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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2018
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2018 and 2017, and that were included in the Company’s Consolidated Statements of Condition at those dates:
|  | Fair Value Measurements at December 31, 2018 |
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Netting Adjustments |  |  | Total Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | — |  |  | $ | 1,707,521 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,707,521 |
GSE CMOs |  |  | — |  |  |  | 1,252,761 |  |  |  | — |  |  |  | — |  |  |  | 1,252,761 |
Total mortgage-related debt securities |  | $ | — |  |  | $ | 2,960,282 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,960,282 |
Other Debt Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE debentures |  | $ | — |  |  | $ | 1,328,927 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,328,927 |
Asset-backed securities |  |  | — |  |  |  | 387,122 |  |  |  | — |  |  |  | — |  |  |  | 387,122 |
Municipal bonds |  |  | — |  |  |  | 66,183 |  |  |  | — |  |  |  | — |  |  |  | 66,183 |
Corporate bonds |  |  | — |  |  |  | 821,715 |  |  |  | — |  |  |  | — |  |  |  | 821,715 |
Capital trust notes |  |  | — |  |  |  | 49,291 |  |  |  | — |  |  |  | — |  |  |  | 49,291 |
Total other debt securities |  | $ | — |  |  | $ | 2,653,238 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,653,238 |
Total debt securities available for sale |  | $ | — |  |  | $ | 5,613,520 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,613,520 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  | $ | 13,846 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,846 |
Mutual funds and common stock |  |  | — |  |  |  | 16,705 |  |  |  | — |  |  |  | — |  |  |  | 16,705 |
Total equity securities |  | $ | 13,846 |  |  | $ | 16,705 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,551 |
Total securities |  | $ | 13,846 |  |  | $ | 5,630,225 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,644,071 |
|  | Fair Value Measurements at December 31, 2017 |
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Netting Adjustments |  |  | Total Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | — |  |  | $ | 2,068,842 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,068,842 |
GSE CMOs |  |  |  |  |  |  | 549,904 |  |  |  |  |  |  |  |  |  |  |  | 549,904 |
Total mortgage-related securities |  | $ | — |  |  | $ | 2,618,746 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,618,746 |
Other Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury Obligations |  | $ | 199,898 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 199,898 |
GSE debentures |  |  | — |  |  |  | 473,258 |  |  |  | — |  |  |  | — |  |  |  | 473,258 |
Municipal bonds |  |  | — |  |  |  | 70,120 |  |  |  | — |  |  |  | — |  |  |  | 70,120 |
Corporate bonds |  |  | — |  |  |  | 90,775 |  |  |  | — |  |  |  | — |  |  |  | 90,775 |
Capital trust notes |  |  | — |  |  |  | 46,096 |  |  |  | — |  |  |  | — |  |  |  | 46,096 |
Preferred stock |  |  | 15,434 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,434 |
Mutual funds and common stock |  |  | — |  |  |  | 17,100 |  |  |  | — |  |  |  | — |  |  |  | 17,100 |
Total other securities |  | $ | 215,332 |  |  | $ | 697,349 |  |  | $ | — |  |  | $ | — |  |  | $ | 912,681 |
Total securities available for sale |  | $ | 215,332 |  |  | $ | 3,316,095 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,531,427 |
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 35,258 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,258 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 2,729 |  |  |  | — |  |  |  | 2,729 |
Difference between Fair Value Option and Unpaid Principal Balance | The following table reflects the difference between the fair value carrying amount of loans held for sale, for which the Company has elected the fair value option, and the unpaid principal balance:
|  | December 31, 2018 |  |  | December 31, 2017 |
(in thousands) |  | Fair Value Carrying Amount |  |  | Aggregate Unpaid Principal |  |  | Fair Value Carrying Amount Less Aggregate Unpaid Principal |  |  | Fair Value Carrying Amount |  |  | Aggregate Unpaid Principal |  |  | Fair Value Carrying Amount Less Aggregate Unpaid Principal |
Loans held for sale |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,258 |  |  | $ | 34,563 |  |  | $ | 695 |
Changes in Fair Value of Loans Held For Sale | The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for MSRs for the periods indicated:
|  | (Loss) Gain Included in Mortgage Banking Income from Changes in Fair Value (1) |
|  | For the Twelve Months Ended December 31, |
(in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Loans held for sale |  | $ | — |  |  | $ | 899 |  |  | $ | (5,616 | )
Mortgage servicing rights |  |  | (224 | ) |  |  | (20,076 | ) |  |  | (27,453 | )
Total loss |  | $ | (224 | ) |  | $ | (19,177 | ) |  | $ | (33,069 | )
(1) | Included in “Non-interest income.”
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy | The following tables present, for the twelve months ended December 31, 2018 and 2017, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy:
|  |  |  |  | Total Realized/Unrealized Gains/(Losses) Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in Unrealized Gains/(Losses) |
(in thousands) |  | Fair Value January 1, 2018 |  |  | Income/ (Loss) |  |  | Comprehensive (Loss) Income |  |  | Issuances |  |  | Settlements |  |  | Transfers to/(from) Level 3 |  |  | Fair Value at December 31, 2018 |  |  | Related to Instruments Held at December 31, 2018 |
Mortgage servicing rights |  | $ | 2,729 |  |  | $ | (224 | ) |  | $ | — |  |  | $ | — |  |  | $ | (2,505 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
|  |  |  |  | Total Realized/Unrealized Gains/(Losses) Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in Unrealized Gains/(Losses) |
(in thousands) |  | Fair Value January 1, 2017 |  |  | Income/ (Loss) |  |  | Comprehensive (Loss) Income |  |  | Issuances |  |  | Settlements |  |  | Transfers to/(from) Level 3 |  |  | Fair Value at December 31, 2017 |  |  | Related to Instruments Held at December 31, 2018 |
Mortgage servicing rights |  | $ | 228,099 |  |  | $ | (20,076 | ) |  | $ | — |  |  | $ | 18,054 |  |  | $ | (223,348 | ) |  | $ | — |  |  | $ | 2,729 |  |  | $ | (222 | )
Interest rate lock commitments |  |  | 982 |  |  |  | (982 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of December 31, 2018 and 2017, and that were included in the Company’s Consolidated Statements of Condition at those dates:
|  | Fair Value Measurements at December 31, 2018 Using |
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Fair Value |
Certain impaired loans (1) |  | $ | — |  |  | $ | — |  |  | $ | 38,213 |  |  | $ | 38,213 |
Other assets (2) |  |  | — |  |  |  | — |  |  |  | 1,265 |  |  |  | 1,265 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 39,478 |  |  | $ | 39,478 |
(1) | Represents the fair value of impaired loans, based on the value of the collateral.
(2) | Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets.
|  | Fair Value Measurements at December 31, 2017 Using |
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Fair Value |
Certain impaired loans (1) |  | $ | — |  |  | $ | — |  |  | $ | 45,837 |  |  | $ | 45,837 |
Other assets (2) |  |  | — |  |  |  | — |  |  |  | 4,357 |  |  |  | 4,357 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 50,194 |  |  | $ | 50,194 |
(1) | Represents the fair value of impaired loans, based on the value of the collateral.
(2) | Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets.
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at December 31, 2018 and 2017:
|  | December 31, 2018 |
|  |  |  |  | Fair Value Measurement Using |
(in thousands) |  | Carrying Value |  |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,474,955 |  |  | $ | 1,474,955 |  |  | $ | 1,474,955 |  |  | $ | — |  |  | $ | — |
FHLB stock (1) |  |  | 644,590 |  |  |  | 644,590 |  |  |  | — |  |  |  | 644,590 |  |  |  | — |
Loans, net |  |  | 40,006,088 |  |  |  | 39,461,985 |  |  |  | — |  |  |  | — |  |  |  | 39,461,985 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 30,764,430 |  |  |  | 30,748,729 |  |  | $ | 18,570,108 | (2) |  | $ | 12,178,621 | (3) |  | $ | — |
Borrowed funds |  |  | 14,207,866 |  |  | $ | 14,136,526 |  |  |  | — |  |  |  | 14,136,526 |  |  |  | — |
(1) | Carrying value and estimated fair value are at cost.
(2) | Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.
(3) | Certificates of deposit.
|  | December 31, 2017 |
|  |  |  |  | Fair Value Measurement Using |
(in thousands) |  | Carrying Value |  |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,528,169 |  |  | $ | 2,528,169 |  |  | $ | 2,528,169 |  |  | $ | — |  |  | $ | — |
FHLB stock (1) |  |  | 603,819 |  |  |  | 603,819 |  |  |  | — |  |  |  | 603,819 |  |  |  | — |
Loans, net |  |  | 38,265,183 |  |  |  | 38,254,538 |  |  |  | — |  |  |  | — |  |  |  | 38,254,538 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 29,102,163 |  |  | $ | 29,044,852 |  |  | $ | 20,458,517 | (2) |  | $ | 8,586,335 | (3) |  | $ | — |
Borrowed funds |  |  | 12,913,679 |  |  |  | 12,780,653 |  |  |  | — |  |  |  | 12,780,653 |  |  |  | — |
(1) | Carrying value and estimated fair value are at cost.
(2) | Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.
(3) | Certificates of deposit.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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