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Securities (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Portfolio of Securities Available for Sale

The following tables summarize the Company’s portfolio of securities available for sale at March 31, 2017 and December 31, 2016:

		March 31, 2017
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE(1) certificates		$	7,748			$	—			$	445			$	7,303
Other Securities:
Municipal bonds		$	584			$	47			$	—			$	631
Capital trust notes			9,463				—				2,046				7,417
Preferred stock			17,842				44				50				17,836
Mutual funds and common stock (2)			16,874				424				261				17,037
Total other securities		$	44,763			$	515			$	2,357			$	42,921
Total securities available for sale		$	52,511			$	515			$	2,802			$	50,224

(1) Government-sponsored enterprise.

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

		December 31, 2016
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE 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			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

Summary of Portfolio of Securities Held to Maturity

The following tables summarize the Company’s portfolio of securities held to maturity at March 31, 2017 and December 31, 2016:

		March 31, 2017
(in thousands)		Amortized Cost				Carrying Amount				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	2,170,706			$	2,170,706			$	70,183			$	1,078			$	2,239,811
GSE CMOs (1)			971,487				971,487				32,933				219				1,004,201
Total mortgage-related securities		$	3,142,193			$	3,142,193			$	103,116			$	1,297			$	3,244,012
Other Securities:
U. S. Treasury obligations		$	200,158			$	200,158			$	—			$	103			$	200,055
GSE debentures			88,387				88,387				3,565				—				91,952
Corporate bonds			74,337				74,337				11,079				—				85,416
Municipal bonds			71,297				71,297				533				1,474				70,356
Capital trust notes			74,291				65,732				2,722				10,196				58,258
Total other securities		$	508,470			$	499,911			$	17,899			$	11,773			$	506,037
Total securities held to maturity (2)		$	3,650,663			$	3,642,104			$	121,015			$	13,070			$	3,750,049

(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 March 31, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes).

		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			1,019,074				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 (1)		$	3,721,368			$	3,712,776			$	117,373			$	16,190			$	3,813,959

(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, 2016, the non-credit portion of OTTI recorded in AOCL was $8.6 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 three months ended March 31, 2017 and 2016:

		For the Three Months Ended March 31,
(in thousands)		2017				2016
Gross proceeds		$	139,002			$	104,663
Gross realized gains			1,979				163

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, 2017. 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, 2017
Beginning credit loss amount as of December 31, 2016				$	197,552
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			99
Ending credit loss amount as of March 31, 2017				$	197,453

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 March 31, 2017:

		At March 31, 2017
(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		$	—				—	%		$	259,671				1.42	%		$	—				—	%		$	—				—	%		$	261,164
Due from one to five years			699,621				3.57				6,950				3.84				—				—				48,158				3.40				788,750
Due from five to ten years			2,133,551				3.11				21,924				3.52				—				—				26,179				9.06				2,258,597
Due after ten years			309,021				2.98				—				—				71,297				2.88				65,732				4.78				441,538
Total securities held to maturity		$	3,142,193				3.20	%		$	288,545				1.64	%		$	71,297				2.88	%		$	140,069				5.10	%		$	3,750,049
Available-for-Sale Securities: (3)
Due within one year		$	—				—	%		$	—				—	%		$	149				6.47	%		$	—				—	%		$	153
Due from one to five years			—				—				—				—				435				6.59				—				—				478
Due from five to ten years			7,748				1.90				—				—				—				—				—				—				7,303
Due after ten years			—				—				—				—				—				—				9,463				4.70				7,417
Total securities available for sale		$	7,748				1.90	%		$	—				—	%		$	584				6.56	%		$	9,463				4.70	%		$	15,351

(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, 2017:

At March 31, 2017		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		$	236,364			$	1,078			$	—			$	—			$	236,364			$	1,078
GSE CMOs			65,374				219				—				—				65,374				219
U. S. Treasury obligations			200,055				103				—				—				200,055				103
Municipal bonds			46,654				1,474				—				—				46,654				1,474
Capital trust notes			24,701				300				26,346				9,896				51,047				10,196
Total temporarily impaired held-to-maturity securities		$	573,148			$	3,174			$	26,346			$	9,896			$	599,494			$	13,070
Temporarily Impaired Available-for-Sale Securities:
GSE certificates		$	7,303			$	445			$	—			$	—			$	7,303			$	445
Capital trust notes			1,976				25				5,441				2,021				7,417				2,046
Equity securities			14,045				311				—				—				14,045				311
Total temporarily impaired available-for-sale securities		$	23,324			$	781			$	5,441			$	2,021			$	28,765			$	2,802

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

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