Securities (Tables)

6 Months Ended

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