| Schedule 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 March 31, 2026, and December 31, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | | | Gross | | Gross | | Estimated | | | Amortized | | unrealized | | unrealized | | fair | | | cost | | gains | | losses | | value | | | | | | | | | | U.S. Government agency securities | $ | 587 | | | $ | — | | | $ | (48) | | | $ | 539 | | | Mortgage-backed securities: | | | | | | | | | Pass-through certificates: | | | | | | | | | Government sponsored enterprises ("GSEs") | 454,004 | | | 1,104 | | | (11,402) | | | 443,706 | | | Real estate mortgage investment conduits ("REMICs"): | | | | | | | | | GSE | 885,039 | | | 4,726 | | | (3,900) | | | 885,865 | | | | | | | | | | | Total mortgage-backed securities | 1,339,043 | | | 5,830 | | | (15,302) | | | 1,329,571 | | | Other debt securities: | | | | | | | | | Municipal bonds | 614 | | | 1 | | | (1) | | | 614 | | | | | | | | | | | Corporate bonds | 47,699 | | | 208 | | | (129) | | | 47,778 | | | | | | | | | | | Total other debt securities | 48,313 | | | 209 | | | (130) | | | 48,392 | | | Total debt securities available-for-sale | $ | 1,387,943 | | | $ | 6,039 | | | $ | (15,480) | | | $ | 1,378,502 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | Gross | | Gross | | Estimated | | | Amortized | | unrealized | | unrealized | | fair | | | cost | | gains | | losses | | value | | | | | | | | | | U.S. Government agency securities | $ | 607 | | | $ | — | | | $ | (49) | | | $ | 558 | | | Mortgage-backed securities: | | | | | | | | | Pass-through certificates: | | | | | | | | | GSE | 515,162 | | | 2,508 | | | (10,721) | | | 506,949 | | | REMICs: | | | | | | | | | GSE | 870,020 | | | 6,123 | | | (4,044) | | | 872,099 | | | | | | | | | | | Total mortgage-backed securities | 1,385,182 | | | 8,631 | | | (14,765) | | | 1,379,048 | | | Other debt securities: | | | | | | | | | Municipal bonds | 614 | | | 1 | | | (1) | | | 614 | | | Corporate bonds | 32,101 | | | 268 | | | (170) | | | 32,199 | | | | | | | | | | | Total other debt securities | 32,715 | | | 269 | | | (171) | | | 32,813 | | | Total debt securities available-for-sale | $ | 1,418,504 | | | $ | 8,900 | | | $ | (14,985) | | | $ | 1,412,419 | |
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| Schedule 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 March 31, 2026 (in thousands): | | | | | | | | | | | | | | | | Available-for-sale | | Amortized cost | | Estimated fair value | | Due in one year or less | | $ | 4,307 | | | $ | 4,311 | | | Due after one year through five years | | 34,593 | | | 34,572 | | | Due after five years through ten years | | 10,000 | | | 10,049 | | | | | | | | | | $ | 48,900 | | | $ | 48,932 | |
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| Schedule of 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 March 31, 2026, and December 31, 2025, were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | 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 | $ | — | | | $ | — | | | $ | (48) | | | $ | 540 | | | $ | (48) | | | $ | 540 | | | Mortgage-backed securities: | | | | | | | | | | | | | Pass-through certificates: | | | | | | | | | | | | | GSE | (751) | | | 171,356 | | | (10,651) | | | 173,258 | | | (11,402) | | | 344,614 | | | REMICs: | | | | | | | | | | | | | GSE | (89) | | | 40,714 | | | (3,811) | | | 113,963 | | | (3,900) | | | 154,677 | | | | | | | | | | | | | | | Other debt securities: | | | | | | | | | | | | | Municipal bonds | (1) | | | 483 | | | — | | | — | | | (1) | | | 483 | | | Corporate bonds | (45) | | | 1,955 | | | (84) | | | 3,915 | | | (129) | | | 5,870 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | (886) | | | $ | 214,508 | | | $ | (14,594) | | | $ | 291,676 | | | $ | (15,480) | | | $ | 506,184 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | 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 | $ | — | | | $ | — | | | $ | (49) | | | $ | 558 | | | $ | (49) | | | $ | 558 | | | Mortgage-backed securities: | | | | | | | | | | | | | Pass-through certificates: | | | | | | | | | | | | | GSE | (92) | | | 51,775 | | | (10,629) | | | 189,412 | | | (10,721) | | | 241,187 | | | REMICs: | | | | | | | | | | | | | GSE | (12) | | | 7,980 | | | (4,032) | | | 120,616 | | | (4,044) | | | 128,596 | | | | | | | | | | | | | | | Other debt securities: | | | | | | | | | | | | | Municipal bonds | (1) | | | 482 | | | — | | | — | | | (1) | | | 482 | | | Corporate bonds | (5) | | | 1,995 | | | (165) | | | 18,837 | | | (170) | | | 20,832 | | | Total | $ | (110) | | | $ | 62,232 | | | $ | (14,875) | | | $ | 329,423 | | | $ | (14,985) | | | $ | 391,655 | |
Gross unrealized losses on mortgage-backed securities held-to-maturity, 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 March 31, 2026, and December 31, 2025, were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | 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 | $ | — | | | $ | — | | | $ | (348) | | | $ | 5,818 | | | $ | (348) | | | $ | 5,818 | | | | | | | | | | | | | | | Total | $ | — | | | $ | — | | | $ | (348) | | | $ | 5,818 | | | $ | (348) | | | $ | 5,818 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | 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 | $ | — | | | $ | — | | | $ | (294) | | | $ | 5,922 | | | $ | (294) | | | $ | 5,922 | | | | | | | | | | | | | | | Total | $ | — | | | $ | — | | | $ | (294) | | | $ | 5,922 | | | $ | (294) | | | $ | 5,922 | |
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