
	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
			(In thousands)

U.S. government and agency obligations	$	34,711	$	404	$	(236)	$	34,879
Mortgage-backed securities and collateralized mortgage obligations	1,553,491		14,141		(13,273)		1,554,359
Municipal obligations	4,159		20		—		4,179
Corporate debt securities	109,018		2,378		(966)		110,430

	$	1,701,379	$	16,943	$	(14,475)	$	1,703,847


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
			(In thousands)

U.S. government and agency obligations	$	24,425	$	1,124	$	—	$	25,549
Mortgage-backed securities and collateralized mortgage obligations	1,163,613		37,343		(562)		1,200,394
Municipal obligations	16,845		17		—		16,862
Corporate debt securities	67,628		2,264		(415)		69,477
Trust preferred securities	5,000		—		(330)		4,670
	$	1,277,511	$	40,748	$	(1,307)	$	1,316,952

The amortized cost and fair value of debt securities available for sale at December 31, 2021, 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, 2021
	Amortized Cost		Fair Value
	(In thousands)

One year or less	$	5,912	$	5,998
More than one year to five years	80,419		82,493
More than five years to ten years	61,557		60,997

	$	147,888	$	149,488
Mortgage-backed securities and collateralized mortgage obligations	1,553,491		1,554,359
	$	1,701,379	$	1,703,847

Mortgage-backed securities and collateralized mortgage obligations totaling $1.6 billion at both amortized cost and fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

During the year ended December 31, 2021, proceeds from the sale of debt securities available for sale totaled $90.3 million, resulting in gross gains of $2.1 million and $439,000 of gross losses. Proceeds from called debt securities available for sale totaled $14.0 million, resulting in no gross gain or losses. Proceeds from matured debt securities available for sale totaled $210,000.

During the year ended December 31, 2020, proceeds from the sale of debt securities available for sale totaled $20.8 million, resulting in gross gains of $369,000 and no gross losses. Proceeds from called debt securities available for sale totaled $11.6 million resulting in gross gains of $1,000 and no gross losses. Proceeds from matured debt securities available for sale totaled $10.9 million.

During the year ended December 31, 2019, proceeds from the sale of debt securities available for sale totaled $65.2 million, resulting in gross gains of $2.2 million and gross losses of $22,000. Proceeds from called debt securities available for sale totaled $24.1 million resulting in gross gains of $174,000 and no gross losses. Proceeds from one matured debt security available for sale totaled $797,000.

Debt securities available for sale having a carrying value of $587.7 million and $822.2 million, at December 31, 2021 and 2020, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. Debt securities available for sale having a carrying value of $44.1 million at December 31, 2021 were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York.

The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at December 31, 2021 and 2020 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:


	December 31, 2021
	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	$	14,488	$	(236)	$	—	$	—	$	14,488	$	(236)
Mortgage-backed securities and collateralized mortgage obligations	820,746		(11,892)		62,407		(1,381)		883,153		(13,273)

Corporate debt securities	29,221		(671)		4,705		(295)		33,926		(966)

	$	864,455	$	(12,799)	$	67,112	$	(1,676)	$	931,567	$	(14,475)


	December 31, 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	$	117,978	$	(481)	$	24,018	$	(81)	$	141,996	$	(562)

Corporate debt securities	9,845		(155)		5,740		(260)		15,585		(415)
Trust preferred securities	—		—		4,670		(330)		4,670		(330)
	$	127,823	$	(636)	$	34,428	$	(671)	$	162,251	$	(1,307)

The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities available for sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2021, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery.

The number of securities in an unrealized loss position at December 31, 2021 totaled 219, compared with 40 at December 31, 2020. All temporarily impaired securities were investment grade as of December 31, 2021 and 2020.

The Company did not record an other-than-temporary impairment charge on debt securities available for sale during the years ended December 31, 2021, 2020, and 2019.


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(In thousands)

U.S. government and agency obligations	$	44,870	$	—	$	(759)	$	44,111
Mortgage-backed securities and collateralized mortgage obligations	384,864		6,741		(927)		390,678
	$	429,734	$	6,741	$	(1,686)	$	434,789


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(In thousands)

U.S. government and agency obligations	$	5,000	$	1	$	—	$	5,001
Mortgage-backed securities and collateralized mortgage obligations	257,720		14,372		(2)		272,090
	$	262,720	$	14,373	$	(2)	$	277,091

The amortized cost and fair value of debt securities held to maturity at December 31, 2021, 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, 2021
	Amortized Cost		Fair Value
	(In thousands)

More than one year to five years	$	14,875	$	14,754
More than five years to ten years	19,995		19,539
More than ten years	10,000		9,818
	44,870		44,111
Mortgage-backed securities and collateralized mortgage obligations	384,864		390,678
	$	429,734	$	434,789

Mortgage-backed securities and collateralized mortgage obligations totaling $384.9 million at amortized cost, and $390.7 million at fair value at December 31, 2021, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

During the year ended December 31, 2021, there were no sales of debt securities held to maturity. During the year ended December 31, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses.

During the years ended December 31, 2020 and 2019, there were no sales of debt securities held to maturity. During the year ended December 31, 2020, proceeds from called debt securities held to maturity totaled $20.0 million, resulting in no gross gains or losses. During the year ended December 31, 2019, proceeds from called debt securities held to maturity totaled $33.4 million, resulting in $24,000 of gross gains and no gross losses.

Debt securities held to maturity having a carrying value of $252.4 million and $220.5 million, at December 31, 2021 and 2020, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York.


	December 31, 2021
	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	$	44,111	$	(759)	$	—	$	—	$	44,111	$	(759)
Mortgage-backed securities and collateralized mortgage obligations	79,036		(927)		—		—		79,036		(927)
	$	123,147	$	(1,686)	$	—	$	—	$	123,147	$	(1,686)


	December 31, 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	$	2,176	$	(2)	$	—	$	—	$	2,176	$	(2)
	$	2,176	$	(2)	$	—	$	—	$	2,176	$	(2)

The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities held to maturity was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2021, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery.

There were 25 securities in an unrealized loss position as of December 31, 2021, compared with two at December 31, 2020. All temporarily impaired securities were investment grade as of December 31, 2021 and 2020.

The Company did not record an other-than-temporary impairment charge on debt securities held to maturity for the years ended December 31, 2021, 2020, and 2019.

The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, and preferred stock in U.S. Government agencies which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at December 31, 2021 and 2020 was $2.7 million and $5.4 million, respectively.

The Company adopted ASU 2016-01 on January 1, 2019, resulting in a $548,000 after tax cumulative-effect adjustment from other comprehensive income (loss) to retained earnings, as reflected in the Consolidated Statements of Changes in Stockholders' Equity. The Company recorded a net (decrease) increase in the fair value of equity securities of $(1.8) million and $767,000 for the years ended December 31, 2021 and 2020, respectively, as a component of non-interest income.