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Debt Securities Held-to-Maturity (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at June 30, 2022 and December 31, 2021 (in thousands): 

			June 30, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE			$	5,201					$	—					$	(224)					$	4,977
Total securities held-to-maturity			$	5,201					$	—					$	(224)					$	4,977

			December 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE			$	5,283					$	192					$	—					$	5,475
Total securities held-to-maturity			$	5,283					$	192					$	—					$	5,475

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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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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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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