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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, and that were included in the Company’s Consolidated Statements of Condition at those dates:

		Fair Value Measurements at March 31, 2021
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Netting Adjustments				Total Fair Value
Assets:
Mortgage-Related Debt Securities Available for Sale:
GSE certificates		$	—			$	1,209,318			$	—			$	—			$	1,209,318
GSE CMOs			—				1,986,270				—				—				1,986,270
Total mortgage-related debt securities		$	—			$	3,195,588			$	—			$	—			$	3,195,588
Other Debt Securities Available for Sale:
U. S. Treasury obligations		$	64,998			$	—			$	—			$	—			$	64,998
GSE debentures			—				1,368,341				—				—				1,368,341
Asset-backed securities			—				520,773				—				—				520,773
Municipal bonds			—				26,011				—				—				26,011
Corporate bonds			—				882,070				—				—				882,070
Foreign notes			—				25,993												25,993
Capital trust notes			—				94,131				—				—				94,131
Total other debt securities		$	64,998			$	2,917,319			$	—			$	—			$	2,982,317
Total debt securities available for sale		$	64,998			$	6,112,907			$	—			$	—			$	6,177,905
Equity securities:
Mutual funds			—				15,801				—				—				15,801
Total equity securities		$	—			$	15,801			$	—			$	—			$	15,801
Total securities		$	64,998			$	6,128,708			$	—			$	—			$	6,193,706

		Fair Value Measurements at December 31, 2020
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Netting Adjustments				Total Fair Value
Assets:
Mortgage-Related Debt Securities Available for Sale:
GSE certificates		$	—			$	1,209,610			$	—			$	—			$	1,209,610
GSE CMOs			—				1,828,715				—				—				1,828,715
Total mortgage-related debt securities		$	—			$	3,038,325			$	—			$	—			$	3,038,325
Other Debt Securities Available for Sale:
U.S. Treasury obligations		$	64,985			$	—			$	—			$	—			$	64,985
GSE debentures			—				1,158,302				—				—				1,158,302
Asset-backed securities			—				527,099				—				—				527,099
Municipal bonds			—				26,311				—				—				26,311
Corporate bonds			—				882,226				—				—				882,226
Foreign notes			—				25,538												25,538
Capital trust notes			—				90,547				—				—				90,547
Total other debt securities		$	64,985			$	2,710,023			$	—			$	—			$	2,775,008
Total debt securities available for sale		$	64,985			$	5,748,348			$	—			$	—			$	5,813,333
Equity securities:
Preferred stock		$	15,493			$	—			$	—			$	—			$	15,493
Mutual funds			—				16,083				—				—				16,083
Total equity securities		$	15,493			$	16,083			$	—			$	—			$	31,576
Total securities		$	80,478			$	5,764,431			$	—			$	—			$	5,844,909

Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments

The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of March 31, 2021 and December 31, 2020, and that were included in the Company’s Consolidated Statements of Condition at those dates:

		Fair Value Measurements at March 31, 2021 Using
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Certain nonaccrual loans (1)		$	—			$	—			$	23,172			$	23,172
Other assets(2)			—				—				10,583				10,583
Total		$	—			$	—			$	33,755			$	33,755

(1) Represents the fair value of impaired loans, based on the value of the collateral.

(2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

		Fair Value Measurements at December 31, 2020 Using
(in thousands)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Certain nonaccrual loans (1)		$	—			$	—			$	41,066			$	41,066
Other assets (2)			—				—				5,655				5,655
Total		$	—			$	—			$	46,721			$	46,721

(1) Represents the fair value of impaired loans, based on the value of the collateral.

(2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at March 31, 2021 and December 31, 2020:

		March 31, 2021
										Fair Value Measurement Using
(in thousands)		Carrying Value				Estimated Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents		$	2,722,915			$	2,722,915			$	2,722,915			$	—			$	—
FHLB stock (1)			698,984				698,984				—				698,984				—
Loans, net			43,068,816				42,433,118				—				—				42,433,118
Financial Liabilities:
Deposits		$	34,197,136			$	34,215,071			$	24,582,838		(2)	$	9,632,233		(3)	$	—
Borrowed funds			15,758,787				16,475,503				—				16,475,503				—

(1) Carrying value and estimated fair value are at cost.

(2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.

(3) Certificates of deposit.

		December 31, 2020
										Fair Value Measurement Using
(in thousands)		Carrying Value				Estimated Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents		$	1,947,931			$	1,947,931			$	1,947,931			$	—			$	—
FHLB stock (1)			714,005				714,005				—				714,005				—
Loans, net			42,806,691				42,376,214				—			$	—				42,376,214
Financial Liabilities:
Deposits		$	32,436,813			$	32,466,013			$	22,106,133		(2)	$	10,359,880		(3)	$	—
Borrowed funds			16,083,544				16,794,338				—				16,794,338				—

(1) Carrying value and estimated fair value are at cost.

(2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.

(3) Certificates of deposit.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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