Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Securities Available-For-Sale and Held-To-Maturity

The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated.

	At December 31, 2014
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs (1)	$	266,946		$	3,608		$	(1,556	)	$	268,998
Non-GSE issuance REMICs and CMOs	5,071			34			(1		)	5,104
GSE pass-through certificates	12,919			640			(2		)	13,557
Total residential mortgage-backed securities	284,936			4,282			(1,559		)	287,659
Obligations of GSEs	98,680			—			(1,982		)	96,698
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	383,631		$	4,282		$	(3,554	)	$	384,359
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,575,402		$	14,536		$	(14,041	)	$	1,575,897
Non-GSE issuance REMICs and CMOs	2,482			31			(7		)	2,506
GSE pass-through certificates	281,685			2,442			(3,877		)	280,250
Total residential mortgage-backed securities	1,859,569			17,009			(17,925		)	1,858,653
Multi-family mortgage-backed securities:
GSE issuance REMICs	154,381			554			(590		)	154,345
Obligations of GSEs	119,336			42			(1,523		)	117,855
Other	518			—			—			518
Total securities held-to-maturity	$	2,133,804		$	17,605		$	(20,038	)	$	2,131,371

 (1) Real estate mortgage investment conduits and collateralized mortgage obligations

	At December 31, 2013
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	292,131		$	1,077		$	(7,134	)	$	286,074
Non-GSE issuance REMICs and CMOs	7,516			57			(1		)	7,572
GSE pass-through certificates	16,120			770			(2		)	16,888
Total residential mortgage-backed securities	315,767			1,904			(7,137		)	310,534
Obligations of GSEs	98,675			—			(7,522		)	91,153
Fannie Mae stock	15			—			(12		)	3
Total securities available-for-sale	$	414,457		$	1,904		$	(14,671	)	$	401,690
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,474,506		$	12,877		$	(33,925	)	$	1,453,458
Non-GSE issuance REMICs and CMOs	3,833			61			(10		)	3,884
GSE pass-through certificates	282,473			85			(10,089		)	272,469
Total residential mortgage-backed securities	1,760,812			13,023			(44,024		)	1,729,811
Obligations of GSEs	88,128			—			(7,403		)	80,725
Other	586			—			—			586
Total securities held-to-maturity	$	1,849,526		$	13,023		$	(51,427	)	$	1,811,122

Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses in Continuous Unrealized Loss Position for Less Than Twelve Months and For Twelve Months or Longer

The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. 

	At December 31, 2014
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	20,587		$	(159	)	$	75,444		$	(1,397	)	$	96,031		$	(1,556	)
Non-GSE issuance REMICs and CMOs	—			—			96			(1		)	96			(1		)
GSE pass-through certificates	53			(1		)	64			(1		)	117			(2		)
Obligations of GSEs	24,586			(395		)	72,112			(1,587		)	96,698			(1,982		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	45,226		$	(555	)	$	147,718		$	(2,999	)	$	192,944		$	(3,554	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	121,861		$	(302	)	$	500,348		$	(13,739	)	$	622,209		$	(14,041	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			164,453			(3,877		)	164,453			(3,877		)
Multi-family mortgage backed securities:
GSE issuance REMICs	100,355			(590		)	—			—			100,355			(590		)
Obligations of GSEs	—			—			79,413			(1,523		)	79,413			(1,523		)
Total temporarily impaired securities held-to-maturity	$	222,216		$	(892	)	$	744,508		$	(19,146	)	$	966,724		$	(20,038	)

	At December 31, 2013
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	243,149		$	(7,134	)	$	—		$	—		$	243,149		$	(7,134	)
Non-GSE issuance REMICs and CMOs	—			—			132			(1		)	132			(1		)
GSE pass-through certificates	172			(1		)	70			(1		)	242			(2		)
Obligations of GSEs	91,153			(7,522		)	—			—			91,153			(7,522		)
Fannie Mae stock	—			—			3			(12		)	3			(12		)
Total temporarily impaired securities available-for-sale	$	334,474		$	(14,657	)	$	205		$	(14	)	$	334,679		$	(14,671	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	719,715		$	(25,611	)	$	151,581		$	(8,314	)	$	871,296		$	(33,925	)
Non-GSE issuance REMICs and CMOs	392			(10		)	—			—			392			(10		)
GSE pass-through certificates	230,795			(10,088		)	28			(1		)	230,823			(10,089		)
Obligations of GSEs	80,725			(7,403		)	—			—			80,725			(7,403		)
Total temporarily impaired securities held-to-maturity	$	1,031,627		$	(43,112	)	$	151,609		$	(8,315	)	$	1,183,236		$	(51,427	)