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Debt Securities Available-for-Sale (Tables)

6 Months Ended

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

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 https://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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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