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v3.23.1

Available-for-Sale and Held-to-Maturity Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 and December 31, 2022 (in thousands):
|  | March 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains (1) |  |  | Gross Unrealized Losses (1) |  |  | Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 2,353 |  |  | $ | 11 |  |  | $ | (175 | ) |  | $ | 2,189 |
State and municipal securities |  |  | 2,350 |  |  |  | 1 |  |  |  | — |  |  |  | 2,351 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 908,893 |  |  |  | 6 |  |  |  | (115,930 | ) |  |  | 792,969 |
Commercial |  |  | 71,171 |  |  |  | — |  |  |  | (4,476 | ) |  |  | 66,695 |
Non-agency |  |  | 422 |  |  |  | — |  |  |  | (30 | ) |  |  | 392 |
Corporate fixed income securities |  |  | 622,693 |  |  |  | 11 |  |  |  | (72,382 | ) |  |  | 550,322 |
Asset-backed securities |  |  | 213,197 |  |  |  | 211 |  |  |  | (3,868 | ) |  |  | 209,540 |
|  | $ | 1,821,079 |  |  | $ | 240 |  |  | $ | (196,861 | ) |  | $ | 1,624,458 |
Held-to-maturity securities (2) |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 5,984,822 |  |  | $ | 3,399 |  |  | $ | (208,676 | ) |  | $ | 5,779,545 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains (1) |  |  | Gross Unrealized Losses (1) |  |  | Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 2,345 |  |  | $ | 6 |  |  | $ | (203 | ) |  | $ | 2,148 |
State and municipal securities |  |  | 2,350 |  |  |  | 1 |  |  |  | — |  |  |  | 2,351 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 921,676 |  |  |  | — |  |  |  | (130,654 | ) |  |  | 791,022 |
Commercial |  |  | 71,462 |  |  |  | — |  |  |  | (5,349 | ) |  |  | 66,113 |
Non-agency |  |  | 442 |  |  |  | — |  |  |  | (54 | ) |  |  | 388 |
Corporate fixed income securities |  |  | 643,379 |  |  |  | 18 |  |  |  | (77,103 | ) |  |  | 566,294 |
Asset-backed securities |  |  | 221,565 |  |  |  | 126 |  |  |  | (13,966 | ) |  |  | 207,725 |
|  | $ | 1,863,219 |  |  | $ | 151 |  |  | $ | (227,329 | ) |  | $ | 1,636,041 |
Held-to-maturity securities (2) |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 5,990,451 |  |  | $ | 3,213 |  |  | $ | (255,246 | ) |  | $ | 5,738,418 |
(1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income. 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 securities by contractual maturity at March 31, 2023 and December 31, 2022 (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.
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 19,821 |  |  | $ | 19,301 |  |  | $ | 16,047 |  |  | $ | 15,877 |
After one year through three years |  |  | 190,260 |  |  |  | 182,257 |  |  |  | 185,012 |  |  |  | 178,776 |
After three years through five years |  |  | 104,158 |  |  |  | 92,269 |  |  |  | 123,696 |  |  |  | 108,707 |
After five years through ten years |  |  | 440,663 |  |  |  | 383,638 |  |  |  | 442,055 |  |  |  | 380,362 |
After ten years |  |  | 1,066,177 |  |  |  | 946,993 |  |  |  | 1,096,409 |  |  |  | 952,319 |
|  | $ | 1,821,079 |  |  | $ | 1,624,458 |  |  | $ | 1,863,219 |  |  | $ | 1,636,041 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  |
After five years through ten years |  |  | 2,495,221 |  |  |  | 2,421,698 |  |  |  | 2,413,239 |  |  |  | 2,323,608 |
After ten years |  |  | 3,489,601 |  |  |  | 3,357,847 |  |  |  | 3,577,212 |  |  |  | 3,414,810 |
|  | $ | 5,984,822 |  |  | $ | 5,779,545 |  |  | $ | 5,990,451 |  |  | $ | 5,738,418 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2023, 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 |  | $ | — |  |  | $ | 2,189 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,189 |
State and municipal securities |  |  | — |  |  |  | 2,351 |  |  |  | — |  |  |  | — |  |  |  | 2,351 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 5 |  |  |  | 65 |  |  |  | 59,498 |  |  |  | 733,401 |  |  |  | 792,969 |
Commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 66,695 |  |  |  | 66,695 |
Non-agency |  |  | — |  |  |  | — |  |  |  | 392 |  |  |  | — |  |  |  | 392 |
Corporate fixed income securities |  |  | 19,296 |  |  |  | 269,921 |  |  |  | 261,105 |  |  |  | — |  |  |  | 550,322 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 62,643 |  |  |  | 146,897 |  |  |  | 209,540 |
|  | $ | 19,301 |  |  | $ | 274,526 |  |  | $ | 383,638 |  |  | $ | 946,993 |  |  | $ | 1,624,458 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 2,495,221 |  |  | $ | 3,489,601 |  |  | $ | 5,984,822 |
(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, 2023 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | (175 | ) |  | $ | 1,752 |  |  | $ | — |  |  | $ | — |  |  | $ | (175 | ) |  | $ | 1,752 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | (3,990 | ) |  |  | 104,347 |  |  |  | (111,940 | ) |  |  | 685,830 |  |  |  | (115,930 | ) |  |  | 790,177 |
Commercial |  |  | — |  |  |  | — |  |  |  | (4,476 | ) |  |  | 66,691 |  |  |  | (4,476 | ) |  |  | 66,691 |
Non-agency |  |  | (30 | ) |  |  | 392 |  |  |  | — |  |  |  | — |  |  |  | (30 | ) |  |  | 392 |
Corporate fixed income securities |  |  | (2,614 | ) |  |  | 58,582 |  |  |  | (69,768 | ) |  |  | 489,235 |  |  |  | (72,382 | ) |  |  | 547,817 |
Asset-backed securities |  |  | (1,314 | ) |  |  | 73,290 |  |  |  | (2,554 | ) |  |  | 100,590 |  |  |  | (3,868 | ) |  |  | 173,880 |
|  | $ | (8,123 | ) |  | $ | 238,363 |  |  | $ | (188,738 | ) |  | $ | 1,342,346 |  |  | $ | (196,861 | ) |  | $ | 1,580,709 |
Schedule of Amortized Cost of Held-To-Maturity Securities by Credit Quality Indicator | The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at March 31, 2023 (in thousands):
|  | AAA |  |  | AA |  |  | A |  |  | BBB |  |  | C |  |  | Total |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 1,219,326 |  |  | $ | 4,744,524 |  |  | $ | 5,000 |  |  | $ | 14,077 |  |  | $ | 1,895 |  |  | $ | 5,984,822 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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