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Available-For-Sale And Held-To-Maturity Securities (Tables)
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015 (in thousands):

 

 

 

December 31, 2016

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

4,213

 

 

$

2

 

 

$

(18

)

 

$

4,197

 

State and municipal securities

 

 

76,066

 

 

 

—

 

 

 

(3,576

)

 

 

72,490

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

340,738

 

 

 

298

 

 

 

(2,304

)

 

 

338,732

 

Commercial

 

 

77,417

 

 

 

59

 

 

 

(4,703

)

 

 

72,773

 

Non-agency

 

 

2,032

 

 

 

—

 

 

 

(140

)

 

 

1,892

 

Corporate fixed income securities

 

 

830,695

 

 

 

1,418

 

 

 

(8,602

)

 

 

823,511

 

Asset-backed securities

 

 

1,858,929

 

 

 

9,857

 

 

 

(1,068

)

 

 

1,867,718

 

 

 

$

3,190,090

 

 

$

11,634

 

 

$

(20,411

)

 

$

3,181,313

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

1,567,758

 

 

$

14,537

 

 

$

(17,037

)

 

$

1,565,258

 

Commercial

 

 

59,581

 

 

 

1,786

 

 

 

—

 

 

 

61,367

 

Non-agency

 

 

688

 

 

 

—

 

 

 

(13

)

 

 

675

 

Asset-backed securities

 

 

1,370,300

 

 

 

6,242

 

 

 

(3,396

)

 

 

1,373,146

 

Corporate fixed income securities

 

 

40,078

 

 

 

30

 

 

 

—

 

 

 

40,108

 

 

 

$

3,038,405

 

 

$

22,595

 

 

$

(20,446

)

 

$

3,040,554

 

 

 

 

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

 

 

(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 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, 2016

 

 

 

Available-for-sale

securities

 

 

Held-to-maturity

securities

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

23,947

 

 

$

23,952

 

 

$

—

 

 

$

—

 

After one year through three years

 

 

271,872

 

 

 

272,292

 

 

 

40,078

 

 

 

40,108

 

After three years through five years

 

 

409,576

 

 

 

405,986

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

840,487

 

 

 

840,590

 

 

 

141,576

 

 

 

141,973

 

After ten years

 

 

1,224,021

 

 

 

1,225,096

 

 

 

1,228,724

 

 

 

1,231,173

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

 

9

 

 

 

9

 

 

 

—

 

 

 

—

 

After three years through five years

 

 

—

 

 

 

—

 

 

 

59,581

 

 

 

61,367

 

After five years through ten years

 

 

58,967

 

 

 

55,245

 

 

 

170,493

 

 

 

169,498

 

After ten years

 

 

361,211

 

 

 

358,143

 

 

 

1,397,953

 

 

 

1,396,435

 

 

 

$

3,190,090

 

 

$

3,181,313

 

 

$

3,038,405

 

 

$

3,040,554

 

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 2016, 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

 

$

1,351

 

 

$

2,846

 

 

$

—

 

 

$

—

 

 

$

4,197

 

State and municipal securities

 

 

301

 

 

 

375

 

 

 

16,821

 

 

 

54,993

 

 

 

72,490

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

—

 

 

 

480

 

 

 

338,252

 

 

 

338,732

 

Commercial

 

 

—

 

 

 

—

 

 

 

54,764

 

 

 

18,009

 

 

 

72,773

 

Non-agency

 

 

8

 

 

 

—

 

 

 

—

 

 

 

1,884

 

 

 

1,892

 

Corporate fixed income securities

 

 

22,301

 

 

 

675,058

 

 

 

126,152

 

 

 

—

 

 

 

823,511

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

697,616

 

 

 

1,170,102

 

 

 

1,867,718

 

 

 

$

23,961

 

 

$

678,279

 

 

$

895,833

 

 

$

1,583,240

 

 

$

3,181,313

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

—

 

 

$

—

 

 

$

170,493

 

 

$

1,397,265

 

 

$

1,567,758

 

Commercial

 

 

—

 

 

 

59,581

 

 

 

—

 

 

 

—

 

 

 

59,581

 

Non-agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

688

 

 

 

688

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

141,576

 

 

 

1,228,724

 

 

 

1,370,300

 

Corporate fixed income securities

 

 

—

 

 

 

40,078

 

 

 

—

 

 

 

—

 

 

 

40,078

 

 

 

$

—

 

 

$

99,659

 

 

$

312,069

 

 

$

2,626,677

 

 

$

3,038,405

 

 

(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, 2016 (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

 

$

(18

)

 

$

3,497

 

 

 

—

 

 

 

—

 

 

$

(18

)

 

$

3,497

 

State and municipal securities

 

 

(372

)

 

 

12,297

 

 

 

(3,204

)

 

 

60,192

 

 

 

(3,576

)

 

 

72,489

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(876

)

 

 

120,004

 

 

 

(1,428

)

 

 

185,415

 

 

 

(2,304

)

 

 

305,419

 

Commercial

 

 

(4,703

)

 

 

71,001

 

 

 

—

 

 

 

—

 

 

 

(4,703

)

 

 

71,001

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(140

)

 

 

1,838

 

 

 

(140

)

 

 

1,838

 

Corporate fixed income securities

 

 

(8,602

)

 

 

566,692

 

 

 

—

 

 

 

—

 

 

 

(8,602

)

 

 

566,692

 

Asset-backed securities

 

 

(1,068

)

 

 

261,341

 

 

 

—

 

 

 

—

 

 

 

(1,068

)

 

 

261,341

 

 

 

$

(15,639

)

 

$

1,034,832

 

 

$

(4,772

)

 

$

247,445

 

 

$

(20,411

)

 

$

1,282,277

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

(17,017

)

 

$

895,258

 

 

$

(20

)

 

$

1,415

 

 

$

(17,037

)

 

$

896,673

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(13

)

 

 

675

 

 

 

(13

)

 

 

675

 

Asset-backed securities

 

 

(534

)

 

 

294,656

 

 

 

(2,862

)

 

 

52,169

 

 

 

(3,396

)

 

 

346,825

 

 

 

$

(17,551

)

 

$

1,189,914

 

 

$

(2,895

)

 

$

54,259

 

 

$

(20,446

)

 

$

1,244,173