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Securities (Tables)

3 Months Ended

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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