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Securities (Tables)
 6 Months Ended
Jun. 30, 2014
Securities  
Schedule of amortized cost and estimated fair value of securities available-for-sale and held-to-maturity

 

 

 

 

 

At June 30, 2014

 

(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)

 

 

$

274,136

 

$

3,834

 

$

(2,384

)

 

$

275,586

 

Non-GSE issuance REMICs and CMOs

 

 

6,427

 

47

 

(1

)

 

6,473

 

GSE pass-through certificates

 

 

14,384

 

526

 

(5

)

 

14,905

 

Total residential mortgage-backed securities

 

 

294,947

 

4,407

 

(2,390

)

 

296,964

 

Obligations of GSEs

 

 

98,678

 

—

 

(3,206

)

 

95,472

 

Fannie Mae stock

 

 

15

 

—

 

(12

)

 

3

 

Total securities available-for-sale

 

 

$

393,640

 

$

4,407

 

$

(5,608

)

 

$

392,439

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

 

$

1,495,672

 

$

14,526

 

$

(19,594

)

 

$

1,490,604

 

Non-GSE issuance REMICs and CMOs

 

 

3,040

 

45

 

(7

)

 

3,078

 

GSE pass-through certificates

 

 

273,622

 

1,718

 

(4,826

)

 

270,514

 

Total residential mortgage-backed securities

 

 

1,772,334

 

16,289

 

(24,427

)

 

1,764,196

 

Multi-family mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs

 

 

97,108

 

580

 

(52

)

 

97,636

 

Obligations of GSEs

 

 

90,932

 

77

 

(2,775

)

 

88,234

 

Other

 

 

556

 

—

 

—

 

 

556

 

Total securities held-to-maturity

 

 

$

1,960,930

 

$

16,946

 

$

(27,254

)

 

$

1,950,622

 

 

(1)     Government-sponsored enterprise

(2)     Real estate mortgage investment conduits and collateralized mortgage obligations

 

 

 

 

At December 31, 2013

 

(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

 

 

$

292,131

 

$

1,077

 

$

(7,134

)

 

$

286,074

 

Non-GSE issuance REMICs and CMOs

 

 

7,516

 

57

 

(1

)

 

7,572

 

GSE pass-through certificates

 

 

16,120

 

770

 

(2

)

 

16,888

 

Total residential mortgage-backed securities

 

 

315,767

 

1,904

 

(7,137

)

 

310,534

 

Obligations of GSEs

 

 

98,675

 

—

 

(7,522

)

 

91,153

 

Fannie Mae stock

 

 

15

 

—

 

(12

)

 

3

 

Total securities available-for-sale

 

 

$

414,457

 

$

1,904

 

$

(14,671

)

 

$

401,690

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

 

$

1,474,506

 

$

12,877

 

$

(33,925

)

 

$

1,453,458

 

Non-GSE issuance REMICs and CMOs

 

 

3,833

 

61

 

(10

)

 

3,884

 

GSE pass-through certificates

 

 

282,473

 

85

 

(10,089

)

 

272,469

 

Total residential mortgage-backed securities

 

 

1,760,812

 

13,023

 

(44,024

)

 

1,729,811

 

Obligations of GSEs

 

 

88,128

 

—

 

(7,403

)

 

80,725

 

Other

 

 

586

 

—

 

—

 

 

586

 

Total securities held-to-maturity

 

 

$

1,849,526

 

$

13,023

 

$

(51,427

)

 

$

1,811,122

 

 
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

 

 

 

 

At June 30, 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

 

$

—

 

$

—

 

$

124,418

 

$

(2,384)

 

$

124,418

 

$

(2,384

)

Non-GSE issuance REMICs and CMOs

 

—

 

—

 

118

 

(1)

 

118

 

(1

)

GSE pass-through certificates

 

301

 

(4)

 

68

 

(1)

 

369

 

(5

)

Obligations of GSEs

 

—

 

—

 

95,472

 

(3,206)

 

95,472

 

(3,206

)

Fannie Mae stock

 

—

 

—

 

3

 

(12)

 

3

 

(12

)

Total temporarily impaired securities available-for-sale

 

$

301

 

$

(4)

 

$

220,079

 

$

(5,604)

 

$

220,380

 

$

(5,608

)

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

206,646

 

$

(1,577)

 

$

501,931

 

$

(18,017)

 

$

708,577

 

$

(19,594

)

Non-GSE issuance REMICs and CMOs

 

299

 

(7)

 

—

 

—

 

299

 

(7

)

GSE pass-through certificates

 

28

 

(1)

 

173,574

 

(4,825)

 

173,602

 

(4,826

)

Multi-family mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs

 

19,779

 

(52)

 

—

 

—

 

19,779

 

(52

)

Obligations of GSEs

 

—

 

—

 

78,157

 

(2,775)

 

78,157

 

(2,775

)

Total temporarily impaired securities held-to-maturity

 

$

226,752

 

$

(1,637)

 

$

753,662

 

$

(25,617)

 

$

980,414

 

$

(27,254

)

 

 

 

At December 31, 2013

 

 

 

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

 

$

243,149

 

$

(7,134)

 

$

—

 

$

—

 

$

243,149

 

$

(7,134

)

Non-GSE issuance REMICs and CMOs

 

—

 

—

 

132

 

(1)

 

132

 

(1

)

GSE pass-through certificates

 

172

 

(1)

 

70

 

(1)

 

242

 

(2

)

Obligations of GSEs

 

91,153

 

(7,522)

 

—

 

—

 

91,153

 

(7,522

)

Fannie Mae stock

 

—

 

—

 

3

 

(12)

 

3

 

(12

)

Total temporarily impaired securities available-for-sale

 

$

334,474

 

$

(14,657)

 

$

205

 

$

(14)

 

$

334,679

 

$

(14,671

)

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

719,715

 

$

(25,611)

 

$

151,581

 

$

(8,314)

 

$

871,296

 

$

(33,925

)

Non-GSE issuance REMICs and CMOs

 

392

 

(10)

 

—

 

—

 

392

 

(10

)

GSE pass-through certificates

 

230,795

 

(10,088)

 

28

 

(1)

 

230,823

 

(10,089

)

Obligations of GSEs

 

80,725

 

(7,403)

 

—

 

—

 

80,725

 

(7,403

)

Total temporarily impaired securities held-to-maturity

 

$

1,031,627

 

$

(43,112)

 

$

151,609

 

$

(8,315)

 

$

1,183,236

 

$

(51,427

)