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Debt Securities Available for Sale (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and the fair value of securities available-for-sale

Debt securities available for sale at June 30, 2020 and December 31, 2019 are summarized as follows:
 
June 30, 2020
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
35,433

 
$
1,238

 
$
—

 
$
36,671

Mortgage-backed securities and collateralized mortgage obligations
1,013,079

 
43,526

 
(377
)
 
1,056,228

Municipal obligations
1,873

 
14

 
—

 
1,887

Corporate debt securities
77,551

 
2,038

 
(749
)
 
78,840

Trust preferred securities
5,000

 
—

 
(701
)
 
4,299

 
$
1,132,936

 
$
46,816

 
$
(1,827
)
 
$
1,177,925

 
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
Schedule of securities by contractual maturity
The amortized cost and fair value of debt securities available for sale at June 30, 2020, 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.
 
June 30, 2020
 
Amortized Cost
 
Fair Value
 
(In thousands)
 
 
 
 
One year or less
$
22,397

 
$
22,464

More than one year to five years
37,414

 
39,410

More than five years to ten years
59,575

 
59,338

More than ten years
471

 
485

 
$
119,857

 
$
121,697

Mortgage-backed securities and collateralized mortgage obligations
1,013,079

 
1,056,228

 
$
1,132,936

 
$
1,177,925
Debt securities, available-for-sale, unrealized loss position, fair value
The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
 
June 30, 2020
 
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)
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities and collateralized mortgage obligations
$
43,842

 
$
(267
)
 
$
31,643

 
$
(110
)
 
$
75,485

 
$
(377
)
Corporate debt securities
15,912

 
(88
)
 
4,340

 
(661
)
 
20,252

 
(749
)
Trust preferred securities
—

 
—

 
4,298

 
(701
)
 
4,298

 
(701
)
 
$
59,754

 
$
(355
)
 
$
40,281

 
$
(1,472
)
 
$
100,035

 
$
(1,827
)
 
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
)