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

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,360	$	2	$	(199	)	$	2,163
State and municipal securities		2,350		—		—			2,350
Mortgage-backed securities:
Agency		897,921		—		(129,373	)		768,548
Commercial		70,886		—		(5,308	)		65,578
Non-agency		368		—		(25	)		343
Corporate fixed income securities		622,129		10		(76,175	)		545,964
Asset-backed securities		201,442		26		(3,996	)		197,472
	$	1,797,456	$	38	$	(215,076	)	$	1,582,418
Held-to-maturity securities (2)
Asset-backed securities	$	5,951,482	$	3,793	$	(165,487	)	$	5,789,788

	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 June 30, 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.

	June 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Within one year	$	56,855	$	55,602	$	16,047	$	15,877
After one year through three years		152,950		145,768		185,012		178,776
After three years through five years		125,721		109,486		123,696		108,707
After five years through ten years		454,032		393,435		442,055		380,362
After ten years		1,007,898		878,127		1,096,409		952,319
	$	1,797,456	$	1,582,418	$	1,863,219	$	1,636,041
Held-to-maturity securities
After five years through ten years	$	2,788,861	$	2,722,380	$	2,413,239	$	2,323,608
After ten years		3,162,621		3,067,408		3,577,212		3,414,810
	$	5,951,482	$	5,789,788	$	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 June 30, 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	$	—	$	2,163	$	—	$	—	$	2,163
State and municipal securities		—		2,350		—		—		2,350
Mortgage-backed securities:
Agency		1		324		91,851		676,372		768,548
Commercial		—		—		—		65,578		65,578
Non-agency		—		—		343		—		343
Corporate fixed income securities		55,601		250,417		239,946		—		545,964
Asset-backed securities		—		—		61,295		136,177		197,472
	$	55,602	$	255,254	$	393,435	$	878,127	$	1,582,418
Held-to-maturity securities
Asset-backed securities	$	—	$	—	$	2,788,861	$	3,162,621	$	5,951,482

(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, 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	$	—		$	—	$	(199	)	$	1,730	$	(199	)	$	1,730
Mortgage-backed securities:
Agency		(3,621	)		66,805		(125,752	)		701,743		(129,373	)		768,548
Commercial		—			—		(5,308	)		65,578		(5,308	)		65,578
Non-agency		(25	)		343		—			—		(25	)		343
Corporate fixed income securities		(3,991	)		46,252		(72,184	)		497,209		(76,175	)		543,461
Asset-backed securities		(759	)		68,335		(3,237	)		122,997		(3,996	)		191,332
	$	(8,396	)	$	181,735	$	(206,680	)	$	1,389,257	$	(215,076	)	$	1,570,992

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, 2023 (in thousands):

	AAA		AA		A		C		Total
Held-to-maturity securities
Asset-backed securities	$	1,186,942	$	4,757,815	$	5,000	$	1,725	$	5,951,482