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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

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