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

9 Months Ended

Sep. 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

	September 30, 2016
	Amortized Cost		Gross Unrealized Gains 1		Gross Unrealized Losses 1			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	4,440	$	8	$	(2	)	$	4,446
State and municipal securities		75,707		45		(1,892	)		73,860
Mortgage-backed securities:
Agency		366,610		820		(1,794	)		365,636
Commercial		77,752		78		(559	)		77,271
Non-agency		2,244		-		(153	)		2,091
Corporate fixed income securities		819,843		9,247		(320	)		828,770
Asset-backed securities		1,785,675		9,834		(2,316	)		1,793,193
	$	3,132,271	$	20,032	$	(7,036	)	$	3,145,267
Held-to-maturity securities 2
Mortgage-backed securities:
Agency	$	1,643,479	$	48,873	$	(398	)	$	1,691,954
Commercial		59,566		3,701		—			63,267
Non-agency		701		—		(13	)		688
Asset-backed securities		497,362		7,873		(1,312	)		503,923
Corporate fixed income securities		40,095		165		—			40,260
	$	2,241,203	$	60,612	$	(1,723	)	$	2,300,092

	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

	September 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	$	23,542	$	23,575	$		$
After one year through three years		272,434		274,519		40,095		40,260
After three years through five years		400,553		406,700		—		—
After five years through ten years		618,997		620,642		—		—
After ten years		1,370,139		1,374,833		497,361		503,923
Mortgage-backed securities
Within one year		23		23		—		—
After one year through three years		—		—		—		—
After three years through five years		—		—		59,566		63,267
After five years through ten years		59,143		58,674		181,413		183,657
After ten years		387,440		386,301		1,462,768		1,508,985
	$	3,132,271	$	3,145,267	$	2,241,203	$	2,300,092

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 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	$	1,428	$	3,018	$	—	$	—	$	4,446
State and municipal securities		—		—		17,337		56,523		73,860
Mortgage-backed securities:		—				-		-
Agency		—		—		517		365,119		365,636
Commercial		—		—		58,157		19,114		77,271
Non-agency		23		—		—		2,068		2,091
Corporate fixed income securities		22,146		678,202		128,422		—		828,770
Asset-backed securities		—		—		474,884		1,318,309		1,793,193
	$	23,597	$	681,220	$	679,317	$	1,761,133	$	3,145,267
Held-to-maturity:
Mortgage-backed securities:
Agency	$	—	$	—	$	181,413	$	1,462,066	$	1,643,479
Commercial		—		59,566		—		—		59,566
Non-agency		—		—		—		701		701
Asset-backed securities		—		—		—		497,362		497,362
Corporate fixed income securities		—		40,095		—		—		40,095
	$	—	$	99,661	$	181,413	$	1,960,129	$	2,241,203

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 September 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	$	(2	)	$	1,808	$	—		$	—	$	(2	)	$	1,808
State and municipal securities		(33	)		9,467		(1,859	)		61,659		(1,892	)		71,126
Mortgage-backed securities:
Agency		(1,739	)		224,447		(55	)		7,550		(1,794	)		231,997
Commercial		(559	)		75,379		—			—		(559	)		75,379
Non-agency		—			23		(153	)		2,016		(153	)		2,039
Corporate fixed income securities		(320	)		175,119		—			—		(320	)		175,119
Asset-backed securities		(2,233	)		241,700		(83	)		11,375		(2,316	)		253,075
	$	(4,886	)	$	727,943	$	(2,150	)	$	82,600	$	(7,036	)	$	810,543
Held-to-maturity securities
Mortgage-backed securities:
Agency	$	(377	)	$	192,269	$	(21	)	$	1,595	$	(398	)	$	193,864
Non-agency		—			—		(13	)		689		(13	)		689
Asset-backed securities		(80	)		49,920		(1,232	)		61,718		(1,312	)		111,638
Corporate fixed income securities		—			—		—			—		—			—
	$	(457	)	$	242,189	$	(1,266	)	$	64,002	$	(1,723	)	$	306,191