XML 75 R42.htm IDEA: XBRL DOCUMENT v3.19.3
Available-For-Sale And Held-To-Maturity Securities (Tables)
 9 Months Ended
Sep. 30, 2019
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, 2019 and December 31, 2018 (in thousands):

 

 

September 30, 2019

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

4,565

 

 

$

48

 

 

$

(3

)

 

$

4,610

 

State and municipal securities

 

 

31,366

 

 

 

144

 

 

 

—

 

 

 

31,510

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

892,207

 

 

 

2,604

 

 

 

(7,051

)

 

 

887,760

 

Commercial

 

 

114,052

 

 

 

627

 

 

 

(181

)

 

 

114,498

 

Non-agency

 

 

10,468

 

 

 

70

 

 

 

(27

)

 

 

10,511

 

Corporate fixed income securities

 

 

664,800

 

 

 

10,183

 

 

 

(105

)

 

 

674,878

 

Asset-backed securities

 

 

1,733,203

 

 

 

601

 

 

 

(8,770

)

 

 

1,725,034

 

 

 

$

3,450,661

 

 

$

14,277

 

 

$

(16,137

)

 

$

3,448,801

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

2,881,484

 

 

$

7,385

 

 

$

(33,078

)

 

$

2,855,791

 

 

 

 

 

December 31, 2018

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

5,237

 

 

$

13

 

 

$

(35

)

 

$

5,215

 

State and municipal securities

 

 

72,487

 

 

 

—

 

 

 

(4,261

)

 

 

68,226

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

234,292

 

 

 

88

 

 

 

(3,972

)

 

 

230,408

 

Commercial

 

 

74,411

 

 

 

4

 

 

 

(4,700

)

 

 

69,715

 

Non-agency

 

 

1,245

 

 

 

—

 

 

 

(26

)

 

 

1,219

 

Corporate fixed income securities

 

 

958,406

 

 

 

—

 

 

 

(26,802

)

 

 

931,604

 

Asset-backed securities

 

 

1,779,496

 

 

 

672

 

 

 

(16,108

)

 

 

1,764,060

 

 

 

$

3,125,574

 

 

$

777

 

 

$

(55,904

)

 

$

3,070,447

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

1,198,442

 

 

$

1,307

 

 

$

(31,689

)

 

$

1,168,060

 

Commercial

 

 

51,524

 

 

 

185

 

 

 

—

 

 

 

51,709

 

Asset-backed securities

 

 

2,968,888

 

 

 

4,585

 

 

 

(70,335

)

 

 

2,903,138

 

 

 

$

4,218,854

 

 

$

6,077

 

 

$

(102,024

)

 

$

4,122,907

 

 

(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 our securities by contractual maturity at September 30, 2019 and December 31, 2018. 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, 2019

 

 

December 31, 2018

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

1,899

 

 

$

1,897

 

 

$

5,872

 

 

$

5,855

 

After one year through three years

 

 

226,534

 

 

 

226,822

 

 

 

234,101

 

 

 

227,951

 

After three years through five years

 

 

413,589

 

 

 

419,809

 

 

 

407,507

 

 

 

397,372

 

After five years through ten years

 

 

412,619

 

 

 

415,878

 

 

 

469,566

 

 

 

458,442

 

After ten years

 

 

2,396,020

 

 

 

2,384,395

 

 

 

2,008,528

 

 

 

1,980,827

 

 

 

$

3,450,661

 

 

$

3,448,801

 

 

$

3,125,574

 

 

$

3,070,447

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

After one year through three years

 

 

—

 

 

 

—

 

 

 

51,524

 

 

 

51,709

 

After three years through five years

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

495,850

 

 

 

494,530

 

 

 

536,717

 

 

 

530,616

 

After ten years

 

 

2,385,634

 

 

 

2,361,261

 

 

 

3,630,613

 

 

 

3,540,582

 

 

 

$

2,881,484

 

 

$

2,855,791

 

 

$

4,218,854

 

 

$

4,122,907

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2019, 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

 

$

1,597

 

 

$

3,013

 

 

$

—

 

 

$

—

 

 

$

4,610

 

State and municipal securities

 

 

—

 

 

 

—

 

 

 

5,854

 

 

 

25,656

 

 

 

31,510

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

950

 

 

 

26,463

 

 

 

860,347

 

 

 

887,760

 

Commercial

 

 

—

 

 

 

36,091

 

 

 

—

 

 

 

78,407

 

 

 

114,498

 

Non-agency

 

 

—

 

 

 

9,483

 

 

 

—

 

 

 

1,028

 

 

 

10,511

 

Corporate fixed income securities

 

 

300

 

 

 

597,094

 

 

 

77,484

 

 

 

—

 

 

 

674,878

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

306,077

 

 

 

1,418,957

 

 

 

1,725,034

 

 

 

$

1,897

 

 

$

646,631

 

 

$

415,878

 

 

$

2,384,395

 

 

$

3,448,801

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

—

 

 

$

—

 

 

$

495,850

 

 

$

2,385,634

 

 

$

2,881,484

 

 

(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, 2019 (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

)

 

$

1,746

 

 

$

(3

)

 

$

1,746

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(4,945

)

 

 

485,290

 

 

$

(2,106

)

 

$

182,398

 

 

 

(7,051

)

 

 

667,688

 

Commercial

 

 

(162

)

 

 

36,263

 

 

 

(19

)

 

 

2,216

 

 

 

(181

)

 

 

38,479

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(27

)

 

 

1,027

 

 

 

(27

)

 

 

1,027

 

Corporate fixed income securities

 

 

(19

)

 

 

44,242

 

 

 

(86

)

 

 

57,443

 

 

 

(105

)

 

 

101,685

 

Asset-backed securities

 

 

(5,241

)

 

 

702,155

 

 

 

(3,529

)

 

 

239,386

 

 

 

(8,770

)

 

 

941,541

 

 

 

$

(10,367

)

 

$

1,267,950

 

 

$

(5,770

)

 

$

484,216

 

 

$

(16,137

)

 

$

1,752,166

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

(3,899

)

 

$

572,590

 

 

$

(29,179

)

 

$

1,515,354

 

 

$

(33,078

)

 

$

2,087,944