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

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021 (in thousands):

	June 30, 2022
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,414	$	—	$	(142	)	$	2,272
State and municipal securities		2,360		—		(5	)		2,355
Mortgage-backed securities:
Agency		974,642		2		(98,860	)		875,784
Commercial		72,056		—		(3,544	)		68,512
Non-agency		484		3		—			487
Corporate fixed income securities		751,424		398		(64,916	)		686,906
Asset-backed securities		250,434		2,284		(9,130	)		243,588
	$	2,053,814	$	2,687	$	(176,597	)	$	1,879,904
Held-to-maturity securities (2)
Asset-backed securities	$	5,883,448	$	2,783	$	(290,550	)	$	5,595,681

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	1,800	$	8	$	—		$	1,808
State and municipal securities		2,372		27		—			2,399
Mortgage-backed securities:
Agency		954,021		7,181		(9,016	)		952,186
Commercial		72,765		1,220		—			73,985
Non-agency		564		4		—			568
Corporate fixed income securities		783,289		14,385		(5,781	)		791,893
Asset-backed securities		289,702		3,581		(2,229	)		291,054
	$	2,104,513	$	26,406	$	(17,026	)	$	2,113,893
Held-to-maturity securities (2)
Asset-backed securities	$	5,348,558	$	7,659	$	(12,736	)	$	5,343,481

(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 June 30, 2022 and December 31, 2021 (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.

	June 30, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Within one year	$	12,273	$	12,248	$	36,671	$	36,899
After one year through three years		258,365		255,453		217,606		222,942
After three years through five years		157,670		142,517		192,271		196,380
After five years through ten years		442,412		392,449		455,429		455,848
After ten years		1,183,094		1,077,237		1,202,536		1,201,824
	$	2,053,814	$	1,879,904	$	2,104,513	$	2,113,893
Held-to-maturity securities
After three years through five years	$	—	$	—	$	2,825	$	2,825
After five years through ten years		2,344,160		2,249,665		2,282,162		2,278,597
After ten years		3,539,288		3,346,016		3,063,571		3,062,059
	$	5,883,448	$	5,595,681	$	5,348,558	$	5,343,481

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at June 30, 2022, 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	$	500	$	—	$	1,772	$	—	$	2,272
State and municipal securities		—		—		2,355		—		2,355
Mortgage-backed securities:
Agency		35		109		46,251		829,389		875,784
Commercial		—		—		—		68,512		68,512
Non-agency		—		—		487		—		487
Corporate fixed income securities		11,713		397,861		277,332		—		686,906
Asset-backed securities		—		—		64,252		179,336		243,588
	$	12,248	$	397,970	$	392,449	$	1,077,237	$	1,879,904
Held-to-maturity securities
Asset-backed securities	$	—	$	—	$	2,344,160	$	3,539,288	$	5,883,448

(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, 2022 (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 securities	$	(142	)	$	2,172	$	—		$	—	$	(142	)	$	2,172
State and municipal securities		(5	)		2,355		—			—		(5	)		2,355
Mortgage-backed securities:
Agency		(76,068	)		738,533		(22,792	)		137,188		(98,860	)		875,721
Commercial		(3,544	)		68,512		—			—		(3,544	)		68,512
Corporate fixed income securities		(64,916	)		657,937		—			—		(64,916	)		657,937
Asset-backed securities		(8,098	)		121,605		(1,032	)		32,266		(9,130	)		153,871
	$	(152,773	)	$	1,591,114	$	(23,824	)	$	169,454	$	(176,597	)	$	1,760,568

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 June 30, 2022 (in thousands):

	AAA		AA		A		C		Total
Held-to-maturity securities
Asset-backed securities	$	1,174,723	$	4,701,488	$	5,000	$	2,237	$	5,883,448