Available-for-Sale and Held-to-Maturity Securities (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021 (in thousands):

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	3,010	$	2	$	(90	)	$	2,922
State and municipal securities		2,366		—		—			2,366
Mortgage-backed securities:
Agency		909,052		244		(55,350	)		853,946
Commercial		72,421		—		(2,569	)		69,852
Non-agency		501		3		—			504
Corporate fixed income securities		764,982		2,041		(36,149	)		730,874
Asset-backed securities		269,504		3,064		(6,888	)		265,680
	$	2,021,836	$	5,354	$	(101,046	)	$	1,926,144
Held-to-maturity securities (2)
Asset-backed securities	$	5,316,296	$	3,557	$	(68,321	)	$	5,251,532

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	1,800	$	8	$	—		$	1,808
State and municipal securities		2,372		27		—			2,399
Mortgage-backed securities:
Agency		954,021		7,181		(9,016	)		952,186
Commercial		72,765		1,220		—			73,985
Non-agency		564		4		—			568
Corporate fixed income securities		783,289		14,385		(5,781	)		791,893
Asset-backed securities		289,702		3,581		(2,229	)		291,054
	$	2,104,513	$	26,406	$	(17,026	)	$	2,113,893
Held-to-maturity securities (2)
Asset-backed securities	$	5,348,558	$	7,659	$	(12,736	)	$	5,343,481

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

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 March 31, 2022 and December 31, 2021 (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.

	March 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Within one year	$	18,283	$	18,356	$	36,671	$	36,899
After one year through three years		266,201		266,561		217,606		222,942
After three years through five years		155,351		146,970		192,271		196,380
After five years through ten years		440,797		413,995		455,429		455,848
After ten years		1,141,204		1,080,262		1,202,536		1,201,824
	$	2,021,836	$	1,926,144	$	2,104,513	$	2,113,893
Held-to-maturity securities
After three years through five years	$	—	$	—	$	2,825	$	2,825
After five years through ten years		2,217,675		2,198,375		2,282,162		2,278,597
After ten years		3,098,621		3,053,157		3,063,571		3,062,059
	$	5,316,296	$	5,251,532	$	5,348,558	$	5,343,481

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2022, 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	$	1,102	$	—	$	1,820	$	—	$	2,922
State and municipal securities		—		—		2,366		—		2,366
Mortgage-backed securities:
Agency		34		155		51,139		802,618		853,946
Commercial		—		—		—		69,852		69,852
Non-agency		—		—		504		—		504
Corporate fixed income securities		17,220		413,376		300,278		—		730,874
Asset-backed securities		—		—		57,888		207,792		265,680
	$	18,356	$	413,531	$	413,995	$	1,080,262	$	1,926,144
Held-to-maturity securities
Asset-backed securities	$	—	$	—	$	2,217,675	$	3,098,621	$	5,316,296

(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, 2022 (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
U.S. government agency securities	$	(90	)	$	1,820	$	—		$	—	$	(90	)	$	1,820
Mortgage-backed securities:
Agency		(40,093	)		679,722		(15,257	)		149,962		(55,350	)		829,684
Commercial		(2,569	)		69,841		—			—		(2,569	)		69,841
Corporate fixed income securities		(36,149	)		398,824		—			—		(36,149	)		398,824
Asset-backed securities		(6,188	)		134,272		(700	)		33,946		(6,888	)		168,218
	$	(85,089	)	$	1,284,479	$	(15,957	)	$	183,908	$	(101,046	)	$	1,468,387

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 March 31, 2022 (in thousands):

	AAA		AA		A		C		Total
Held-to-maturity securities
Asset-backed securities	$	1,019,552	$	4,289,453	$	5,000	$	2,291	$	5,316,296