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Available-For-Sale And Held-To-Maturity Securities (Tables)
 9 Months Ended
Sep. 30, 2020
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, 2020 and December 31, 2019 (in thousands):

 

 

September 30, 2020

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

4,540

 

 

$

90

 

 

$

—

 

 

$

4,630

 

State and municipal securities

 

 

2,401

 

 

 

58

 

 

 

—

 

 

 

2,459

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

664,899

 

 

 

17,491

 

 

 

(216

)

 

 

682,174

 

Commercial

 

 

93,864

 

 

 

3,957

 

 

 

—

 

 

 

97,821

 

Non-agency

 

 

6,793

 

 

 

70

 

 

 

(84

)

 

 

6,779

 

Corporate fixed income securities

 

 

581,249

 

 

 

24,349

 

 

 

(43

)

 

 

605,555

 

Asset-backed securities

 

 

1,438,951

 

 

 

3,502

 

 

 

(17,613

)

 

 

1,424,840

 

 

 

$

2,792,697

 

 

$

49,517

 

 

$

(17,956

)

 

$

2,824,258

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

3,397,713

 

 

$

3,415

 

 

$

(66,095

)

 

$

3,335,033

 

 

 

 

 

December 31, 2019

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains (1)

 

 

Gross

Unrealized

Losses (1)

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

5,028

 

 

$

39

 

 

$

—

 

 

$

5,067

 

State and municipal securities

 

 

24,198

 

 

 

99

 

 

 

—

 

 

 

24,297

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

840,659

 

 

 

3,070

 

 

 

(5,851

)

 

 

837,878

 

Commercial

 

 

109,982

 

 

 

269

 

 

 

(714

)

 

 

109,537

 

Non-agency

 

 

9,731

 

 

 

50

 

 

 

(23

)

 

 

9,758

 

Corporate fixed income securities

 

 

664,028

 

 

 

11,283

 

 

 

—

 

 

 

675,311

 

Asset-backed securities

 

 

1,600,415

 

 

 

679

 

 

 

(8,205

)

 

 

1,592,889

 

 

 

$

3,254,041

 

 

$

15,489

 

 

$

(14,793

)

 

$

3,254,737

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

2,856,219

 

 

$

5,960

 

 

$

(34,296

)

 

$

2,827,883

 

 

(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, 2020 and December 31, 2019 (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.

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

152,731

 

 

$

154,255

 

 

$

6,861

 

 

$

6,871

 

After one year through three years

 

 

85,773

 

 

 

88,263

 

 

 

229,184

 

 

 

229,760

 

After three years through five years

 

 

302,285

 

 

 

320,037

 

 

 

422,236

 

 

 

429,909

 

After five years through ten years

 

 

528,866

 

 

 

527,815

 

 

 

409,664

 

 

 

411,680

 

After ten years

 

 

1,723,042

 

 

 

1,733,888

 

 

 

2,186,096

 

 

 

2,176,517

 

 

 

$

2,792,697

 

 

$

2,824,258

 

 

$

3,254,041

 

 

$

3,254,737

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After three years through five years

 

$

6,537

 

 

$

6,533

 

 

$

—

 

 

$

—

 

After five years through ten years

 

 

1,302,344

 

 

 

1,281,809

 

 

 

598,250

 

 

 

597,166

 

After ten years

 

 

2,088,832

 

 

 

2,046,691

 

 

 

2,257,969

 

 

 

2,230,717

 

 

 

$

3,397,713

 

 

$

3,335,033

 

 

$

2,856,219

 

 

$

2,827,883

 
Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at September 30, 2020, 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

 

$

2,318

 

 

$

2,312

 

 

$

—

 

 

$

—

 

 

$

4,630

 

State and municipal securities

 

 

—

 

 

 

—

 

 

 

2,459

 

 

 

—

 

 

 

2,459

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

11

 

 

 

444

 

 

 

24,017

 

 

 

657,702

 

 

 

682,174

 

Commercial

 

 

18,656

 

 

 

22

 

 

 

—

 

 

 

79,143

 

 

 

97,821

 

Non-agency

 

 

6,066

 

 

 

—

 

 

 

—

 

 

 

713

 

 

 

6,779

 

Corporate fixed income securities

 

 

127,204

 

 

 

405,522

 

 

 

55,732

 

 

 

17,097

 

 

 

605,555

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

445,607

 

 

 

979,233

 

 

 

1,424,840

 

 

 

$

154,255

 

 

$

408,300

 

 

$

527,815

 

 

$

1,733,888

 

 

$

2,824,258

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

—

 

 

$

6,537

 

 

$

1,302,344

 

 

$

2,088,832

 

 

$

3,397,713

 

 

(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, 2020 (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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

$

(118

)

 

$

6,797

 

 

$

(98

)

 

$

10,191

 

 

$

(216

)

 

$

16,988

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(84

)

 

 

713

 

 

 

(84

)

 

 

713

 

Corporate fixed income securities

 

 

(43

)

 

 

13,956

 

 

 

—

 

 

 

—

 

 

 

(43

)

 

 

13,956

 

Asset-backed securities

 

 

(8,016

)

 

 

668,379

 

 

 

(9,597

)

 

 

622,139

 

 

 

(17,613

)

 

 

1,290,518

 

 

 

$

(8,177

)

 

$

689,132

 

 

$

(9,779

)

 

$

633,043

 

 

$

(17,956

)

 

$

1,322,175

 
Schedule Of Amortized Cost Of Held-To-Maturity Securities By Credit Quality Indicator The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at September 30, 2020 (in thousands):

 

 

AAA

 

 

AA

 

 

A

 

 

C

 

 

Total

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

423,043

 

 

$

2,956,572

 

 

$

15,500

 

 

$

2,598

 

 

$

3,397,713