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Securities (Tables) | 6 Months Ended
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Jun. 30, 2020
Investments Debt And Equity Securities [Abstract] |
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 June 30, 2020 and December 31, 2019:
|  | June 30, 2020 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 1,288,192 |  |  | $ | 69,358 |  |  | $ | 35 |  |  | $ | 1,357,515 |
GSE CMOs |  |  | 1,613,437 |  |  |  | 56,848 |  |  | 848 |  |  |  | 1,669,437 |
Total mortgage-related debt securities |  | $ | 2,901,629 |  |  | $ | 126,206 |  |  | $ | 883 |  |  | $ | 3,026,952 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 61,938 |  |  | $ | 46 |  |  | $ | 3 |  |  | $ | 61,981 |
GSE debentures |  |  | 672,101 |  |  |  | 6,439 |  |  |  | — |  |  |  | 678,540 |
Asset-backed securities (1) |  |  | 440,261 |  |  |  | 94 |  |  |  | 18,962 |  |  |  | 421,393 |
Municipal bonds |  |  | 26,366 |  |  |  | 729 |  |  |  | 185 |  |  |  | 26,910 |
Corporate bonds |  |  | 870,475 |  |  |  | 11,434 |  |  |  | 15,084 |  |  |  | 866,825 |
Capital trust notes |  |  | 95,290 |  |  |  | 5,064 |  |  |  | 14,773 |  |  |  | 85,581 |
Total other debt securities |  | $ | 2,166,431 |  |  | $ | 23,806 |  |  | $ | 49,007 |  |  | $ | 2,141,230 |
Total debt securities available for sale |  | $ | 5,068,060 |  |  | $ | 150,012 |  |  | $ | 49,890 |  |  | $ | 5,168,182 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  | $ | 15,292 |  |  | $ | — |  |  | $ | 103 |  |  | $ | 15,189 |
Mutual funds and common stock (2) |  |  | 16,871 |  |  |  | 1,458 |  |  |  |  |  |  |  | 18,329 |
Total equity securities |  | $ | 32,163 |  |  | $ | 1,458 |  |  | $ | 103 |  |  | $ | 33,518 |
Total securities (3) |  | $ | 5,100,223 |  |  | $ | 151,470 |  |  | $ | 49,993 |  |  | $ | 5,201,700 |
(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 $16.5 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.
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 six months ended June 30, 2020 and 2019:
|  | For the Six Months Ended June 30, |
(in thousands) |  | 2020 |  |  | 2019 |
Gross proceeds |  | $ | 442,075 |  |  | $ | 363,346 |
Gross realized gains |  |  | 1,877 |  |  |  | 5,445 |
Gross realized losses |  |  | 1,143 |  |  |  | — |
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 June 30, 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 |  | $ | 109,229 |  |  |  | 3.54 |  | % | $ | 68,888 |  |  |  | 0.99 |  | % | $ | 149 |  |  |  | 6.66 |  | % | $ | — |  |  |  | — |  | % | $ | 179,930 |
Due from one to five years |  |  | 462,094 |  |  |  | 3.11 |  |  |  | 25,924 |  |  |  | 3.39 |  |  |  | — |  |  |  | — |  |  |  | 196,373 |  |  |  | 3.15 |  |  |  | 724,999 |
Due from five to ten years |  |  | 148,386 |  |  |  | 2.71 |  |  |  | 316,056 |  |  |  | 3.21 |  |  |  | 20,334 |  |  |  | 3.50 |  |  |  | 761,943 |  |  |  | 2.39 |  |  |  | 1,247,921 |
Due after ten years |  |  | 2,181,920 |  |  |  | 2.55 |  |  |  | 323,171 |  |  |  | 2.15 |  |  |  | 5,883 |  |  |  | 3.33 |  |  |  | 447,710 |  |  |  | 1.41 |  |  |  | 3,015,332 |
Total debt securities available for sale |  | $ | 2,901,629 |  |  |  | 2.69 |  |  | $ | 734,039 |  |  |  | 2.54 |  |  | $ | 26,366 |  |  |  | 3.48 |  |  | $ | 1,406,026 |  |  |  | 2.18 |  |  | $ | 5,168,182 |
(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 June 30, 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 |  |  | 13,142 |  |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | 13,142 |  |  |  | 35 |
GSE CMOs |  |  | 24,532 |  |  |  | 28 |  |  |  | 240,311 |  |  |  | 820 |  |  |  | 264,843 |  |  |  | 848 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 361,265 |  |  |  | 18,962 |  |  |  | 361,265 |  |  |  | 18,962 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 9,215 |  |  |  | 185 |  |  |  | 9,215 |  |  |  | 185 |
Corporate bonds |  |  | 483,178 |  |  |  | 6,274 |  |  |  | 241,190 |  |  |  | 8,810 |  |  |  | 724,368 |  |  |  | 15,084 |
Capital trust notes |  |  | 43,034 |  |  |  | 3,897 |  |  |  | 32,981 |  |  |  | 10,876 |  |  |  | 76,015 |  |  |  | 14,773 |
Equity securities |  |  | 15,190 |  |  |  | 103 |  |  |  | — |  |  |  | — |  |  |  | 15,190 |  |  |  | 103 |
Total temporarily impaired securities |  | $ | 589,073 |  |  | $ | 10,340 |  |  | $ | 884,962 |  |  | $ | 39,653 |  |  | $ | 1,474,035 |  |  | $ | 49,993 |
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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