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Securities (Tables) | 6 Months Ended
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Jun. 30, 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 debt securities available for sale and equity investments with readily determinable fair values at June 30, 2018 and December 31, 2017:
|  | June 30, 2018
|  |  |  | Gross |  | Gross |  |
|  | Amortized |  | Unrealized |  | Unrealized |  |
(in thousands) |  | Cost |  | Gain |  | Loss |  | Fair Value
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  |  | $ | 1,936,949 |  |  |  | $ | 11,307 |  |  |  | $ | 24,840 |  |  |  | $ | 1,923,416 |
GSE CMOs |  |  |  | 658,435 |  |  |  |  | 5,755 |  |  |  |  | 4,418 |  |  |  |  | 659,772 |
Total mortgage-related debt securities |  |  | $ | 2,595,384 |  |  |  | $ | 17,062 |  |  |  | $ | 29,258 |  |  |  | $ | 2,583,188 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury securities |  |  | $ | 199,839 |  |  |  | $ | -- |  |  |  | $ | 143 |  |  |  | $ | 199,696 |
GSE debentures |  |  |  | 562,866 |  |  |  |  | 929 |  |  |  |  | 9,146 |  |  |  |  | 554,649 |
Asset-backed securities (1) |  |  |  | 280,755 |  |  |  |  | 201 |  |  |  |  | 158 |  |  |  |  | 280,798 |
Municipal bonds |  |  |  | 69,546 |  |  |  |  | 178 |  |  |  |  | 2,119 |  |  |  |  | 67,605 |
Corporate bonds |  |  |  | 379,069 |  |  |  |  | 9,922 |  |  |  |  | 898 |  |  |  |  | 388,093 |
Capital trust notes |  |  |  | 48,252 |  |  |  |  | 6,478 |  |  |  |  | 5,876 |  |  |  |  | 48,854 |
Total other debt securities |  |  | $ | 1,540,327 |  |  |  | $ | 17,708 |  |  |  | $ | 18,340 |  |  |  | $ | 1,539,695 |
Total debt securities available for sale (2) |  |  | $ | 4,135,711 |  |  |  | $ | 34,770 |  |  |  | $ | 47,598 |  |  |  | $ | 4,122,883 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | $ | 15,292 |  |  |  | $ | -- |  |  |  | $ | 184 |  |  |  | $ | 15,108 |
Mutual funds and common stock (3) |  |  |  | 16,874 |  |  |  |  | 346 |  |  |  |  | 562 |  |  |  |  | 16,658 |
Total equity securities |  |  | $ | 32,166 |  |  |  | $ | 346 |  |  |  | $ | 746 |  |  |  | $ | 31,766 |
Total securities |  |  | $ | 4,167,877 |  |  |  | $ | 35,116 |  |  |  | $ | 48,344 |  |  |  | $ | 4,154,649 |
(1) | The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.
(2) | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At June 30, 2018, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes.
(3) | Primarily consists of mutual funds that are CRA-qualified investments.
|  | December 31, 2017
|  |  |  | Gross |  | Gross |  |
|  | Amortized |  | Unrealized |  | Unrealized |  |
(in thousands) |  | Cost |  | Gain |  | 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 |
Municipal bonds |  |  |  | 70,381 |  |  |  |  | 540 |  |  |  |  | 801 |  |  |  |  | 70,120 |
Corporate bonds |  |  |  | 79,702 |  |  |  |  | 11,073 |  |  |  |  | -- |  |  |  |  | 90,775 |
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 six months ended June 30, 2018 and 2017:
|  | For the Six Months Ended
|  | June 30,
(in thousands) |  | 2018 |  | 2017 |  |
Gross proceeds |  |  | $ | -- |  |  | $139,009 |  |
Gross realized gains |  |  |  | -- |  |  | 1,986 |  |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities |
|  | For the
|  | Six Months Ended
(in thousands) |  | June 30, 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 |  |  |  | 30 |
Ending credit loss amount as of June 30, 2018 |  |  |  | $196,303 |
Summary of Amortized Cost of Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at June 30, 2018:
|  | Mortgage- Related Securities |  | Average Yield |  | U.S. Government 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 Debt Securities: (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  |  | $ | -- |  |  |  |  | -- | % |  |  | $ | 199,839 |  |  |  |  | 1.70 | % |  |  | $ | 149 |  |  |  |  | 6.51 | % |  |  | $ | -- |  |  |  |  | -- | % |  |  | $ | 199,846 |
Due from one to five years |  |  |  | 1,219,407 |  |  |  |  | 3.34 |  |  |  |  | 6,950 |  |  |  |  | 3.84 |  |  |  |  | 293 |  |  |  |  | 6.63 |  |  |  |  | 48,648 |  |  |  |  | 3.86 |  |  |  |  | 1,283,154 |
Due from five to ten years |  |  |  | 557,628 |  |  |  |  | 3.39 |  |  |  |  | 471,325 |  |  |  |  | 3.11 |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 330,421 |  |  |  |  | 3.98 |  |  |  |  | 1,359,372 |
Due after ten years |  |  |  | 818,349 |  |  |  |  | 2.94 |  |  |  |  | 84,591 |  |  |  |  | 3.09 |  |  |  |  | 69,104 |  |  |  |  | 2.88 |  |  |  |  | 329,007 |  |  |  |  | 3.24 |  |  |  |  | 1,280,511 |
Total debt securities available for sale |  |  | $ | 2,595,384 |  |  |  |  | 3.22 | % |  |  | $ | 762,705 |  |  |  |  | 2.74 | % |  |  | $ | 69,546 |  |  |  |  | 2.90 | % |  |  | $ | 708,076 |  |  |  |  | 3.63 | % |  |  | $ | 4,122,883 |
(1) | Not presented on a tax-equivalent basis.
(2) | Includes corporate bonds, capital trust notes, and asset-backed securities.
(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 June 30, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury securities |  |  | $ | 199,695 |  |  |  | $ | 143 |  |  |  | $ | -- |  |  |  | $ | -- |  |  |  | $ | 199,695 |  |  |  | $ | 143 |
U. S. Government agency and GSE obligations |  |  |  | 524,847 |  |  |  |  | 9,146 |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 524,847 |  |  |  |  | 9,146 |
GSE certificates |  |  |  | 959,158 |  |  |  |  | 23,556 |  |  |  |  | 19,434 |  |  |  |  | 1,284 |  |  |  |  | 978,592 |  |  |  |  | 24,840 |
GSE CMOs |  |  |  | 329,114 |  |  |  |  | 4,418 |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 329,114 |  |  |  |  | 4,418 |
Asset-backed securities |  |  |  | 112,408 |  |  |  |  | 158 |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 112,408 |  |  |  |  | 158 |
Municipal bonds |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 50,087 |  |  |  |  | 2,119 |  |  |  |  | 50,087 |  |  |  |  | 2,119 |
Corporate bonds |  |  |  | 293,218 |  |  |  |  | 898 |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 293,218 |  |  |  |  | 898 |
Capital trust notes |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 37,883 |  |  |  |  | 5,876 |  |  |  |  | 37,883 |  |  |  |  | 5,876 |
Equity securities |  |  |  | 19,089 |  |  |  |  | 211 |  |  |  |  | 11,271 |  |  |  |  | 535 |  |  |  |  | 30,360 |  |  |  |  | 746 |
Total temporarily impaired securities |  |  | $ | 2,437,529 |  |  |  | $ | 38,530 |  |  |  | $ | 118,675 |  |  |  | $ | 9,814 |  |  |  | $ | 2,556,204 |  |  |  | $ | 48,344 |
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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- 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 No definition available. + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -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
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- 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://fasb.org/us-gaap/role/ref/legacyRef -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
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