XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Securities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of securities available for sale at the dates indicated:
|  | June 30, 2017 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Mortgage-Related Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE (1) certificates |  | $ | 1,941,943 |  |  | $ | 61,714 |  |  | $ | 1,014 |  |  | $ | 2,002,643 |
GSE CMOs (2) |  |  | 598,229 |  |  |  | 23,376 |  |  |  | — |  |  |  | 621,605 |
Total mortgage-related securities |  | $ | 2,540,172 |  |  | $ | 85,090 |  |  | $ | 1,014 |  |  | $ | 2,624,248 |
Other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 200,021 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 199,992 |
GSE debentures |  |  | 88,315 |  |  |  | 2,919 |  |  |  | — |  |  |  | 91,234 |
Corporate bonds |  |  | 74,456 |  |  |  | 11,664 |  |  |  | — |  |  |  | 86,120 |
Municipal bonds |  |  | 71,339 |  |  |  | 113 |  |  |  | 939 |  |  |  | 70,513 |
Capital trust notes |  |  | 75,206 |  |  |  | 2,538 |  |  |  | 11,319 |  |  |  | 66,425 |
Preferred stock |  |  | 15,293 |  |  |  | 142 |  |  |  | — |  |  |  | 15,435 |
Mutual funds and common stock (3) |  |  | 16,874 |  |  |  | 471 |  |  |  | 195 |  |  |  | 17,150 |
Total other securities |  | $ | 541,504 |  |  | $ | 17,847 |  |  | $ | 12,482 |  |  | $ | 546,869 |
Total securities available for sale (4) |  | $ | 3,081,676 |  |  | $ | 102,937 |  |  | $ | 13,496 |  |  | $ | 3,171,117 |
(1) | Government-sponsored enterprise.
(2) | Collateralized mortgage obligations.
(3) | Primarily consists of mutual funds that are Community Reinvestment Act-qualified investments.
(4) | The amortized cost includes the non-credit portion of OTTI recorded in accumulated other comprehensive loss (“AOCL”). At June 30, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes).
|  | 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 table summarizes the Company’s portfolio of securities held to maturity at 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 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 periods indicated:
|  | For the Six Months Ended June 30, |
(in thousands) |  | 2017 |  |  | 2016 |
Gross proceeds |  | $ | 139,009 |  |  | $ | 112,676 |
Gross realized gains |  |  | 1,986 |  |  |  | 176 |
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 Six Months Ended June 30, 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 June 30, 2017 |  | $ | 197,453 |
Summary of Carrying Amount of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the carrying amounts of available-for-sale securities at June 30, 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 |
Available-for-Sale Securities: (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | — |  |  |  | — | % |  | $ | 259,463 |  |  |  | 1.42 | % |  | $ | 149 |  |  |  | 6.47 | % |  | $ | — |  |  |  | — | % |  | $ | 260,589 |
Due from one to five years |  |  | 879,036 |  |  |  | 3.34 |  |  |  | 6,950 |  |  |  | 3.84 |  |  |  | 437 |  |  |  | 6.59 |  |  |  | 48,254 |  |  |  | 3.46 |  |  |  | 972,669 |
Due from five to ten years |  |  | 1,458,818 |  |  |  | 3.15 |  |  |  | 21,923 |  |  |  | 3.52 |  |  |  | — |  |  |  | — |  |  |  | 26,202 |  |  |  | 9.06 |  |  |  | 1,562,656 |
Due after ten years |  |  | 202,318 |  |  |  | 3.07 |  |  |  | — |  |  |  | — |  |  |  | 70,753 |  |  |  | 2.88 |  |  |  | 75,206 |  |  |  | 4.80 |  |  |  | 342,619 |
Total securities available for sale |  | $ | 2,540,172 |  |  |  | 3.21 | % |  | $ | 288,336 |  |  |  | 1.64 | % |  | $ | 71,339 |  |  |  | 2.91 | % |  | $ | 149,662 |  |  |  | 5.11 | % |  | $ | 3,138,533 |
(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 June 30, 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 Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 219,080 |  |  | $ | 1,014 |  |  | $ | — |  |  | $ | — |  |  | $ | 219,080 |  |  | $ | 1,014 |
U. S. Treasury obligations |  |  | 199,992 |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 199,992 |  |  |  | 29 |
Municipal bonds |  |  | 52,876 |  |  |  | 939 |  |  |  | — |  |  |  | — |  |  |  | 52,876 |  |  |  | 939 |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 32,396 |  |  |  | 11,319 |  |  |  | 32,396 |  |  |  | 11,319 |
Equity securities |  |  | 11,611 |  |  |  | 195 |  |  |  | — |  |  |  | — |  |  |  | 11,611 |  |  |  | 195 |
Total temporarily impaired available-for-sale securities |  | $ | 483,559 |  |  | $ | 2,177 |  |  | $ | 32,396 |  |  | $ | 11,319 |  |  | $ | 515,955 |  |  | $ | 13,496 |
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:
|  | 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 |

X
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=75019621&loc=d3e62557-112803 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75019621&loc=d3e62586-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
Name: | us-gaap_AvailableForSaleSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27405-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27232-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75019621&loc=d3e62586-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27337-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6435544&loc=d3e41834-113960 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5086-111524 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=75019621&loc=d3e62557-112803 + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
Name: | us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration