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Available-For-Sale And Held-To-Maturity Securities (Tables)
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014 (in thousands):

 

 

 

December 31, 2015

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains 1

 

 

Gross

Unrealized

Losses 1

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

1,700

 

 

$

1

 

 

$

(3

)

 

$

1,698

 

State and municipal securities

 

 

75,953

 

 

 

28

 

 

 

(1,814

)

 

 

74,167

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

306,309

 

 

 

125

 

 

 

(1,541

)

 

 

304,893

 

Commercial

 

 

11,177

 

 

 

134

 

 

 

(1

)

 

 

11,310

 

Non-agency

 

 

2,679

 

 

 

2

 

 

 

(163

)

 

 

2,518

 

Corporate fixed income securities

 

 

321,017

 

 

 

743

 

 

 

(2,352

)

 

 

319,408

 

Asset-backed securities

 

 

922,563

 

 

 

774

 

 

 

(7,424

)

 

 

915,913

 

 

 

$

1,641,398

 

 

$

1,807

 

 

$

(13,298

)

 

$

1,629,907

 

Held-to-maturity securities 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

1,257,808

 

 

$

23,346

 

 

$

(3,105

)

 

$

1,278,049

 

Commercial

 

 

59,521

 

 

 

1,832

 

 

 

—

 

 

 

61,353

 

Non-agency

 

 

929

 

 

 

—

 

 

 

(15

)

 

 

914

 

Asset-backed securities

 

 

496,996

 

 

 

2,076

 

 

 

(4,139

)

 

 

494,933

 

Corporate fixed income securities

 

 

40,145

 

 

 

—

 

 

 

(396

)

 

 

39,749

 

 

 

$

1,855,399

 

 

$

27,254

 

 

$

(7,655

)

 

$

1,874,998

 

 

 

 

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.

 

 

 

December 31, 2015

 

 

 

Available-for-sale

securities

 

 

Held-to-maturity

securities

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

9,710

 

 

$

9,723

 

 

$

—

 

 

$

—

 

After one year through three years

 

 

88,249

 

 

 

88,426

 

 

 

40,145

 

 

 

39,748

 

After three years through five years

 

 

169,684

 

 

 

168,573

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

275,252

 

 

 

271,146

 

 

 

—

 

 

 

—

 

After ten years

 

 

778,338

 

 

 

773,318

 

 

 

496,996

 

 

 

494,934

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After one year through three years

 

 

66

 

 

 

67

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

583

 

 

 

614

 

 

 

269,700

 

 

 

269,989

 

After ten years

 

 

319,516

 

 

 

318,040

 

 

 

1,048,558

 

 

 

1,070,327

 

 

 

$

1,641,398

 

 

$

1,629,907

 

 

$

1,855,399

 

 

$

1,874,998

 

 
Contractual Maturities

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

 

$

701

 

 

$

997

 

 

$

—

 

 

$

—

 

 

$

1,698

 

State and municipal securities

 

 

—

 

 

 

—

 

 

 

7,333

 

 

 

66,834

 

 

 

74,167

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

—

 

 

 

614

 

 

 

304,279

 

 

 

304,893

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,310

 

 

 

11,310

 

Non-agency

 

 

—

 

 

 

67

 

 

 

—

 

 

 

2,451

 

 

 

2,518

 

Corporate fixed income securities

 

 

9,023

 

 

 

256,001

 

 

 

54,384

 

 

 

—

 

 

 

319,408

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

209,429

 

 

 

706,484

 

 

 

915,913

 

 

 

$

9,724

 

 

$

257,065

 

 

$

271,760

 

 

$

1,091,358

 

 

$

1,629,907

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

—

 

 

$

—

 

 

$

210,179

 

 

$

1,047,629

 

 

$

1,257,808

 

Commercial

 

 

—

 

 

 

—

 

 

 

59,521

 

 

 

—

 

 

 

59,521

 

Non-agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

929

 

 

 

929

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

496,996

 

 

 

496,996

 

Corporate fixed income securities

 

 

—

 

 

 

40,145

 

 

 

—

 

 

 

—

 

 

 

40,145

 

 

 

$

—

 

 

$

40,145

 

 

$

269,700

 

 

$

1,545,554

 

 

$

1,855,399

 

 

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, 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

 

$

(3

)

 

$

1,449

 

 

$

—

 

 

$

—

 

 

$

(3

)

 

$

1,449

 

State and municipal securities

 

 

(415

)

 

 

26,357

 

 

 

(1,399

)

 

 

38,231

 

 

 

(1,814

)

 

 

64,588

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(1,165

)

 

 

279,762

 

 

 

(376

)

 

 

8,516

 

 

 

(1,541

)

 

 

288,278

 

Commercial

 

 

(1

)

 

 

130

 

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

130

 

Non-agency

 

 

-

 

 

 

-

 

 

 

(163

)

 

 

2,362

 

 

 

(163

)

 

 

2,362

 

Corporate fixed income securities

 

 

(2,352

)

 

 

239,614

 

 

 

—

 

 

 

—

 

 

 

(2,352

)

 

 

239,614

 

Asset-backed securities

 

 

(3,519

)

 

 

600,224

 

 

 

(3,905

)

 

 

136,257

 

 

 

(7,424

)

 

 

736,481

 

 

 

$

(7,455

)

 

$

1,147,536

 

 

$

(5,843

)

 

$

185,366

 

 

$

(13,298

)

 

$

1,332,902

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

(3,078

)

 

$

477,552

 

 

$

(27

)

 

$

2,156

 

 

$

(3,105

)

 

$

479,708

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(15

)

 

 

914

 

 

 

(15

)

 

 

914

 

Asset-backed securities

 

 

(1,080

)

 

 

258,098

 

 

 

(3,059

)

 

 

68,499

 

 

 

(4,139

)

 

 

326,597

 

Corporate fixed income securities

 

 

—

 

 

 

—

 

 

 

(396

)

 

 

39,748

 

 

 

(396

)

 

 

39,748

 

 

 

$

(4,158

)

 

$

735,650

 

 

$

(3,497

)

 

$

111,317

 

 

$

(7,655

)

 

$

846,967