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Available-For-Sale And Held-To-Maturity Securities (Tables) | 6 Months Ended
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Jun. 30, 2017
Investments Debt And Equity Securities [Abstract] |
Schedule Of Amortized Cost And Fair Values Of Available For Sale Securities And Held To Maturity Securities |
|  | June 30, 2017 |
|  | Amortized Cost |  |  | Gross Unrealized Gains (1) |  |  | Gross Unrealized Losses (1) |  |  | Estimated Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 4,584 |  |  | $ | — |  |  | $ | (19 | ) |  | $ | 4,565 |
State and municipal securities |  |  | 75,685 |  |  |  | 2 |  |  |  | (3,305 | ) |  |  | 72,382 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 321,352 |  |  |  | 131 |  |  |  | (2,421 | ) |  |  | 319,062 |
Commercial |  |  | 76,131 |  |  |  | 42 |  |  |  | (3,485 | ) |  |  | 72,688 |
Non-agency |  |  | 1,721 |  |  |  | — |  |  |  | (104 | ) |  |  | 1,617 |
Corporate fixed income securities |  |  | 971,867 |  |  |  | 2,843 |  |  |  | (3,579 | ) |  |  | 971,131 |
Asset-backed securities |  |  | 2,000,561 |  |  |  | 13,367 |  |  |  | — |  |  |  | 2,013,928 |
|  | $ | 3,451,901 |  |  | $ | 16,385 |  |  | $ | (12,913 | ) |  | $ | 3,455,373 |
Held-to-maturity securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | $ | 1,454,314 |  |  | $ | 16,885 |  |  | $ | (14,474 | ) |  | $ | 1,456,725 |
Commercial |  |  | 59,518 |  |  |  | 2,088 |  |  |  | — |  |  |  | 61,606 |
Asset-backed securities |  |  | 1,754,093 |  |  |  | 11,405 |  |  |  | (2,063 | ) |  |  | 1,763,435 |
Corporate fixed income securities |  |  | 40,045 |  |  |  | 69 |  |  |  | — |  |  |  | 40,114 |
|  | $ | 3,307,970 |  |  | $ | 30,447 |  |  | $ | (16,537 | ) |  | $ | 3,321,880 |
|  | December 31, 2016 |
|  | Amortized Cost |  |  | Gross Unrealized Gains (1) |  |  | Gross Unrealized Losses (1) |  |  | Estimated Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 4,213 |  |  | $ | 2 |  |  | $ | (18 | ) |  | $ | 4,197 |
State and municipal securities |  |  | 76,066 |  |  |  | — |  |  |  | (3,576 | ) |  |  | 72,490 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 340,738 |  |  |  | 298 |  |  |  | (2,304 | ) |  |  | 338,732 |
Commercial |  |  | 77,417 |  |  |  | 59 |  |  |  | (4,703 | ) |  |  | 72,773 |
Non-agency |  |  | 2,032 |  |  |  | — |  |  |  | (140 | ) |  |  | 1,892 |
Corporate fixed income securities |  |  | 830,695 |  |  |  | 1,418 |  |  |  | (8,602 | ) |  |  | 823,511 |
Asset-backed securities |  |  | 1,858,929 |  |  |  | 9,857 |  |  |  | (1,068 | ) |  |  | 1,867,718 |
|  | $ | 3,190,090 |  |  | $ | 11,634 |  |  | $ | (20,411 | ) |  | $ | 3,181,313 |
Held-to-maturity securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | $ | 1,567,758 |  |  | $ | 14,537 |  |  | $ | (17,037 | ) |  | $ | 1,565,258 |
Commercial |  |  | 59,581 |  |  |  | 1,786 |  |  |  | — |  |  |  | 61,367 |
Non-agency |  |  | 688 |  |  |  | — |  |  |  | (13 | ) |  |  | 675 |
Asset-backed securities |  |  | 1,370,300 |  |  |  | 6,242 |  |  |  | (3,396 | ) |  |  | 1,373,146 |
Corporate fixed income securities |  |  | 40,078 |  |  |  | 30 |  |  |  | — |  |  |  | 40,108 |
|  | $ | 3,038,405 |  |  | $ | 22,595 |  |  | $ | (20,446 | ) |  | $ | 3,040,554 |
(1) | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss.
(2) | Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements.
Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity |
|  | June 30, 2017 |
|  | Available-for-sale securities |  |  | Held-to-maturity securities |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 142,136 |  |  | $ | 142,514 |  |  | $ | 40,045 |  |  | $ | 40,114 |
After one year through three years |  |  | 138,597 |  |  |  | 139,032 |  |  |  | — |  |  |  | — |
After three years through five years |  |  | 432,593 |  |  |  | 432,306 |  |  |  | — |  |  |  | — |
After five years through ten years |  |  | 702,630 |  |  |  | 703,979 |  |  |  | 335,011 |  |  |  | 335,513 |
After ten years |  |  | 1,636,741 |  |  |  | 1,644,175 |  |  |  | 1,419,082 |  |  |  | 1,427,922 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
After three years through five years |  |  | — |  |  |  | — |  |  |  | 59,518 |  |  |  | 61,606 |
After five years through ten years |  |  | 58,618 |  |  |  | 55,846 |  |  |  | 162,429 |  |  |  | 161,038 |
After ten years |  |  | 340,586 |  |  |  | 337,521 |  |  |  | 1,291,885 |  |  |  | 1,295,687 |
|  | $ | 3,451,901 |  |  | $ | 3,455,373 |  |  | $ | 3,307,970 |  |  | $ | 3,321,880 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at June 30, 2017, are as follows (in thousands):
|  | Within 1 Year |  |  | 1-5 Years |  |  | 5-10 Years |  |  | After 10 Years |  |  | Total |
Available-for-sale: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 824 |  |  | $ | 3,741 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,565 |
State and municipal securities |  |  | 200 |  |  |  | 375 |  |  |  | 16,738 |  |  |  | 55,069 |  |  |  | 72,382 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | — |  |  |  | — |  |  |  | 412 |  |  |  | 318,650 |  |  |  | 319,062 |
Commercial |  |  | — |  |  |  | — |  |  |  | 55,434 |  |  |  | 17,254 |  |  |  | 72,688 |
Non-agency |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,617 |  |  |  | 1,617 |
Corporate fixed income securities |  |  | 141,490 |  |  |  | 567,222 |  |  |  | 262,419 |  |  |  | — |  |  |  | 971,131 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 424,822 |  |  |  | 1,589,106 |  |  |  | 2,013,928 |
|  | $ | 142,514 |  |  | $ | 571,338 |  |  | $ | 759,825 |  |  | $ | 1,981,696 |  |  | $ | 3,455,373 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | $ | — |  |  | $ | — |  |  | $ | 162,429 |  |  | $ | 1,291,885 |  |  | $ | 1,454,314 |
Commercial |  |  | — |  |  |  | 59,518 |  |  |  | — |  |  |  | — |  |  |  | 59,518 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 335,011 |  |  |  | 1,419,082 |  |  |  | 1,754,093 |
Corporate fixed income securities |  |  | 40,045 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,045 |
|  | $ | 40,045 |  |  | $ | 59,518 |  |  | $ | 497,440 |  |  | $ | 2,710,967 |  |  | $ | 3,307,970 |
(1) | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis.
Schedule Of Gross Unrealized Losses And The Estimated Fair Value By Length Of Time | The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2017 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | (19 | ) |  | $ | 4,565 |  |  | $ | — |  |  | $ | — |  |  | $ | (19 | ) |  | $ | 4,565 |
State and municipal securities |  |  | (261 | ) |  |  | 9,765 |  |  |  | (3,044 | ) |  |  | 60,113 |  |  |  | (3,305 | ) |  |  | 69,878 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | (604 | ) |  |  | 155,073 |  |  |  | (1,817 | ) |  |  | 133,664 |  |  |  | (2,421 | ) |  |  | 288,737 |
Commercial |  |  | (3,485 | ) |  |  | 71,139 |  |  |  | — |  |  |  | — |  |  |  | (3,485 | ) |  |  | 71,139 |
Non-agency |  |  | — |  |  |  | — |  |  |  | (104 | ) |  |  | 1,585 |  |  |  | (104 | ) |  |  | 1,585 |
Corporate fixed income securities |  |  | (3,579 | ) |  |  | 396,324 |  |  |  | — |  |  |  | — |  |  |  | (3,579 | ) |  |  | 396,324 |
|  | $ | (7,948 | ) |  | $ | 636,866 |  |  | $ | (4,965 | ) |  | $ | 195,362 |  |  | $ | (12,913 | ) |  | $ | 832,228 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | $ | (14,457 | ) |  | $ | 830,887 |  |  | $ | (17 | ) |  | $ | 1,165 |  |  | $ | (14,474 | ) |  | $ | 832,052 |
Asset-backed securities |  |  | (312 | ) |  |  | 116,997 |  |  |  | (1,751 | ) |  |  | 34,391 |  |  |  | (2,063 | ) |  |  | 151,388 |
|  | $ | (14,769 | ) |  | $ | 947,884 |  |  | $ | (1,768 | ) |  | $ | 35,556 |  |  | $ | (16,537 | ) |  | $ | 983,440 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
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