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Debt Securities Available-for-Sale (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Comparative Summary of Mortgage-Backed Securities and Other Securities Available-for-Sale

The following is a comparative summary of mortgage-backed and other debt securities available-for-sale at March 31, 2019, and December 31, 2018 (in thousands):

	March 31, 2019
					Gross				Gross				Estimated
	Amortized				unrealized				unrealized				fair
	cost				gains				losses				value
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises (GSE)	$	404,108			$	2,656			$	2,227			$	404,537
Real estate mortgage investment conduits (REMICs):
GSE	268,399				565				5,472				263,492
Non-GSE	58				—				1				57
	672,565				3,221				7,700				668,086
Other debt securities:
Municipal bonds	270				4				—				274
Corporate bonds	225,599				727				414				225,912
	225,869				731				414				226,186
Total debt securities available-for-sale	$	898,434			$	3,952			$	8,114			$	894,272

	December 31, 2018
					Gross				Gross				Estimated
	Amortized				unrealized				unrealized				fair
	cost				gains				losses				value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	317,530			$	800			$	3,542			$	314,788
REMICs:
GSE	258,050				92				7,979				250,163
Non-GSE	59				—				1				58
	575,639				892				11,522				565,009
Other debt securities:
Municipal bonds	270				3				—				273
Corporate bonds	244,892				72				2,215				242,749
	245,162				75				2,215				243,022
Total debt securities available-for-sale	$	820,801			$	967			$	13,737			$	808,031

Summary of Expected Maturity Distribution of Debt Securities Available-for-Sale, Other Than Mortgage-Backed Securities

The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at March 31, 2019 (in thousands):

Available-for-sale	Amortized cost				Estimated fair value
Due in one year or less	$	44,901			$	44,947
Due after one year through five years	176,033				176,354
Due after five years through ten years	4,935				4,885
	$	225,869			$	226,186

Gross Unrealized Losses on Mortgage-Backed Securities

Gross unrealized losses on mortgage-backed and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2019, and December 31, 2018, were as follows (in thousands):

	March 31, 2019
	Less than 12 months								12 months or more								Total
	Unrealized				Estimated				Unrealized				Estimated				Unrealized				Estimated
	losses				fair value				losses				fair value				losses				fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	170			$	34,164			$	2,057			$	96,411			$	2,227			$	130,575
REMICs:
GSE	8				19,136				5,464				170,787				5,472				189,923
Non-GSE									1				57				1				57
Other debt securities:
Corporate bonds	124				53,417				290				35,806				414				89,223
Total	$	302			$	106,717			$	7,812			$	303,061			$	8,114			$	409,778

	December 31, 2018
	Less than 12 months								12 months or more								Total
	Unrealized				Estimated				Unrealized				Estimated				Unrealized				Estimated
	losses				fair value				losses				fair value				losses				fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	404			$	82,781			$	3,138			$	100,109			$	3,542			$	182,890
REMICs:
GSE	269				46,921				7,710				181,512				7,979				228,433
Non-GSE	—				—				1				58				1				58
Other debt securities:
Corporate bonds	1,703				173,219				512				25,675				2,215				198,894
Total	$	2,376			$	302,921			$	11,361			$	307,354			$	13,737			$	610,275

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563

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