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Fair Value Measurements (Tables)

12 Months Ended

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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The entire disclosure for derivatives and fair value of assets and liabilities.

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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).

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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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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