
	March 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities
U.S. Treasury	$	—	$	—	$	—	$	—
U.S. Government agencies	50,000		366		(729)		49,637
Municipal	157,563		1,019		(3,093)		155,489
Corporate notes:
Financial issuers	86,994		1		(5,047)		81,948
Other	1,000		—		(9)		991
Mortgage-backed: (1)
Mortgage-backed securities	2,794,760		591		(177,899)		2,617,452
Collateralized mortgage obligations	103,424		1		(10,044)		93,381
Total available-for-sale securities	$	3,193,741	$	1,978	$	(196,821)	$	2,998,898
Held-to-maturity securities
U.S. Government agencies	$	264,661	$	35	$	(27,673)	$	237,023
Municipal	180,548		3,176		(1,693)		182,031
Mortgage-backed: (1)
Mortgage-backed securities	2,772,622		—		(253,254)		2,519,368
Collateralized mortgage obligations	174,273		—		(6,847)		167,426
Corporate notes	43,784		—		(3,205)		40,579
Total held-to-maturity securities	$	3,435,888	$	3,211	$	(292,672)	$	3,146,427
Less: Allowance for credit losses	(159)
Held-to-maturity securities, net of allowance for credit losses	$	3,435,729
Equity securities with readily determinable fair value	$	91,629	$	5,259	$	(4,199)	$	92,689


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available-for-sale securities
U.S. Treasury	$	—	$	—	$	—	$	—
U.S. Government agencies	50,158		2,349		—		52,507
Municipal	161,618		4,193		(217)		165,594
Corporate notes:
Financial issuers	96,878		418		(2,599)		94,697
Other	1,000		7		—		1,007
Mortgage-backed: (1)
Mortgage-backed securities	1,901,005		32,830		(25,854)		1,907,981
Collateralized mortgage obligations	105,710		297		—		106,007
Total available-for-sale securities	$	2,316,369	$	40,094	$	(28,670)	$	2,327,793
Held-to-maturity securities
U.S. Government agencies	$	180,192	$	201	$	(3,314)	$	177,079
Municipal	187,486		9,544		(223)		196,807
Mortgage-backed: (1)
Mortgage-backed securities	2,530,730		864		(47,622)		2,483,972
Collateralized mortgage obligations	—		—		—		—
Corporate notes	43,955		—		(1,119)		42,836
Total held-to-maturity securities	$	2,942,363	$	10,609	$	(52,278)	$	2,900,694
Less: Allowance for credit losses	(78)
Held-to-maturity securities, net of allowance for credit losses	$	2,942,285
Equity securities with readily determinable fair value	$	86,989	$	5,354	$	(1,832)	$	90,511


	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available-for-sale securities
U.S. Treasury	$	64,999	$	2	$	—	$	65,001
U.S. Government agencies	77,908		3,618		—		81,526
Municipal	143,711		4,761		(172)		148,300
Corporate notes:
Financial issuers	91,806		461		(935)		91,332
Other	1,000		17		—		1,017
Mortgage-backed: (1)
Mortgage-backed securities	2,007,092		52,855		(26,038)		2,033,909
Collateralized mortgage obligations	9,411		253		—		9,664
Total available-for-sale securities	$	2,395,927	$	61,967	$	(27,145)	$	2,430,749
Held-to-maturity securities
U.S. Government agencies	$	176,160	$	1,644	$	(7,230)	$	170,574
Municipal	197,865		10,713		(535)		208,043
Mortgage-backed: (1)
Mortgage-backed securities	1,737,115		265		(49,114)		1,688,266
Collateralized mortgage obligations	—		—		—		—
Corporate Notes	55,378		—		(1,196)		54,182
Total held-to-maturity securities	$	2,166,518	$	12,622	$	(58,075)	$	2,121,065
Less: Allowance for credit losses	(99)
Held-to-maturity securities, net of allowance for credit losses	$	2,166,419
Equity securities with readily determinable fair value	$	86,121	$	5,362	$	(1,145)	$	90,338

Equity securities without readily determinable fair values totaled $38.4 million as of March 31, 2022. Equity securities without readily determinable fair values are included as part of accrued interest receivable and other assets in the Company’s Consolidated Statements of Condition. The Company monitors its equity investments without readily determinable fair values to identify potential transactions that may indicate an observable price change in orderly transactions for the identical or a similar investment of the same issuer, requiring adjustment to its carrying amount. The Company recorded no upward and no downward adjustments related to such observable price changes for the three months ended March 31, 2022. The Company conducts a quarterly assessment of its equity securities without readily determinable fair values to determine whether impairment exists in such securities, considering, among other factors, the nature of the securities, financial condition of the issuer and expected future cash flows. The Company recorded $571,000 of impairment of equity securities without readily determinable fair values for the three months ended March 31, 2022.

The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022:


	Continuous unrealized losses existing for less than 12 months				Continuous unrealized losses existing for greater than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-sale securities
U.S. Treasury	$	—	$	—	$	—	$	—	$	—	$	—
U.S. Government agencies	9,271		(729)		—		—		9,271		(729)
Municipal	92,896		(2,861)		3,553		(232)		96,449		(3,093)
Corporate notes:
Financial issuers	20,814		(1,186)		58,133		(3,861)		78,947		(5,047)
Other	991		(9)		—		—		991		(9)
Mortgage-backed:
Mortgage-backed securities	2,078,794		(114,144)		482,200		(63,755)		2,560,994		(177,899)
Collateralized mortgage obligations	93,256		(10,044)		—		—		93,256		(10,044)
Total available-for-sale securities	$	2,296,022	$	(128,973)	$	543,886	$	(67,848)	$	2,839,908	$	(196,821)

The Company conducts a regular assessment of its investment securities to determine whether securities are experiencing credit losses. Factors for consideration include the nature of the securities, credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period.

The Company does not consider available-for-sale securities with unrealized losses at March 31, 2022 to be experiencing credit losses and recognized no resulting allowance for credit losses for such individually assessed credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Available-for-sale securities with continuous unrealized losses existing for more than twelve months were primarily mortgage-backed securities with unrealized losses due to increased market rates during such period.


	Three months ended March 31,
(In thousands)	2022		2021
Realized gains on investment securities	$	258	$	216
Realized losses on investment securities	(8)		(6)
Net realized gains on investment securities	250		210
Unrealized gains on equity securities with readily determinable fair value	180		1,875
Unrealized losses on equity securities with readily determinable fair value	(2,641)		(901)
Net unrealized (losses) gains on equity securities with readily determinable fair value	(2,461)		974
Upward adjustments of equity securities without readily determinable fair values	—		—
Downward adjustments of equity securities without readily determinable fair values	—		—
Impairment of equity securities without readily determinable fair values	(571)		(30)
Adjustment and impairment, net, of equity securities without readily determinable fair values	(571)		(30)
(Losses) gains on investment securities, net	$	(2,782)	$	1,154





Proceeds from sales of available-for-sale securities(1)	$	—	$	—

Proceeds from sales of equity securities with readily determinable fair value	18,753		1,509
Proceeds from sales and capital distributions of equity securities without readily determinable fair value	250		386

The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of March 31, 2022, December 31, 2021 and March 31, 2021, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:


	March 31, 2022				December 31, 2021				March 31, 2021
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Due in one year or less	$	48,130	$	47,945	$	49,714	$	49,822	$	100,140	$	100,361
Due in one to five years	67,138		66,034		72,382		73,850		76,104		78,291
Due in five to ten years	110,960		105,670		118,358		117,573		110,125		110,928
Due after ten years	69,329		68,416		69,200		72,560		93,055		97,596
Mortgage-backed	2,898,184		2,710,833		2,006,715		2,013,988		2,016,503		2,043,573
Total available-for-sale securities	$	3,193,741	$	2,998,898	$	2,316,369	$	2,327,793	$	2,395,927	$	2,430,749
Held-to-maturity securities
Due in one year or less	$	1,208	$	1,213	$	2,976	$	2,992	$	6,812	$	6,863
Due in one to five years	83,085		80,210		79,422		79,705		50,318		50,734
Due in five to ten years	101,410		102,940		106,713		112,667		184,677		191,539
Due after ten years	303,290		275,270		222,522		221,358		187,596		183,663
Mortgage-backed	2,946,895		2,686,794		2,530,730		2,483,972		1,737,115		1,688,266
Total held-to-maturity securities	$	3,435,888	$	3,146,427	$	2,942,363	$	2,900,694	$	2,166,518	$	2,121,065
Less: Allowance for credit losses	(159)				(78)				(99)
Held-to-maturity securities, net of allowance for credit losses	$	3,435,729			$	2,942,285			$	2,166,419

Securities having a carrying value of $2.5 billion at March 31, 2022 as well as securities having a carrying value of $2.6 billion and $2.1 billion at December 31, 2021 and March 31, 2021, respectively, were pledged as collateral for public deposits, trust deposits, Federal Home Loan Bank (“FHLB”) advances and available lines of credit, securities sold under repurchase agreements and derivatives. At March 31, 2022, there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity.