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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates:

		Fair Value Measurements at March 31, 2019
(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		$	—			$	1,395,631			$	—			$	—			$	1,395,631
GSE CMOs			—				1,455,129				—				—				1,455,129
Total mortgage-related debt securities		$	—			$	2,850,760			$	—			$	—			$	2,850,760
Other Debt Securities Available for Sale:
U. S. Treasury obligations		$	29,662			$	—			$	—			$	—			$	29,662
GSE debentures			—				1,482,373				—				—				1,482,373
Asset-backed securities			—				384,674				—				—				384,674
Municipal bonds			—				67,198				—				—				67,198
Corporate bonds			—				860,055				—				—				860,055
Capital trust notes			—				49,922				—				—				49,922
Total other debt securities		$	29,662			$	2,844,222			$	—			$	—			$	2,873,884
Total debt securities available for sale		$	29,662			$	5,694,982			$	—			$	—			$	5,724,644
Equity securities:
Preferred stock		$	15,147			$	—			$	—			$	—			$	15,147
Mutual funds and common stock			—				16,981				—				—				16,981
Total equity securities		$	15,147			$	16,981			$	—			$	—			$	32,128
Total securities		$	44,809			$	5,711,963			$	—			$	—			$	5,756,772
Liabilities:
Derivative liabilities		$	—			$	—			$	—			$	—			$	—

		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

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 March 31, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates:

		Fair Value Measurements at March 31, 2019 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)		$	—			$	—			$	37,587			$	37,587
Other assets(2)			—				—				—				—
Total		$	—			$	—			$	37,587			$	37,587

(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, 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.

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 March 31, 2019 and December 31, 2018:

		March 31, 2019
										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		$	990,019			$	990,019			$	990,019			$	—			$	—
FHLB stock (1)			588,197				588,197				—				588,197				—
Loans, net			40,369,383				40,257,098				—				—				40,257,098
Financial Liabilities:
Deposits			31,601,125				31,617,404				18,833,346	(2)		$	12,784,058	(3)		$	—
Borrowed funds			13,257,910				13,282,486				—				13,282,486				—

(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, 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.

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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).

+ References

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