Available-For-Sale And Held-To-Maturity Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments Debt And Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Values Of Available For Sale Securities And Held To Maturity Securities

The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at March 31, 2018 and December 31, 2017 (in thousands):

The table below summarizes the amortized cost and fair values of debt securities by contractual maturity. Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2018
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	5,082	$	—	$	(56	)	$	5,026
State and municipal securities		74,127		—		(4,262	)		69,865
Mortgage-backed securities:
Agency		288,644		3		(4,944	)		283,703
Commercial		75,259		16		(4,826	)		70,449
Non-agency		1,431		10		—			1,441
Corporate fixed income securities		1,303,493		908		(23,306	)		1,281,095
Asset-backed securities		1,986,886		15,483		(1,147	)		2,001,222
	$	3,734,922	$	16,420	$	(38,541	)	$	3,712,801
Held-to-maturity securities ⁽²⁾
Mortgage-backed securities:
Agency	$	1,282,781	$	1,559	$	(31,106	)	$	1,253,234
Commercial		58,698		197	—				58,895
Asset-backed securities		2,505,047		11,021		(2,798	)		2,513,270
	$	3,846,526	$	12,777	$	(33,904	)	$	3,825,399

	December 31, 2017
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	5,022	$	—	$	(39	)	$	4,983
State and municipal securities		74,691		—		(4,132	)		70,559
Mortgage-backed securities:
Agency		308,409		102		(2,981	)		305,530
Commercial		75,548		28		(3,088	)		72,488
Non-agency		1,568		—		—			1,568
Corporate fixed income securities		1,213,262		3,832		(5,652	)		1,211,442
Asset-backed securities		2,098,958		12,877		(4,897	)		2,106,938
	$	3,777,458	$	16,839	$	(20,789	)	$	3,773,508
Held-to-maturity securities ⁽²⁾
Mortgage-backed securities:
Agency	$	1,334,833	$	13,621	$	(16,208	)	$	1,332,246
Commercial		58,971		1,313		—			60,284
Asset-backed securities		2,264,283		15,526		(1,862	)		2,277,947
Corporate fixed income securities		40,011		27		(37	)		40,001
	$	3,698,098	$	30,487	$	(18,107	)	$	3,710,478

⁽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

	March 31, 2018
	Available-for-sale securities				Held-to-maturity securities
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Debt securities
Within one year	$	186,449	$	186,128	$	—	$	—
After one year through three years		318,811		313,695		—		—
After three years through five years		280,569		273,083		—		—
After five years through ten years		903,515		894,658		571,991		574,299
After ten years		1,680,244		1,689,644		1,933,056		1,938,971
Mortgage-backed securities
After three years through five years		—		—		58,698		58,895
After five years through ten years		306		307		134,529		130,499
After ten years		365,028		355,286		1,148,252		1,122,735
	$	3,734,922	$	3,712,801	$	3,846,526	$	3,825,399

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2018, 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	$	1,172	$	3,854	$	—	$	—	$	5,026
State and municipal securities		359		—		18,559		50,947		69,865
Mortgage-backed securities:
Agency		—		—		307		283,396		283,703
Commercial		—		—		—		70,449		70,449
Non-agency		—		—		—		1,441		1,441
Corporate fixed income securities		184,597		582,924		513,574		—		1,281,095
Asset-backed securities		—		—		362,525		1,638,697		2,001,222
	$	186,128	$	586,778	$	894,965	$	2,044,930	$	3,712,801
Held-to-maturity:
Mortgage-backed securities:
Agency	$	—	$	—	$	134,529	$	1,148,252	$	1,282,781
Commercial		—		58,698		—		—		58,698
Asset-backed securities		—		—		571,991		1,933,056		2,505,047
	$	—	$	58,698	$	706,520	$	3,081,308	$	3,846,526

⁽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 March 31, 2018 (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	$	(56	)	$	5,026	$	—		$	—	$	(56	)	$	5,026
State and municipal securities		(120	)		2,732		(4,142	)		67,133		(4,262	)		69,865
Mortgage-backed securities:
Agency		(2,307	)		102,145		(2,637	)		159,001		(4,944	)		261,146
Commercial		—			—		(4,826	)		69,245		(4,826	)		69,245
Corporate fixed income securities		(16,980	)		885,475		(6,326	)		182,272		(23,306	)		1,067,747
Asset-backed securities		(1,147	)		91,881		—			—		(1,147	)		91,881
	$	(20,610	)	$	1,087,259	$	(17,931	)	$	477,651	$	(38,541	)	$	1,564,910
Held-to-maturity securities
Mortgage-backed securities:
Agency	$	(2,948	)	$	293,200	$	(28,158	)	$	655,692	$	(31,106	)	$	948,892
Asset-backed securities		(451	)		181,393		(2,347	)		42,425		(2,798	)		223,818
	$	(3,399	)	$	474,593	$	(30,505	)	$	698,117	$	(33,904	)	$	1,172,710