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Debt Securities Available for Sale (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Debt securities, available-for-sale

Debt securities available for sale at December 31, 2019 and 2018 are summarized as follows:
 
December 31, 2019
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
42,081

 
$
321

 
$
(16
)
 
$
42,386

Mortgage-backed securities and collateralized mortgage obligations
968,165

 
12,981

 
(1,265
)
 
979,881

Municipal obligations
2,284

 
1

 
(1
)
 
2,284

Corporate debt securities
68,613

 
945

 
(378
)
 
69,180

Trust preferred securities
5,000

 
—

 
(395
)
 
4,605

 
$
1,086,143

 
$
14,248

 
$
(2,055
)
 
$
1,098,336

 
December 31, 2018
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
54,821

 
$
53

 
$
(717
)
 
$
54,157

Mortgage-backed securities and collateralized mortgage obligations
934,631

 
2,812

 
(17,436
)
 
920,007

Municipal obligations
987

 
—

 
—

 
987

Corporate debt securities
54,493

 
129

 
(1,155
)
 
53,467

Trust preferred securities
5,000

 
—

 
(750
)
 
4,250

 
$
1,049,932

 
$
2,994

 
$
(20,058
)
 
$
1,032,868
Investments classified by contractual maturity date
The amortized cost and fair value of debt securities available for sale at December 31, 2019, by contractual final maturity is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
 
December 31, 2019
 
Amortized Cost
 
Fair Value
 
(In thousands)
 
 
 
 
One year or less
$
31,901

 
$
31,955

More than one year to five years
27,366

 
27,729

More than five years to ten years
53,235

 
53,669

More than ten years
5,476

 
5,102

 
117,978

 
118,455

Mortgage-backed securities and collateralized mortgage obligations
968,165

 
979,881

 
$
1,086,143

 
$
1,098,336


Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
 
December 31, 2019
 
Amortized Cost
 
Fair Value
 
(In thousands)
 
 
 
 
More than ten years
$
20,000

 
$
19,960

Mortgage-backed securities and collateralized mortgage obligations
265,756

 
269,545

 
$
285,756

 
$
289,505
Debt securities, available-for-sale, unrealized loss position, fair value
The following table summarizes the fair value and gross unrealized losses of those securities that reported an unrealized loss at December 31, 2019 and 2018 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
 
December 31, 2019
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
Fair Value
 
Gross Unrealized (Losses)
 
Fair Value
 
Gross Unrealized (Losses)
 
Fair Value
 
Gross Unrealized (Losses)
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
5,106

 
$
(13
)
 
$
4,988

 
$
(3
)
 
$
10,094

 
$
(16
)
Mortgage-backed securities and collateralized mortgage obligations
178,665

 
(946
)
 
58,208

 
(319
)
 
236,873

 
(1,265
)
Municipal obligations
696


(1
)

—


—


696


(1
)
Corporate debt securities
2,588

 
(5
)
 
4,627

 
(373
)
 
7,215

 
(378
)
Trust preferred securities
—

 
—

 
4,605

 
(395
)
 
4,605

 
(395
)
 
$
187,055

 
$
(965
)
 
$
72,428

 
$
(1,090
)
 
$
259,483

 
$
(2,055
)













(4)     Debt Securities Available for Sale (continued)
 
December 31, 2018
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
Fair Value
 
Gross Unrealized (Losses)
 
Fair Value
 
Gross Unrealized (Losses)
 
Fair Value
 
Gross Unrealized (Losses)
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
14,668

 
$
(202
)
 
$
29,437

 
$
(515
)
 
$
44,105

 
$
(717
)
Mortgage-backed securities and collateralized mortgage obligations
176,614

 
(1,034
)
 
509,397

 
(16,402
)
 
686,011

 
(17,436
)
Corporate debt securities
26,480

 
(512
)
 
9,358

 
(643
)
 
35,838

 
(1,155
)
Trust preferred securities
—

 
—

 
4,250

 
(750
)
 
4,250

 
(750
)
 
$
217,762

 
$
(1,748
)
 
$
552,442

 
$
(18,310
)
 
$
770,204

 
$
(20,058
)