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Securities (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Portfolio of Securities Available for Sale

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

		December 31, 2016
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE(1) certificates		$	7,786			$	—			$	460			$	7,326
Other Securities:
Municipal bonds		$	583			$	48			$	—			$	631
Capital trust notes			9,458				2				2,217				7,243
Preferred stock			70,866				1,446				328				71,984
Mutual funds and common stock (2)			16,874				484				261				17,097
Total other securities		$	97,781			$	1,980			$	2,806			$	96,955
Total securities available for sale		$	105,567			$	1,980			$	3,266			$	104,281

(1) Government-sponsored enterprise.

(2) 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		$	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			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

Summary of Portfolio of Securities Held to Maturity

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

		December 31, 2016
(in thousands)		Amortized Cost				Carrying Amount				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	2,193,489			$	2,193,489			$	64,431			$	2,399			$	2,255,521
GSE CMOs (1)			1,019,074				1,019,074				36,895				57				1,055,912
Total mortgage-related securities		$	3,212,563			$	3,212,563			$	101,326			$	2,456			$	3,311,433
Other Securities:
U. S. Treasury obligations		$	200,293			$	200,293			$	—			$	73			$	200,220
GSE debentures			88,457				88,457				3,836				—				92,293
Corporate bonds			74,217				74,217				9,549				—				83,766
Municipal bonds			71,554				71,554				—				1,789				69,765
Capital trust notes			74,284				65,692				2,662				11,872				56,482
Total other securities		$	508,805			$	500,213			$	16,047			$	13,734			$	502,526
Total securities held to maturity (2)		$	3,721,368			$	3,712,776			$	117,373			$	16,190			$	3,813,959

(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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes).

		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			1,325,033				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 (1)		$	5,978,107			$	5,969,390			$	168,470			$	29,331			$	6,108,529

(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, 2015, the non-credit portion of OTTI recorded in AOCL was $8.7 million (before taxes).

Summary of Gross Proceeds and Gross Realized Gains and 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, 2016, 2015, and 2014:

		December 31,
(in thousands)		2016				2015				2014
Gross proceeds		$	322,038			$	278,689			$	333,725
Gross realized gains			3,128				1,159				6,186
Gross realized losses			—				4				—

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 Twelve Months Ended December 31, 2016
Beginning credit loss amount as of December 31, 2015		$	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 cash flows on debt securities			1,214
Ending credit loss amount as of December 31, 2016		$	197,552

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, by contractual maturity, 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, 2016:

		At December 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		$	—				—	%		$	200,293				0.60	%		$	—				—	%		$	—				—	%		$	200,220
Due from one to five years			648,801				3.68				66,534				4.14				—				—				48,064				3.34				802,256
Due from five to ten years			2,233,393				3.10				21,923				3.52				—				—				26,153				9.06				2,350,628
Due after ten years			330,369				2.96				—				—				71,554				2.88				65,692				4.73				460,855
Total securities held to maturity		$	3,212,563				3.20	%		$	288,750				1.64	%		$	71,554				2.88	%		$	139,909				5.06	%		$	3,813,959
Available-for-Sale Securities: (3)
Due within one year		$	—				—	%		$	—				—	%		$	149				6.47	%		$	—				—	%		$	155
Due from one to five years			—				—				—				—				434				6.59				—				—				476
Due from five to ten years			7,786				1.90				—				—				—				—				—				—				7,326
Due after ten years			—				—				—				—				—				—				9,458				4.66				7,243
Total securities available for sale		$	7,786				1.90	%		$	—				—	%		$	583				6.56	%		$	9,458				4.66	%		$	15,200

(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 December 31, 2016:

At December 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		$	268,891			$	2,399			$	—			$	—			$	268,891			$	2,399
GSE CMOs			42,980				57				—				—				42,980				57
U. S. Treasury obligations			200,220				73				—				—				200,220				73
Municipal bonds			69,765				1,789				—				—				69,765				1,789
Capital trust notes			—				—				24,364				11,872				24,364				11,872
Total temporarily impaired held-to-maturity securities		$	581,856			$	4,318			$	24,364			$	11,872			$	606,220			$	16,190
Temporarily Impaired Available-for-Sale Securities:
GSE certificates		$	7,326			$	460			$	—			$	—			$	7,326			$	460
Capital trust notes			—				—				5,241				2,217				5,241				2,217
Equity securities			29,059				589				—				—				29,059				589
Total temporarily impaired available-for-sale securities		$	36,385			$	1,049			$	5,241			$	2,217			$	41,626			$	3,266

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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