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Debt Securities Available-for-Sale (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023, and December 31, 2022 (in thousands):


	September 30, 2023
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
U.S. Government agency securities	$	75,898	$	—	$	(3,589)	$	72,309
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises ("GSEs")	390,580		—		(43,536)		347,044
Real estate mortgage investment conduits ("REMICs"):
GSE	236,907		—		(15,347)		221,560

	627,487		—		(58,883)		568,604
Other debt securities:
Municipal bonds	766		—		(3)		763

Corporate bonds	106,498		—		(4,475)		102,023

	107,264		—		(4,478)		102,786
Total debt securities available-for-sale	$	810,649	$	—	$	(66,950)	$	743,699


	December 31, 2022
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
U.S. Government agency securities	$	76,150	$	—	$	(4,074)	$	72,076
Mortgage-backed securities:
Pass-through certificates:
GSE	472,963		1		(40,346)		432,618
REMICs:
GSE	280,870		—		(16,146)		264,724

	753,833		1		(56,492)		697,342
Other debt securities:
Municipal bonds	21		—		—		21
Corporate bonds	189,603		2		(6,871)		182,734

	189,624		2		(6,871)		182,755
Total debt securities available-for-sale	$	1,019,607	$	3	$	(67,437)	$	952,173

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 September 30, 2023 and December 31, 2022, were as follows (in thousands):


	September 30, 2023
	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	$	—	$	—	$	(3,589)	$	72,309	$	(3,589)	$	72,309
Mortgage-backed securities:
Pass-through certificates:
GSE	(11)		302		(43,525)		346,732		(43,536)		347,034
REMICs:
GSE	—		—		(15,347)		221,560		(15,347)		221,560

Other debt securities:
Municipal bonds	(3)		763		—		—		(3)		763
Corporate bonds	—		—		(4,475)		102,023		(4,475)		102,023


Total	$	(14)	$	1,065	$	(66,936)	$	742,624	$	(66,950)	$	743,689


	December 31, 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	$	(3,942)	$	71,058	$	(132)	$	1,018	$	(4,074)	$	72,076
Mortgage-backed securities:
Pass-through certificates:
GSE	(8,112)		142,605		(32,234)		289,890		(40,346)		432,495
REMICs:
GSE	(8,303)		180,612		(7,843)		84,112		(16,146)		264,724

Other debt securities:

Corporate bonds	(842)		35,778		(6,029)		129,174		(6,871)		164,952
Total	$	(21,199)	$	430,053	$	(46,238)	$	504,194	$	(67,437)	$	934,247

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 September 30, 2023 (in thousands):


Available-for-sale	Amortized cost		Estimated fair value
Due in one year or less	$	148,348	$	143,534
Due after one year through five years	34,814		31,561


	$	183,162	$	175,095

Gross Unrealized Losses on Mortgage-Backed Securities

The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at September 30, 2023, and December 31, 2022 (in thousands):


	September 30, 2023
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
U.S. Government agency securities	$	75,898	$	—	$	(3,589)	$	72,309
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises ("GSEs")	390,580		—		(43,536)		347,044
Real estate mortgage investment conduits ("REMICs"):
GSE	236,907		—		(15,347)		221,560

	627,487		—		(58,883)		568,604
Other debt securities:
Municipal bonds	766		—		(3)		763

Corporate bonds	106,498		—		(4,475)		102,023

	107,264		—		(4,478)		102,786
Total debt securities available-for-sale	$	810,649	$	—	$	(66,950)	$	743,699


	December 31, 2022
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
U.S. Government agency securities	$	76,150	$	—	$	(4,074)	$	72,076
Mortgage-backed securities:
Pass-through certificates:
GSE	472,963		1		(40,346)		432,618
REMICs:
GSE	280,870		—		(16,146)		264,724

	753,833		1		(56,492)		697,342
Other debt securities:
Municipal bonds	21		—		—		21
Corporate bonds	189,603		2		(6,871)		182,734

	189,624		2		(6,871)		182,755
Total debt securities available-for-sale	$	1,019,607	$	3	$	(67,437)	$	952,173


	September 30, 2023
	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	$	—	$	—	$	(3,589)	$	72,309	$	(3,589)	$	72,309
Mortgage-backed securities:
Pass-through certificates:
GSE	(11)		302		(43,525)		346,732		(43,536)		347,034
REMICs:
GSE	—		—		(15,347)		221,560		(15,347)		221,560

Other debt securities:
Municipal bonds	(3)		763		—		—		(3)		763
Corporate bonds	—		—		(4,475)		102,023		(4,475)		102,023


Total	$	(14)	$	1,065	$	(66,936)	$	742,624	$	(66,950)	$	743,689


	December 31, 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	$	(3,942)	$	71,058	$	(132)	$	1,018	$	(4,074)	$	72,076
Mortgage-backed securities:
Pass-through certificates:
GSE	(8,112)		142,605		(32,234)		289,890		(40,346)		432,495
REMICs:
GSE	(8,303)		180,612		(7,843)		84,112		(16,146)		264,724

Other debt securities:

Corporate bonds	(842)		35,778		(6,029)		129,174		(6,871)		164,952
Total	$	(21,199)	$	430,053	$	(46,238)	$	504,194	$	(67,437)	$	934,247

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details