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

12 Months Ended

Dec. 31, 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 December 31, 2019 and 2018 (in thousands):

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	5,028	$	39	$	—		$	5,067
State and municipal securities		24,198		99		—			24,297
Mortgage-backed securities:
Agency		840,659		3,070		(5,851	)		837,878
Commercial		109,982		269		(714	)		109,537
Non-agency		9,731		50		(23	)		9,758
Corporate fixed income securities		664,028		11,283		—			675,311
Asset-backed securities		1,600,415		679		(8,205	)		1,592,889
	$	3,254,041	$	15,489	$	(14,793	)	$	3,254,737
Held-to-maturity securities ⁽²⁾
Asset-backed securities	$	2,856,219	$	5,960	$	(34,296	)	$	2,827,883

	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 debt securities by contractual maturity (in thousands). 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.

	December 31, 2019				December 31, 2018
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Available-for-sale securities
Within one year	$	6,861	$	6,871	$	5,872	$	5,855
After one year through three years		229,184		229,760		234,101		227,951
After three years through five years		422,236		429,909		407,507		397,372
After five years through ten years		409,664		411,680		469,566		458,442
After ten years		2,186,096		2,176,517		2,008,528		1,980,827
	$	3,254,041	$	3,254,737	$	3,125,574	$	3,070,447
Held-to-maturity securities
After one year through three years		—		—		51,524		51,709
After five years through ten years		598,250		597,166		536,717		530,616
After ten years		2,257,969		2,230,717		3,630,613		3,540,582
	$	2,856,219	$	2,827,883	$	4,218,854	$	4,122,907

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 2019, are as follows (in thousands):

	Within 1 Year		1-5 Years		5-10 Years		After 10 Years		Total
Available-for-sale securities ⁽¹⁾
U.S. government agency securities	$	1,749	$	3,318	$	—	$	—	$	5,067
State and municipal securities		—		—		5,875		18,422		24,297
Mortgage-backed securities:
Agency		—		819		24,359		812,700		837,878
Commercial		—		32,457		—		77,080		109,537
Non-agency		—		8,792		—		966		9,758
Corporate fixed income securities		5,122		614,283		55,906		—		675,311
Asset-backed securities		—		—		325,540		1,267,349		1,592,889
	$	6,871	$	659,669	$	411,680	$	2,176,517	$	3,254,737
Held-to-maturity securities
Asset-backed securities	$	—	$	—	$	598,250	$	2,257,969	$	2,856,219

⁽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 December 31, 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
Mortgage-backed securities:
Agency	$	(4,571	)	$	458,861	$	(1,280	)	$	112,001	$	(5,851	)	$	570,862
Commercial		(694	)		105,084		(20	)		2,001		(714	)		107,085
Non-agency		—			—		(23	)		966		(23	)		966
Asset-backed securities	$	(3,056	)	$	349,095		(5,149	)		596,161	$	(8,205	)	$	945,256
	$	(8,321	)	$	913,040	$	(6,472	)	$	711,129	$	(14,793	)	$	1,624,169
Held-to-maturity securities
Asset-backed securities	$	(2,915	)	$	346,069	$	(31,381	)	$	1,980,673	$	(34,296	)	$	2,326,742