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Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Estimated Fair Value of 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 December 31, 2016
(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)
$
242,172

 
 
$
1,327

 
 
 
$
(2,706
)
 
 
$
240,793

Non-GSE issuance REMICs and CMOs
1,442

 
 
2

 
 
 
(1
)
 
 
1,443

GSE pass-through certificates
8,571

 
 
361

 
 
 
(2
)
 
 
8,930

Total residential mortgage-backed securities
252,185

 
 
1,690

 
 
 
(2,709
)
 
 
251,166

Obligations of GSEs
30,000

 
 
—

 
 
 
(1,125
)
 
 
28,875

Fannie Mae stock
15

 
 
—

 
 
 
(11
)
 
 
4

Total securities available-for-sale
$
282,200

 
 
$
1,690

 
 
 
$
(3,845
)
 
 
$
280,045

Held-to-maturity:
 

 
 
 

 
 
 
 

 
 
 

Residential mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs and CMOs
$
1,119,175

 
 
$
4,896

 
 
 
$
(11,957
)
 
 
$
1,112,114

Non-GSE issuance REMICs and CMOs
193

 
 
—

 
 
 
(7
)
 
 
186

GSE pass-through certificates
228,976

 
 
665

 
 
 
(3,282
)
 
 
226,359

Total residential mortgage-backed securities
1,348,344

 
 
5,561

 
 
 
(15,246
)
 
 
1,338,659

Multi-family mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
GSE issuance REMICs
927,119

 
 
363

 
 
 
(19,290
)
 
 
908,192

Obligations of GSEs
384,325

 
 
54

 
 
 
(16,510
)
 
 
367,869

Corporate debt securities
80,000

 
 
—

 
 
 
(4,518
)
 
 
75,482

Other
344

 
 
—

 
 
 
—

 
 
344

Total securities held-to-maturity
$
2,740,132

 
 
$
5,978

 
 
 
$
(55,564
)
 
 
$
2,690,546

(1)
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 Contractual Maturity
The following contractual maturity table sets forth certain information regarding the amortized costs and estimated fair values of our securities available-for-sale and securities held-to-maturity at December 31, 2016 and does not reflect the effect of prepayments or scheduled principal amortization on our REMICs, CMOs and pass-through certificates or the effect of callable features on our obligations of GSEs (all of which are callable in 2017 and at various times thereafter).
 
December 31, 2016
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in Thousands)
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Securities remaining period to contractual maturity:
 
 
 
 
 
 
 
 
 
 
 
Within One Year
 
$
4

 
 
 
$
4

 
 
$
39,987

 
$
39,989

Over one to five years
 
1,987

 
 
 
1,995

 
 
17,797

 
17,848

Over five to ten years
 
37,630

 
 
 
36,737

 
 
383,303

 
368,091

Over ten years
 
242,579

 
 
 
241,309

 
 
2,299,045

 
2,264,618

Total securities
 
$
282,200

 
 
 
$
280,045

 
 
$
2,740,132

 
$
2,690,546
Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses
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, 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
$
140,638

 
 
$
(1,886
)
 
 
$
20,026

 
 
$
(820
)
 
 
$
160,664

 
 
$
(2,706
)
 
Non-GSE issuance REMICs and CMOs
—

 
 
—

 
 
92

 
 
(1
)
 
 
92

 
 
(1
)
 
GSE pass-through certificates
71

 
 
(1
)
 
 
90

 
 
(1
)
 
 
161

 
 
(2
)
 
Obligations of GSEs
28,875

 
 
(1,125
)
 
 
—

 
 
—

 
 
28,875

 
 
(1,125
)
 
Fannie Mae stock
—

 
 
—

 
 
4

 
 
(11
)
 
 
4

 
 
(11
)
 
Total temporarily impaired securities
available-for-sale
$
169,584

 
 
$
(3,012
)
 
 
$
20,212

 
 
$
(833
)
 
 
$
189,796

 
 
$
(3,845
)
 
Held-to-maturity:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GSE issuance REMICs and CMOs
$
515,537

 
 
$
(7,457
)
 
 
$
131,629

 
 
$
(4,500
)
 
 
$
647,166

 
 
$
(11,957
)
 
Non-GSE issuance REMICs and CMOs
—

 
 
—

 
 
186

 
 
(7
)
 
 
186

 
 
(7
)
 
GSE pass-through certificates
104,538

 
 
(1,775
)
 
 
61,872

 
 
(1,507
)
 
 
166,410

 
 
(3,282
)
 
Multi-family mortgage backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GSE issuance REMICs
871,436

 
 
(19,290
)
 
 
—

 
 
—

 
 
871,436

 
 
(19,290
)
 
Obligations of GSEs
296,427

 
 
(16,510
)
 
 
—

 
 
—

 
 
296,427

 
 
(16,510
)
 
Corporate debt securities
37,785

 
 
(2,216
)
 
 
37,698

 
 
(2,302
)
 
 
75,483

 
 
(4,518
)
 
Total temporarily impaired securities
held-to-maturity
$
1,825,723

 
 
$
(47,248
)
 
 
$
231,385

 
 
$
(8,316
)
 
 
$
2,057,108

 
 
$
(55,564
)
 

 
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
)