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Securities (Tables) | 12 Months Ended
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Dec. 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 December 31, 2019 and 2018:
|  | December 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 |  | $ | 1,530,317 |  |  | $ | 26,069 |  |  | $ | 3,763 |  |  | $ | 1,552,623 |
GSE CMOs |  |  | 1,783,440 |  |  |  | 21,213 |  |  |  | 3,541 |  |  |  | 1,801,112 |
Total mortgage-related debt securities |  | $ | 3,313,757 |  |  | $ | 47,282 |  |  | $ | 7,304 |  |  | $ | 3,353,735 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 41,820 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 41,839 |
GSE debentures |  |  | 1,093,845 |  |  |  | 5,707 |  |  |  | 5,312 |  |  |  | 1,094,240 |
Asset-backed securities (1) |  |  | 384,108 |  |  |  | — |  |  |  | 10,854 |  |  |  | 373,254 |
Municipal bonds |  |  | 26,808 |  |  |  | 559 |  |  |  | 475 |  |  |  | 26,892 |
Corporate bonds |  |  | 854,195 |  |  |  | 15,970 |  |  |  | 2,983 |  |  |  | 867,182 |
Capital trust notes |  |  | 95,100 |  |  |  | 7,121 |  |  |  | 6,306 |  |  |  | 95,915 |
Total other debt securities |  | $ | 2,495,876 |  |  | $ | 29,376 |  |  | $ | 25,930 |  |  | $ | 2,499,322 |
Total other securities available for sale (2) |  | $ | 5,809,633 |  |  | $ | 76,658 |  |  | $ | 33,234 |  |  | $ | 5,853,057 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 15,292 |  |  |  | 122 |  |  |  | — |  |  |  | 15,414 |
Mutual funds and common stock (3) |  |  | 16,871 |  |  |  | 718 |  |  |  | 173 |  |  |  | 17,416 |
Total equity securities |  | $ | 32,163 |  |  | $ | 840 |  |  | $ | 173 |  |  | $ | 32,830 |
Total securities |  | $ | 5,841,796 |  |  | $ | 77,498 |  |  | $ | 33,407 |  |  | $ | 5,885,887 |
(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, 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 | The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the years ended December 31, 2019, 2018, and 2017:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Gross proceeds |  | $ | 361,311 |  |  | $ | 278,539 |  |  | $ | 453,878 |
Gross realized gains |  |  | 5,445 |  |  |  | 967 |  |  |  | 3,848 |
Gross realized losses |  |  | — |  |  |  | 981 |  |  |  | 860 |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities |
(in thousands) |  | For the Twelve Months Ended December 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 |  |  | 55 |
Ending credit loss amount as of December 31, 2019 |  | $ | 196,132 |
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 December 31, 2019:
(dollars in thousands) |  | 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 |
Available-for-Sale Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | 60,091 |  |  |  | 3.26 | % |  | $ | 41,820 |  |  |  | 1.77 | % |  | $ | 148 |  |  |  | 6.66 | % |  | $ | 13,982 |  |  |  | 3.79 | % |  | $ | 116,450 |
Due from one to five years |  |  | 497,541 |  |  |  | 3.37 |  |  |  | 32,874 |  |  |  | 3.48 |  |  |  | — |  |  |  | — |  |  |  | 179,566 |  |  |  | 3.28 |  |  |  | 727,437 |
Due from five to ten years |  |  | 330,095 |  |  |  | 3.22 |  |  |  | 939,971 |  |  |  | 3.01 |  |  |  | 20,773 |  |  |  | 3.49 |  |  |  | 749,871 |  |  |  | 3.22 |  |  |  | 2,061,599 |
Due after ten years |  |  | 2,426,030 |  |  |  | 2.85 |  |  |  | 121,000 |  |  |  | 2.83 |  |  |  | 5,887 |  |  |  | 3.33 |  |  |  | 389,984 |  |  |  | 2.67 |  |  |  | 2,947,571 |
Total debt securities available for sale |  | $ | 3,313,757 |  |  |  | 2.97 |  |  | $ | 1,135,665 |  |  |  | 2.96 |  |  | $ | 26,808 |  |  |  | 3.47 |  |  | $ | 1,333,403 |  |  |  | 3.07 |  |  | $ | 5,853,057 |
(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. Treasur y obligations |  | $ | 11,917 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,917 |  |  | $ | — |
GSE debentures |  |  | 297,179 |  |  |  | 3,916 |  |  |  | 138,189 |  |  |  | 1,396 |  |  |  | 435,368 |  |  |  | 5,312 |
GSE certificates |  |  | 396,930 |  |  |  | 3,718 |  |  |  | 7,542 |  |  |  | 45 |  |  |  | 404,472 |  |  |  | 3,763 |
GSE CMOs |  |  | 609,502 |  |  |  | 2,582 |  |  |  | 133,955 |  |  |  | 959 |  |  |  | 743,457 |  |  |  | 3,541 |
Asset-backed securities |  |  | 256,619 |  |  |  | 7,701 |  |  |  | 116,635 |  |  |  | 3,154 |  |  |  | 373,254 |  |  |  | 10,855 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 9,349 |  |  |  | 475 |  |  |  | 9,349 |  |  |  | 475 |
Corporate bonds |  |  | 99,300 |  |  |  | 700 |  |  |  | 172,717 |  |  |  | 2,282 |  |  |  | 272,017 |  |  |  | 2,982 |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 37,525 |  |  |  | 6,306 |  |  |  | 37,525 |  |  |  | 6,306 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 11,633 |  |  |  | 173 |  |  |  | 11,633 |  |  |  | 173 |
Total temporarily impaired securities |  | $ | 1,671,447 |  |  | $ | 18,617 |  |  | $ | 627,545 |  |  | $ | 14,790 |  |  | $ | 2,298,992 |  |  | $ | 33,407 |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE debentures |  | $ | 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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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27340-111563 + Details
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