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

9 Months Ended

Sep. 30, 2017

Investments Debt And Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Values Of Available For Sale Securities And Held To Maturity Securities

	September 30, 2017
	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Estimated Fair Value
Available-for-sale securities
U.S. government agency securities	$	4,705	$	—	$	(19	)	$	4,686
State and municipal securities		75,288		—		(3,327	)		71,961
Mortgage-backed securities:
Agency		314,255		102		(2,469	)		311,888
Commercial		75,842		34		(3,143	)		72,733
Non-agency		1,619		—		—			1,619
Corporate fixed income securities		1,070,694		4,324		(2,642	)		1,072,376
Asset-backed securities		2,140,688		19,901		(1,554	)		2,159,035
	$	3,683,091	$	24,361	$	(13,154	)	$	3,694,298
Held-to-maturity securities ⁽²⁾
Mortgage-backed securities:
Agency	$	1,392,113	$	17,065	$	(12,569	)	$	1,396,609
Commercial		59,336		2,093		—			61,429
Asset-backed securities		2,063,289		13,095		(1,816	)		2,074,568
Corporate fixed income securities		40,027		54		(41	)		40,040
	$	3,554,765	$	32,307	$	(14,426	)	$	3,572,646

	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

⁽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

	September 30, 2017
	Available-for-sale securities				Held-to-maturity securities
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Debt securities
Within one year	$	162,117	$	162,402	$	40,027	$	40,041
After one year through three years		203,072		204,360		—		—
After three years through five years		349,602		349,427		—		—
After five years through ten years		794,146		797,204		335,021		335,834
After ten years		1,782,438		1,794,665		1,728,268		1,738,733
Mortgage-backed securities
After three years through five years		—		—		59,336		61,428
After five years through ten years		58,428		55,982		152,555		151,316
After ten years		333,288		330,258		1,239,558		1,245,294
	$	3,683,091	$	3,694,298	$	3,554,765	$	3,572,646

Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2017, 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	$	1,996	$	2,690	$	—	$	—	$	4,686
State and municipal securities		375		189		16,621		54,776		71,961
Mortgage-backed securities:										-
Agency		—		—		361		311,527		311,888
Commercial		—		—		55,621		17,112		72,733
Non-agency		—		—		—		1,619		1,619
Corporate fixed income securities		160,031		550,908		361,437		—		1,072,376
Asset-backed securities		—		—		419,146		1,739,889		2,159,035
	$	162,402	$	553,787	$	853,186	$	2,124,923	$	3,694,298
Held-to-maturity:
Mortgage-backed securities:
Agency	$	—	$	—	$	152,555	$	1,239,558	$	1,392,113
Commercial	—			59,336	—		—			59,336
Asset-backed securities	—		—			335,021		1,728,268		2,063,289
Corporate fixed income securities		40,027	—		—		—			40,027
	$	40,027	$	59,336	$	487,576	$	2,967,826	$	3,554,765

⁽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, 2017 (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	$	(19	)	$	4,686	$	—		$	—	$	(19	)	$	4,686
State and municipal securities		(11	)		3,054		(3,316	)		68,907		(3,327	)		71,961
Mortgage-backed securities:
Agency		(942	)		151,575		(1,527	)		147,738		(2,469	)		299,313
Commercial		—			—		(3,143	)		71,293		(3,143	)		71,293
Non-agency		—			—		—			1,593		—			1,593
Corporate fixed income securities		(820	)		213,865		(1,822	)		171,610		(2,642	)		385,475
Asset-backed securities		(1,554	)		22,457		—			—		(1,554	)		22,457
	$	(3,346	)	$	395,637	$	(9,808	)	$	461,141	$	(13,154	)	$	856,778
Held-to-maturity securities
Mortgage-backed securities:
Agency	$	(5,719	)	$	575,048	$	(6,850	)	$	221,305	$	(12,569	)	$	796,353
Asset-backed securities		(30	)		35,198		(1,786	)		42,920		(1,816	)		78,118
Corporate fixed income securities		(41	)		9,965		—			—		(41	)		9,965
	$	(5,790	)	$	620,211	$	(8,636	)	$	264,225	$	(14,426	)	$	884,436