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Debt Securities Available-for-Sale (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020, and December 31, 2019 (in thousands):

			June 30, 2020
									Gross						Gross						Estimated
			Amortized						unrealized						unrealized						fair
			cost						gains						losses						value
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises (GSE)			$	278,065					$	11,163					$	75					$	289,153
Real estate mortgage investment conduits (REMICs):
GSE			646,257						7,878						126						654,009
Non-GSE			48						—						1						47
			924,370						19,041						202						943,209
Other debt securities:
Municipal bonds			253						1						—						254
Corporate bonds			92,631						1,395						—						94,026
			92,884						1,396						—						94,280
Total debt securities available-for-sale			$	1,017,254					$	20,437					$	202					$	1,037,489

			December 31, 2019
									Gross						Gross						Estimated
			Amortized						unrealized						unrealized						fair
			cost						gains						losses						value
Mortgage-backed securities:
Pass-through certificates:
GSE			$	324,080					$	6,081					$	754					$	329,407
REMICs:
GSE			643,816						2,076						2,225						643,667
Non-GSE			53						—						—						53
			967,949						8,157						2,979						973,127
Other debt securities:
Municipal bonds			296						3						—						299
Corporate bonds			163,725						1,214						13						164,926
			164,021						1,217						13						165,225
Total debt securities available-for-sale			$	1,131,970					$	9,374					$	2,992					$	1,138,352

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 June 30, 2020 (in thousands):

Available-for-sale			Amortized cost						Estimated fair value
Due in one year or less			$	42,195					$	42,513
Due after one year through five years			50,689						51,767
			$	92,884					$	94,280

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 June 30, 2020, and December 31, 2019, were as follows (in thousands):

			June 30, 2020
			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			$	—					$	—					$	75					$	543					$	75					$	543
REMICs:
GSE			112						31,767						14						13,281						126						45,048
Non-GSE			—						—						1						47						1						47
Other debt securities:
Municipal bonds			—						125						—						—						—						125
Total			$	112					$	31,892					$	90					$	13,871					$	202					$	45,763

			December 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			$	25					$	3,404					$	729					$	55,184					$	754					$	58,588
REMICs:
GSE			950						197,634						1,275						54,555						2,225						252,189
Non-GSE			—						—						—						53						—						53
Other debt securities:
Corporate bonds			—						—						13						15,586						13						15,586
Total			$	975					$	201,038					$	2,017					$	125,378					$	2,992					$	326,416

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.

+ References

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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=121645371&loc=d3e27290-111563

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