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Securities (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Portfolio of Securities Available for Sale and Equity Investments with Readily Determinable Fair Values

The following tables summarize the Company’s portfolio of securities available for sale and equity investments with readily determinable fair values at March 31, 2018 and December 31, 2017:

		March 31, 2018
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	1,966,476			$	20,565			$	15,864			$	1,971,177
GSE CMOs			537,621				7,425				3,459				541,587
Total mortgage-related securities		$	2,504,097			$	27,990			$	19,323			$	2,512,764
Other Securities:
U. S. Treasury obligations		$	199,678			$	—			$	248			$	199,430
GSE debentures			478,588				1,213				6,732				473,069
Corporate bonds			79,828				9,890				—				89,718
Municipal bonds			70,117				201				1,711				68,607
Capital trust notes			48,242				6,485				6,363				48,364
Total other securities		$	876,453			$	17,789			$	15,054			$	879,188
Total securities available for sale (1)		$	3,380,550			$	45,779			$	34,377			$	3,391,952
Equity securities:
Preferred stock		$	15,292			$	—			$	49			$	15,243
Mutual funds and common stock (2)			16,874				402				450				16,826
Total equity securities		$	32,166			$	402			$	499			$	32,069
Total securities		$	3,412,716			$	46,181			$	34,876			$	3,424,021

(1) The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At March 31, 2018, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes.

(2) Primarily consists of mutual funds that are CRA-qualified investments.

		December 31, 2017
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Mortgage-Related Securities:
GSE certificates		$	2,023,677			$	46,364			$	1,199			$	2,068,842
GSE CMOs			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 (1)			16,874				487				261				17,100
Total other securities		$	904,318			$	20,784			$	12,421			$	912,681
Total securities available for sale (2)		$	3,464,279			$	81,594			$	14,446			$	3,531,427

(1) Primarily consists of mutual funds that are CRA-qualified investments.

(2) 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.

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 three months ended March 31, 2018 and 2017:

		For the Three Months Ended March 31,
(in thousands)		2018				2017
Gross proceeds			—			$	139,002
Gross realized gains			—				1,979

Credit Loss Component of Other Than Temporary Impairment on Debt Securities

(in thousands)				For the Three Months Ended March 31, 2018
Beginning credit loss amount as of December 31, 2017				$	196,333
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			—
Ending credit loss amount as of March 31, 2018				$	196,333

Summary of Amortized Cost of Securities by Contractual Maturity

The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2018:

		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		$	—				—	%		$	199,678				1.70	%		$	149				6.51	%		$	—				—	%		$	199,581
Due from one to five years			950,910				3.37				6,950				3.84				292				6.63				48,548				3.74				1,019,714
Due from five to ten years			864,803				3.35				347,888				3.16				—				—				31,280				8.37				1,257,619
Due after ten years			688,384				3.09				123,750				3.23				69,676				2.88				48,242				4.02				915,038
Total securities available for sale		$	2,504,097				3.29	%		$	678,266				2.75	%		$	70,117				2.90	%		$	128,070				4.98	%		$	3,391,952

(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 securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2018:

		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 Securities:
GSE certificates		$	876,096			$	14,756			$	19,848			$	1,108			$	895,944			$	15,864
GSE debentures			378,983				6,732				—				—				378,983				6,732
GSE CMOs			199,397				3,459				—				—				199,397				3,459
U. S. Treasury obligations			199,430				248				—				—				199,430				248
Municipal bonds			10,901				469				40,156				1,242				51,057				1,711
Capital trust notes			—				—				37,385				6,363				37,385				6,363
Equity securities			16,676				52				11,359				447				28,035				499
Total temporarily impaired securities		$	1,681,483			$	25,716			$	108,748			$	9,160			$	1,790,231			$	34,876

The following table presents 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

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