
	Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(In thousands)
At December 31, 2020
Investment securities available-for-sale at fair value:
U.S. government and agencies	$	19,962	$	1,022	$	—	$	20,984
Government-sponsored entities	142,985		4,801		—		147,786
Municipal bonds	324,422		22,177		(11)		346,588
Mortgage-backed securities (1)	711,144		17,805		(614)		728,335
Total	$	1,198,513	$	45,805	$	(625)	$	1,243,693

Investment securities held-to-maturity at amortized cost:

Mortgage-backed securities (1)	$	35,223	$	719	$	—	$	35,942
Total	$	35,223	$	719	$	—	$	35,942

Equity securities at fair value:
Money market mutual funds (2)	$	41,452	$	—	$	—	$	41,452
Total	$	41,452	$	—	$	—	$	41,452


	Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(In thousands)
At December 31, 2019
Investment securities available-for-sale at fair value:
U.S. government and agencies	$	19,955	$	42	$	(57)	$	19,940
Government-sponsored entities	154,963		1,292		—		156,255
Municipal bonds	312,977		12,551		(73)		325,455
Mortgage-backed securities (1)	479,005		1,117		(3,488)		476,634
Total	$	966,900	$	15,002	$	(3,618)	$	978,284

Investment securities held-to-maturity at amortized cost:

Mortgage-backed securities (1)	48,212		53		(316)		47,949
Total	$	48,212	$	53	$	(316)	$	47,949

Equity securities at fair value:
Money market mutual funds (2)	$	18,810	$	—	$	—	$	18,810
Total	$	18,810	$	—	$	—	$	18,810

the investment portfolio for credit impairment. The Company considers the Investment securities held-to-maturity portfolio to meet the "zero loss" expectation requirements. All Investment securities held-to-maturity owned by the Company are AAA rated mortgage-backed securities that are backed by the guarantees of the U.S. government, U.S. government agencies or government-sponsored entities. The Company has experienced zero losses for these securities. In addition, as of December 31, 2020, no Investment securities held-to-maturity securities were past due. Therefore, no credit allowance was recorded on the Investment securities held-to-maturity investment portfolio. The Company evaluated the Investment securities available-for-

sale on a security by security basis and identified no security with impairment. Therefore, no credit allowance was booked on the Investment securities available-for-sale investment portfolio. See Part II. Item 8. “Notes to Consolidated Financial Statements - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” for additional information on ASU 2016-13.

The following tables present the maturities of Investment securities available-for-sale, based on contractual maturity, and the weighted average yields of such securities as of December 31, 2020. Certain securities are callable before their final maturity. Additionally, certain securities (such as Mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but due to prepayments and curtailments are expected to have shorter lives.


	U.S. government and agencies (1)						Government-sponsored entities (1)
	Amortized cost		Fair value		Weighted average yield		Amortized cost		Fair value		Weighted average yield
	(In thousands, except percentages)
Within one year	$	—	$	—	—	%	$	27,776	$	28,107	1.89	%
After one, but within five years	10,000		10,337		1.75	%	100,116		103,336		1.99	%
After five, but within ten years	9,962		10,647		1.70	%	15,093		16,343		2.00	%
Greater than ten years	—		—		—	%	—		—		—	%
Total	$	19,962	$	20,984	1.72	%	$	142,985	$	147,786	1.97	%


	Municipal bonds (1)						Mortgage-backed securities (2)
	Amortized cost		Fair value		Weighted average yield		Amortized cost		Fair value		Weighted average yield
	(In thousands, except percentages)
Within one year	$	10,582	$	10,676	2.16	%	$	9,310	$	9,341	2.22	%
After one, but within five years	10,678		10,895		2.39	%	170,295		179,035		2.16	%
After five, but within ten years	87,513		93,603		2.60	%	121,639		127,337		2.12	%
Greater than ten years	215,649		231,414		2.43	%	409,900		412,622		1.44	%
Total	$	324,422	$	346,588	2.47	%	$	711,144	$	728,335	1.74	%

The following table presents the maturities of Investment securities held-to-maturity, based on contractual maturity, and the weighted average yields of such securities as of December 31, 2020:


	Mortgage-backed securities (2)
		Amortized cost		Fair value		Weighted average yield
		(In thousands, except percentages)
Within one year		$	—	$	—	—	%
After one, but within five years		—		—		—	%
After five, but within ten years		28,858		29,449		2.23	%
Greater than ten years		6,365		6,493		2.48	%
Total		$	35,223	$	35,942	2.28	%

The weighted average remaining maturity at December 31, 2020 was 11.4 years for Investment securities available-for-sale, with $274.5 million of Investment securities available-for-sale callable before maturity. The weighted average remaining maturity at December 31, 2019 was 7.7 years for Investment securities available-for-sale, with $239.0 million of Investment securities available-for-sale callable before maturity.

The weighted average remaining maturity for Investment securities held-to-maturity was 9.0 years and 10.0 years at December 31, 2020 and December 31, 2019, respectively.

The following table presents the maturities of Equity securities at fair value, based on contractual maturity, and the weighted average yields of such securities as of December 31, 2020:


	Money market mutual funds
	Amortized cost		Fair value		Weighted average yield
	(In thousands)
Within one year	$	41,452	$	41,452	0.40	%
After one, but within five years	—		—		—	%
After five, but within ten years	—		—		—	%
Greater than ten years	—		—		—	%
Total	$	41,452	$	41,452	0.40	%

The following table presents the proceeds from sales, gross realized gains, and gross realized losses for Investment securities available-for-sale that were sold or called during the following periods, as well as changes in fair value of equity securities as prescribed by ASC 321, Investment- Equity Securities. ASU 2016-01, Recognition and Measurements of Financial Assets and Financial Liabilities was adopted on January 1, 2018, at which time a cumulative effect adjustment of $339 thousand was recorded to reclassify the amount of accumulated unrealized gains related to equity securities from Accumulated other comprehensive income to Retained earnings.


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Proceeds from sales (1)	$	—	$	—	$	53,412
Realized gains	—		—		7
Realized losses	—		—		(597)
Change in unrealized gain/(loss) on equity securities reflected in the Consolidated Statements of Operations (2)	—		—		(23)

The following tables present information regarding securities at December 31, 2020 and 2019 having temporary impairment due to the fair values having declined below the amortized cost of the individual securities and the time period that the investments have been temporarily impaired. As of December 31, 2020, there were no Investment securities held-to-maturity in an unrealized loss position.


	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		Number of securities
	(In thousands, except number of securities)
December 31, 2020
Investment securities available-for-sale


Municipal bonds	$	2,344	$	(11)	$	—	$	—	$	2,344	$	(11)	2
Mortgage-backed securities (1)	126,545		(519)		5,411		(95)		131,956		(614)		41

Total	$	128,889	$	(530)	$	5,411	$	(95)	$	134,300	$	(625)	43


	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		Number of securities
	(In thousands, except number of securities)
December 31, 2019
Investment securities available-for-sale
U.S. government and agencies	$	9,899	$	(57)	$	—	$	—	$	9,899	$	(57)	1
Government-sponsored entities	1,725		—		—		—		1,725		—		1
Municipal bonds	9,149		(73)		—		—		9,149		(73)		4
Mortgage-backed securities (1)	140,723		(1,016)		187,043		(2,472)		327,766		(3,488)		85

Total	$	161,496	$	(1,146)	$	187,043	$	(2,472)	$	348,539	$	(3,618)	91

Investment securities held-to-maturity
Mortgage-backed securities (1)	$	10,328	$	(11)	$	30,451	$	(305)	$	40,779	$	(316)	14
Total	$	10,328	$	(11)	$	30,451	$	(305)	$	40,779	$	(316)	14

As of December 31, 2020, the Mortgage-backed securities in the first table above had current Standard and Poor's credit rating of AAA and the municipal bonds in the first table above had a current Standard and Poor’s credit rating of at least AA+. At December 31, 2020, the Company determined that the unrealized losses on investments, since their purchase, is primarily attributed to changes in interest rates and not as a result of the deterioration of credit quality.

At December 31, 2020 and December 31, 2019, the amount of investment securities in an unrealized loss position greater than 12 months, as well as in total, was primarily due to changes in interest rates and not due to credit quality. As of December 31, 2020, the Company had no intent to sell any securities in an unrealized loss position, and it is not more likely than not that the Company would be forced to sell any of these securities prior to the full recovery of all unrealized loss amounts. Subsequent to December 31, 2020 and through the date of the filing of this Annual Report on Form 10-K, no securities were downgraded to below investment grade, nor were any securities in an unrealized loss position sold.


	Amortized cost		Fair value
	(In thousands)

Federal Home Loan Mortgage Corporation	$	405,243	$	419,653
Federal Home Loan Bank	88,802		91,761
Federal National Mortgage Association	331,881		336,644
Total	$	825,926	$	848,058

The Company invests in low-income housing tax credits, which are included in Other assets, to encourage private capital investment in the construction and rehabilitation of low-income housing. The Company makes these investments through an indirect subsidy that allows investors, such as the Company, in a flow-through limited liability entity, such as limited partnerships or limited liability companies that manage or invest in qualified affordable housing projects, to receive the benefits of the tax credits allocated to the entity that owns the qualified affordable housing project. The Company also holds partnership interests in small business investment companies formed to provide financing to small businesses and to promote community development.

The Company amortizes its investment in the low income housing tax credits using the proportional amortization method. Under the proportional amortization method, the Company amortizes the cost of its investment, in proportion to the tax credits and other tax benefits it receives to Income tax expense. Included in Income tax expense was amortization of $4.9 million, $4.3 million, and $3.0 million for the years ending December 31, 2020, 2019 and 2018, respectively. Also included in Income tax expense were the related tax benefits of $5.0 million, $4.1 million and $2.9 million for the years ending December 31, 2020, 2019, and 2018, respectively.

The Company had $75.7 million and $65.5 million in cost method investments included in Other assets as of December 31, 2020 and December 31, 2019, respectively. In addition, the Company had $35.4 million and $27.8 million in

Under the proportional amortization method, an investment must be tested for impairment when events or changes in circumstances indicate that it is more likely than not that the carrying amount of the investment will not be realized. There was no indication of impairment for the years ending December 31, 2020 and 2019.