Debt Securities Held-to-Maturity

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

The following is a summary of mortgage-backed securities held-to-maturity at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	6,417	$	286	$	—	$	6,703
Total securities held-to-maturity	$	6,417	$	286	$	—	$	6,703


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	7,234	$	340	$	—	$	7,574
Total securities held-to-maturity	$	7,234	$	340	$	—	$	7,574

Contractual maturities for mortgage-backed securities are not presented, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. There were no sales of held-to-maturity securities for the six months ended June 30, 2021 or June 30, 2020.

At June 30, 2021, debt securities held-to-maturity with a carrying value of $6.4 million were pledged to secure borrowings and deposits.

At June 30, 2021 and December 31, 2020, there were no debt securities held-to-maturity in an unrealized loss position.

The Company's held-to-maturity securities are residential mortgage-backed securities issued by Ginnie Mae, Freddie MAC and Fannie Mae, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. Government. Accordingly, no allowance for credit losses has been recorded for these securities.

The Company has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. Accrued interest receivable associated with held-to-maturity securities totaling $19,400 at June 30, 2021 is reported in accrued interest receivable on the consolidated balance sheet.