Securities (Tables)

12 Months Ended

Dec. 31, 2020

Securities

Summary of AFS Securities Portfolio

The following table provides a summary of the Company’s AFS securities portfolio at December 31:

	Amortized		Gross Unrealized				Allowance for		Estimated
(dollars in thousands)	Cost		Gains		Losses		Credit Losses		Fair Value
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
December 31, 2019:
Agency mortgage-backed securities	$	905,949	$	9,174	$	(146)	$	—	$	914,977
Beneficial interests in FHLMC securitization		47,586		1,801		(6,681)		—		42,706
Corporate bonds		54,000		1,834		—		—		55,834
Other		1,386		63		—		—		1,449
Total	$	1,008,921	$	12,872	$	(6,827)	$	—	$	1,014,966

Schedule of Securities in a Continuous Unrealized Loss Position Aggregated by Investment Category and Length of Time

The tables below indicate, as of December 31, 2019, 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 December 31, 2019
	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	$	5,488	$	(2)	$	13,880	$	(144)	$	19,368	$	(146)
Beneficial interests in FHLMC securitization		20,609		(2,856)		3,220		(3,825)		23,829		(6,681)
Total temporarily impaired securities	$	26,097	$	(2,858)	$	17,100	$	(3,969)	$	43,197	$	(6,827)

Summary of Allowance For Credit Losses - Securities AFS

The following is a rollforward of the Bank’s allowance for credit losses related to investments for the year ended December 31:

(dollars in thousands)		Total
Year Ended December 31, 2020:
Balance: December 31, 2019	$	—
Provision for credit losses		7,245
Balance: December 31, 2020	$	7,245

Scheduled Maturities of Securities AFS Other than Mortgage Backed Securities and the Related Weighted Average Yield

The scheduled maturities of securities AFS, other than agency mortgage backed securities, and the related weighted average yield is as follows as of December 31:

	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

	Less than			1 Through			5 Through			After
(dollars in thousands)	1 Year			5 years			10 Years			10 Years			Total
December 31, 2019
Amortized Cost:
Corporate bonds	$	—		$	—		$	54,000		$	—		$	54,000
Other		—			400			986			—			1,386
Total	$	—		$	400		$	54,986		$	—		$	55,386
Weighted average yield		—	%		2.25	%		5.29	%		—	%		5.27	%
Estimated Fair Value:
Corporate bonds	$	—		$	—		$	55,834		$	—		$	55,834
Other		—			403			1,046			—			1,449
Total	$	—		$	403		$	56,880		$	—		$	57,283