SECURITIES (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| SECURITIES |
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| Summary of AFS Securities Portfolio |
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 |
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| Schedule of Securities in a Continuous Unrealized Loss Position Aggregated by Investment Category and Length of Time |
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) |
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| Summary of Allowance For Credit Losses - Securities AFS |
| | | | (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 |
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| Scheduled Maturities of Securities AFS Other than Mortgage Backed Securities and the Related Weighted Average Yield |
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 | |
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