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Securities
6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities
Securities

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 June 30, 2016
(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)
$
283,609

 
 
$
5,278

 
 
 
$
(75
)
 
 
$
288,812

Non-GSE issuance REMICs and CMOs
2,213

 
 
6

 
 
 
(2
)
 
 
2,217

GSE pass-through certificates
9,821

 
 
448

 
 
 
(2
)
 
 
10,267

Total residential mortgage-backed securities
295,643

 
 
5,732

 
 
 
(79
)
 
 
301,296

Obligations of GSEs
54,992

 
 
57

 
 
 

 
 
55,049

Fannie Mae stock
15

 
 

 
 
 
(13
)
 
 
2

Total securities available-for-sale
$
350,650

 
 
$
5,789

 
 
 
$
(92
)
 
 
$
356,347

Held-to-maturity:
 

 
 
 

 
 
 
 

 
 
 

Residential mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs and CMOs
$
1,217,296

 
 
$
22,029

 
 
 
$
(1,131
)
 
 
$
1,238,194

Non-GSE issuance REMICs and CMOs
196

 
 

 
 
 
(7
)
 
 
189

GSE pass-through certificates
238,763

 
 
4,383

 
 
 
(274
)
 
 
242,872

Total residential mortgage-backed securities
1,456,255

 
 
26,412

 
 
 
(1,412
)
 
 
1,481,255

Multi-family mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs
895,011

 
 
14,624

 
 
 
(47
)
 
 
909,588

Obligations of GSEs
246,274

 
 
870

 
 
 

 
 
247,144

Corporate Debt securities
80,000

 
 
436

 
 
 
(2,112
)
 
 
78,324

Other
390

 
 
1

 
 
 

 
 
391

Total securities held-to-maturity
$
2,677,930

 
 
$
42,343

 
 
 
$
(3,571
)
 
 
$
2,716,702


(1)
Government-sponsored enterprise
(2)
Real estate mortgage investment conduits and collateralized mortgage obligations
 
At December 31, 2015
(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
$
331,099

 
 
$
2,374

 
 
 
$
(2,934
)
 
 
$
330,539

Non-GSE issuance REMICs and CMOs
3,048

 
 
13

 
 
 
(7
)
 
 
3,054

GSE pass-through certificates
10,781

 
 
485

 
 
 
(2
)
 
 
11,264

Total residential mortgage-backed securities
344,928

 
 
2,872

 
 
 
(2,943
)
 
 
344,857

Obligations of GSEs
73,701

 
 

 
 
 
(1,762
)
 
 
71,939

Fannie Mae stock
15

 
 

 
 
 
(13
)
 
 
2

Total securities available-for-sale
$
418,644

 
 
$
2,872

 
 
 
$
(4,718
)
 
 
$
416,798

Held-to-maturity:
 

 
 
 

 
 
 
 

 
 
 

Residential mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs and CMOs
$
1,361,907

 
 
$
8,135

 
 
 
$
(14,128
)
 
 
$
1,355,914

Non-GSE issuance REMICs and CMOs
198

 
 

 
 
 
(5
)
 
 
193

GSE pass-through certificates
260,707

 
 
1,535

 
 
 
(3,413
)
 
 
258,829

Total residential mortgage-backed securities
1,622,812

 
 
9,670

 
 
 
(17,546
)
 
 
1,614,936

Multi-family mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
GSE issuance REMICs
434,587

 
 
1,255

 
 
 
(2,334
)
 
 
433,508

Obligations of GSEs
178,967

 
 
220

 
 
 
(480
)
 
 
178,707

Corporate debt securities
60,000

 
 

 
 
 
(1,493
)
 
 
58,507

Other
433

 
 
1

 
 
 

 
 
434

Total securities held-to-maturity
$
2,296,799

 
 
$
11,146

 
 
 
$
(21,853
)
 
 
$
2,286,092



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 June 30, 2016
 
 
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
$

 
 
$

 
 
$
22,913

 
 
$
(75
)
 
 
$
22,913

 
 
$
(75
)
 
Non-GSE issuance REMICs and CMOs
38

 
 
(1
)
 
 
79

 
 
(1
)
 
 
117

 
 
(2
)
 
GSE pass-through certificates
74

 
 
(1
)
 
 
92

 
 
(1
)
 
 
166

 
 
(2
)
 
Fannie Mae stock

 
 

 
 
2

 
 
(13
)
 
 
2

 
 
(13
)
 
Total temporarily impaired securities
available-for-sale
$
112

 
 
$
(2
)
 
 
$
23,086

 
 
$
(90
)
 
 
$
23,198

 
 
$
(92
)
 
Held-to-maturity:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
Residential mortgage-backed securities:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
GSE issuance REMICs and CMOs
$
9,800

 
 
$
(1
)
 
 
$
157,856

 
 
$
(1,130
)
 
 
$
167,656

 
 
$
(1,131
)
 
Non-GSE issuance REMICs and CMOs

 
 

 
 
189

 
 
(7
)
 
 
189

 
 
(7
)
 
GSE pass-through certificates

 
 

 
 
69,687

 
 
(274
)
 
 
69,687

 
 
(274
)
 
Multi-family mortgage-backed securities:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
GSE issuance REMICs
45,407

 
 
(47
)
 
 

 
 

 
 
45,407

 
 
(47
)
 
Corporate debt securities
67,888

 
 
(2,112
)
 
 

 
 

 
 
67,888

 
 
(2,112
)
 
Total temporarily impaired securities
held-to-maturity
$
123,095

 
 
$
(2,160
)
 
 
$
227,732

 
 
$
(1,411
)
 
 
$
350,827

 
 
$
(3,571
)
 
 
At December 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
$
189,364

 
 
$
(2,934
)
 
 
$

 
 
$

 
 
$
189,364

 
 
$
(2,934
)
 
Non-GSE issuance REMICs and CMOs
75

 
 
(2
)
 
 
64

 
 
(5
)
 
 
139

 
 
(7
)
 
GSE pass-through certificates
97

 
 
(1
)
 
 
103

 
 
(1
)
 
 
200

 
 
(2
)
 
Obligations of GSEs
24,602

 
 
(390
)
 
 
47,337

 
 
(1,372
)
 
 
71,939

 
 
(1,762
)
 
Fannie Mae stock

 
 

 
 
2

 
 
(13
)
 
 
2

 
 
(13
)
 
Total temporarily impaired securities
available-for-sale
$
214,138

 
 
$
(3,327
)
 
 
$
47,506

 
 
$
(1,391
)
 
 
$
261,644

 
 
$
(4,718
)
 
Held-to-maturity:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
Residential mortgage-backed securities:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
GSE issuance REMICs and CMOs
$
395,659

 
 
$
(3,972
)
 
 
$
289,645

 
 
$
(10,156
)
 
 
$
685,304

 
 
$
(14,128
)
 
Non-GSE issuance REMICs and CMOs

 
 

 
 
193

 
 
(5
)
 
 
193

 
 
(5
)
 
GSE pass-through certificates
56,503

 
 
(586
)
 
 
106,738

 
 
(2,827
)
 
 
163,241

 
 
(3,413
)
 
Multi-family mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 


 
 


 
GSE issuance REMICs
276,601

 
 
(2,334
)
 
 

 
 

 
 
276,601

 
 
(2,334
)
 
Obligations of GSEs
107,824

 
 
(480
)
 
 

 
 

 
 
107,824

 
 
(480
)
 
Corporate debt securities
58,507

 
 
(1,493
)
 
 

 
 

 
 
58,507

 
 
(1,493
)
 
Total temporarily impaired securities
held-to-maturity
$
895,094

 
 
$
(8,865
)
 
 
$
396,576

 
 
$
(12,988
)
 
 
$
1,291,670

 
 
$
(21,853
)
 


We held 55 securities which had an unrealized loss at June 30, 2016 and 129 securities which had an unrealized loss at December 31, 2015.  Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Our assertion regarding our intent not to sell, or that it is not more likely than not that we will be required to sell a security before its anticipated recovery, is based on a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and our intended strategy with respect to the identified security or portfolio. If we do have the intent to sell, or believe it is more likely than not that we will be required to sell the security before its anticipated recovery, the unrealized loss is charged directly to earnings in the Consolidated Statements of Income and Comprehensive Income. Other factors considered in determining whether or not an impairment is temporary include the severity of the impairment; the duration of the impairment; the cause of the impairment; the near-term prospects of the issuer; and the estimated recovery period. The unrealized losses on our residential and multi-family mortgage-backed securities and GSE obligations at June 30, 2016 were primarily caused by movements in market interest rates subsequent to the purchase of such securities or obligations. The unrealized losses on our corporate debt obligations were primarily due to the observed credit spread widening that occurred during the first half of 2016, which we attribute to the contemporaneous broad-based equity market volatility. We do not consider these unrealized losses to be other than temporary impairment.

During the six months ended June 30, 2016, proceeds from sales of securities from the available-for-sale portfolio totaled $23.1 million, resulting in gross realized gains of $86,000. During the six months ended June 30, 2015, proceeds from sales of securities from the available-for-sale portfolio totaled $19.0 million, resulting in gross realized gains of $72,000.

At June 30, 2016, available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $55.0 million, an estimated fair value of $55.0 million and contractual maturities in 2022 through 2026At June 30, 2016, held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $326.7 million, an estimated fair value of $325.9 million and contractual maturities primarily in 2016 through 2027.  Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties.

At June 30, 2016, the amortized cost of callable securities in our portfolio totaled $251.3 million, of which $234.9 million are callable within one year and at various times thereafter. The balance of accrued interest receivable for securities totaled $7.4 million at June 30, 2016 and $7.4 million at December 31, 2015.