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Securities (Tables)
 6 Months Ended
Jun. 30, 2016
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 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
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 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
)