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Securities (Tables)
 3 Months Ended
Mar. 31, 2015
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 March 31, 2015
(In Thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Available-for-sale:
 

 
 
 

 
 
 
 

 
 
 

Residential mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE (1) issuance REMICs and CMOs (2)
$
294,026

 
 
$
5,238

 
 
 
$
(829
)
 
 
$
298,435

Non-GSE issuance REMICs and CMOs
4,524

 
 
28

 
 
 
(1
)
 
 
4,551

GSE pass-through certificates
12,234

 
 
594

 
 
 
(2
)
 
 
12,826

Total residential mortgage-backed securities
310,784

 
 
5,860

 
 
 
(832
)
 
 
315,812

Obligations of GSEs
98,681

 
 
—

 
 
 
(1,092
)
 
 
97,589

Fannie Mae stock
15

 
 
—

 
 
 
(13
)
 
 
2

Total securities available-for-sale
$
409,480

 
 
$
5,860

 
 
 
$
(1,937
)
 
 
$
413,403

Held-to-maturity:
 

 
 
 

 
 
 
 

 
 
 

Residential mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs and CMOs
$
1,490,860

 
 
$
20,981

 
 
 
$
(7,138
)
 
 
$
1,504,703

Non-GSE issuance REMICs and CMOs
2,299

 
 
27

 
 
 
(7
)
 
 
2,319

GSE pass-through certificates
271,379

 
 
3,431

 
 
 
(1,665
)
 
 
273,145

Total residential mortgage-backed securities
1,764,538

 
 
24,439

 
 
 
(8,810
)
 
 
1,780,167

Multi-family mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs
225,738

 
 
2,748

 
 
 
(73
)
 
 
228,413

Obligations of GSEs
128,769

 
 
536

 
 
 
(476
)
 
 
128,829

Other
497

 
 
1

 
 
 
—

 
 
498

Total securities held-to-maturity
$
2,119,542

 
 
$
27,724

 
 
 
$
(9,359
)
 
 
$
2,137,907

 
(1)    Government-sponsored enterprise
(2)    Real estate mortgage investment conduits and collateralized mortgage obligations
 
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
$
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
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 March 31, 2015
 
 
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
$
75,161

 
 
$
(829
)
 
 
$
—

 
 
$
—

 
 
$
75,161

 
 
$
(829
)
 
Non-GSE issuance REMICs and CMOs
—

 
 
—

 
 
89

 
 
(1
)
 
 
89

 
 
(1
)
 
GSE pass-through certificates
86

 
 
(1
)
 
 
63

 
 
(1
)
 
 
149

 
 
(2
)
 
Obligations of GSEs
24,857

 
 
(125
)
 
 
72,732

 
 
(967
)
 
 
97,589

 
 
(1,092
)
 
Fannie Mae stock
—

 
 
—

 
 
2

 
 
(13
)
 
 
2

 
 
(13
)
 
Total temporarily impaired securities
available-for-sale
$
100,104

 
 
$
(955
)
 
 
$
72,886

 
 
$
(982
)
 
 
$
172,990

 
 
$
(1,937
)
 
Held-to-maturity:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
Residential mortgage-backed securities:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
GSE issuance REMICs and CMOs
$
52,357

 
 
$
(294
)
 
 
$
339,709

 
 
$
(6,844
)
 
 
$
392,066

 
 
$
(7,138
)
 
Non-GSE issuance REMICs and CMOs
—

 
 
—

 
 
294

 
 
(7
)
 
 
294

 
 
(7
)
 
GSE pass-through certificates
—

 
 
—

 
 
120,367

 
 
(1,665
)
 
 
120,367

 
 
(1,665
)
 
Multi-family mortgage-backed securities:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
GSE issuance REMICs
25,013

 
 
(73
)
 
 
—

 
 
—

 
 
25,013

 
 
(73
)
 
Obligations of GSEs
29,947

 
 
(29
)
 
 
24,553

 
 
(447
)
 
 
54,500

 
 
(476
)
 
Total temporarily impaired securities
held-to-maturity
$
107,317

 
 
$
(396
)
 
 
$
484,923

 
 
$
(8,963
)
 
 
$
592,240

 
 
$
(9,359
)
 
 
 
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
)