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Securities (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2019 and December 31, 2018:
|  | September 30, 2019 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 1,538,922 |  |  | $ | 34,377 |  |  | $ | 394 |  |  | $ | 1,572,905 |
GSE CMOs |  |  | 1,744,472 |  |  |  | 25,999 |  |  |  | 1,697 |  |  |  | 1,768,774 |
Total mortgage-related debt securities |  | $ | 3,283,394 |  |  | $ | 60,376 |  |  | $ | 2,091 |  |  | $ | 3,341,679 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 29,763 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 29,769 |
GSE debentures |  |  | 1,137,235 |  |  |  | 7,231 |  |  |  | 2,003 |  |  |  | 1,142,463 |
Asset-backed securities (1) |  |  | 384,784 |  |  |  | — |  |  |  | 6,528 |  |  |  | 378,256 |
Municipal bonds |  |  | 27,319 |  |  |  | 620 |  |  |  | 382 |  |  |  | 27,557 |
Corporate bonds |  |  | 836,558 |  |  |  | 13,333 |  |  |  | 9,877 |  |  |  | 840,014 |
Capital trust notes |  |  | 95,006 |  |  |  | 6,477 |  |  |  | 6,653 |  |  |  | 94,830 |
Total other debt securities |  | $ | 2,510,665 |  |  | $ | 27,667 |  |  | $ | 25,443 |  |  | $ | 2,512,889 |
Total debt securities available for sale (2) |  | $ | 5,794,059 |  |  | $ | 88,043 |  |  | $ | 27,534 |  |  | $ | 5,854,568 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 15,292 |  |  |  | 81 |  |  |  | — |  |  |  | 15,373 |
Mutual funds and common stock (3) |  |  | 16,871 |  |  |  | 735 |  |  |  | 118 |  |  |  | 17,488 |
Total equity securities |  | $ | 32,163 |  |  | $ | 816 |  |  | $ | 118 |  |  | $ | 32,861 |
Total securities |  | $ | 5,826,222 |  |  | $ | 88,859 |  |  | $ | 27,652 |  |  | $ | 5,887,429 |
(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 September 30, 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 debt 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 | The following table summarizes the gross proceeds and gross realized gains from the sale of available-for-sale securities during the nine months ended September 30, 2019 and 2018:
|  | For the Nine Months Ended September 30, |
(in thousands) |  | 2019 |  |  | 2018 |
Gross proceeds |  | $ | 363,621 |  |  |  | — |
Gross realized gains |  |  | 5,445 |  |  |  | — |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities |
(in thousands) |  | For the Nine Months Ended September 30, 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 |  |  | 46 |
Ending credit loss amount as of September 30, 2019 |  | $ | 196,141 |
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 September 30, 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 |  | $ | 2,505 |  |  |  | 2.99 | % |  | $ | 29,763 |  |  |  | 1.86 | % |  | $ | 150 |  |  |  | 6.59 | % |  | $ | 13,973 |  |  |  | 3.79 | % |  | $ | 46,495 |
Due from one to five years |  |  | 656,530 |  |  |  | 3.29 |  |  |  | 32,874 |  |  |  | 3.48 |  |  |  | 148 |  |  |  | 6.66 |  |  |  | 154,424 |  |  |  | 3.42 |  |  |  | 865,091 |
Due from five to ten years |  |  | 345,793 |  |  |  | 3.31 |  |  |  | 958,361 |  |  |  | 3.18 |  |  |  | 10,957 |  |  |  | 3.79 |  |  |  | 734,124 |  |  |  | 4.19 |  |  |  | 2,071,651 |
Due after ten years |  |  | 2,278,566 |  |  |  | 2.96 |  |  |  | 146,000 |  |  |  | 2.88 |  |  |  | 16,064 |  |  |  | 3.22 |  |  |  | 413,827 |  |  |  | 2.91 |  |  |  | 2,871,331 |
Total debt securities available for sale |  | $ | 3,283,394 |  |  |  | 3.06 |  |  | $ | 1,166,998 |  |  |  | 3.11 |  |  | $ | 27,319 |  |  |  | 3.49 |  |  | $ | 1,316,348 |  |  |  | 3.69 |  |  | $ | 5,854,568 |
(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 |
|  | 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 |  | $ | 128,052 |  |  | $ | 821 |  |  | $ | 118,879 |  |  | $ | 1,182 |  |  | $ | 246,931 |  |  | $ | 2,003 |
GSE certificates |  |  | 165,955 |  |  |  | 334 |  |  |  | 7,866 |  |  |  | 60 |  |  |  | 173,821 |  |  |  | 394 |
GSE CMOs |  |  | 395,590 |  |  |  | 959 |  |  |  | 104,844 |  |  |  | 738 |  |  |  | 500,434 |  |  |  | 1,697 |
Asset-backed securities |  |  | 378,256 |  |  |  | 6,528 |  |  |  | — |  |  |  | — |  |  |  | 378,256 |  |  |  | 6,528 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 9,793 |  |  |  | 382 |  |  |  | 9,793 |  |  |  | 382 |
Corporate bonds |  |  | 325,936 |  |  |  | 9,877 |  |  |  | — |  |  |  | — |  |  |  | 325,936 |  |  |  | 9,877 |
Capital trust notes |  |  | 45,999 |  |  |  | 690 |  |  |  | 37,855 |  |  |  | 5,963 |  |  |  | 83,854 |  |  |  | 6,653 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 11,687 |  |  |  | 118 |  |  |  | 11,687 |  |  |  | 118 |
Total temporarily impaired securities |  | $ | 1,439,788 |  |  | $ | 19,209 |  |  | $ | 290,924 |  |  | $ | 8,443 |  |  | $ | 1,730,712 |  |  | $ | 27,652 |
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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