Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Available-for-sale Securities Reconciliation |
Investment securities available for sale consisted of the following at the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | June 30, 2015 | | Amortized Cost | | Gross Unrealized | | Fair Value | | | Gains | | Losses | | U.S. Treasury securities | $ | 54,940 |
| | $ | 308 |
| | $ | — |
| | $ | 55,248 |
| U.S. Government agency and sponsored enterprise residential mortgage-backed securities | 1,353,079 |
| | 31,391 |
| | (2,461 | ) | | 1,382,009 |
| U.S. Government agency and sponsored enterprise commercial mortgage-backed securities | 100,639 |
| | 708 |
| | (1 | ) | | 101,346 |
| Resecuritized real estate mortgage investment conduits (“Re-Remics”) | 135,525 |
| | 2,623 |
| | — |
| | 138,148 |
| Private label residential mortgage-backed securities and collateralized mortgage obligations ("CMOs") | 679,743 |
| | 50,744 |
| | (2,963 | ) | | 727,524 |
| Private label commercial mortgage-backed securities | 986,538 |
| | 11,850 |
| | (1,272 | ) | | 997,116 |
| Single family rental real estate-backed securities | 555,445 |
| | 261 |
| | (3,802 | ) | | 551,904 |
| Collateralized loan obligations | 309,602 |
| | 1,104 |
| | (100 | ) | | 310,606 |
| Non-mortgage asset-backed securities | 81,513 |
| | 3,448 |
| | — |
| | 84,961 |
| Preferred stocks | 75,895 |
| | 8,587 |
| | — |
| | 84,482 |
| State and municipal obligations | 96,868 |
| | 262 |
| | (435 | ) | | 96,695 |
| Small Business Administration ("SBA") securities | 251,700 |
| | 7,726 |
| | (66 | ) | | 259,360 |
| Other debt securities | 3,783 |
| | 4,518 |
| | — |
| | 8,301 |
| | $ | 4,685,270 |
| | $ | 123,530 |
| | $ | (11,100 | ) | | $ | 4,797,700 |
|
| | | | | | | | | | | | | | | | | | December 31, 2014 | | Amortized Cost | | Gross Unrealized | | Fair Value | | | Gains | | Losses | | U.S. Treasury securities | $ | 54,924 |
| | $ | 43 |
| | $ | — |
| | $ | 54,967 |
| U.S. Government agency and sponsored enterprise residential mortgage-backed securities | 1,501,504 |
| | 29,613 |
| | (6,401 | ) | | 1,524,716 |
| U.S. Government agency and sponsored enterprise commercial mortgage-backed securities | 101,089 |
| | 769 |
| | — |
| | 101,858 |
| Re-Remics | 179,664 |
| | 3,613 |
| | (5 | ) | | 183,272 |
| Private label residential mortgage-backed securities and CMOs | 350,300 |
| | 54,222 |
| | (543 | ) | | 403,979 |
| Private label commercial mortgage-backed securities | 1,156,166 |
| | 10,254 |
| | (4,935 | ) | | 1,161,485 |
| Single family rental real estate-backed securities | 446,079 |
| | 468 |
| | (3,530 | ) | | 443,017 |
| Collateralized loan obligations | 174,767 |
| | — |
| | (435 | ) | | 174,332 |
| Non-mortgage asset-backed securities | 96,250 |
| | 3,824 |
| | (6 | ) | | 100,068 |
| Preferred stocks | 96,294 |
| | 9,148 |
| | — |
| | 105,442 |
| State and municipal obligations | 15,317 |
| | 385 |
| | — |
| | 15,702 |
| SBA securities | 298,424 |
| | 10,540 |
| | (236 | ) | | 308,728 |
| Other debt securities | 3,712 |
| | 4,416 |
| | — |
| | 8,128 |
| | $ | 4,474,490 |
| | $ | 127,295 |
| | $ | (16,091 | ) | | $ | 4,585,694 |
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| Investments Classified by Contractual Maturity Date |
At June 30, 2015, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments of mortgage-backed and other pass-through securities, were as follows (in thousands): | | | | | | | | | | Amortized Cost | | Fair Value | Due in one year or less | $ | 497,286 |
| | $ | 511,266 |
| Due after one year through five years | 2,583,970 |
| | 2,630,865 |
| Due after five years through ten years | 1,176,355 |
| | 1,202,951 |
| Due after ten years | 351,764 |
| | 368,136 |
| Preferred stocks with no stated maturity | 75,895 |
| | 84,482 |
| | $ | 4,685,270 |
| | $ | 4,797,700 |
|
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| Schedule of Realized Gain (Loss) |
The following table provides information about gains and losses on investment securities available for sale for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2015 | | 2014 | | 2015 | | 2014 | Proceeds from sale of investment securities available for sale | $ | 139,997 |
|
| $ | — |
| | $ | 474,914 |
| | $ | 119,824 |
| | | | | | | | | Gross realized gains | $ | 1,128 |
| | $ | — |
| | $ | 3,625 |
| | $ | 1,280 |
| Gross realized losses | — |
| | — |
| | (475 | ) | | (919 | ) | Gain on investment securities available for sale, net | $ | 1,128 |
| | $ | — |
| | $ | 3,150 |
| | $ | 361 |
|
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| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value |
The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities in unrealized loss positions, aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2015 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Government agency and sponsored enterprise residential mortgage-backed securities | $ | 10,087 |
| | $ | (58 | ) | | $ | 261,622 |
| | $ | (2,403 | ) | | $ | 271,709 |
| | $ | (2,461 | ) | U.S. Government agency and sponsored enterprise commercial mortgage-backed securities | 241 |
| | (1 | ) | | — |
| | — |
| | 241 |
| | (1 | ) | Private label residential mortgage-backed securities and CMOs | 240,416 |
| | (2,434 | ) | | 12,131 |
| | (529 | ) | | 252,547 |
| | (2,963 | ) | Private label commercial mortgage-backed securities | 257,350 |
| | (929 | ) | | 62,825 |
| | (343 | ) | | 320,175 |
| | (1,272 | ) | Single family rental real estate-backed securities | 470,999 |
| | (3,802 | ) | | — |
| | — |
| | 470,999 |
| | (3,802 | ) | Collateralized loan obligations | 49,900 |
| | (100 | ) | | — |
| | — |
| | 49,900 |
| | (100 | ) | State and municipal obligations | 67,720 |
| | (435 | ) | | — |
| | — |
| | 67,720 |
| | (435 | ) | SBA securities | 26,686 |
| | (66 | ) | | — |
| | — |
| | 26,686 |
| | (66 | ) | | $ | 1,123,399 |
| | $ | (7,825 | ) | | $ | 336,578 |
| | $ | (3,275 | ) | | $ | 1,459,977 |
| | $ | (11,100 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Government agency and sponsored enterprise residential mortgage-backed securities | $ | 7,058 |
| | $ | (34 | ) | | $ | 300,057 |
| | $ | (6,367 | ) | | $ | 307,115 |
| | $ | (6,401 | ) | Re-Remics | — |
| | — |
| | 335 |
| | (5 | ) | | 335 |
| | (5 | ) | Private label residential mortgage-backed securities and CMOs | 60,076 |
| | (189 | ) | | 14,653 |
| | (354 | ) | | 74,729 |
| | (543 | ) | Private label commercial mortgage-backed securities | 103,900 |
| | (1,150 | ) | | 239,456 |
| | (3,785 | ) | | 343,356 |
| | (4,935 | ) | Single family rental real estate-backed securities | 233,012 |
| | (3,530 | ) | | — |
| | — |
| | 233,012 |
| | (3,530 | ) | Collateralized loan obligations | 49,565 |
| | (435 | ) | | — |
| | — |
| | 49,565 |
| | (435 | ) | Non-mortgage asset-backed securities | 2,796 |
| | (6 | ) | | — |
| | — |
| | 2,796 |
| | (6 | ) | SBA securities | 49,851 |
| | (236 | ) | | — |
| | — |
| | 49,851 |
| | (236 | ) | | $ | 506,258 |
| | $ | (5,580 | ) | | $ | 554,501 |
| | $ | (10,511 | ) | | $ | 1,060,759 |
| | $ | (16,091 | ) |
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