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Securities (Tables)

9 Months Ended

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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