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Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017:

		September 30, 2018
(in thousands)		Amortized Cost					Gross Unrealized Gain										Gross Unrealized Loss					Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates			$	1,892,104				$	5,113									$	33,361				$	1,863,856
GSE CMOs				919,382					3,791										6,133					917,040
Total mortgage-related debt securities			$	2,811,486				$	8,904									$	39,494				$	2,780,896
Other Debt Securities:
GSE debentures			$	1,043,927				$	632									$	22,868				$	1,021,691
Asset-backed securities (1)				387,782					1,075										534					388,323
Municipal bonds				69,276					100										1,877					67,499
Corporate bonds				445,902					10,384										655					455,631
Capital trust notes				48,265					6,639										4,661					50,243
Total other debt securities			$	1,995,152				$	18,830									$	30,595				$	1,983,387
Total other securities available for sale (2)			$	4,806,638				$	27,734									$	70,089				$	4,764,283
Equity securities:
Preferred stock			$	15,292				$	--									$	138				$	15,154
Mutual funds and common stock (3)				16,874					376										680					16,570
Total equity securities			$	32,166				$	376									$	818				$	31,724
Total securities			$	4,838,804				$	28,110									$	70,907				$	4,796,007

(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 September 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
(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
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 nine months ended September 30, 2018 and 2017:

		For the Nine Months Ended September 30,
(in thousands)		2018				2017
Gross proceeds			$--				$246,209
Gross realized gains			--				1,986

Credit Loss Component of Other Than Temporary Impairment on Debt Securities

(in thousands)		For the Nine Months Ended     September 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				49
Ending credit loss amount as of September 30, 2018				$196,284

Summary of Amortized Cost of Securities by Contractual Maturity

The following table summarizes, by contractual maturity, the amortized cost of securities at September 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			$	--					--%				$	--					--%				$	149					6.51%				$	--					--%				$	151
Due from one to five years				1,378,471					3.31					6,950					3.84					294					6.63					78,787					3.64					1,463,371
Due from five to ten years				326,275					3.44					927,006					3.33					--					--					367,115					4.02					1,605,017
Due after ten years				1,106,740					3.19					109,971					3.68					68,833					2.88					436,047					3.23					1,695,744
Total debt securities available for sale			$	2,811,486					3.28%				$	1,043,927					3.37%				$	69,276					2.90%				$	881,949					3.60%				$	4,764,283

(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 September 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. Government agency and GSE obligations			$	992,186				$	22,868				$	--				$	--				$	992,186				$	22,868
GSE certificates				1,209,277					31,983					18,248					1,378					1,227,525					33,361
GSE CMOs				488,185					6,133					--					--					488,185					6,133
Asset-backed securities				77,000					534					--					--					77,000					534
Municipal bonds				5,884					14					50,082					1,863					55,966					1,877
Corporate bonds				160,268					655					--					--					160,268					655
Capital trust notes				--					--					39,109					4,661					39,109					4,661
Equity securities				19,105					196					11,184					622					30,289					818
Total temporarily impaired securities			$	2,951,905				$	62,383				$	118,623				$	8,524				$	3,070,528				$	70,907

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.

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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.

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