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Securities (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Portfolio of Securities Available for Sale

The following tables summarize the Company’s portfolio of securities available for sale at December 31, 2015 and 2014:

		December 31, 2015
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE(1) certificates		$	53,820			$	33			$	1			$	53,852
Other Securities:
Municipal bonds		$	725			$	70			$	—			$	795
Capital trust notes			9,444				—				2,480				6,964
Preferred stock			118,205				7,415				248				125,372
Mutual funds and common stock(2)			16,877				470				75				17,272
Total other securities		$	145,251			$	7,955			$	2,803			$	150,403
Total securities available for sale		$	199,071			$	7,988			$	2,804			$	204,255

(1) Government-sponsored enterprise.

(2) Primarily consists of mutual funds that are Community Reinvestment Act-qualified investments.

		December 31, 2014
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	18,350			$	1,350			$	—			$	19,700
Other Securities:
Municipal bonds		$	841			$	101			$	—			$	942
Capital trust notes			13,431				31				1,980				11,482
Preferred stock			118,205				5,246				440				123,011
Common stock			17,943				748				43				18,648
Total other securities		$	150,420			$	6,126			$	2,463			$	154,083
Total securities available for sale		$	168,770			$	7,476			$	2,463			$	173,783

Summary of Portfolio of Securities Held to Maturity

The following tables summarize the Company’s portfolio of securities held to maturity at December 31, 2015 and 2014:

		December 31, 2015
(in thousands)		Amortized Cost				Carrying Amount				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	2,269,828			$	2,269,828			$	76,827			$	4,722			$	2,341,933
GSE CMOs (1)			1,325,033				1,325,033				53,236				57				1,378,212
Total mortgage-related securities		$	3,594,861			$	3,594,861			$	130,063			$	4,779			$	3,720,145
Other Securities:
GSE debentures		$	2,159,856			$	2,159,856			$	23,892			$	7,568			$	2,176,180
Corporate bonds			73,756				73,756				10,503				—				84,259
Municipal bonds			75,317				75,317				262				1,084				74,495
Capital trust notes			74,317				65,600				3,750				15,900				53,450
Total other securities		$	2,383,246			$	2,374,529			$	38,407			$	24,552			$	2,388,384
Total securities held to maturity (2)		$	5,978,107			$	5,969,390			$	168,470			$	29,331			$	6,108,529

(1) Collateralized mortgage obligations.

(2) Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2015, the non-credit portion of OTTI recorded in AOCL was $8.7 million (before taxes).

		December 31, 2014
(in thousands)		Amortized Cost				Carrying Amount				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	2,468,791			$	2,468,791			$	106,414			$	3,838			$	2,571,367
GSE CMOs			1,610,243				1,610,243				65,075				711				1,674,607
Total mortgage-related securities		$	4,079,034			$	4,079,034			$	171,489			$	4,549			$	4,245,974
Other Securities:
GSE debentures		$	2,635,989			$	2,635,989			$	24,173			$	32,920			$	2,627,242
Corporate bonds			73,317				73,317				12,113				—				85,430
Municipal bonds			58,682				58,682				—				1,027				57,655
Capital trust notes			84,476				75,645				5,193				11,168				69,670
Total other securities		$	2,852,464			$	2,843,633			$	41,479			$	45,115			$	2,839,997
Total securities held to maturity (1)		$	6,931,498			$	6,922,667			$	212,968			$	49,664			$	7,085,971

(1) Held-to-maturity securities are reported at a carrying amount equal to amortized cost less the non-credit portion of OTTI recorded in AOCL. At December 31, 2014, the non-credit portion of OTTI recorded in AOCL was $8.8 million (before taxes).

Summary of Gross Proceeds, Gross Realized Gains, and Gross Realized Losses from Sale of Available-for-Sale Securities

The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the years ended December 31, 2015, 2014 and 2013:

		December 31,
(in thousands)		2015				2014				2013
Gross proceeds		$	278,689			$	333,725			$	631,802
Gross realized gains			1,159				6,186				9,529
Gross realized losses			4				—				45

Credit Loss Component of Other Than Temporary Impairment on Debt Securities

In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2015. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment).

(in thousands)		For the Twelve Months Ended December 31, 2015
Beginning credit loss amount as of December 31, 2014		$	199,008
Add: Initial other-than-temporary credit losses			—
Subsequent other-than-temporary credit losses			—
Amount previously recognized in AOCL			—
Less: Realized losses for securities sold			—
Securities intended or required to be sold			—
Increase in expected cash flows on debt securities			242
Ending credit loss amount as of December 31, 2015		$	198,766

Summary of Carrying Amount and Estimated Fair Value of Held-to-Maturity Debt Securities and Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity

The following table summarizes the carrying amounts and estimated fair values of held-to-maturity mortgage-backed securities and debt securities, and the amortized costs and estimated fair values of available-for-sale securities, at December 31, 2015, by contractual maturity.

		At December 31, 2015
(dollars in thousands)		Mortgage- Related Securities				Average Yield				U.S. Treasury and GSE Obligations				Average Yield				State, County, and Municipal				Average Yield  (1)				Other Debt Securities (2)				Average Yield				Fair Value
Held-to-Maturity Securities:
Due within one year		$	—				—	%		$	—				—	%		$	435				2.96	%		$	—				—	%		$	436
Due from one to five years			307,108				3.71				59,860				4.17				—				—				—				—				389,464
Due from five to ten years			2,857,493				3.21				2,099,996				2.74				—				—				64,109				4.70				5,140,090
Due after ten years			430,260				2.97				—				—				74,882				2.90				75,247				5.07				578,539
Total securities held to maturity		$	3,594,861				3.22	%		$	2,159,856				2.78	%		$	75,317				2.90	%		$	139,356				4.90	%		$	6,108,529
Available-for-Sale Securities: (3)
Due within one year		$	—				—	%		$	—				—	%		$	149				6.39	%		$	—				—	%		$	154
Due from one to five years			1,860				7.45				—				—				576				6.56				—				—				2,533
Due from five to ten years			—				—				—				—				—				—				—				—				—
Due after ten years			51,960				4.98				—				—				—				—				9,444				4.30				58,924
Total securities available for sale		$	53,820				5.06	%		$	—				—	%		$	725				6.52	%		$	9,444				4.30	%		$	61,611

(1) Not presented on a tax-equivalent basis.

(2) Includes corporate bonds and capital trust notes. Included in capital trust notes are $62,000 of pooled trust preferred securities held to maturity, all of which are due after ten years. The remaining capital trust notes consist of single-issue trust preferred securities.

(3) As equity securities have no contractual maturity, they have been excluded from this table.

Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position

The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2015:

At December 31, 2015		Less than Twelve Months								Twelve Months or Longer								Total
(in thousands)		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Temporarily Impaired Held-to-Maturity Securities:
GSE debentures		$	547,484			$	728			$	1,176,949			$	6,840			$	1,724,433			$	7,568
GSE certificates			299,019				4,608				3,899				114				302,918				4,722
GSE CMOs			9,943				57				—				—				9,943				57
Municipal bonds			42,083				1,084				—				—				42,083				1,084
Capital trust notes			24,601				399				20,710				15,501				45,311				15,900
Total temporarily impaired held-to-maturity securities		$	923,130			$	6,876			$	1,201,558			$	22,455			$	2,124,688			$	29,331
Temporarily Impaired Available-for-Sale Securities:
GSE certificates		$	51,959			$	1			$	—			$	—			$	51,959			$	1
Capital trust notes			1,968				32				4,997				2,448				6,965				2,480
Equity securities			51,775				323				—				—				51,775				323
Total temporarily impaired available-for-sale securities		$	105,702			$	356			$	4,997			$	2,448			$	110,699			$	2,804

The following table presents held-to-maturity and available-for-sale securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2014:

At December 31, 2014		Less than Twelve Months								Twelve Months or Longer								Total
(in thousands)		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Temporarily Impaired Held-to-Maturity Securities:
GSE debentures		$	—			$	—			$	2,204,399			$	32,920			$	2,204,399			$	32,920
GSE certificates			—				—				242,909				3,838				242,909				3,838
GSE CMOs			—				—				72,209				711				72,209				711
Municipal bonds			13,735				195				43,058				832				56,793				1,027
Capital trust notes			—				—				25,019				11,168				25,019				11,168
Total temporarily impaired held-to-maturity securities		$	13,735			$	195			$	2,587,594			$	49,469			$	2,601,329			$	49,664
Temporarily Impaired Available-for-Sale Securities:
Capital trust notes		$	—			$	—			$	5,451			$	1,980			$	5,451			$	1,980
Equity securities			53,721				364				15,174				119				68,895				483
Total temporarily impaired available-for-sale securities		$	53,721			$	364			$	20,625			$	2,099			$	74,346			$	2,463

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