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

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,118	$	—	$	(224	)	$	1,894
State and municipal securities		2,354		—		(40	)		2,314
Mortgage-backed securities:
Agency		944,794		9		(143,342	)		801,461
Commercial		71,762		—		(4,773	)		66,989
Non-agency		461		3		—			464
Corporate fixed income securities		653,983		193		(85,425	)		568,751
Asset-backed securities		232,564		250		(13,840	)		218,974
	$	1,908,036	$	455	$	(247,644	)	$	1,660,847
Held-to-maturity securities (2)
Asset-backed securities	$	5,991,450	$	2,906	$	(328,822	)	$	5,665,534

	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 September 30, 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.

	September 30, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Within one year	$	13,806	$	13,561	$	36,671	$	36,899
After one year through three years		186,574		180,120		217,606		222,942
After three years through five years		130,327		112,975		192,271		196,380
After five years through ten years		444,058		376,305		455,429		455,848
After ten years		1,133,271		977,886		1,202,536		1,201,824
	$	1,908,036	$	1,660,847	$	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		2,358,696		2,247,400		2,282,162		2,278,597
After ten years		3,632,754		3,418,134		3,063,571		3,062,059
	$	5,991,450	$	5,665,534	$	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 September 30, 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	$	200	$	—	$	1,694	$	—	$	1,894
State and municipal securities		—		—		2,314		—		2,314
Mortgage-backed securities:
Agency		15		89		45,489		755,868		801,461
Commercial		—		—		—		66,989		66,989
Non-agency		—		—		464		—		464
Corporate fixed income securities		13,346		293,006		262,399		—		568,751
Asset-backed securities		—		—		63,945		155,029		218,974
	$	13,561	$	293,095	$	376,305	$	977,886	$	1,660,847
Held-to-maturity securities
Asset-backed securities	$	—	$	—	$	2,358,696	$	3,632,754	$	5,991,450

(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, 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 securities	$	(224	)	$	1,894	$	—		$	—	$	(224	)	$	1,894
State and municipal securities		(40	)		2,314		—			—		(40	)		2,314
Mortgage-backed securities:
Agency		(61,691	)		451,197		(81,651	)		347,054		(143,342	)		798,251
Commercial		(4,773	)		66,989		—			—		(4,773	)		66,989
Corporate fixed income securities		(48,271	)		413,188		(37,154	)		145,876		(85,425	)		559,064
Asset-backed securities		(2,104	)		76,306		(11,736	)		102,733		(13,840	)		179,039
	$	(117,103	)	$	1,011,888	$	(130,541	)	$	595,663	$	(247,644	)	$	1,607,551

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, 2022 (in thousands):

	AAA		AA		A		C		Total
Held-to-maturity securities
Asset-backed securities	$	1,223,263	$	4,761,020	$	5,000	$	2,167	$	5,991,450