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

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018 (in thousands):

	June 30, 2019
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	299	$	1	$	—		$	300
State and municipal securities		43,073		228		—			43,301
Mortgage-backed securities:
Agency		201,205		724		(1,434	)		200,495
Commercial		78,399		266		(700	)		77,965
Non-agency		1,110		—		(20	)		1,090
Corporate fixed income securities		788,255		9,982		(716	)		797,521
Asset-backed securities		1,590,075		520		(8,207	)		1,582,388
	$	2,702,416	$	11,721	$	(11,077	)	$	2,703,060
Held-to-maturity securities ⁽²⁾
Mortgage-backed securities:
Agency	$	1,105,865	$	13,023	$	(7,863	)	$	1,111,025
Commercial		37,262		732		—			37,994
Non-agency		10,377		161		—			10,538
Asset-backed securities		2,807,210		7,778		(27,763	)		2,787,225
	$	3,960,714	$	21,694	$	(35,626	)	$	3,946,782

	December 31, 2018
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	5,237	$	13	$	(35	)	$	5,215
State and municipal securities		72,487		—		(4,261	)		68,226
Mortgage-backed securities:
Agency		234,292		88		(3,972	)		230,408
Commercial		74,411		4		(4,700	)		69,715
Non-agency		1,245		—		(26	)		1,219
Corporate fixed income securities		958,406		—		(26,802	)		931,604
Asset-backed securities		1,779,496		672		(16,108	)		1,764,060
	$	3,125,574	$	777	$	(55,904	)	$	3,070,447
Held-to-maturity securities ⁽²⁾
Mortgage-backed securities:
Agency	$	1,198,442	$	1,307	$	(31,689	)	$	1,168,060
Commercial		51,524		185		—			51,709
Asset-backed securities		2,968,888		4,585		(70,335	)		2,903,138
	$	4,218,854	$	6,077	$	(102,024	)	$	4,122,907

⁽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

The table below summarizes the amortized cost and fair values of our available-for-sale and held-to-maturity 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.

	June 30, 2019
	Available-for-sale securities				Held-to-maturity securities
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Debt securities
Within one year	$	699	$	699	$	—	$	—
After one year through three years		177,610		177,324		—		—
After three years through five years		392,026		394,578		—		—
After five years through ten years		511,594		518,641		564,030		562,785
After ten years		1,339,773		1,332,268		2,243,180		2,224,440
Mortgage-backed securities
Within one year		1,318		1,894		—		—
After one year through three years		3,371		3,411		47,639		48,531
After three years through five years		987		996		—		—
After five years through ten years		5,339		5,281		149,756		150,460
After ten years		269,699		267,968		956,109		960,566
	$	2,702,416	$	2,703,060	$	3,960,714	$	3,946,782

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at June 30, 2019, 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	$	300	$	—	$	—	$	—	$	300
State and municipal securities		—		—		12,424		30,877		43,301
Mortgage-backed securities:
Agency		1,842		4,347		5,281		189,025		200,495
Commercial		52		60		—		77,853		77,965
Non-agency		—		—		—		1,090		1,090
Corporate fixed income securities		399		571,902		225,220		—		797,521
Asset-backed securities		—		—		280,997		1,301,391		1,582,388
	$	2,593	$	576,309	$	523,922	$	1,600,236	$	2,703,060
Held-to-maturity:
Mortgage-backed securities:
Agency	$	—	$	—	$	149,756	$	956,109	$	1,105,865
Commercial		—		37,262		—		—		37,262
Non-agency		—		10,377		—		—		10,377
Asset-backed securities		—		—		564,030		2,243,180		2,807,210
	$	—	$	47,639	$	713,786	$	3,199,289	$	3,960,714

⁽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, 2019 (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
Agency	$	(440	)	$	44,877	$	(994	)	$	73,702	$	(1,434	)	$	118,579
Commercial		(39	)		4,023		(661	)		72,534		(700	)		76,557
Non-agency		(20	)		1,090		—			—		(20	)		1,090
Corporate fixed income securities		(18	)		27,687		(698	)		134,002		(716	)		161,689
Asset-backed securities		(4,320	)		776,404		(3,887	)		217,160		(8,207	)		993,564
	$	(4,837	)	$	854,081	$	(6,240	)	$	497,398	$	(11,077	)	$	1,351,479
Held-to-maturity securities
Mortgage-backed securities:
Agency	$	—		$	—	$	(7,863	)	$	530,832	$	(7,863	)	$	530,832
Asset-backed securities		(9,079	)		1,164,381		(18,684	)		1,027,748		(27,763	)		2,192,129
	$	(9,079	)	$	1,164,381	$	(26,547	)	$	1,558,580	$	(35,626	)	$	2,722,961