SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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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 | March 31, 2022: | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 11,761 | | $ | — | | $ | (577) | | $ | — | | $ | 11,184 | Agency mortgage-backed securities | | | 10,376 | | | 8 | | | (306) | | | — | | | 10,078 | Municipal bonds | | | 50,737 | | | 21 | | | (2,244) | | | — | | | 48,514 | SBA securities | | | 25,692 | | | 1 | | | (21) | | | — | | | 25,672 | Beneficial interests in FHLMC securitization | | | 20,631 | | | 334 | | | — | | | (10,743) | | | 10,222 | Corporate bonds | | | 153,451 | | | 1,105 | | | (2,793) | | | — | | | 151,763 | U.S. Treasury | | | 897 | | | — | | | (43) | | | — | | | 854 | Total | | $ | 273,545 | | $ | 1,469 | | $ | (5,984) | | $ | (10,743) | | $ | 258,287 | | | | | | | | | | | | | | | | | December 31, 2021: | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 13,862 | | $ | — | | $ | (37) | | $ | — | | $ | 13,825 | Agency mortgage-backed securities | | | 928,546 | | | 6,563 | | | (6,120) | | | — | | | 928,989 | Municipal bonds | | | 52,052 | | | 94 | | | — | | | — | | | 52,146 | SBA securities | | | 27,970 | | | 2 | | | — | | | — | | | 27,972 | Beneficial interests in FHLMC securitization | | | 21,606 | | | 373 | | | — | | | (10,399) | | | 11,580 | Corporate bonds | | | 154,027 | | | 2,441 | | | (92) | | | — | | | 156,376 | U.S. Treasury | | | 499 | | | — | | | (9) | | | — | | | 490 | Total | | $ | 1,198,562 | | $ | 9,473 | | $ | (6,258) | | $ | (10,399) | | $ | 1,191,378 |
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| Summary of HTM Securities Portfolio |
| | | | | | | | | | | | | | | | | | Amortized | | Gross Unrecognized | | Allowance for | | Estimated | (dollars in thousands) | | Cost | | Gains | | Losses | | Credit Losses | | Fair Value | March 31, 2022: | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 920,408 | | $ | — | | $ | (39,657) | | $ | — | | $ | 880,751 | Total | | $ | 920,408 | | $ | — | | $ | (39,657) | | $ | — | | $ | 880,751 |
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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 March 31, 2022 and December 31, 2021, the gross unrealized losses and fair values of our investments AFS, 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 March 31, 2022 | | | Less than 12 months | | 12 months or more | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | (dollars in thousands) | | Value | | Loss | | Value | | Loss | | Value | | Loss | Collateralized mortgage obligations | | $ | 11,182 | | $ | (577) | | $ | — | | $ | — | | $ | 11,182 | | $ | (577) | Agency mortgage-backed securities | | | 8,577 | | | (306) | | | — | | | — | | | 8,577 | | | (306) | Municipal bonds | | | 47,446 | | | (2,244) | | | — | | | — | | | 47,446 | | | (2,244) | SBA securities | | | 23,038 | | | (21) | | | — | | | — | | | 23,038 | | | (21) | Corporate bonds | | | 93,155 | | | (2,793) | | | — | | | — | | | 93,155 | | | (2,793) | U.S. Treasury | | | 854 | | | (43) | | | — | | | — | | | 854 | | | (43) | Total temporarily impaired securities | | $ | 184,252 | | $ | (5,984) | | $ | — | | $ | — | | $ | 184,252 | | $ | (5,984) |
| | | | | | | | | | | | | | | | | | | | | Securities with Unrealized Loss at December 31, 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 | Collateralized mortgage obligations | | $ | 12,971 | | $ | (37) | | $ | — | | $ | — | | $ | 12,971 | | $ | (37) | Agency mortgage-backed securities | | | 434,973 | | | (5,051) | | | 36,136 | | | (1,069) | | | 471,109 | | | (6,120) | Corporate bonds | | | 47,880 | | | (92) | | | — | | | — | | | 47,880 | | | (92) | U.S. Treasury | | | 491 | | | (9) | | | — | | | — | | | 491 | | | (9) | Total temporarily impaired securities | | $ | 496,315 | | $ | (5,189) | | $ | 36,136 | | $ | (1,069) | | $ | 532,451 | | $ | (6,258) |
The table below indicates, as of March 31, 2022, the gross unrealized losses and fair values of our investments HTM, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. | | | | | | | | | | | | | | | | | | | | | Securities with Unrecognized Loss at March 31, 2022 | | | Less than 12 months | | 12 months or more | | Total | | | Fair | | Unrecognized | | Fair | | Unrecognized | | Fair | | Unrecognized | (dollars in thousands) | | Value | | Loss | | Value | | Loss | | Value | | Loss | Agency mortgage-backed securities | | $ | 844,511 | | $ | (37,873) | | $ | 36,240 | | $ | (1,784) | | $ | 880,751 | | $ | (39,657) | Total temporarily impaired securities | | $ | 844,511 | | $ | (37,873) | | $ | 36,240 | | $ | (1,784) | | $ | 880,751 | | $ | (39,657) |
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| Summary of Allowance For Credit Losses - Securities AFS |
| | | | (dollars in thousands) | | | Total | | | | | Three Months Ended March 31, 2022: | | | | Beginning balance | | $ | 10,399 | Provision for credit losses | | | 344 | Balance: March 31, 2022 | | $ | 10,743 | | | | | Three Months Ended March 31, 2021: | | | | Beginning balance | | $ | 7,245 | Provision for credit losses | | | 1,633 | Balance: March 31, 2021 | | $ | 8,878 | | | | |
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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 | | March 31, 2022 | | | | | | | | | | | | | | | | | Amortized Cost: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 319 | | $ | 742 | | $ | 10,700 | | $ | 11,761 | | Agency mortgage-backed securities | | | — | | | 4,545 | | | 4,123 | | | 1,708 | | | 10,376 | | Municipal bonds | | | — | | | 1,630 | | | 37,565 | | | 11,542 | | | 50,737 | | SBA securities | | | 39 | | | 1,326 | | | 2,610 | | | 21,717 | | | 25,692 | | Beneficial interests in FHLMC securitization | | | — | | | 11,125 | | | — | | | 9,506 | | | 20,631 | | Corporate bonds | | | 9,526 | | | 10,019 | | | 128,371 | | | 5,535 | | | 153,451 | | U.S. Treasury | | | — | | | 897 | | | — | | | — | | | 897 | | Total | | $ | 9,565 | | $ | 29,861 | | $ | 173,411 | | $ | 60,708 | | $ | 273,545 | | Weighted average yield | | | 1.06 | % | | 1.99 | % | | 3.34 | % | | 1.90 | % | | 2.80 | % | Estimated Fair Value: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 319 | | $ | 703 | | $ | 10,162 | | $ | 11,184 | | Agency mortgage-backed securities | | | — | | | 4,431 | | | 3,984 | | | 1,663 | | | 10,078 | | Municipal bonds | | | — | | | 1,645 | | | 36,217 | | | 10,652 | | | 48,514 | | SBA securities | | | 39 | | | 1,323 | | | 2,607 | | | 21,703 | | | 25,672 | | Beneficial interests in FHLMC securitization | | | — | | | 11,125 | | | — | | | 9,840 | | | 20,965 | | Corporate bonds | | | 9,519 | | | 9,748 | | | 127,257 | | | 5,239 | | | 151,763 | | U.S. Treasury | | | — | | | 854 | | | — | | | — | | | 854 | | Total | | $ | 9,558 | | $ | 29,445 | | $ | 170,768 | | $ | 59,259 | | $ | 269,030 | |
| | | | | | | | | | | | | | | | | | | Less than | | 1 Through | | 5 Through | | After | | | | | (dollars in thousands) | | 1 Year | | 5 years | | 10 Years | | 10 Years | | Total | | December 31, 2021 | | | | | | | | | | | | | | | | | Amortized Cost: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 710 | | $ | 802 | | $ | 12,350 | | $ | 13,862 | | Agency mortgage-backed securities | | | — | | | 4,990 | | | 24,568 | | | 898,988 | | | 928,546 | | Municipal bonds | | | — | | | 1,625 | | | 38,853 | | | 11,574 | | | 52,052 | | SBA securities | | | 70 | | | 1,613 | | | 2,952 | | | 23,335 | | | 27,970 | | Beneficial interests in FHLMC securitization | | | — | | | 11,902 | | | — | | | 9,704 | | | 21,606 | | Corporate bonds | | | 9,534 | | | 10,519 | | | 128,438 | | | 5,536 | | | 154,027 | | U.S. Treasury | | | — | | | 499 | | | — | | | — | | | 499 | | Total | | $ | 9,604 | | $ | 31,858 | | $ | 195,613 | | $ | 961,487 | | $ | 1,198,562 | | Weighted average yield | | | (2.28) | % | | 2.06 | % | | 3.03 | % | | 1.63 | % | | 1.84 | % | Estimated Fair Value: | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | — | | $ | 710 | | $ | 799 | | $ | 12,316 | | $ | 13,825 | | Agency mortgage-backed securities | | | — | | | 5,082 | | | 25,056 | | | 898,851 | | | 928,989 | | Municipal bonds | | | — | | | 1,704 | | | 38,865 | | | 11,577 | | | 52,146 | | SBA securities | | | 70 | | | 1,613 | | | 2,953 | | | 23,336 | | | 27,972 | | Beneficial interests in FHLMC securitization | | | — | | | 11,902 | | | — | | | 10,077 | | | 21,979 | | Corporate bonds | | | 9,529 | | | 10,499 | | | 130,754 | | | 5,594 | | | 156,376 | | U.S. Treasury | | | — | | | 490 | | | — | | | — | | | 490 | | Total | | $ | 9,599 | | $ | 32,000 | | $ | 198,427 | | $ | 961,751 | | $ | 1,201,777 | |
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| Schedule of maturities of securities HTM and the related weighted average yields |
| | | | | | | | | | | | | | | | | | | Less than | | 1 Through | | 5 Through | | After | | | | | (dollars in thousands) | | 1 Year | | 5 years | | 10 Years | | 10 Years | | Total | | March 31, 2022 | | | | | | | | | | | | | | | | | Amortized Cost: | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | — | | $ | — | | $ | 18,793 | | $ | 901,615 | | $ | 920,408 | | Total | | $ | — | | $ | — | | $ | 18,793 | | $ | 901,615 | | $ | 920,408 | | Weighted average yield | | | — | % | | — | % | | 0.82 | % | | 1.77 | % | | 1.75 | % | | | | | | | | | | | | | | | | | | Estimated Fair Value: | | | | | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | — | | $ | — | | $ | 17,934 | | $ | 862,817 | | $ | 880,751 | | Total | | $ | — | | $ | — | | $ | 17,934 | | $ | 862,817 | | $ | 880,751 | |
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