securities ⁽¹⁾		543,819		18,135		-		561,954
Commercial pass-through securities ⁽¹⁾		214,575		11,716		-		226,291
Total mortgage-backed securities		788,437		30,711		-		819,148

Total securities available for sale	$	1,363,221	$	33,189	$	10,707	$	1,385,703

	December 31, 2020
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	29,549	$	1,514	$	-	$	31,063
Total debt securities		29,549		1,514		-		31,063

Total securities held to maturity	$	29,549	$	1,514	$	-	$	31,063

	June 30, 2020
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	32,556	$	1,513	$	-	$	34,069
Total debt securities		32,556		1,513		-		34,069

Total securities held to maturity	$	32,556	$	1,513	$	-	$	34,069

Excluding the balances of mortgage-backed securities, the following table presents the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at December 31, 2020:

	December 31, 2020
	Amortized Cost		Fair Value
	(In Thousands)
Debt securities:
Due in one year or less	$	5,163	$	5,180
Due after one year through five years		88,106		89,216
Due after five years through ten years		341,569		343,661
Due after ten years		262,875		262,895
Total	$	697,713	$	700,952

Sales of securities available for sale were as follows for the periods presented below:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2020		2019		2020			2019
	(In Thousands)				(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities	$	25,242	$	-	$	44,842		$	3,646

Gross realized gains	$	800	$	-	$	800		$	12
Gross realized losses		-		-		(385	)		(28	)
Net gain (loss) on sales of securities	$	800	$	-	$	415		$	(16	)

Calls of securities available for sale during the three months ended December 31, 2020 and December 31, 2019 resulted in gross gains of $13,000 and $11,000, respectively. Calls of securities available for sale during the six months ended December 31, 2020 and December 31, 2019 resulted in gross gains of $21,000 and $13,000, respectively. During the three and six months ended December 31, 2020 and December 31, 2019, there were no gains or losses recorded on sales and calls of securities held to maturity.

The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

	December 31,		June 30,
	2020		2020
	(In Thousands)
Securities pledged:
Pledged for borrowings at the FHLB of New York	$	155,620	$	155,288
Pledged to secure public funds on deposit		104,434		19,944
Pledged for potential borrowings at the Federal Reserve Bank of New York		338,152		366,482
Pledged as collateral for depositor sweep accounts		-		7,830
Total carrying value of securities pledged	$	598,206	$	549,544

The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at December 31, 2020 and June 30, 2020:

	December 31, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities	$	46,989	$	529	$	44,103	$	438		10	$	91,092	$	967
Collateralized loan obligations		61,440		110		126,755		799		18		188,195		909
Corporate bonds		41,548		401		19,925		75		7		61,473		476
Trust preferred securities		-		-		2,866		101		2		2,866		101
Commercial pass-through securities		81,056		189		-		-		4		81,056		189

Total	$	231,033	$	1,229	$	193,649	$	1,413		41	$	424,682	$	2,642

	June 30, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities	$	146,494	$	3,962	$	25,954	$	1,004		16	$	172,448	$	4,966
Collateralized loan obligations		71,282		1,245		122,506		3,586		19		193,788		4,831
Corporate bonds		24,764		236		39,651		334		8		64,415		570
Trust preferred securities		-		-		2,626		340		2		2,626		340

Total	$	242,540	$	5,443	$	190,737	$	5,264		45	$	433,277	$	10,707

At December 31, 2020 and June 30, 2020, there were no held to maturity securities with unrecognized losses.

Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the consolidated statement of income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at December 31, 2020. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at December 31, 2020.

At December 31, 2020, the Company’s entire portfolio of held to maturity securities consists of municipal bonds which are highly rated by major rating agencies and have a long history of no credit losses. None of the securities in the Company’s portfolio of held to maturity municipal bonds were in an unrealized loss position. The Company continually monitors the municipal bond sector of the market and reviews collectability including such factors as the financial condition of the issuers including credit ratings in effect as of the reporting period.