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

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,249	$	19	$	—		$	2,268
State and municipal securities		2,378		36		—			2,414
Mortgage-backed securities:
Agency		1,011,466		11,408		(6,144	)		1,016,730
Commercial		73,187		2,514		—			75,701
Non-agency		581		—		—			581
Corporate fixed income securities		803,835		19,677		(2,673	)		820,839
Asset-backed securities		322,322		3,546		(1,936	)		323,932
	$	2,216,018	$	37,200	$	(10,753	)	$	2,242,465
Held-to-maturity securities ⁽²⁾
Asset-backed securities	$	5,347,821	$	9,315	$	(3,007	)	$	5,354,129

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated 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

⁽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 our securities by contractual maturity at September 30, 2021 and December 31, 2020 (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.

	September 30, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Available-for-sale securities
Within one year	$	25,169	$	25,321	$	143,462	$	144,362
After one year through three years		223,518		230,667		134,040		137,625
After three years through five years		213,452		222,208		247,907		266,139
After five years through ten years		458,386		461,232		429,921		435,111
After ten years		1,295,493		1,303,037		1,229,009		1,247,060
	$	2,216,018	$	2,242,465	$	2,184,339	$	2,230,297
Held-to-maturity securities
After three years through five years	$	—	$	—	$	17,460	$	17,460
After five years through ten years		2,267,811		2,267,120		1,932,439		1,926,425
After ten years		3,080,010		3,087,009		2,167,485		2,164,075
	$	5,347,821	$	5,354,129	$	4,117,384	$	4,107,960

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2021, 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	$	2,064	$	204	$	—	$	—	$	2,268
State and municipal securities		—		—		2,414		—		2,414
Mortgage-backed securities:
Agency		56		96		63,321		953,257		1,016,730
Commercial		—		—		—		75,701		75,701
Non-agency		—		—		—		581		581
Corporate fixed income securities		23,201		452,575		345,063		—		820,839
Asset-backed securities		—		—		50,434		273,498		323,932
	$	25,321	$	452,875	$	461,232	$	1,303,037	$	2,242,465
Held-to-maturity securities
Asset-backed securities	$	—	$	—	$	2,267,811	$	3,080,010	$	5,347,821

⁽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, 2021 (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
Agency mortgage-backed securities	$	(6,142	)	$	618,905	$	(2	)	$	332	$	(6,144	)	$	619,237
Corporate fixed income securities		(2,673	)		181,665		—			—		(2,673	)		181,665
Asset-backed securities		(1,645	)		116,790		(291	)		51,144		(1,936	)		167,934
	$	(10,460	)	$	917,360	$	(293	)	$	51,476	$	(10,753	)	$	968,836

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 September 30, 2021 (in thousands):

	AAA		AA		A		C		Total
Held-to-maturity securities
Asset-backed securities	$	1,104,716	$	4,235,714	$	5,000	$	2,391	$	5,347,821