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Securities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 and 2019:

			December 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		$		1,155,436			$		54,310			$		136			$		1,209,610
GSE CMOs				1,786,896					44,691					2,872					1,828,715
Total mortgage-related debt securities		$		2,942,332			$		99,001			$		3,008			$		3,038,325
Other Debt Securities:
U. S. Treasury obligations		$		64,984			$		1			$		—			$		64,985
GSE debentures				1,158,253					3,998					3,949					1,158,302
Asset-backed securities (1)				530,226					2,576					5,703					527,099
Municipal bonds				25,776					625					90					26,311
Corporate bonds				870,745					17,928					6,447					882,226
Foreign notes				25,000					538					—					25,538
Capital trust notes				95,507					5,540					10,500					90,547
Total other debt securities		$		2,770,491			$		31,206			$		26,689			$		2,775,008
Total debt securities available for sale		$		5,712,823			$		130,207			$		29,697			$		5,813,333
Equity securities:
Preferred stock				15,292					201					—					15,493
Mutual funds				15,814					269					—					16,083
Total equity securities		$		31,106			$		470			$		—			$		31,576
Total securities (2)		$		5,743,929			$		130,677			$		29,697			$		5,844,909

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

(2) Excludes accrued interest receivable of $14.9 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 years ended December 31, 2020, 2019, and 2018:

			December 31,
(in thousands)			2020				2019				2018
Gross proceeds		$		483,872			$	361,311			$	278,539
Gross realized gains				1,945				5,445				967
Gross realized losses				1,262				—				981

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, 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		$		49,797				3.03		%	$		75,934				0.56		%	$		—				—		%	$		49,704				3.02			$		176,720
Due from one to five years				405,157				3.16					21,924				3.52					—				—					151,873				2.22					615,048
Due from five to ten years				175,689				2.48					138,053				2.37					19,898				3.51					779,401				1.88					1,130,037
Due after ten years				2,311,689				2.15					987,326				1.60					5,878				3.33					540,500				1.29					3,891,528
Total debt securities available    for sale		$		2,942,332				2.32			$		1,223,237				1.66			$		25,776				3.47			$		1,521,478				1.74			$		5,813,333

(1) Not presented on a tax-equivalent basis.

(2) Includes corporate bonds, capital trust notes, foreign 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 having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 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		$		—			$		—			$		—			$		—			$		—			$		—
GSE certificates				58,876					136					—					—					58,876					136
GSE CMOs				442,207					2,807					73,568					65					515,775					2,872
GSE debenture				522,441					3,949					—					—					522,441					3,949
Asset-backed securities				—					—					363,618					5,703					363,618					5,703
Municipal bonds				—					—					8,891					90					8,891					90
Corporate bonds				72,024					2,976					246,528					3,471					318,552					6,447
Foreign notes				—					—					—					—					—					—
Capital trust notes				—					—					33,393					10,500					33,393					10,500
Equity securities				—					—					—					—					—					—
Total temporarily impaired    securities		$		1,095,548			$		9,868			$		725,998			$		19,829			$		1,821,546			$		29,697

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			$	-
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

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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+ References

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-Name Accounting Standards Codification
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