XML 37 R28.htm IDEA: XBRL DOCUMENT v3.22.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
The following tables are a summary of the investment securities portfolios as of the dates shown:
June 30, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale securities
U.S. Treasury$— $— $— $— 
U.S. government agencies50,000 — (1,913)48,087 
Municipal170,268 570 (4,133)166,705 
Corporate notes:
Financial issuers93,994 — (5,177)88,817 
Other1,000 — (4)996 
Mortgage-backed: (1)
Mortgage-backed securities2,915,107 28 (336,517)2,578,618 
Collateralized mortgage obligations101,132 1 (14,235)86,898 
Total available-for-sale securities$3,331,501 $599 $(361,979)$2,970,121 
Held-to-maturity securities
U.S. government agencies$294,631 $— $(53,222)$241,409 
Municipal179,642 1,195 (2,796)178,041 
Mortgage-backed: (1)
Mortgage-backed securities2,719,754 — (438,050)2,281,704 
Collateralized mortgage obligations170,951 — (16,254)154,697 
Corporate notes48,574 2 (4,158)44,418 
Total held-to-maturity securities$3,413,552 $1,197 $(514,480)$2,900,269 
Less: Allowance for credit losses(83)
Held-to-maturity securities, net of allowance for credit losses$3,413,469 
Equity securities with readily determinable fair value $96,247 $3,143 $(6,095)$93,295 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
December 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$— $— $— $— 
U.S. government agencies50,158 2,349 — 52,507 
Municipal161,618 4,193 (217)165,594 
Corporate notes:
Financial issuers96,878 418 (2,599)94,697 
Other1,000 7 — 1,007 
Mortgage-backed: (1)
Mortgage-backed securities1,901,005 32,830 (25,854)1,907,981 
Collateralized mortgage obligations105,710 297 — 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 
Municipal187,486 9,544 (223)196,807 
Mortgage-backed: (1)
Mortgage-backed securities2,530,730 864 (47,622)2,483,972 
Collateralized mortgage obligations— — — — 
Corporate notes43,955 — (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)$90,511 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
June 30, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$— $— $— $— 
U.S. government agencies75,169 3,685 — 78,854 
Municipal163,715 4,738 (157)168,296 
Corporate notes:
Financial issuers98,827 520 (1,818)97,529 
Other1,000 13 — 1,013 
Mortgage-backed: (1)
Mortgage-backed securities1,800,751 50,171 (16,839)1,834,083 
Collateralized mortgage obligations8,596 237 — 8,833 
Total available-for-sale securities$2,148,058 $59,364 $(18,814)$2,188,608 
Held-to-maturity securities
U.S. government agencies$176,152 $1,064 $(3,454)$173,762 
Municipal191,590 10,838 (308)202,120 
Mortgage-backed: (1)
Mortgage-backed securities2,078,678 5,139 (30,834)2,052,983 
Collateralized mortgage obligations— — — — 
Corporate Notes51,902 — (535)51,367 
Total held-to-maturity securities$2,498,322 $17,041 $(35,131)$2,480,232 
Less: Allowance for credit losses(90)
Held-to-maturity securities, net of allowance for credit losses$2,498,232 
Equity securities with readily determinable fair value$81,401 $6,005 $(1,090)$86,316 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position, Available for Sale Debt Securities
The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at June 30, 2022:
Continuous unrealized
losses existing for
less than 12 months		Continuous unrealized
losses existing for
greater than 12 months		Total
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-sale securities
U.S. Treasury$— $— $— $— $— $— 
U.S. government agencies48,087 (1,913)— — 48,087 (1,913)
Municipal100,593 (3,587)11,811 (546)112,404 (4,133)
Corporate notes:
Financial issuers21,256 (744)67,561 (4,433)88,817 (5,177)
Other996 (4)— — 996 (4)
Mortgage-backed:
Mortgage-backed securities2,130,876 (236,361)435,412 (100,156)2,566,288 (336,517)
Collateralized mortgage obligations86,849 (14,235)— — 86,849 (14,235)
Total available-for-sale securities$2,388,657 $(256,844)$514,784 $(105,135)$2,903,441 $(361,979)
Schedule of Gross Gains and Gross Losses Realized and Proceeds For Investment Securities
The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities:
Three months ended June 30,Six months ended June 30,
(In thousands)2022202120222021
Realized gains on investment securities$7 $613 $265 $829 
Realized losses on investment securities(7)(29)(14)(35)
Net realized gains on investment securities— 584 251 794 
Unrealized gains on equity securities with readily determinable fair value2 751 182 2,626 
Unrealized losses on equity securities with readily determinable fair value(4,013)(50)(6,655)(951)
Net unrealized (losses) gains on equity securities with readily determinable fair value(4,011)701 (6,473)1,675 
Upward adjustments of equity securities without readily determinable fair values— — — — 
Downward adjustments of equity securities without readily determinable fair values— — — — 
Impairment of equity securities without readily determinable fair values(3,786)— (4,357)(30)
Adjustment and impairment, net, of equity securities without readily determinable fair values(3,786)— (4,357)(30)
(Losses) gains on investment securities, net$(7,797)$1,285 $(10,579)$2,439 
Proceeds from sales of available-for-sale securities(1)
$— $2,376 $— $2,376 
Proceeds from sales of equity securities with readily determinable fair value— 4,750 18,753 6,259 
Proceeds from sales and capital distributions of equity securities without readily determinable fair value279 751 529 1,137 
(1)Includes proceeds from available-for-sale securities sold in accordance with written covered call options sold to a third party.
Schedule of Contractual Maturities of Investment Securities
The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of June 30, 2022, December 31, 2021 and June 30, 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:
June 30, 2022December 31, 2021June 30, 2021
(In thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale securities
Due in one year or less$55,058 $54,824 $49,714 $49,822 $38,298 $38,508 
Due in one to five years75,941 74,559 72,382 73,850 87,939 89,869 
Due in five to ten years115,378 109,492 118,358 117,573 119,858 119,979 
Due after ten years68,885 65,730 69,200 72,560 92,616 97,336 
Mortgage-backed3,016,239 2,665,516 2,006,715 2,013,988 1,809,347 1,842,916 
Total available-for-sale securities$3,331,501 $2,970,121 $2,316,369 $2,327,793 $2,148,058 $2,188,608 
Held-to-maturity securities
Due in one year or less$1,457 $1,458 $2,976 $2,992 $5,119 $5,152 
Due in one to five years84,906 80,705 79,422 79,705 56,059 56,988 
Due in five to ten years105,450 105,491 106,713 112,667 171,908 178,864 
Due after ten years331,034 276,214 222,522 221,358 186,558 186,245 
Mortgage-backed2,890,705 2,436,401 2,530,730 2,483,972 2,078,678 2,052,983 
Total held-to-maturity securities$3,413,552 $2,900,269 $2,942,363 $2,900,694 $2,498,322 $2,480,232 
Less: Allowance for credit losses(83)(78)(90)
Held-to-maturity securities, net of allowance for credit losses$3,413,469 $2,942,285 $2,498,232