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Available-For-Sale And Held-To-Maturity Securities (Tables)
 6 Months Ended
Jun. 30, 2015
Investments Debt And Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Values Of The 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 June 30, 2015 and December 31, 2014 (in thousands):

 

 

June 30, 2015

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains 1

 

 

Gross

Unrealized

Losses 1

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

1,706

 

 

$

5

 

 

$

(1

)

 

$

1,710

 

State and municipal securities

 

 

76,238

 

 

 

2

 

 

 

(2,507

)

 

 

73,733

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

28,187

 

 

 

134

 

 

 

(418

)

 

 

27,903

 

Commercial

 

 

36,345

 

 

 

313

 

 

 

(4

)

 

 

36,654

 

Non-agency

 

 

2,970

 

 

 

3

 

 

 

(39

)

 

 

2,934

 

Corporate fixed income securities

 

 

187,699

 

 

 

1,627

 

 

 

(793

)

 

 

188,533

 

Asset-backed securities

 

 

455,776

 

 

 

2,812

 

 

 

(2,158

)

 

 

456,430

 

 

 

$

788,921

 

 

$

4,896

 

 

$

(5,920

)

 

$

787,897

 

Held-to-maturity securities 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

832,248

 

 

$

21,522

 

 

$

(27

)

 

$

853,743

 

Commercial

 

 

59,491

 

 

 

2,057

 

 

 

—

 

 

 

61,548

 

Non-agency

 

 

973

 

 

 

—

 

 

 

(14

)

 

 

959

 

Asset-backed securities

 

 

177,523

 

 

 

2,715

 

 

 

(2,732

)

 

 

177,506

 

Corporate fixed income securities

 

 

55,191

 

 

 

2

 

 

 

(641

)

 

 

54,552

 

 

 

$

1,125,426

 

 

$

26,296

 

 

$

(3,414

)

 

$

1,148,308

 

 

 

 

 

December 31, 2014

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains 1

 

 

Gross

Unrealized

Losses 1

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

1,613

 

 

$

1

 

 

$

(4

)

 

$

1,610

 

State and municipal securities

 

 

76,518

 

 

 

20

 

 

 

(2,137

)

 

 

74,401

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

206,982

 

 

 

3,137

 

 

 

(913

)

 

 

209,206

 

Commercial

 

 

107,100

 

 

 

633

 

 

 

(89

)

 

 

107,644

 

Non-agency

 

 

3,186

 

 

 

5

 

 

 

(54

)

 

 

3,137

 

Corporate fixed income securities

 

 

336,210

 

 

 

2,016

 

 

 

(820

)

 

 

337,406

 

Asset-backed securities

 

 

788,908

 

 

 

1,321

 

 

 

(10,155

)

 

 

780,074

 

 

 

$

1,520,517

 

 

$

7,133

 

 

$

(14,172

)

 

$

1,513,478

 

Held-to-maturity securities 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

884,451

 

 

$

32,926

 

 

$

(42

)

 

$

917,335

 

Commercial

 

 

59,462

 

 

 

2,257

 

 

 

—

 

 

 

61,719

 

Non-agency

 

 

1,081

 

 

 

—

 

 

 

(17

)

 

 

1,064

 

Asset-backed securities

 

 

177,335

 

 

 

3,151

 

 

 

(2,645

)

 

 

177,841

 

Corporate fixed income securities

 

 

55,236

 

 

 

4

 

 

 

(1,223

)

 

 

54,017

 

 

 

$

1,177,565

 

 

$

38,338

 

 

$

(3,927

)

 

$

1,211,976

 

 

1

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

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 (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.

 

 

 

June 30, 2015

 

 

 

Available-for-sale securities

 

 

Held-to-maturity securities

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

31,104

 

 

$

31,290

 

 

$

15,013

 

 

$

15,012

 

After one year through three years

 

 

98,828

 

 

 

99,728

 

 

 

40,178

 

 

 

39,540

 

After three years through five years

 

 

28,967

 

 

 

29,304

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

115,553

 

 

 

115,018

 

 

 

—

 

 

 

—

 

After ten years

 

 

446,966

 

 

 

445,066

 

 

 

177,523

 

 

 

177,506

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After one year through three years

 

 

94

 

 

 

95

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

757

 

 

 

804

 

 

 

59,491

 

 

 

61,548

 

After ten years

 

 

66,651

 

 

 

66,592

 

 

 

833,221

 

 

 

854,702

 

 

 

$

788,920

 

 

$

787,897

 

 

$

1,125,426

 

 

$

1,148,308

 

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at June 30, 2015, 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

 

$

732

 

 

$

978

 

 

$

—

 

 

$

—

 

 

$

1,710

 

State and municipal securities

 

 

—

 

 

 

—

 

 

 

1,671

 

 

 

72,062

 

 

 

73,733

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

—

 

 

 

804

 

 

 

27,099

 

 

 

27,903

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

36,654

 

 

 

36,654

 

Non-agency

 

 

—

 

 

 

95

 

 

 

—

 

 

 

2,839

 

 

 

2,934

 

Corporate fixed income securities

 

 

30,558

 

 

 

128,054

 

 

 

29,921

 

 

 

—

 

 

 

188,533

 

Asset-backed securities

 

 

—

 

 

 

-

 

 

 

83,426

 

 

 

373,004

 

 

 

456,430

 

 

 

$

31,290

 

 

$

129,127

 

 

$

115,822

 

 

$

511,658

 

 

$

787,897

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

—

 

 

$

—

 

 

$

—

 

 

$

832,248

 

 

$

832,248

 

Commercial

 

 

—

 

 

 

—

 

 

 

59,491

 

 

 

—

 

 

 

59,491

 

Non-agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

973

 

 

 

973

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

177,523

 

 

 

177,523

 

Corporate fixed income securities

 

 

15,013

 

 

 

40,178

 

 

 

 

 

 

 

—

 

 

 

55,191

 

 

 

$

15,013

 

 

$

40,178

 

 

$

59,491

 

 

$

1,010,744

 

 

$

1,125,426

 

 

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 June 30, 2015 (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

 

$

(1

)

 

$

483

 

 

$

—

 

 

$

—

 

 

$

(1

)

 

$

483

 

State and municipal securities

 

 

(814

)

 

 

36,500

 

 

 

(1,693

)

 

 

35,562

 

 

 

(2,507

)

 

 

72,062

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(4

)

 

 

2,047

 

 

 

(414

)

 

 

8,997

 

 

 

(418

)

 

 

11,044

 

Commercial

 

 

(4

)

 

 

2,099

 

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

2,099

 

Non-agency

 

 

(39

)

 

 

2,729

 

 

 

—

 

 

 

—

 

 

 

(39

)

 

 

2,729

 

Corporate fixed income securities

 

 

(793

)

 

 

34,912

 

 

 

—

 

 

 

—

 

 

 

(793

)

 

 

34,912

 

Asset-backed securities

 

 

(385

)

 

 

66,076

 

 

 

(1,773

)

 

 

86,302

 

 

 

(2,158

)

 

 

152,378

 

 

 

$

(2,040

)

 

$

144,846

 

 

$

(3,880

)

 

$

130,861

 

 

$

(5,920

)

 

$

275,707

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

—

 

 

$

—

 

 

$

(27

)

 

$

2,552

 

 

$

(27

)

 

$

2,552

 

Non-agency

 

 

(2

)

 

 

569

 

 

 

(12

)

 

 

391

 

 

 

(14

)

 

 

960

 

Asset-backed securities

 

 

(48

)

 

 

9,140

 

 

 

(2,684

)

 

 

68,918

 

 

 

(2,732

)

 

 

78,058

 

Corporate fixed income securities

 

 

—

 

 

 

—

 

 

 

(641

)

 

 

49,551

 

 

 

(641

)

 

 

49,551

 

 

 

$

(50

)

 

$

9,709

 

 

$

(3,364

)

 

$

121,412

 

 

$

(3,414

)

 

$

131,121