Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019:

	September 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	$	1,160,210	$	58,146	$	25	$	1,218,331
GSE CMOs		1,384,204		50,544	83			1,434,665
Total mortgage-related debt securities	$	2,544,414	$	108,690	$	108	$	2,652,996
Other Debt Securities:
U. S. Treasury obligations	$	61,986	$	1	$	3	$	61,984
GSE debentures		991,865		5,739		3,639		993,965
Asset-backed securities⁽¹⁾		541,390		850		9,987		532,253
Municipal bonds		26,304		667		114		26,857
Corporate bonds		870,610		14,949		8,761		876,798
Capital trust notes		95,388		5,211		11,708		88,891
Total other debt securities	$	2,587,543	$	27,417	$	34,212	$	2,580,748
Total debt securities available for sale	$	5,131,957	$	136,107	$	34,320	$	5,233,744
Equity Securities:
Preferred stock	$	15,292	$	—	$	1	$	15,291
Mutual funds		15,815		342		—		16,157
Total equity securities	$	31,107	$	342	$	1	$	31,448
Total securities ⁽²⁾	$	5,163,064	$	136,449	$	34,321	$	5,265,192

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

(2)	Excludes accrued interest receivable of $14.0 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 nine months ended September 30, 2020 and 2019:

	For the Nine Months Ended September 30,
(in thousands)	2020		2019
Gross proceeds	$	483,872	$	363,621
Gross realized gains		1,945		5,445
Gross realized losses		1,262		—

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 September 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	$	90,869		3.46	%	$	68,935		0.48	%	$	150		6.66	%	$	49,593		3.65	%	$	211,500
Due from one to five years		458,644		3.11			25,924		3.39			—		—			146,882		2.85			670,442
Due from five to ten years		148,256		2.74			188,055		2.43			20,274		3.50			761,267		2.19			1,128,312
Due after ten years		1,846,645		2.51			770,936		1.63			5,880		3.33			549,646		1.39			3,223,490
Total debt securities available for sale	$	2,544,414		2.67		$	1,053,850		1.74		$	26,304		3.48		$	1,507,388		2.01		$	5,233,744

(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 September 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	$	49,987	$	3	$	—	$	—	$	49,987	$	3
GSE certificates		7,415		25		—		—		7,415		25
GSE CMOs		2,579		6		128,575		77		131,154		83
GSE debentures		507,331		3,640		—		—		507,331		3,640
Asset-backed securities		58,647		372		366,963		9,615		425,610		9,987
Municipal bonds		—		—		9,235		113		9,235		113
Corporate bonds		163,643		3,962		245,201		4,799		408,844		8,761
Capital trust notes		45,770		1,244		33,407		10,463		79,177		11,707
Equity securities		15,292		1		—		—		15,292		1
Total temporarily impaired securities	$	850,664	$	9,253	$	783,381	$	25,067	$	1,634,045	$	34,320

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