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Securities (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019:

		March 31, 2020
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates		$	1,421,081			$	72,190			$	2			$	1,493,269
GSE CMOs			1,869,386				50,700				5,813				1,914,273
Total mortgage-related debt securities		$	3,290,467			$	122,890			$	5,815			$	3,407,542
Other Debt Securities:
U. S. Treasury obligations		$	61,812			$	172			$	3			$	61,981
GSE debentures			717,495				7,737				—				725,232
Asset-backed securities(1)			383,289				—				27,906				355,383
Municipal bonds			26,745				615				614				26,746
Corporate bonds			854,336				8,874				70,376				792,834
Capital trust notes			95,195				5,140				14,808				85,527
Total other debt securities		$	2,138,872			$	22,538			$	113,707			$	2,047,703
Total debt securities available for sale		$	5,429,339			$	145,428			$	119,522			$	5,455,245
Equity Securities:
Preferred stock		$	15,292			$	—			$	451			$	14,841
Mutual funds and common stock(2)			16,871				904				—				17,775
Total equity securities		$	32,163			$	904			$	451			$	32,616
Total securities(3)		$	5,461,502			$	146,332			$	119,973			$	5,487,861

(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2) Primarily consists of mutual funds that are CRA-qualified investments.

(3) Excludes accrued interest receivable of $20.6 million included in other assets in the Consolidated Statements of Condition.

		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		$	5,809,633			$	76,658			$	33,234			$	5,853,057
Equity Securities:
Preferred stock		$	15,292			$	122			$	—			$	15,414
Mutual funds and common stock(2)			16,871				718				173				17,416
Total equity securities		$	32,163			$	840			$	173			$	32,830
Total securities(3)		$	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) Primarily consists of mutual funds that are CRA-qualified investments.

(3) Excludes accrued interest receivable of $24.4 million included in other assets in the Consolidated Statements of Condition.

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 three months ended March 31, 2020 and 2019:

		For the Three Months Ended March 31,
(in thousands)		2020				2019
Gross proceeds		$	369,972			$	272,849
Gross realized gains			1,811				5,409
Gross realized losses			1,062				—

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 March 31, 2020:

		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		$	60,163				3.37	%		$	61,812				0.94	%		$	149				6.66	%		$	13,993				3.79	%		$	136,509
Due from one to five years			587,661				3.01				32,874				3.48				—				—				179,651				3.18				816,790
Due from five to ten years			255,806				3.30				463,621				3.24				20,711				3.49				749,026				2.97				1,457,756
Due after ten years			2,386,837				2.79				221,000				2.53				5,885				3.33				390,150				1.93				3,044,190
Total debt securities available for sale		$	3,290,467				2.88	%		$	779,307				2.87	%		$	26,745				3.47	%		$	1,332,820				2.70	%		$	5,455,245

(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

The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2020:

		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. Treasury obligations		$	9,997			$	3			$	—			$	—			$	9,997			$	3
GSE certificates			2,061				2				—				—				2,061				2
GSE CMOs			314,957				2,795				191,806				3,018				506,763				5,813
Asset-backed securities			124,435				7,341				230,949				20,565				355,384				27,906
Municipal bonds			—				—				9,156				614				9,156				614
Corporate bonds			473,280				40,174				219,798				30,202				693,078				70,376
Capital trust notes			42,500				4,349				33,385				10,459				75,885				14,808
Equity securities			14,841				451				—				—				14,841				451
Total temporarily impaired securities		$	982,071			$	55,115			$	685,094			$	64,858			$	1,667,165			$	119,973

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, 2019:

		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. Treasury obligations		$	11,917			$	—			$	—			$	—			$	11,917			$	—
U. S. Government agency and GSE obligations			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				10,854				116,635				—				373,254				10,854
Municipal bonds			—				—				9,349				475				9,349				475
Corporate bonds			99,300				700				172,717				2,283				272,017				2,983
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			$	21,770			$	627,545			$	11,637			$	2,298,992			$	33,407

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- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
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