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Securities (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Portfolio of Securities Available for Sale

The following tables summarize the Company’s portfolio of securities available for sale at March 31, 2016 and December 31, 2015:

		March 31, 2016
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Municipal bonds		$	727			$	73			$	—			$	800
Capital trust notes			9,448				—				2,607				6,841
Preferred stock			118,205				9,184				275				127,114
Mutual funds and common stock (1)			16,876				618				—				17,494
Total securities available for sale		$	145,256			$	9,875			$	2,882			$	152,249

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

		December 31, 2015
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates (1)		$	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
Common stock			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.

Summary of Portfolio of Securities Held to Maturity

The following tables summarize the Company’s portfolio of securities held to maturity at March 31, 2016 and December 31, 2015:

		March 31, 2016
(in thousands)		Amortized Cost				Carrying Amount				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	2,256,996			$	2,256,996			$	140,529			$	54			$	2,397,471
GSE CMOs (1)			1,229,105				1,229,105				76,401				—				1,305,506
Total mortgage-related securities		$	3,486,101			$	3,486,101			$	216,930			$	54			$	3,702,977
Other Securities:
GSE debentures		$	368,784			$	368,784			$	19,461			$	—			$	388,245
Municipal bonds			74,419				74,419				1,661				—				76,080
Corporate bonds			73,871				73,871				11,049				—				84,920
Capital trust notes			74,262				65,575				3,058				16,694				51,939
Total other securities		$	591,336			$	582,649			$	35,229			$	16,694			$	601,184
Total securities held to maturity (2)		$	4,077,437			$	4,068,750			$	252,159			$	16,748			$	4,304,161

(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 Accumulated Other Comprehensive Loss (“AOCL”). At March 31, 2016, the non-credit portion of OTTI recorded in AOCL was $8.7 million, pre-tax.

		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
Municipal bonds			75,317				75,317				262				1,084				74,495
Corporate bonds			73,756				73,756				10,503				—				84,259
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, pre-tax.

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

The following table summarizes the gross proceeds and gross realized gains from the sale of available-for-sale securities during the three months ended March 31, 2016 and 2015:

		For the Three Months Ended March 31,
(in thousands)		2016				2015
Gross proceeds		$	104,663			$	135,211
Gross realized gains			163				211

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, 2016. 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 Three Months Ended March 31, 2016
Beginning credit loss amount as of January 1, 2016		$	198,766
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			—
Ending credit loss amount as of March 31, 2016		$	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 March 31, 2016, by contractual maturity.

		At March 31, 2016
(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		$	—				—	%		$	—				—	%		$	327				2.96	%		$	—				—	%		$	328
Due from one to five years			358,897				3.74				59,792				4.17				—				—				—				—				452,138
Due from five to ten years			2,709,236				3.23				308,992				3.14				—				—				64,211				4.74				3,279,755
Due after ten years			417,968				2.93				—				—				74,092				2.89				75,235				5.14				571,940
Total securities held to maturity		$	3,486,101				3.25	%		$	368,784				3.31	%		$	74,419				2.89	%		$	139,446				4.96	%		$	4,304,161
Available-for-Sale Securities: (3)
Due within one year		$	—				—	%		$	—				—	%		$	149				6.39	%		$	—				—	%		$	154
Due from one to five years			—				—				—				—				578				6.56				—				—				646
Due from five to ten years			—				—				—				—				—				—				—				—				—
Due after ten years			—				—				—				—				—				—				9,448				4.46				6,841
Total securities available for sale		$	—				—	%		$	—				—	%		$	727				6.52	%		$	9,448				4.46	%		$	7,641

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

(2) Includes corporate bonds and capital trust notes

(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 March 31, 2016:

At March 31, 2016		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 certificates		$	7,769			$	14			$	5,069			$	40			$	12,838			$	54
GSE CMOs			—				—				—				—				—				—
Municipal bonds			—				—				—				—				—				—
Capital trust notes			24,753				247				19,770				16,447				44,523				16,694
Total temporarily impaired held-to-maturity securities		$	32,522			$	261			$	24,839			$	16,487			$	57,361			$	16,748
Temporarily Impaired Available-for-Sale Securities:
Capital trust notes			1,980				20				4,861				2,587				6,841				2,607
Equity securities			15,017				275				—				—				15,017				275
Total temporarily impaired available-for-sale securities		$	16,997			$	295			$	4,861			$	2,587			$	21,858			$	2,882

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

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