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Available-For-Sale And Held-To-Maturity Securities (Tables)
 9 Months Ended
Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 (in thousands):

 

 

September 30, 2018

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

5,226

 

 

$

—

 

 

$

(61

)

 

$

5,165

 

State and municipal securities

 

 

73,253

 

 

 

—

 

 

 

(4,377

)

 

 

68,876

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

256,120

 

 

 

29

 

 

 

(5,341

)

 

 

250,808

 

Commercial

 

 

74,698

 

 

 

8

 

 

 

(5,883

)

 

 

68,823

 

Non-agency

 

 

1,281

 

 

 

—

 

 

 

(12

)

 

 

1,269

 

Corporate fixed income securities

 

 

1,200,498

 

 

 

2,542

 

 

 

(25,725

)

 

 

1,177,315

 

Asset-backed securities

 

 

1,782,052

 

 

 

3,109

 

 

 

(7,810

)

 

 

1,777,351

 

 

 

$

3,393,128

 

 

$

5,688

 

 

$

(49,209

)

 

$

3,349,607

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

1,244,582

 

 

$

—

 

 

$

(48,907

)

 

$

1,195,675

 

Commercial

 

 

55,351

 

 

 

—

 

 

 

(343

)

 

 

55,008

 

Asset-backed securities

 

 

3,265,520

 

 

 

4,940

 

 

 

(14,758

)

 

 

3,255,702

 

 

 

$

4,565,453

 

 

$

4,940

 

 

$

(64,008

)

 

$

4,506,385

 

 

 

 

 

December 31, 2017

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

5,022

 

 

$

—

 

 

$

(39

)

 

$

4,983

 

State and municipal securities

 

 

74,691

 

 

 

—

 

 

 

(4,132

)

 

 

70,559

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

308,409

 

 

 

102

 

 

 

(2,981

)

 

 

305,530

 

Commercial

 

 

75,548

 

 

 

28

 

 

 

(3,088

)

 

 

72,488

 

Non-agency

 

 

1,568

 

 

 

—

 

 

 

—

 

 

 

1,568

 

Corporate fixed income securities

 

 

1,213,262

 

 

 

3,832

 

 

 

(5,652

)

 

 

1,211,442

 

Asset-backed securities

 

 

2,098,958

 

 

 

12,877

 

 

 

(4,897

)

 

 

2,106,938

 

 

 

$

3,777,458

 

 

$

16,839

 

 

$

(20,789

)

 

$

3,773,508

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

1,334,833

 

 

$

13,621

 

 

$

(16,208

)

 

$

1,332,246

 

Commercial

 

 

58,971

 

 

 

1,313

 

 

 

—

 

 

 

60,284

 

Asset-backed securities

 

 

2,264,283

 

 

 

15,526

 

 

 

(1,862

)

 

 

2,277,947

 

Corporate fixed income securities

 

 

40,011

 

 

 

27

 

 

 

(37

)

 

 

40,001

 

 

 

$

3,698,098

 

 

$

30,487

 

 

$

(18,107

)

 

$

3,710,478

 

 

(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.

 

 

 

September 30, 2018

 

 

 

Available-for-sale securities

 

 

Held-to-maturity securities

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

37,338

 

 

$

37,275

 

 

$

—

 

 

$

—

 

After one year through three years

 

 

380,761

 

 

 

372,133

 

 

 

—

 

 

 

—

 

After three years through five years

 

 

351,855

 

 

 

345,895

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

698,866

 

 

 

689,934

 

 

 

478,024

 

 

 

478,491

 

After ten years

 

 

1,592,209

 

 

 

1,583,470

 

 

 

2,787,496

 

 

 

2,777,211

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After one year through three years

 

 

163

 

 

 

163

 

 

 

55,351

 

 

 

55,008

 

After three years through five years

 

 

1,360

 

 

 

1,365

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

6,242

 

 

 

6,194

 

 

 

180,433

 

 

 

173,389

 

After ten years

 

 

324,334

 

 

 

313,178

 

 

 

1,064,149

 

 

 

1,022,286

 

 

 

$

3,393,128

 

 

$

3,349,607

 

 

$

4,565,453

 

 

$

4,506,385

 

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2018, 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

 

$

1,657

 

 

$

3,508

 

 

$

—

 

 

$

—

 

 

$

5,165

 

State and municipal securities

 

 

395

 

 

 

—

 

 

 

18,272

 

 

 

50,209

 

 

 

68,876

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

1,528

 

 

 

6,194

 

 

 

243,086

 

 

 

250,808

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

68,823

 

 

 

68,823

 

Non-agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,269

 

 

 

1,269

 

Corporate fixed income securities

 

 

35,223

 

 

 

714,520

 

 

 

427,572

 

 

 

—

 

 

 

1,177,315

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

244,090

 

 

 

1,533,261

 

 

 

1,777,351

 

 

 

$

37,275

 

 

$

719,556

 

 

$

696,128

 

 

$

1,896,648

 

 

$

3,349,607

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

—

 

 

$

—

 

 

$

180,433

 

 

$

1,064,149

 

 

$

1,244,582

 

Commercial

 

 

—

 

 

 

55,351

 

 

 

—

 

 

 

—

 

 

 

55,351

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

478,024

 

 

 

2,787,496

 

 

 

3,265,520

 

 

 

$

—

 

 

$

55,351

 

 

$

658,457

 

 

$

3,851,645

 

 

$

4,565,453

 

 

(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, 2018 (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

 

$

(61

)

 

$

5,040

 

 

$

—

 

 

$

—

 

 

$

(61

)

 

$

5,040

 

State and municipal securities

 

 

—

 

 

 

—

 

 

 

(4,377

)

 

 

68,481

 

 

 

(4,377

)

 

 

68,481

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(731

)

 

 

40,606

 

 

 

(4,610

)

 

 

188,110

 

 

 

(5,341

)

 

 

228,716

 

Commercial

 

 

—

 

 

 

—

 

 

 

(5,883

)

 

 

67,841

 

 

 

(5,883

)

 

 

67,841

 

Non-agency

 

 

(12

)

 

 

1,261

 

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

1,261

 

Corporate fixed income securities

 

 

(14,053

)

 

 

565,671

 

 

 

(11,672

)

 

 

310,351

 

 

 

(25,725

)

 

 

876,022

 

Asset-backed securities

 

 

(7,810

)

 

 

517,276

 

 

 

—

 

 

 

—

 

 

 

(7,810

)

 

 

517,276

 

 

 

$

(22,667

)

 

$

1,129,854

 

 

$

(26,542

)

 

$

634,783

 

 

$

(49,209

)

 

$

1,764,637

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

(11,804

)

 

$

556,381

 

 

$

(37,103

)

 

$

639,295

 

 

$

(48,907

)

 

$

1,195,676

 

Commercial

 

 

(343

)

 

 

55,008

 

 

 

—

 

 

 

—

 

 

 

(343

)

 

 

55,008

 

Asset-backed securities

 

 

(12,298

)

 

 

1,675,810

 

 

 

(2,460

)

 

 

42,507

 

 

 

(14,758

)

 

 

1,718,317

 

 

 

$

(24,445

)

 

$

2,287,199

 

 

$

(39,563

)

 

$

681,802

 

 

$

(64,008

)

 

$

2,969,001