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Debt Securities Available-for-Sale (Tables) | 6 Months Ended
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Jun. 30, 2022
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 securities and other debt securities available-for-sale at June 30, 2022, and December 31, 2021 (in thousands):
| June 30, 2022
|  |  | Gross |  | Gross |  | Estimated
| Amortized |  | unrealized |  | unrealized |  | fair
| cost |  | gains |  | losses |  | value
U.S. Government agency securities | $ | 76,572 |  |  | $ | — |  |  | $ | (1,769) |  |  | $ | 74,803 |
Mortgage-backed securities: |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |
Government sponsored enterprises ("GSEs") | 538,676 |  |  | 49 |  |  | (25,299) |  |  | 513,426 |
Real estate mortgage investment conduits ("REMICs"): |  |  |  |  |  |  |
GSE | 317,266 |  |  | — |  |  | (9,453) |  |  | 307,813 |
| 855,942 |  |  | 49 |  |  | (34,752) |  |  | 821,239 |
Other debt securities: |  |  |  |  |  |  |
Municipal bonds | 52 |  |  | — |  |  | — |  |  | 52 |
Corporate bonds | 197,818 |  |  | 22 |  |  | (7,066) |  |  | 190,774 |
| 197,870 |  |  | 22 |  |  | (7,066) |  |  | 190,826 |
Total debt securities available-for-sale | $ | 1,130,384 |  |  | $ | 71 |  |  | $ | (43,587) |  |  | $ | 1,086,868 |
| December 31, 2021
|  |  | Gross |  | Gross |  | Estimated
| Amortized |  | unrealized |  | unrealized |  | fair
| cost |  | gains |  | losses |  | value
U.S. Government agency securities | $ | 2,344 |  |  | $ | — |  |  | $ | (54) |  |  | $ | 2,290 |
Mortgage-backed securities: |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |
GSE | 579,035 |  |  | 5,233 |  |  | (2,862) |  |  | 581,406 |
REMICs: |  |  |  |  |  |  |
GSE | 390,755 |  |  | 2,398 |  |  | (1,443) |  |  | 391,710 |
| 969,790 |  |  | 7,631 |  |  | (4,305) |  |  | 973,116 |
Other debt securities: |  |  |  |  |  |  |
Municipal bonds | 71 |  |  | 1 |  |  | — |  |  | 72 |
Corporate bonds | 233,311 |  |  | 192 |  |  | (744) |  |  | 232,759 |
| 233,382 |  |  | 193 |  |  | (744) |  |  | 232,831 |
Total debt securities available-for-sale | $ | 1,205,516 |  |  | $ | 7,824 |  |  | $ | (5,103) |  |  | $ | 1,208,237 |
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, 2022 (in thousands):
Available-for-sale |  | Amortized cost |  | Estimated fair value
Due in one year or less |  | $ | 159,755 |  |  | $ | 156,465 |
Due after one year through five years |  | 113,115 |  |  | 107,719 |
Due after five years through ten years |  | 1,572 |  |  | 1,445 |
|  | $ | 274,442 |  |  | $ | 265,629 |
Gross Unrealized Losses on Mortgage-Backed Securities | Gross unrealized losses on mortgage-backed securities 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, 2022 and December 31, 2021, were as follows (in thousands):
| June 30, 2022
| Less than 12 months |  | 12 months or more |  | Total
| Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated
| losses |  | fair value |  | losses |  | fair value |  | losses |  | fair value
U.S. Government agency securities | $ | (1,642) |  |  | $ | 73,358 |  |  | $ | (127) |  |  | $ | 1,444 |  |  | $ | (1,769) |  |  | $ | 74,802 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |  |  |  |  |
GSE | (24,602) |  |  | 490,569 |  |  | (668) |  |  | 7,927 |  |  | (25,270) |  |  | 498,496 |
REMICs: |  |  |  |  |  |  |  |  |  |  |
GSE | (6,077) |  |  | 246,515 |  |  | (3,405) |  |  | 60,905 |  |  | (9,482) |  |  | 307,420 |
Other debt securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | (5,368) |  |  | 159,665 |  |  | (1,698) |  |  | 13,312 |  |  | (7,066) |  |  | 172,977 |
Total | $ | (37,689) |  |  | $ | 970,107 |  |  | $ | (5,898) |  |  | $ | 83,588 |  |  | $ | (43,587) |  |  | $ | 1,053,695 |
| December 31, 2021
| Less than 12 months |  | 12 months or more |  | Total
| Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated
| losses |  | fair value |  | losses |  | fair value |  | losses |  | fair value
U.S. Government agency securities | $ | — |  |  | $ | — |  |  | $ | (54) |  |  | $ | 2,290 |  |  | $ | (54) |  |  | $ | 2,290 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Pass-through certificates: |  |  |  |  |  |  |  |  |  |  |
GSE | (2,543) |  |  | 417,291 |  |  | (318) |  |  | 14,625 |  |  | (2,861) |  |  | 431,916 |
REMICs: |  |  |  |  |  |  |  |  |  |  |
GSE | (1,350) |  |  | 125,725 |  |  | (94) |  |  | 4,413 |  |  | (1,444) |  |  | 130,138 |
Other debt securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | (744) |  |  | 146,853 |  |  | — |  |  | — |  |  | (744) |  |  | 146,853 |
Total | $ | (4,637) |  |  | $ | 689,869 |  |  | $ | (466) |  |  | $ | 21,328 |  |  | $ | (5,103) |  |  | $ | 711,197 |
Gross unrealized losses on mortgage-backed securities held-to-maturity, 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, 2022 were as follows (in thousands):
| June 30, 2022
| 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 | $ | (224) |  |  | $ | 4,977 |  |  | $ | — |  |  | $ | — |  |  | $ | (224) |  |  | $ | 4,977 |
Total | $ | (224) |  |  | $ | 4,977 |  |  | $ | — |  |  | $ | — |  |  | $ | (224) |  |  | $ | 4,977 |

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- 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 https://asc.fasb.org/topic&trid=2196928 + 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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- 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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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