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Securities Held-to-Maturity

9 Months Ended

Sep. 30, 2020

Text Block [Abstract]

Securities Held-to-Maturity

6. Securities

Held-to-Maturity

The following table is a summary of the Company’s securities

held-to-maturity:


	September 30, 2020		December 31, 2019
Debt instruments: Pass-through GSEs (amortized cost)	$	501	$	16,863

During the nine months ended September 30, 2020 and 2019, the Company received proceeds of $16,441

and $2,313, respectively, from

held-to-maturity

securities maturing or being called prior to maturity.

The following table summarizes unrealized gains, losses, and fair value (classified as Level 2 within the fair value hierarchy) of securities

held-to-maturity:


	September 30, 2020			December 31, 2019
Cost/amortized cost	$	501		$	16,863
Gross unrealized gains		37			38
Gross unrealized losses		(17	)		(297	)

Fair value	$	521		$	16,604

An allowance for credit losses was not provided on the Company’s

held-to-maturity

securities as all securities are investments in pass-through GSEs which are determined to have an estimated loss rate of zero due to an implicit U.S. government guarantee. In addition, no securities were determined to be other-than-temporarily impaired at December 31, 2019.

The following table sets forth the maturity profile of the securities

held-to-maturity;

however, these securities may be called prior to maturity date:


	September 30, 2020		December 31, 2019
Due within one year	$	—	$	—
Due one year through five years		—		2,000
Due five years through ten years		—		7,494
Due over ten years		501		7,369

Total	$	501	$	16,863