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Available-for-Sale and Held-to-Maturity Securities (Tables)
 12 Months Ended
Dec. 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 December 31, 2023 and 2022 (in thousands):

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains (1)

 

 

Gross
Unrealized
Losses (1)

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

2,376

 

 

$

5

 

 

$

(162

)

 

$

2,219

 

State and municipal securities

 

 

2,350

 

 

 

1

 

 

 

—

 

 

 

2,351

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

855,456

 

 

 

—

 

 

 

(109,286

)

 

 

746,170

 

Commercial

 

 

70,326

 

 

 

—

 

 

 

(3,655

)

 

 

66,671

 

Non-agency

 

 

274

 

 

 

—

 

 

 

(13

)

 

 

261

 

Corporate fixed income securities

 

 

615,131

 

 

 

—

 

 

 

(58,970

)

 

 

556,161

 

Asset-backed securities

 

 

181,717

 

 

 

—

 

 

 

(3,864

)

 

 

177,853

 

 

 

$

1,727,630

 

 

$

6

 

 

$

(175,950

)

 

$

1,551,686

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

5,888,798

 

 

$

6,387

 

 

$

(43,009

)

 

$

5,852,176

 

 

 

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.
(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 our 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, 2023

 

 

December 31, 2022

 

 

 

Amortized
Cost

 

 

Fair Value

 

 

Amortized
Cost

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

105,389

 

 

$

104,113

 

 

$

16,047

 

 

$

15,877

 

After one year through three years

 

 

184,975

 

 

 

174,827

 

 

 

185,012

 

 

 

178,776

 

After three years through five years

 

 

38,462

 

 

 

34,316

 

 

 

123,696

 

 

 

108,707

 

After five years through ten years

 

 

448,931

 

 

 

398,624

 

 

 

442,055

 

 

 

380,362

 

After ten years

 

 

949,873

 

 

 

839,806

 

 

 

1,096,409

 

 

 

952,319

 

 

 

$

1,727,630

 

 

$

1,551,686

 

 

$

1,863,219

 

 

$

1,636,041

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

After five years through ten years

 

 

2,754,817

 

 

 

2,740,154

 

 

 

2,413,239

 

 

 

2,323,608

 

After ten years

 

 

3,133,981

 

 

 

3,112,022

 

 

 

3,577,212

 

 

 

3,414,810

 

 

 

$

5,888,798

 

 

$

5,852,176

 

 

$

5,990,451

 

 

$

5,738,418

 
Schedule of Contractual Maturities

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

 

$

—

 

 

$

2,219

 

 

$

—

 

 

$

—

 

 

$

2,219

 

State and municipal securities

 

 

—

 

 

 

2,351

 

 

 

—

 

 

 

—

 

 

 

2,351

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

286

 

 

 

92,573

 

 

 

653,311

 

 

 

746,170

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

66,671

 

 

 

66,671

 

Non-agency

 

 

—

 

 

 

—

 

 

 

261

 

 

 

—

 

 

 

261

 

Corporate fixed income securities

 

 

104,113

 

 

 

204,287

 

 

 

247,761

 

 

 

—

 

 

 

556,161

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

58,029

 

 

 

119,824

 

 

 

177,853

 

 

 

$

104,113

 

 

$

209,143

 

 

$

398,624

 

 

$

839,806

 

 

$

1,551,686

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

—

 

 

$

—

 

 

$

2,754,817

 

 

$

3,133,981

 

 

$

5,888,798

 

(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 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, 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

 

$

—

 

 

$

—

 

 

$

(162

)

 

$

1,775

 

 

$

(162

)

 

$

1,775

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(382

)

 

 

24,584

 

 

 

(108,904

)

 

 

721,586

 

 

 

(109,286

)

 

 

746,170

 

Commercial

 

 

—

 

 

 

—

 

 

 

(3,655

)

 

 

66,671

 

 

 

(3,655

)

 

 

66,671

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(13

)

 

 

261

 

 

 

(13

)

 

 

261

 

Corporate fixed income securities

 

 

(152

)

 

 

8,297

 

 

 

(58,818

)

 

 

547,864

 

 

 

(58,970

)

 

 

556,161

 

Asset-backed securities

 

 

(1,338

)

 

 

68,770

 

 

 

(2,526

)

 

 

109,083

 

 

 

(3,864

)

 

 

177,853

 

 

 

$

(1,872

)

 

$

101,651

 

 

$

(174,078

)

 

$

1,447,240

 

 

$

(175,950

)

 

$

1,548,891

 

 
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 December 31, 2023 (in thousands):

 

 

AAA

 

 

AA

 

 

A

 

 

C

 

 

Total

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

1,145,186

 

 

$

4,737,237

 

 

$

5,000

 

 

$

1,375

 

 

$

5,888,798