v3.21.2

SECURITIES | 9 Months Ended
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Sep. 30, 2021
SECURITIES |
SECURITIES | NOTE 3: SECURITIES The following table provides a summary of the Company’s securities AFS portfolio as of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Allowance for | ​ | Estimated
(dollars in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Credit Losses | ​ | Fair Value
September 30, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 749,029 | ​ | $ | 9,914 | ​ | $ | (1,001) | ​ | $ | — | ​ | $ | 757,942
Beneficial interests in FHLMC securitization | ​ |  | 22,764 | ​ |  | 479 | ​ |  | — | ​ |  | (10,098) | ​ |  | 13,145
Corporate bonds | ​ |  | 114,000 | ​ |  | 3,034 | ​ |  | (123) | ​ |  | — | ​ |  | 116,911
Other | ​ |  | 3,561 | ​ |  | 91 | ​ |  | (2) | ​ |  | — | ​ |  | 3,650
Total | ​ | $ | 889,354 | ​ | $ | 13,518 | ​ | $ | (1,126) | ​ | $ | (10,098) | ​ | $ | 891,648
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 705,752 | ​ | $ | 18,243 | ​ | $ | — | ​ | $ | — | ​ | $ | 723,995
Beneficial interests in FHLMC securitization | ​ |  | 30,497 | ​ |  | 211 | ​ |  | — | ​ |  | (7,245) | ​ |  | 23,463
Corporate bonds | ​ |  | 57,000 | ​ |  | 1,358 | ​ |  | — | ​ |  | — | ​ |  | 58,358
Other | ​ |  | 1,512 | ​ |  | 98 | ​ |  | — | ​ |  | — | ​ |  | 1,610
Total | ​ | $ | 794,761 | ​ | $ | 19,910 | ​ | $ | — | ​ | $ | (7,245) | ​ | $ | 807,426
​ US Treasury securities of $0.5 million as of September 30, 2021 and December 31, 2020 that are included in the table above as Other are pledged as collateral to the State of California to meet regulatory requirements related to the Bank’s trust operations. As of September 30, 2021, $169.7 million of agency mortgage-backed securities are pledged as collateral as support for the Bank’s obligations under loan sales and securitization agreements entered into from 2018 through 2021. The table below indicates, as of September 30, 2021, the gross unrealized losses and fair values of our investments, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities with Unrealized Loss at September 30, 2021
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(dollars in thousands) |  | Value |  | Loss |  | Value |  | Loss |  | Value |  | Loss
Agency mortgage-backed securities | ​ | $ | 86,766 | ​ | $ | (1,001) | ​ | $ | — | ​ | $ | — | ​ | $ | 86,766 | ​ | $ | (1,001)
Corporate bonds | ​ | ​ | 19,877 | ​ | ​ | (123) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,877 | ​ | ​ | (123)
Other | ​ | ​ | 497 | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 497 | ​ | ​ | (2)
Total temporarily impaired securities | ​ | $ | 107,140 | ​ | $ | (1,126) | ​ | $ | — | ​ | $ | — | ​ | $ | 107,140 | ​ | $ | (1,126)
​ There were no unrealized losses on our investments as of December 31, 2020. Unrealized losses in agency mortgage backed securities, beneficial interests in FHLMC securitizations, and other securities have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell, it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in discount rates and assumptions regarding future interest rates. The fair value is expected to recover as the bonds approach maturity. The following is a roll forward of the Bank’s allowance for credit losses related to securities for the following periods: ​
​ | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | Total
​ | ​ | ​ | ​
Three Months Ended September 30, 2021: | ​ | ​ | ​
Beginning balance |  | $ | 9,116
Provision for credit losses |  | ​ | 982
Balance: September 30, 2021 |  | $ | 10,098
​ | ​ | ​ | ​
Nine Months Ended September 30, 2021: | ​ | ​ | ​
Beginning balance |  | $ | 7,245
Provision for credit losses |  | ​ | 2,853
Balance: September 30, 2021 |  | $ | 10,098
​ | ​ | ​ | ​
Year Ended December 31, 2020: | ​ | ​ | ​
Beginning balance |  | $ | —
Provision for credit losses |  | ​ | 7,245
Balance: December 31, 2020 |  | $ | 7,245
​ The scheduled maturities of securities AFS and the related weighted average yields were as follows for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Less than |  | 1 Through |  | 5 Through |  | After |  | ​ | ​ |
(dollars in thousands) | ​ | 1 Year | ​ | 5 years | ​ | 10 Years | ​ | 10 Years | ​ | Total |
September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortized Cost: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Corporate bonds | ​ | $ | — | ​ | $ | — | ​ | $ | 109,000 | ​ | $ | 5,000 | ​ | $ | 114,000 | ​
Other | ​ |  | — | ​ |  | 1,533 | ​ |  | 2,028 | ​ |  | — | ​ |  | 3,561 | ​
Total | ​ | $ | — | ​ | $ | 1,533 | ​ | $ | 111,028 | ​ | $ | 5,000 | ​ | $ | 117,561 | ​
Weighted average yield | ​ |  | — | % |  | 2.03 | % |  | 4.37 | % |  | 3.38 | % |  | 4.30 | %
Estimated Fair Value: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Corporate bonds | ​ | $ | — | ​ | $ | — | ​ | $ | 111,811 | ​ | $ | 5,100 | ​ | $ | 116,911 | ​
Other | ​ |  | — | ​ |  | 1,619 | ​ |  | 2,031 | ​ |  | — | ​ |  | 3,650 | ​
Total | ​ | $ | — | ​ | $ | 1,619 | ​ | $ | 113,842 | ​ | $ | 5,100 | ​ | $ | 120,561 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Less than |  | 1 Through |  | 5 Through |  | After |  | ​ | ​ |
(dollars in thousands) | ​ | 1 Year | ​ | 5 years | ​ | 10 Years | ​ | 10 Years | ​ | Total |
December 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortized Cost: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Corporate bonds | ​ | $ | — | ​ | $ | — | ​ | $ | 57,000 | ​ | $ | — | ​ | $ | 57,000 | ​
Other | ​ |  | 500 | ​ |  | 1,012 | ​ |  | — | ​ |  | — | ​ |  | 1,512 | ​
Total | ​ | $ | 500 | ​ | $ | 1,012 | ​ | $ | 57,000 | ​ | $ | — | ​ | $ | 58,512 | ​
Weighted average yield | ​ |  | 1.83 | % |  | 2.81 | % |  | 5.39 | % |  | — | % |  | 5.32 | %
Estimated Fair Value: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Corporate bonds | ​ | $ | — | ​ | $ | — | ​ | $ | 58,358 | ​ | $ | — | ​ | $ | 58,358 | ​
Other | ​ |  | 503 | ​ |  | 1,107 | ​ |  | — | ​ |  | — | ​ |  | 1,610 | ​
Total | ​ | $ | 503 | ​ | $ | 1,107 | ​ | $ | 58,358 | ​ | $ | — | ​ | $ | 59,968 | ​
​ Agency mortgage-backed securities and beneficial interests in FHLMC securitizations are excluded from the above table because such securities are not due at a single maturity date. The weighted average yield of the agency mortgage-backed securities and beneficial interests as of September 30, 2021 and December 31, 2020 was 2.00% and 2.39%, respectively.

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