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Securities (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity 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 March 31, 2017
(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)
$
229,367

 
 
$
1,311

 
 
 
$
(3,386
)
 
 
$
227,292

Non-GSE issuance REMICs and CMOs
1,141

 
 
—

 
 
 
(5
)
 
 
1,136

GSE pass-through certificates
8,239

 
 
339

 
 
 
(2
)
 
 
8,576

Total residential mortgage-backed securities
238,747

 
 
1,650

 
 
 
(3,393
)
 
 
237,004

Obligations of GSEs
30,000

 
 
—

 
 
 
(1,107
)
 
 
28,893

Fannie Mae stock
15

 
 
—

 
 
 
(13
)
 
 
2

Total securities available-for-sale
$
268,762

 
 
$
1,650

 
 
 
$
(4,513
)
 
 
$
265,899

Held-to-maturity:
 

 
 
 

 
 
 
 

 
 
 

Residential mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs and CMOs
$
1,182,307

 
 
$
4,893

 
 
 
$
(11,311
)
 
 
$
1,175,889

Non-GSE issuance REMICs and CMOs
191

 
 
—

 
 
 
(7
)
 
 
184

GSE pass-through certificates
221,058

 
 
909

 
 
 
(2,384
)
 
 
219,583

Total residential mortgage-backed securities
1,403,556

 
 
5,802

 
 
 
(13,702
)
 
 
1,395,656

Multi-family mortgage-backed securities:
 

 
 
 

 
 
 
 

 
 
 

GSE issuance REMICs
906,183

 
 
217

 
 
 
(19,581
)
 
 
886,819

Obligations of GSEs
379,316

 
 
23

 
 
 
(16,249
)
 
 
363,090

Corporate Debt securities
80,000

 
 
—

 
 
 
(4,163
)
 
 
75,837

Other
321

 
 
—

 
 
 
—

 
 
321

Total securities held-to-maturity
$
2,769,376

 
 
$
6,042

 
 
 
$
(53,695
)
 
 
$
2,721,723


(1)
Government-sponsored enterprise
(2)
Real estate mortgage investment conduits and collateralized mortgage obligations
 
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
$
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
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 March 31, 2017 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).
 
March 31, 2017
 
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
 
$
202

 
 
 
$
204

 
 
$
34,977

 
$
34,979

Over one to five years
 
1,333

 
 
 
1,329

 
 
17,522

 
17,541

Over five to ten years
 
36,822

 
 
 
35,912

 
 
406,424

 
389,288

Over ten years
 
230,405

 
 
 
228,454

 
 
2,310,453

 
2,279,915

Total securities
 
$
268,762

 
 
 
$
265,899

 
 
$
2,769,376

 
$
2,721,723
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 March 31, 2017
 
 
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
$
113,064

 
 
$
(2,634
)
 
 
$
19,720

 
 
$
(752
)
 
 
$
132,784

 
 
$
(3,386
)
 
Non-GSE issuance REMICs and CMOs
1,022

 
 
(4
)
 
 
81

 
 
(1
)
 
 
1,103

 
 
(5
)
 
GSE pass-through certificates
62

 
 
(1
)
 
 
59

 
 
(1
)
 
 
121

 
 
(2
)
 
Obligations of GSEs
28,893

 
 
(1,107
)
 
 
—

 
 
—

 
 
28,893

 
 
(1,107
)
 
Fannie Mae stock
—

 
 
—

 
 
2

 
 
(13
)
 
 
2

 
 
(13
)
 
Total temporarily impaired securities
available-for-sale
$
143,041

 
 
$
(3,746
)
 
 
$
19,862

 
 
$
(767
)
 
 
$
162,903

 
 
$
(4,513
)
 
Held-to-maturity:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
Residential mortgage-backed securities:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
GSE issuance REMICs and CMOs
$
569,367

 
 
$
(7,110
)
 
 
$
125,051

 
 
$
(4,201
)
 
 
$
694,418

 
 
$
(11,311
)
 
Non-GSE issuance REMICs and CMOs
—

 
 
—

 
 
184

 
 
(7
)
 
 
184

 
 
(7
)
 
GSE pass-through certificates
81,074

 
 
(1,235
)
 
 
60,450

 
 
(1,149
)
 
 
141,524

 
 
(2,384
)
 
Multi-family mortgage-backed securities:
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
GSE issuance REMICs
834,947

 
 
(19,581
)
 
 
—

 
 
—

 
 
834,947

 
 
(19,581
)
 
Obligations of GSEs
311,690

 
 
(16,249
)
 
 
—

 
 
—

 
 
311,690

 
 
(16,249
)
 
Corporate debt securities
9,327

 
 
(673
)
 
 
66,510

 
 
(3,490
)
 
 
75,837

 
 
(4,163
)
 
Total temporarily impaired securities
held-to-maturity
$
1,806,405

 
 
$
(44,848
)
 
 
$
252,195

 
 
$
(8,847
)
 
 
$
2,058,600

 
 
$
(53,695
)
 
 
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
)