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v3.21.2

Loans Receivable and Other Lending Investments, net (Tables) | 6 Months Ended
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Jun. 30, 2021
Receivables [Abstract] |
Schedule of the company's loans and other lending investments by class | The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of | ​
​ |  | June 30, 2021 |  | December 31, 2020 | ​
Construction loans | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior mortgages | ​ | $ | 190,830 | ​ | $ | 449,733 | ​
Corporate/Partnership loans | ​ |  | 20,049 | ​ |  | 65,100 | ​
Subtotal - gross carrying value of construction loans(1) | ​ |  | 210,879 | ​ |  | 514,833 | ​
Loans | ​ |  |  | ​ |  |  | ​
Senior mortgages | ​ |  | 50,463 | ​ |  | 35,922 | ​
Corporate/Partnership loans | ​ |  | 18,674 | ​ |  | 20,567 | ​
Subordinate mortgages | ​ |  | 12,042 | ​ |  | 11,640 | ​
Subtotal - gross carrying value of loans | ​ |  | 81,179 | ​ |  | 68,129 | ​
Other lending investments | ​ |  |  | ​ |  |  | ​
Financing receivables (refer to Note 5) | ​ |  | 48,286 | ​ |  | 46,549 | ​
Held-to-maturity debt securities | ​ |  | 93,677 | ​ |  | 90,715 | ​
Available-for-sale debt securities | ​ |  | 28,074 | ​ |  | 25,274 | ​
Subtotal - other lending investments | ​ |  | 170,037 | ​ |  | 162,538 | ​
Total gross carrying value of loans receivable and other lending investments | ​ |  | 462,095 | ​ |  | 745,500 | ​
Allowance for loan losses | ​ |  | (7,135) | ​ |  | (13,170) | ​
Total loans receivable and other lending investments, net | ​ | $ | 454,960 | ​ | $ | 732,330 | ​
(1) | As of June 30, 2021, 91% of gross carrying value of construction loans had completed construction.
Schedule of changes in the company's allowance for loan losses |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | General Allowance | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Held to |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Construction | ​ | ​ | ​ | ​ | Maturity Debt | ​ | Financing | ​ | Specific | ​ | ​ | ​
Three Months Ended June 30, 2021 | ​ | Loans | ​ | Loans | ​ | Securities | ​ | Receivables | ​ | Allowance | ​ | Total
Allowance for loan losses at beginning of period | ​ | $ | 2,893 | ​ | $ | 1,815 | ​ | $ | 2,685 | ​ | $ | 998 | ​ | $ | 667 | ​ | $ | 9,058
Recovery of loan losses(1) | ​ |  | (1,253) | ​ |  | (196) | ​ |  | (292) | ​ |  | (105) | ​ |  | (77) | ​ |  | (1,923)
Allowance for loan losses at end of period | ​ | $ | 1,640 | ​ | $ | 1,619 | ​ | $ | 2,393 | ​ | $ | 893 | ​ | $ | 590 | ​ | $ | 7,135
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for loan losses at beginning of period | ​ | $ | 9,724 | ​ | $ | 686 | ​ | $ | 53 | ​ | $ | 1,100 | ​ | $ | 21,701 | ​ | $ | 33,264
Provision for loan losses(1) | ​ |  | 2,012 | ​ |  | 219 | ​ |  | 58 | ​ |  | 59 | ​ |  | — | ​ |  | 2,348
Allowance for loan losses at end of period | ​ | $ | 11,736 | ​ | $ | 905 | ​ | $ | 111 | ​ | $ | 1,159 | ​ | $ | 21,701 | ​ | $ | 35,612
(1) | During the three months ended June 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($2.3) million and $2.1 million, respectively, in its consolidated statement of operations. The recovery in 2021 was due primarily to the repayment of loans during the three months ended June 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since March 31, 2021. Of this amount, $0.4 million related to a provision for loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." The provision in 2020 was due to the macroeconomic impact of COVID-19 on commercial real estate markets, which was partially offset by a $0.3 million reduction in provision for loan losses for unfunded loan commitments that were funded during the three months ended June 30, 2020, and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities."
Changes in the Company’s allowance for loan losses were as follows for the six months ended June 30, 2021 and 2020 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | General Allowance | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Held to |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Construction | ​ | ​ | ​ | ​ | Maturity Debt | ​ | Financing | ​ | Specific | ​ | ​ | ​
Six Months Ended June 30, 2021 | ​ | Loans | ​ | Loans | ​ | Securities | ​ | Receivables | ​ | Allowance | ​ | Total
Allowance for loan losses at beginning of period | ​ | $ | 6,541 | ​ | $ | 1,643 | ​ | $ | 3,093 | ​ | $ | 1,150 | ​ | $ | 743 | ​ | $ | 13,170
Recovery of loan losses(1) | ​ |  | (4,901) | ​ |  | (24) | ​ |  | (700) | ​ |  | (257) | ​ |  | (153) | ​ |  | (6,035)
Allowance for loan losses at end of period | ​ | $ | 1,640 | ​ | $ | 1,619 | ​ | $ | 2,393 | ​ | $ | 893 | ​ | $ | 590 | ​ | $ | 7,135
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for loan losses at beginning of period | ​ | $ | 6,668 | ​ | $ | 265 | ​ | $ | — | ​ | $ | — | ​ | $ | 21,701 | ​ | $ | 28,634
Adoption of new accounting standard(2) | ​ |  | (353) | ​ |  | 98 | ​ |  | 20 | ​ |  | 964 | ​ |  | — | ​ |  | 729
Provision for loan losses(1) | ​ |  | 5,421 | ​ |  | 542 | ​ |  | 91 | ​ |  | 195 | ​ |  | — | ​ |  | 6,249
Allowance for loan losses at end of period | ​ | $ | 11,736 | ​ | $ | 905 | ​ | $ | 111 | ​ | $ | 1,159 | ​ | $ | 21,701 | ​ | $ | 35,612
(1) | During the six months ended June 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($6.1) million and $6.1 million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the six months ended June 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. The provision for loan losses in 2020 resulted from the macroeconomic impact of COVID-19 on commercial real estate markets and was partially offset by a $0.2 million reduction in provision for loan losses for unfunded loan commitments that were funded during the six months ended June 30, 2020 and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities."
(2) | On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13, of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in “Accounts payable, accrued expenses and other liabilities.”
Schedule of recorded investment in loans and associated allowance for loan losses | The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of June 30, 2021 and December 31, 2020 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Individually |  | Collectively |  | ​ | ​
​ | ​ | Evaluated for | ​ | Evaluated for | ​ | ​ | ​
​ | ​ | Impairment(1) | ​ | Impairment | ​ | Total
As of June 30, 2021 |  | ​ |  |  | ​ |  |  | ​ |
Construction loans(2) | ​ | $ | 56,610 | ​ | $ | 154,269 | ​ | $ | 210,879
Loans(2) | ​ |  | — | ​ |  | 81,179 | ​ |  | 81,179
Financing receivables | ​ |  | — | ​ |  | 48,286 | ​ |  | 48,286
Held-to-maturity debt securities | ​ |  | — | ​ |  | 93,677 | ​ |  | 93,677
Available-for-sale debt securities(3) | ​ |  | — | ​ |  | 28,074 | ​ |  | 28,074
Less: Allowance for loan losses | ​ |  | (590) | ​ |  | (6,545) | ​ |  | (7,135)
Total | ​ | $ | 56,020 | ​ | $ | 398,940 | ​ | $ | 454,960
As of December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |
Construction loans(2) | ​ | $ | 53,305 | ​ | $ | 461,528 | ​ | $ | 514,833
Loans(2) | ​ |  | — | ​ |  | 68,129 | ​ |  | 68,129
Financing receivables | ​ |  | — | ​ |  | 46,549 | ​ |  | 46,549
Held-to-maturity debt securities | ​ |  | — | ​ |  | 90,715 | ​ |  | 90,715
Available-for-sale debt securities(3) | ​ |  | — | ​ |  | 25,274 | ​ |  | 25,274
Less: Allowance for loan losses | ​ |  | (743) | ​ |  | (12,427) | ​ |  | (13,170)
Total | ​ | $ | 52,562 | ​ | $ | 679,768 | ​ | $ | 732,330
(1) | The carrying value of this loan includes an unamortized discount of $0.8 million and $0.8 million as of June 30, 2021 and December 31, 2020, respectively. The Company’s loans individually evaluated for impairment represent loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income.
(2) | The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $1.7 million and $2.3 million as of June 30, 2021 and December 31, 2020, respectively.
(3) | Available-for-sale debt securities are evaluated for impairment under ASC 326-30.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of June 30, 2021 were as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior to 2017 |  | Total
Senior mortgages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | 34,394 | ​ |  | — | ​ |  | — | ​ |  | 118,045 | ​ |  | — | ​ |  | 3,500 | ​ |  | 155,939
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 28,744 | ​ |  | — | ​ |  | — | ​ |  | 28,744
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal(1) | ​ | $ | 34,394 | ​ | $ | — | ​ | $ | — | ​ | $ | 146,789 | ​ | $ | — | ​ | $ | 3,500 | ​ | $ | 184,683
Corporate/partnership loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Risk rating | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 13,115 | ​ |  | — | ​ |  | — | ​ |  | 13,115
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | 6,934 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 6,934
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 18,674 | ​ |  | — | ​ |  | — | ​ |  | 18,674
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ | $ | 6,934 | ​ | $ | — | ​ | $ | — | ​ | $ | 31,789 | ​ | $ | — | ​ | $ | — | ​ | $ | 38,723
Subordinate mortgages | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Risk rating | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 12,042 | ​ |  | 12,042
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 12,042 | ​ | $ | 12,042
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Risk rating | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.0 | ​ |  | — | ​ |  | — | ​ |  | 48,286 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 48,286
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ | $ | — | ​ | $ | — | ​ | $ | 48,286 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 48,286
Total | ​ | $ | 41,328 | ​ | $ | — | ​ | $ | 48,286 | ​ | $ | 178,578 | ​ | $ | — | ​ | $ | 15,542 | ​ | $ | 283,734
(1) | As of June 30, 2021, excludes $56.6 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class | The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Less Than |  | Greater |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | and Equal | ​ | Than | ​ | Total | ​ | ​ | ​
​ | ​ | Current | ​ | to 90 Days | ​ | 90 Days | ​ | Past Due | ​ | Total
As of June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior mortgages | ​ | $ | 184,683 | ​ | $ | 56,610 | ​ | $ | — | ​ | ​ | 56,610 | ​ | $ | 241,293
Corporate/Partnership loans | ​ |  | 38,723 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 38,723
Subordinate mortgages | ​ |  | 12,042 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 12,042
Total | ​ | $ | 235,448 | ​ | $ | 56,610 | ​ | $ | — | ​ | $ | 56,610 | ​ | $ | 292,058
As of December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Senior mortgages | ​ | $ | 443,154 | ​ | $ | 42,501 | ​ | $ | — | ​ | $ | 42,501 | ​ | $ | 485,655
Corporate/Partnership loans | ​ |  | 42,721 | ​ |  | 42,946 | ​ |  | — | ​ |  | 42,946 | ​ |  | 85,667
Subordinate mortgages | ​ |  | 11,640 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 11,640
Total | ​ | $ | 497,515 | ​ | $ | 85,447 | ​ | $ | — | ​ | $ | 85,447 | ​ | $ | 582,962
Schedule of recorded investment in impaired loans |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2021 |  | As of December 31, 2020
​ |  | ​ | ​ |  | Unpaid |  | ​ | ​ |  | ​ | ​ |  | Unpaid |  | ​ | ​
​ | ​ | Amortized | ​ | Principal | ​ | Related | ​ | Amortized | ​ | Principal | ​ | Related
​ | ​ | Cost | ​ | Balance | ​ | Allowance | ​ | Cost | ​ | Balance | ​ | Allowance
With an allowance recorded: | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
Senior mortgages(1) | ​ | $ | 56,610 | ​ | $ | 55,859 | ​ | $ | (590) | ​ | $ | 53,305 | ​ | $ | 52,552 | ​ | $ | (743)
Total | ​ | $ | 56,610 | ​ | $ | 55,859 | ​ | $ | (590) | ​ | $ | 53,305 | ​ | $ | 52,552 | ​ | $ | (743)
(1) | The Company has one non-accrual loan as of June 30, 2021 and December 31, 2020 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the six months ended June 30, 2021 and 2020.
Schedule of contractual maturities of securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Net |  | ​ | ​ |  | Net
​ | ​ | ​ | ​ | ​ | Amortized | ​ | Unrealized | ​ | Estimated | ​ | Carrying
​ | ​ | Face Value | ​ | Cost Basis | ​ | Gain | ​ | Fair Value | ​ | Value
As of June 30, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available-for-Sale Securities |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal debt securities | ​ | $ | 23,855 | ​ | $ | 23,855 | ​ | $ | 4,219 | ​ | $ | 28,074 | ​ | $ | 28,074
Held-to-Maturity Securities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  | ​
Debt securities | ​ |  | 100,000 | ​ |  | 93,677 | ​ |  | — | ​ |  | 93,677 | ​ |  | 93,677
Total | ​ | $ | 123,855 | ​ | $ | 117,532 | ​ | $ | 4,219 | ​ | $ | 121,751 | ​ | $ | 121,751
As of December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Available-for-Sale Securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal debt securities | ​ | $ | 20,680 | ​ | $ | 20,680 | ​ | $ | 4,594 | ​ | $ | 25,274 | ​ | $ | 25,274
Held-to-Maturity Securities | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​
Debt securities | ​ |  | 100,000 | ​ |  | 90,715 | ​ |  | — | ​ |  | 90,715 | ​ |  | 90,715
Total | ​ | $ | 120,680 | ​ | $ | 111,395 | ​ | $ | 4,594 | ​ | $ | 115,989 | ​ | $ | 115,989
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ As of June 30, 2021, the contractual maturities of the Company’s securities were as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Held-to-Maturity Debt Securities |  | Available-for-Sale Debt Securities
​ | ​ | Amortized | ​ | Estimated | ​ | Amortized | ​ | Estimated
​ | ​ | Cost Basis |  | Fair Value |  | Cost Basis |  | Fair Value
Maturities |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Within one year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After one year through 5 years | ​ |  | 93,677 | ​ |  | 93,677 | ​ |  | — | ​ |  | —
After 5 years through 10 years | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
After 10 years | ​ |  | — | ​ |  | — | ​ |  | 23,855 | ​ |  | 28,074
Total | ​ | $ | 93,677 | ​ | $ | 93,677 | ​ | $ | 23,855 | ​ | $ | 28,074

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- Definition Tabular disclosure of loans and other lending investments by class. Includes the gross carrying value of a loan by class, reserve for loan losses, and the net carrying value as of the Balance Sheet date. + References No definition available. + Details
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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of impaired financing receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121611835&loc=d3e5212-111524 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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