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Securities (Tables) | 12 Months Ended
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Dec. 31, 2017
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of securities available for sale at December 31, 2017 and 2016:
|  | December 31, 2017 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Mortgage-Related Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE (1) certificates |  | $ | 2,023,677 |  |  | $ | 46,364 |  |  | $ | 1,199 |  |  | $ | 2,068,842 |
GSE CMOs (2) |  |  | 536,284 |  |  |  | 14,446 |  |  |  | 826 |  |  |  | 549,904 |
Total mortgage-related securities |  | $ | 2,559,961 |  |  | $ | 60,810 |  |  | $ | 2,025 |  |  | $ | 2,618,746 |
Other Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 199,960 |  |  | $ | — |  |  | $ | 62 |  |  | $ | 199,898 |
GSE debentures |  |  | 473,879 |  |  |  | 2,044 |  |  |  | 2,665 |  |  |  | 473,258 |
Corporate bonds |  |  | 79,702 |  |  |  | 11,073 |  |  |  | — |  |  |  | 90,775 |
Municipal bonds |  |  | 70,381 |  |  |  | 540 |  |  |  | 801 |  |  |  | 70,120 |
Capital trust notes |  |  | 48,230 |  |  |  | 6,498 |  |  |  | 8,632 |  |  |  | 46,096 |
Preferred stock |  |  | 15,292 |  |  |  | 142 |  |  |  | — |  |  |  | 15,434 |
Mutual funds and common stock (3) |  |  | 16,874 |  |  |  | 487 |  |  |  | 261 |  |  |  | 17,100 |
Total other securities |  | $ | 904,318 |  |  | $ | 20,784 |  |  | $ | 12,421 |  |  | $ | 912,681 |
Total securities available for sale (4) |  | $ | 3,464,279 |  |  | $ | 81,594 |  |  | $ | 14,446 |  |  | $ | 3,531,427 |
(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 AOCL. At December 31, 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 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, 2017, 2016, and 2015:
|  | December 31, |
(in thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Gross proceeds |  | $ | 453,878 |  |  | $ | 322,038 |  |  | $ | 278,689 |
Gross realized gains |  |  | 3,848 |  |  |  | 3,128 |  |  |  | 1,159 |
Gross realized losses |  |  | 860 |  |  |  | — |  |  |  | 4 |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities |
(in thousands) |  | For the Twelve Months Ended December 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 |  |  | 1,219 |
Ending credit loss amount as of December 31, 2017 |  |  | $196,333 |
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of available-for-sale securities at December 31, 2017:
|  | 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 |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Securities: (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | — |  |  |  | — | % |  | $ | 259,256 |  |  |  | 1.82 | % |  | $ | 148 |  |  |  | 6.51 | % |  | $ | — |  |  |  | — | % |  | $ | 259,617 |
Due from one to five years |  |  | 883,138 |  |  |  | 3.32 |  |  |  | 6,950 |  |  |  | 3.84 |  |  |  | 291 |  |  |  | 6.63 |  |  |  | 48,449 |  |  |  | 3.57 |  |  |  | 963,589 |
Due from five to ten years |  |  | 1,002,205 |  |  |  | 3.44 |  |  |  | 283,883 |  |  |  | 3.08 |  |  |  | — |  |  |  | — |  |  |  | 31,253 |  |  |  | 8.37 |  |  |  | 1,361,457 |
Due after ten years |  |  | 674,618 |  |  |  | 3.09 |  |  |  | 123,750 |  |  |  | 3.23 |  |  |  | 69,942 |  |  |  | 2.88 |  |  |  | 48,230 |  |  |  | 3.77 |  |  |  | 914,230 |
Total securities available for sale |  | $ | 2,559,961 |  |  |  | 3.30 | % |  | $ | 673,839 |  |  |  | 3.22 | % |  | $ | 70,381 |  |  |  | 2.90 | % |  | $ | 127,932 |  |  |  | 4.82 | % |  | $ | 3,498,893 |
(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 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, 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 |  | $ | 232,546 |  |  | $ | 535 |  |  | $ | 20,440 |  |  | $ | 664 |  |  | $ | 252,986 |  |  | $ | 1,199 |
GSE debentures |  |  | 333,045 |  |  |  | 2,665 |  |  |  | — |  |  |  | — |  |  |  | 333,045 |  |  |  | 2,665 |
GSE CMOs |  |  | 118,694 |  |  |  | 826 |  |  |  | — |  |  |  | — |  |  |  | 118,694 |  |  |  | 826 |
U. S. Treasury obligations |  |  | 199,898 |  |  |  | 62 |  |  |  | — |  |  |  | — |  |  |  | 199,898 |  |  |  | 62 |
Municipal bonds |  |  | 11,169 |  |  |  | 259 |  |  |  | 41,054 |  |  |  | 542 |  |  |  | 52,223 |  |  |  | 801 |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 35,105 |  |  |  | 8,632 |  |  |  | 35,105 |  |  |  | 8,632 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 11,545 |  |  |  | 261 |  |  |  | 11,545 |  |  |  | 261 |
Total temporarily impaired available-for-sale securities |  | $ | 895,352 |  |  | $ | 4,347 |  |  | $ | 108,144 |  |  | $ | 10,099 |  |  | $ | 1,003,496 |  |  | $ | 14,446 |
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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