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

6 Months Ended

Jun. 30, 2016

Investments Debt And Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Values Of Available For Sale Securities And Held To Maturity Securities

	June 30, 2016
	Amortized Cost		Gross Unrealized Gains 1		Gross Unrealized Losses 1			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,679	$	10	$	(1	)	$	2,688
State and municipal securities		75,672		188		(1,148	)		74,712
Mortgage-backed securities:
Agency		395,871		1,218		(1,818	)		395,271
Commercial		2,707		80		—			2,787
Non-agency		2,352		1		(165	)		2,188
Corporate fixed income securities		641,437		10,664		(8	)		652,093
Asset-backed securities		1,340,316		3,762		(7,111	)		1,336,967
	$	2,461,034	$	15,923	$	(10,251	)	$	2,466,706
Held-to-maturity securities 2
Mortgage-backed securities:
Agency	$	1,522,210	$	50,749	$	(8	)	$	1,572,951
Commercial		59,551		4,314		—			63,865
Non-agency		773		—		(15	)		758
Asset-backed securities		497,242		5,382		(2,246	)		500,378
Corporate fixed income securities		40,112		154		—			40,266
	$	2,119,888	$	60,599	$	(2,269	)	$	2,178,218

	December 31, 2015
	Amortized Cost		Gross Unrealized Gains 1		Gross Unrealized Losses 1			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	1,700	$	1	$	(3	)	$	1,698
State and municipal securities		75,953		28		(1,814	)		74,167
Mortgage-backed securities:
Agency		306,309		125		(1,541	)		304,893
Commercial		11,177		134		(1	)		11,310
Non-agency		2,679		2		(163	)		2,518
Corporate fixed income securities		321,017		743		(2,352	)		319,408
Asset-backed securities		922,563		774		(7,424	)		915,913
	$	1,641,398	$	1,807	$	(13,298	)	$	1,629,907
Held-to-maturity securities 2
Mortgage-backed securities:
Agency	$	1,257,808	$	23,346	$	(3,105	)	$	1,278,049
Commercial		59,521		1,832		—			61,353
Non-agency		929		—		(15	)		914
Asset-backed securities		496,996		2,076		(4,139	)		494,933
Corporate fixed income securities		40,145		—		(396	)		39,749
	$	1,855,399	$	27,254	$	(7,655	)	$	1,874,998

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

	June 30, 2016
	Available-for-sale securities				Held-to-maturity securities
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Debt securities
Within one year	$	1,081	$	1,081	$	—	$	—
After one year through three years		271,590		274,003		40,111		40,265
After three years through five years		327,468		334,561		—		—
After five years through ten years		361,739		359,105		—		—
After ten years		1,098,226		1,097,710		497,243		500,379
Mortgage-backed securities
After one year through three years		38		38		—		—
After five years through ten years		523		553		251,937		258,896
After ten years		400,369		399,655		1,330,597		1,378,678
	$	2,461,034	$	2,466,706	$	2,119,888	$	2,178,218

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at June 30, 2016, 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	$	1,081	$	1,607	$	—	$	—	$	2,688
State and municipal securities		—		—		17,362		57,350		74,712
Mortgage-backed securities:
Agency		—		—		553		394,718		395,271
Commercial		—		—		—		2,787		2,787
Non-agency		38		—		—		2,150		2,188
Corporate fixed income securities		—		606,956		45,137		—		652,093
Asset-backed securities		—		—		296,607		1,040,360		1,336,967
	$	1,119	$	608,563	$	359,659	$	1,497,365	$	2,466,706
Held-to-maturity:
Mortgage-backed securities:
Agency	$	—	$	—	$	192,386	$	1,329,824	$	1,522,210
Commercial		—		—		59,551		—		59,551
Non-agency		—		—		—		773		773
Asset-backed securities		—		—		—		497,242		497,242
Corporate fixed income securities		—		40,112		—		—		40,112
	$	—	$	40,112	$	251,937	$	1,827,839	$	2,119,888

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, 2016 (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	$	(1	)	$	226	$	—		$	—	$	(1	)	$	226
State and municipal securities		—			—		(1,148	)		62,491		(1,148	)		62,491
Mortgage-backed securities:
Agency		(1,734	)		212,562		(84	)		8,185		(1,818	)		220,747
Commercial		—			—		—			—		—			—
Non-agency		—			—		(165	)		2,081		(165	)		2,081
Corporate fixed income securities		(8	)		1,493		—			—		(8	)		1,493
Asset-backed securities		(4,896	)		452,928		(2,215	)		64,717		(7,111	)		517,645
	$	(6,639	)	$	667,209	$	(3,612	)	$	137,474	$	(10,251	)	$	804,683
Held-to-maturity securities
Mortgage-backed securities:
Agency	$	—		$	—	$	(8	)	$	1,789	$	(8	)	$	1,789
Non-agency		—			—		(15	)		758		(15	)		758
Asset-backed securities		(1,074	)		111,822		(1,172	)		65,903		(2,246	)		177,725
Corporate fixed income securities		—			—		—			—		—			—
	$	(1,074	)	$	111,822	$	(1,195	)	$	68,450	$	(2,269	)	$	180,272