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Securities (Tables) | 3 Months Ended
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Mar. 31, 2019
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at March 31, 2019 and December 31, 2018:
|  | March 31, 2019 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 1,380,756 |  |  | $ | 21,538 |  |  | $ | 6,663 |  |  | $ | 1,395,631 |
GSE CMOs |  |  | 1,447,677 |  |  |  | 11,479 |  |  |  | 4,027 |  |  |  | 1,455,129 |
Total mortgage-related debt securities |  | $ | 2,828,433 |  |  | $ | 33,017 |  |  | $ | 10,690 |  |  | $ | 2,850,760 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 29,659 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 29,662 |
GSE debentures |  |  | 1,478,777 |  |  |  | 5,211 |  |  |  | 1,615 |  |  |  | 1,482,373 |
Asset-backed securities (1) |  |  | 386,085 |  |  |  | 346 |  |  |  | 1,757 |  |  |  | 384,674 |
Municipal bonds |  |  | 68,277 |  |  |  | 423 |  |  |  | 1,502 |  |  |  | 67,198 |
Corporate bonds |  |  | 859,644 |  |  |  | 9,292 |  |  |  | 8,881 |  |  |  | 860,055 |
Capital trust notes |  |  | 48,291 |  |  |  | 6,614 |  |  |  | 4,983 |  |  |  | 49,922 |
Total other debt securities |  | $ | 2,870,733 |  |  | $ | 21,889 |  |  | $ | 18,738 |  |  | $ | 2,873,884 |
Total other securities available for sale (2) |  | $ | 5,699,166 |  |  | $ | 54,906 |  |  | $ | 29,428 |  |  | $ | 5,724,644 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 15,292 |  |  |  | — |  |  |  | 145 |  |  |  | 15,147 |
Mutual funds and common stock (3) |  |  | 16,870 |  |  |  | 481 |  |  |  | 370 |  |  |  | 16,981 |
Total equity securities |  | $ | 32,162 |  |  | $ | 481 |  |  | $ | 515 |  |  | $ | 32,128 |
Total securities |  | $ | 5,731,328 |  |  | $ | 55,387 |  |  | $ | 29,943 |  |  | $ | 5,756,772 |
| (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 March 31, 2019, 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, 2018 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 1,705,336 |  |  | $ | 18,146 |  |  | $ | 15,961 |  |  | $ | 1,707,521 |
GSE CMOs |  |  | 1,248,621 |  |  |  | 8,380 |  |  |  | 4,240 |  |  |  | 1,252,761 |
Total mortgage-related debt securities |  | $ | 2,953,957 |  |  | $ | 26,526 |  |  | $ | 20,201 |  |  | $ | 2,960,282 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE debentures |  | $ | 1,334,549 |  |  | $ | 3,366 |  |  | $ | 8,988 |  |  | $ | 1,328,927 |
Asset-backed securities (1) |  |  | 386,768 |  |  |  | 784 |  |  |  | 430 |  |  |  | 387,122 |
Municipal bonds |  |  | 68,551 |  |  |  | 195 |  |  |  | 2,563 |  |  |  | 66,183 |
Corporate bonds |  |  | 836,153 |  |  |  | 8,667 |  |  |  | 23,105 |  |  |  | 821,715 |
Capital trust notes |  |  | 48,278 |  |  |  | 6,435 |  |  |  | 5,422 |  |  |  | 49,291 |
Total other debt securities |  | $ | 2,674,299 |  |  | $ | 19,447 |  |  | $ | 40,508 |  |  | $ | 2,653,238 |
Total other securities available for sale (2) |  | $ | 5,628,256 |  |  | $ | 45,973 |  |  | $ | 60,709 |  |  | $ | 5,613,520 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 15,292 |  |  |  | — |  |  |  | 1,446 |  |  |  | 13,846 |
Mutual funds and common stock (3) |  |  | 16,870 |  |  |  | 366 |  |  |  | 531 |  |  |  | 16,705 |
Total equity securities |  | $ | 32,162 |  |  | $ | 366 |  |  | $ | 1,977 |  |  | $ | 30,551 |
Total securities |  | $ | 5,660,418 |  |  | $ | 46,339 |  |  | $ | 62,686 |  |  | $ | 5,644,071 |
(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 December 31, 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.
Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities |
|  | For the Three Months Ended March 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Gross proceeds |  | $ | 272,849 |  |  |  | — |
Gross realized gains |  |  | 5,409 |  |  |  | — |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities |
(in thousands) |  | For the Three Months Ended March 31, 2019 |
Beginning credit loss amount as of December 31, 2018 |  | $ | 196,187 |
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 |  |  | 19 |
Ending credit loss amount as of March 31, 2019 |  | $ | 196,168 |
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2019:
|  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | — |  |  |  | — | % |  | $ | 29,659 |  |  |  | 2.45 | % |  | $ | 149 |  |  |  | 6.59 | % |  | $ | — |  |  |  | — | % |  | $ | 29,815 |
Due from one to five years |  |  | 797,756 |  |  |  | 3.33 |  |  |  | 32,874 |  |  |  | 3.48 |  |  |  | 146 |  |  |  | 6.66 |  |  |  | 92,939 |  |  |  | 3.79 |  |  |  | 941,396 |
Due from five to ten years |  |  | 325,241 |  |  |  | 3.46 |  |  |  | 1,232,053 |  |  |  | 3.44 |  |  |  | 10,974 |  |  |  | 3.79 |  |  |  | 767,143 |  |  |  | 4.42 |  |  |  | 2,345,797 |
Due after ten years |  |  | 1,705,436 |  |  |  | 3.23 |  |  |  | 213,850 |  |  |  | 3.57 |  |  |  | 57,008 |  |  |  | 2.71 |  |  |  | 433,938 |  |  |  | 3.39 |  |  |  | 2,407,636 |
Total debt securities available for sale |  | $ | 2,828,433 |  |  |  | 3.28 | % |  | $ | 1,508,436 |  |  |  | 3.44 | % |  | $ | 68,277 |  |  |  | 2.90 | % |  | $ | 1,294,020 |  |  |  | 4.03 | % |  | $ | 5,724,644 |
(1) | Not presented on a tax-equivalent basis.
(2) | Includes corporate bonds, capital trust notes, and asset-backed securities.
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, 2019:
|  | 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 |  | $ | 218,933 |  |  | $ | 1,171 |  |  | $ | 127,748 |  |  | $ | 444 |  |  | $ | 346,681 |  |  | $ | 1,615 |
GSE certificates |  |  | — |  |  |  | — |  |  |  | 440,027 |  |  |  | 6,663 |  |  |  | 440,027 |  |  |  | 6,663 |
GSE CMOs |  |  | 428,352 |  |  |  | 1,894 |  |  |  | 146,100 |  |  |  | 2,133 |  |  |  | 574,452 |  |  |  | 4,027 |
Asset-backed securities |  |  | 237,208 |  |  |  | 1,757 |  |  |  | — |  |  |  | — |  |  |  | 237,208 |  |  |  | 1,757 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 49,612 |  |  |  | 1,502 |  |  |  | 49,612 |  |  |  | 1,502 |
Corporate bonds |  |  | 701,445 |  |  |  | 8,881 |  |  |  | — |  |  |  | — |  |  |  | 701,445 |  |  |  | 8,881 |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 38,811 |  |  |  | 4,983 |  |  |  | 38,811 |  |  |  | 4,983 |
Equity securities |  |  | 15,147 |  |  |  | 145 |  |  |  | 11,435 |  |  |  | 370 |  |  |  | 26,582 |  |  |  | 515 |
Total temporarily impaired securities |  | $ | 1,601,085 |  |  | $ | 13,848 |  |  | $ | 813,733 |  |  | $ | 16,095 |  |  | $ | 2,414,818 |  |  | $ | 29,943 |
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, 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 |  | $ | 276,113 |  |  | $ | 2,629 |  |  | $ | 329,372 |  |  | $ | 6,359 |  |  | $ | 605,485 |  |  | $ | 8,988 |
GSE certificates |  |  | 576,970 |  |  |  | 10,598 |  |  |  | 232,969 |  |  |  | 5,363 |  |  |  | 809,939 |  |  |  | 15,961 |
GSE CMOs |  |  | 465,779 |  |  |  | 1,892 |  |  |  | 99,050 |  |  |  | 2,348 |  |  |  | 564,829 |  |  |  | 4,240 |
Asset-backed securities |  |  | 69,166 |  |  |  | 430 |  |  |  | — |  |  |  | — |  |  |  | 69,166 |  |  |  | 430 |
Municipal bonds |  |  | 5,876 |  |  |  | 21 |  |  |  | 48,837 |  |  |  | 2,542 |  |  |  | 54,713 |  |  |  | 2,563 |
Corporate bonds |  |  | 642,843 |  |  |  | 23,105 |  |  |  | — |  |  |  | — |  |  |  | 642,843 |  |  |  | 23,105 |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 38,360 |  |  |  | 5,422 |  |  |  | 38,360 |  |  |  | 5,422 |
Equity securities |  |  | 17,836 |  |  |  | 1,464 |  |  |  | 11,293 |  |  |  | 513 |  |  |  | 29,129 |  |  |  | 1,977 |
Total temporarily impaired securities |  | $ | 2,054,583 |  |  | $ | 40,139 |  |  | $ | 759,881 |  |  | $ | 22,547 |  |  | $ | 2,814,464 |  |  | $ | 62,686 |

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