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Debt Securities Available for Sale (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021 are summarized as follows:


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(In thousands)

U.S. government and agency obligations	$	68,236	$	144	$	(1,569)	$	66,811
Mortgage-backed securities and collateralized mortgage obligations	1,452,210		482		(117,345)		1,335,347
Municipal obligations	4,615		5		(123)		4,497
Corporate debt securities	90,146		1		(6,160)		83,987
	$	1,615,207	$	632	$	(125,197)	$	1,490,642


	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

Schedule of securities by contractual maturity

The amortized cost and fair value of debt securities available for sale at June 30, 2022, 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, 2022
	Amortized Cost		Fair Value
	(In thousands)

One year or less	$	915	$	914
More than one year to five years	56,479		54,788
More than five years to ten years	105,603		99,593

	$	162,997	$	155,295
Mortgage-backed securities and collateralized mortgage obligations	1,452,210		1,335,347
	$	1,615,207	$	1,490,642

The amortized cost and fair value of debt securities held to maturity at June 30, 2022, 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, 2022
	Amortized Cost		Fair Value
	(In thousands)


More than one year to five years	$	14,874	$	13,656
More than five years to ten years	19,996		17,590
More than ten years	10,000		8,096
	44,870		39,342
Mortgage-backed securities and collateralized mortgage obligations	381,014		353,683
	$	425,884	$	393,025

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, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:


	June 30, 2022
	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	$	46,356	$	(1,135)	$	4,552	$	(434)	$	50,908	$	(1,569)
Mortgage-backed securities and collateralized mortgage obligations	995,720		(79,434)		266,919		(37,911)		1,262,639		(117,345)
Municipal obligations	4,031		(123)		—		—		4,031		(123)
Corporate debt securities	77,334		(5,810)		4,650		(350)		81,984		(6,160)

	$	1,123,441	$	(86,502)	$	276,121	$	(38,695)	$	1,399,562	$	(125,197)


	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)

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table presents the activity in the allowance for credit losses on debt securities available for sale for the three and six months ended June 30, 2022:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
	(In thousands)
Allowance for Credit Losses:
Beginning balance	$	1,144	$	—
Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022	—		490
(Reversal of ) provision for credit losses	(1,144)		(490)
Balance at June 30, 2022	$	—	$	—