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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates:

		Fair Value Measurements at September 30, 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		$	—			$	1,572,905			$	—			$	—			$	1,572,905
GSE CMOs			—				1,768,774				—				—				1,768,774
Total mortgage-related debt securities		$	—			$	3,341,679			$	—			$	—			$	3,341,679
Other Debt Securities Available for Sale:
U. S. Treasury obligations		$	29,769			$	—			$	—			$	—			$	29,769
GSE debentures			—				1,142,463				—				—				1,142,463
Asset-backed securities			—				378,256				—				—				378,256
Municipal bonds			—				27,557				—				—				27,557
Corporate bonds			—				840,014				—				—				840,014
Capital trust notes			—				94,830				—				—				94,830
Total other debt securities		$	29,769			$	2,483,120			$	—			$	—			$	2,512,889
Total debt securities available for sale		$	29,769			$	5,824,799			$	—			$	—			$	5,854,568
Equity securities:
Preferred stock		$	15,373			$	—			$	—			$	—			$	15,373
Mutual funds and common stock			—				17,488				—				—				17,488
Total equity securities		$	15,373			$	17,488			$	—			$	—			$	32,861
Total securities		$	45,142			$	5,842,287			$	—			$	—			$	5,887,429

		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 that were measured at fair value on a non-recurring basis as of September 30, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates:

		Fair Value Measurements at September 30, 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)		$	—			$	—			$	35,697			$	35,697
Other assets(2)			—				—				—				—
Total		$	—			$	—			$	35,697			$	35,697

(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 September 30, 2019 and December 31, 2018:

		September 30, 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		$	854,678			$	854,678			$	854,678			$	—			$	—
FHLB stock (1)			606,371				606,371				—				606,371				—
Loans and leases, net			40,694,787				40,608,048				—				—				40,608,048
Financial Liabilities:
Deposits		$	31,572,176			$	31,633,111			$	17,308,005	(2)		$	14,325,106	(3)		$	—
Borrowed funds			13,626,360				14,088,303				—				14,088,303				—

(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 and leases, 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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-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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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