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Available-For-Sale And Held-To-Maturity Securities (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 (in thousands):

 

 

December 31, 2020

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

4,293

 

 

$

68

 

 

$

—

 

 

$

4,361

 

State and municipal securities

 

 

2,395

 

 

 

58

 

 

 

—

 

 

 

2,453

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

777,025

 

 

 

16,401

 

 

 

(16

)

 

 

793,410

 

Commercial

 

 

91,237

 

 

 

4,376

 

 

 

—

 

 

 

95,613

 

Non-agency

 

 

4,550

 

 

 

28

 

 

 

(9

)

 

 

4,569

 

Corporate fixed income securities

 

 

604,662

 

 

 

27,096

 

 

 

—

 

 

 

631,758

 

Asset-backed securities

 

 

700,177

 

 

 

3,522

 

 

 

(5,566

)

 

 

698,133

 

 

 

$

2,184,339

 

 

$

51,549

 

 

$

(5,591

)

 

$

2,230,297

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

4,117,384

 

 

$

8,111

 

 

$

(17,535

)

 

$

4,107,960

 

 

 

 

December 31, 2019

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

5,028

 

 

$

39

 

 

$

—

 

 

$

5,067

 

State and municipal securities

 

 

24,198

 

 

 

99

 

 

 

—

 

 

 

24,297

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

840,659

 

 

 

3,070

 

 

 

(5,851

)

 

 

837,878

 

Commercial

 

 

109,982

 

 

 

269

 

 

 

(714

)

 

 

109,537

 

Non-agency

 

 

9,731

 

 

 

50

 

 

 

(23

)

 

 

9,758

 

Corporate fixed income securities

 

 

664,028

 

 

 

11,283

 

 

 

—

 

 

 

675,311

 

Asset-backed securities

 

 

1,600,415

 

 

 

679

 

 

 

(8,205

)

 

 

1,592,889

 

 

 

$

3,254,041

 

 

$

15,489

 

 

$

(14,793

)

 

$

3,254,737

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

 

2,856,219

 

 

 

5,960

 

 

 

(34,296

)

 

 

2,827,883

 

 

(1)

Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income/(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 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, 2020

 

 

December 31, 2019

 

 

 

Amortized

Cost

 

 

Fair Value

 

 

Amortized

Cost

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

143,462

 

 

$

144,362

 

 

$

6,861

 

 

$

6,871

 

After one year through three years

 

 

134,040

 

 

 

137,625

 

 

 

229,184

 

 

 

229,760

 

After three years through five years

 

 

247,907

 

 

 

266,139

 

 

 

422,236

 

 

 

429,909

 

After five years through ten years

 

 

429,921

 

 

 

435,111

 

 

 

409,664

 

 

 

411,680

 

After ten years

 

 

1,229,009

 

 

 

1,247,060

 

 

 

2,186,096

 

 

 

2,176,517

 

 

 

$

2,184,339

 

 

$

2,230,297

 

 

$

3,254,041

 

 

$

3,254,737

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After three years through five years

 

 

17,460

 

 

 

17,460

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

1,932,439

 

 

 

1,926,425

 

 

 

598,250

 

 

 

597,166

 

After ten years

 

 

2,167,485

 

 

 

2,164,075

 

 

 

2,257,969

 

 

 

2,230,717

 

 

 

$

4,117,384

 

 

$

4,107,960

 

 

$

2,856,219

 

 

$

2,827,883

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 2020, 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

 

$

2,518

 

 

$

1,843

 

 

$

—

 

 

$

—

 

 

$

4,361

 

State and municipal securities

 

 

—

 

 

 

—

 

 

 

2,453

 

 

 

—

 

 

 

2,453

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

3

 

 

 

355

 

 

 

86,324

 

 

 

706,728

 

 

 

793,410

 

Commercial

 

 

16,602

 

 

 

16

 

 

 

—

 

 

 

78,995

 

 

 

95,613

 

Non-agency

 

 

3,841

 

 

 

—

 

 

 

—

 

 

 

728

 

 

 

4,569

 

Corporate fixed income securities

 

 

121,398

 

 

 

401,550

 

 

 

108,810

 

 

 

—

 

 

 

631,758

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

237,524

 

 

 

460,609

 

 

 

698,133

 

 

 

$

144,362

 

 

$

403,764

 

 

$

435,111

 

 

$

1,247,060

 

 

$

2,230,297

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

—

 

 

$

17,460

 

 

$

1,932,439

 

 

$

2,167,485

 

 

$

4,117,384

 

 

(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 December 31, 2020 (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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

(16

)

 

$

10,254

 

 

$

—

 

 

$

—

 

 

$

(16

)

 

$

10,254

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

728

 

 

 

(9

)

 

 

728

 

Asset-backed securities

 

 

(2,132

)

 

 

155,011

 

 

 

(3,434

)

 

 

358,154

 

 

 

(5,566

)

 

 

513,165

 

 

 

$

(2,148

)

 

$

165,265

 

 

$

(3,443

)

 

$

358,882

 

 

$

(5,591

)

 

$

524,147

 
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, 2020 (in thousands):

 

 

AAA

 

 

AA

 

 

A

 

 

C

 

 

Total

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

1,141,171

 

 

$

2,958,169

 

 

$

15,500

 

 

$

2,544

 

 

$

4,117,384