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Available-For-Sale And Held-To-Maturity Securities (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016 (in thousands):

 

 

 

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

 

 

 

 

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

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, 2017

 

 

 

Available-for-sale

securities

 

 

Held-to-maturity

securities

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

184,101

 

 

$

184,021

 

 

$

40,011

 

 

$

40,001

 

After one year through three years

 

 

229,680

 

 

 

229,627

 

 

 

—

 

 

 

—

 

After three years through five years

 

 

318,964

 

 

 

316,198

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

920,147

 

 

 

922,763

 

 

 

403,840

 

 

 

405,319

 

After ten years

 

 

1,739,041

 

 

 

1,741,313

 

 

 

1,860,443

 

 

 

1,872,628

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After three years through five years

 

 

—

 

 

 

—

 

 

 

58,971

 

 

 

60,284

 

After five years through ten years

 

 

58,263

 

 

 

55,824

 

 

 

143,715

 

 

 

141,770

 

After ten years

 

 

327,262

 

 

 

323,762

 

 

 

1,191,118

 

 

 

1,190,476

 

 

 

$

3,777,458

 

 

$

3,773,508

 

 

$

3,698,098

 

 

$

3,710,478

 

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 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

 

$

1,722

 

 

$

3,261

 

 

$

—

 

 

$

—

 

 

$

4,983

 

State and municipal securities

 

 

274

 

 

 

84

 

 

 

18,745

 

 

 

51,456

 

 

 

70,559

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

—

 

 

 

338

 

 

 

305,192

 

 

 

305,530

 

Commercial

 

 

—

 

 

 

—

 

 

 

55,486

 

 

 

17,002

 

 

 

72,488

 

Non-agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,568

 

 

 

1,568

 

Corporate fixed income securities

 

 

182,025

 

 

 

542,480

 

 

 

486,937

 

 

 

—

 

 

 

1,211,442

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

417,081

 

 

 

1,689,857

 

 

 

2,106,938

 

 

 

$

184,021

 

 

$

545,825

 

 

$

978,587

 

 

$

2,065,075

 

 

$

3,773,508

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

—

 

 

$

—

 

 

$

143,715

 

 

$

1,191,118

 

 

$

1,334,833

 

Commercial

 

 

—

 

 

 

58,971

 

 

 

—

 

 

 

—

 

 

 

58,971

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

403,840

 

 

 

1,860,443

 

 

 

2,264,283

 

Corporate fixed income securities

 

 

40,011

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,011

 

 

 

$

40,011

 

 

$

58,971

 

 

$

547,555

 

 

$

3,051,561

 

 

$

3,698,098

 

 

(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, 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

 

$

(39

)

 

$

4,983

 

 

 

—

 

 

 

—

 

 

$

(39

)

 

$

4,983

 

State and municipal securities

 

 

(59

)

 

 

2,797

 

 

 

(4,073

)

 

 

67,762

 

 

 

(4,132

)

 

 

70,559

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(1,024

)

 

 

113,363

 

 

 

(1,957

)

 

 

158,880

 

 

 

(2,981

)

 

 

272,243

 

Commercial

 

 

—

 

 

 

—

 

 

 

(3,088

)

 

 

71,161

 

 

 

(3,088

)

 

 

71,161

 

Corporate fixed income securities

 

 

(2,513

)

 

 

504,591

 

 

 

(3,139

)

 

 

185,879

 

 

 

(5,652

)

 

 

690,470

 

Asset-backed securities

 

 

(4,897

)

 

 

175,074

 

 

 

—

 

 

 

—

 

 

 

(4,897

)

 

 

175,074

 

 

 

$

(8,532

)

 

$

800,808

 

 

$

(12,257

)

 

$

483,682

 

 

$

(20,789

)

 

$

1,284,490

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

(743

)

 

$

76,481

 

 

$

(15,465

)

 

$

697,809

 

 

$

(16,208

)

 

$

774,290

 

Asset-backed securities

 

 

(29

)

 

 

29,399

 

 

 

(1,833

)

 

 

42,906

 

 

 

(1,862

)

 

 

72,305

 

Corporate fixed income securities

 

 

(37

)

 

 

9,965

 

 

 

—

 

 

 

—

 

 

 

(37

)

 

 

9,965

 

 

 

$

(809

)

 

$

115,845

 

 

$

(17,298

)

 

$

740,715

 

 

$

(18,107

)

 

$

856,560