Debt Securities Available-for-Sale (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and 2018 (in thousands):  

	2019
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises (GSE)	$	324,080	$	6,081	$	754	$	329,407
Real estate mortgage investment conduits (REMICs):
GSE	643,816		2,076		2,225		643,667
Non-GSE	53		—		—		53
	967,949		8,157		2,979		973,127
Other debt securities:
Municipal bonds	296		3		—		299
Corporate bonds	163,725		1,214		13		164,926
	164,021		1,217		13		165,225
Total debt securities available-for-sale	$	1,131,970	$	9,374	$	2,992	$	1,138,352

	2018
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	317,530	$	800	$	3,542	$	314,788
REMICs:
GSE	258,050		92		7,979		250,163
Non-GSE	59		—		1		58
	575,639		892		11,522		565,009
Other debt securities:
Municipal bonds	270		3		—		273
Corporate bonds	244,892		72		2,215		242,749
	245,162		75		2,215		243,022
Total debt securities available-for-sale	$	820,801	$	967	$	13,737	$	808,031

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 December 31, 2019 (in thousands): 

Available-for-sale	Amortized cost		Estimated fair value
Due in one year or less	$	75,115	$	75,353
Due after one year through five years	88,906		89,872
	$	164,021	$	165,225

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 December 31, 2019 and 2018, were as follows (in thousands):

	December 31, 2019
	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	$	25	$	3,404	$	729	$	55,184	$	754	$	58,588
REMICs:
GSE	950		197,634		1,275		54,555		2,225		252,189
Non-GSE	—		—		—		53		—		53
Other debt securities:
Corporate bonds	—		—		13		15,586		13		15,586
Total	$	975	$	201,038	$	2,017	$	125,378	$	2,992	$	326,416

 

	December 31, 2018
	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	$	404	$	82,781	$	3,138	$	100,109	$	3,542	$	182,890
REMICs:
GSE	269		46,921		7,710		181,512		7,979		228,433
Non-GSE	—		—		1		58		1		58
Other debt securities:
Corporate bonds	1,703		173,219		512		25,675		2,215		198,894
Total	$	2,376	$	302,921	$	11,361	$	307,354	$	13,737	$	610,275