FAIR VALUE (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Fair Value Disclosures [Abstract] |
|
| Financial Instruments Other than Debt Securities |
Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):
|
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|
March 31, 2018 |
|
|
December 31, 2017 |
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|
|
|
Carrying
Amount |
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|
Fair
Value |
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|
Carrying
Amount |
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|
Fair
Value |
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Financial assets: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Residential mortgage loans |
|
$ |
1,786 |
|
|
$ |
1,800 |
|
|
$ |
1,864 |
|
|
$ |
1,900 |
|
|
Lending counterparty investments |
|
|
5,002 |
|
|
|
5,002 |
|
|
|
5,002 |
|
|
|
5,002 |
|
|
Secured borrowings-related interest rate swap
agreements |
|
|
387 |
|
|
|
387 |
|
|
|
– |
|
|
|
– |
|
|
Financial liabilities: |
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|
|
|
|
|
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|
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Secured borrowings with initial terms of
greater than 120 days |
|
|
– |
|
|
|
– |
|
|
|
33,073 |
|
|
|
33,100 |
|
|
Unsecured borrowings |
|
|
98,216 |
|
|
|
77,600 |
|
|
|
98,191 |
|
|
|
74,100 |
|
|
Unsecured borrowings-related interest rate
swap agreements |
|
|
18,265 |
|
|
|
18,265 |
|
|
|
23,772 |
|
|
|
23,772 |
|
|
| Fair Value and Related Disclosures for Debt Securities |
Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands):
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|
|
Amortized |
|
|
Gross Unrealized |
|
|
|
|
|
|
|
|
Cost Basis |
|
|
Gains |
|
|
Losses |
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|
Fair Value |
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|
March 31, 2018 |
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Agency Securities classified as available-for-sale: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae/Freddie Mac |
|
$ |
10,207,636 |
|
|
$ |
79,710 |
|
|
$ |
68,746 |
|
|
$ |
10,218,600 |
|
|
Ginnie Mae |
|
|
2,840,066 |
|
|
|
9,628 |
|
|
|
19,401 |
|
|
|
2,830,293 |
|
|
Residential mortgage securities classified as
held-to-maturity |
|
|
1,392 |
|
|
|
14 |
|
|
– |
|
|
|
1,406 |
|
|
|
|
|
|
|
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December 31, 2017 |
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Agency Securities classified as available-for-sale: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fannie Mae/Freddie Mac |
|
|
10,529,646 |
|
|
|
85,740 |
|
|
|
37,022 |
|
|
|
10,578,364 |
|
|
Ginnie Mae |
|
|
2,875,637 |
|
|
|
8,958 |
|
|
|
12,432 |
|
|
|
2,872,163 |
|
|
Residential mortgage securities classified as
held-to-maturity |
|
|
1,706 |
|
|
|
17 |
|
|
– |
|
|
|
1,723 |
|
|
| Securities in Unrealized Loss Position |
|
|
|
March 31, 2018 |
|
|
December 31, 2017 |
|
|
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
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|
Securities in an unrealized loss position: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
One year or greater |
|
$ |
2,342,577 |
|
|
$ |
34,142 |
|
|
$ |
2,552,668 |
|
|
$ |
26,701 |
|
|
Less than one year |
|
|
4,844,667 |
|
|
|
54,005 |
|
|
|
4,665,883 |
|
|
|
22,752 |
|
|
|
|
$ |
7,187,244 |
|
|
$ |
88,147 |
|
|
$ |
7,218,551 |
|
|
$ |
49,453 |
|
|