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Available-For-Sale And Held-To-Maturity Securities (Tables)
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 (in thousands):

 

 

March 31, 2017

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

4,437

 

 

$

1

 

 

$

(19

)

 

$

4,419

 

State and municipal securities

 

 

75,827

 

 

 

—

 

 

 

(3,410

)

 

 

72,417

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

342,751

 

 

 

261

 

 

 

(1,958

)

 

 

341,054

 

Commercial

 

 

77,077

 

 

 

47

 

 

 

(4,366

)

 

 

72,758

 

Non-agency

 

 

1,853

 

 

 

—

 

 

 

(122

)

 

 

1,731

 

Corporate fixed income securities

 

 

828,951

 

 

 

2,067

 

 

 

(6,826

)

 

 

824,192

 

Asset-backed securities

 

 

2,049,733

 

 

 

12,333

 

 

 

(656

)

 

 

2,061,410

 

 

 

$

3,380,629

 

 

$

14,709

 

 

$

(17,357

)

 

$

3,377,981

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

1,509,970

 

 

$

15,734

 

 

$

(16,902

)

 

$

1,508,802

 

Commercial

 

 

59,573

 

 

 

1,579

 

 

 

—

 

 

 

61,152

 

Asset-backed securities

 

 

1,580,163

 

 

 

11,238

 

 

 

(2,378

)

 

 

1,589,023

 

Corporate fixed income securities

 

 

40,061

 

 

 

75

 

 

 

—

 

 

 

40,136

 

 

 

$

3,189,767

 

 

$

28,626

 

 

$

(19,280

)

 

$

3,199,113

 

 

 

 

 

December 31, 2016

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

4,213

 

 

$

2

 

 

$

(18

)

 

$

4,197

 

State and municipal securities

 

 

76,066

 

 

 

—

 

 

 

(3,576

)

 

 

72,490

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

340,738

 

 

 

298

 

 

 

(2,304

)

 

 

338,732

 

Commercial

 

 

77,417

 

 

 

59

 

 

 

(4,703

)

 

 

72,773

 

Non-agency

 

 

2,032

 

 

 

—

 

 

 

(140

)

 

 

1,892

 

Corporate fixed income securities

 

 

830,695

 

 

 

1,418

 

 

 

(8,602

)

 

 

823,511

 

Asset-backed securities

 

 

1,858,929

 

 

 

9,857

 

 

 

(1,068

)

 

 

1,867,718

 

 

 

$

3,190,090

 

 

$

11,634

 

 

$

(20,411

)

 

$

3,181,313

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

1,567,758

 

 

$

14,537

 

 

$

(17,037

)

 

$

1,565,258

 

Commercial

 

 

59,581

 

 

 

1,786

 

 

 

—

 

 

 

61,367

 

Non-agency

 

 

688

 

 

 

—

 

 

 

(13

)

 

 

675

 

Asset-backed securities

 

 

1,370,300

 

 

 

6,242

 

 

 

(3,396

)

 

 

1,373,146

 

Corporate fixed income securities

 

 

40,078

 

 

 

30

 

 

 

—

 

 

 

40,108

 

 

 

$

3,038,405

 

 

$

22,595

 

 

$

(20,446

)

 

$

3,040,554

 

 

(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

The table below summarizes the amortized cost and fair values of debt securities by contractual maturity. 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.

 

 

 

March 31, 2017

 

 

 

Available-for-sale securities

 

 

Held-to-maturity securities

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

23,853

 

 

$

23,852

 

 

$

40,061

 

 

$

40,136

 

After one year through three years

 

 

332,237

 

 

 

333,154

 

 

 

—

 

 

 

—

 

After three years through five years

 

 

353,111

 

 

 

350,670

 

 

—

 

 

—

 

After five years through ten years

 

 

716,617

 

 

 

718,194

 

 

 

270,998

 

 

 

271,638

 

After ten years

 

 

1,533,130

 

 

 

1,536,568

 

 

 

1,309,165

 

 

 

1,317,385

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After three years through five years

 

—

 

 

—

 

 

 

59,573

 

 

 

61,152

 

After five years through ten years

 

 

58,788

 

 

 

55,351

 

 

 

160,329

 

 

 

158,931

 

After ten years

 

 

362,893

 

 

 

360,192

 

 

 

1,349,641

 

 

 

1,349,871

 

 

 

$

3,380,629

 

 

$

3,377,981

 

 

$

3,189,767

 

 

$

3,199,113

 

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2017, 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

 

$

1,175

 

 

$

3,244

 

 

$

—

 

 

$

—

 

 

$

4,419

 

State and municipal securities

 

 

201

 

 

 

375

 

 

 

16,815

 

 

 

55,026

 

 

 

72,417

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

—

 

 

 

444

 

 

 

340,610

 

 

 

341,054

 

Commercial

 

 

—

 

 

 

—

 

 

 

54,907

 

 

 

17,851

 

 

 

72,758

 

Non-agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,731

 

 

 

1,731

 

Corporate fixed income securities

 

 

22,476

 

 

 

680,205

 

 

 

121,511

 

 

 

—

 

 

 

824,192

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

579,868

 

 

 

1,481,542

 

 

 

2,061,410

 

 

 

$

23,852

 

 

$

683,824

 

 

$

773,545

 

 

$

1,896,760

 

 

$

3,377,981

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

—

 

 

$

—

 

 

$

160,329

 

 

$

1,349,641

 

 

$

1,509,970

 

Commercial

 

 

—

 

 

 

59,573

 

 

 

—

 

 

 

—

 

 

 

59,573

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

270,998

 

 

 

1,309,165

 

 

 

1,580,163

 

Corporate fixed income securities

 

 

40,061

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,061

 

 

 

$

40,061

 

 

$

59,573

 

 

$

431,327

 

 

$

2,658,806

 

 

$

3,189,767

 

 

(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 March 31, 2017 (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

 

$

(19

)

 

$

3,819

 

 

—

 

 

—

 

 

$

(19

)

 

$

3,819

 

State and municipal securities

 

 

(338

)

 

 

12,233

 

 

 

(3,072

)

 

 

60,206

 

 

 

(3,410

)

 

 

72,439

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(607

)

 

 

129,632

 

 

 

(1,351

)

 

 

139,111

 

 

 

(1,958

)

 

 

268,743

 

Commercial

 

 

(4,366

)

 

 

71,102

 

 

—

 

 

—

 

 

 

(4,366

)

 

 

71,102

 

Non-agency

 

—

 

 

—

 

 

 

(122

)

 

 

1,691

 

 

 

(122

)

 

 

1,691

 

Corporate fixed income securities

 

 

(6,826

)

 

 

425,140

 

 

—

 

 

—

 

 

 

(6,826

)

 

 

425,140

 

Asset-backed securities

 

 

(656

)

 

 

248,043

 

 

—

 

 

—

 

 

 

(656

)

 

 

248,043

 

 

 

$

(12,812

)

 

$

889,969

 

 

$

(4,545

)

 

$

201,008

 

 

$

(17,357

)

 

$

1,090,977

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

(16,886

)

 

$

961,972

 

 

$

(16

)

 

$

1,263

 

 

$

(16,902

)

 

$

963,235

 

Non-agency

 

—

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

Asset-backed securities

 

 

(205

)

 

 

63,745

 

 

 

(2,173

)

 

 

43,311

 

 

 

(2,378

)

 

 

107,056

 

Corporate fixed income securities

 

—

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

(17,091

)

 

$

1,025,717

 

 

$

(2,189

)

 

$

44,574

 

 

$

(19,280

)

 

$

1,070,291