Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

The following tables are a summary of the investment securities portfolios as of the dates shown:


	June 30, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities
U.S. Treasury	$	102,721	$	5	$	(14)	$	102,712
U.S. government agencies	50,000		—		(4,808)		45,192
Municipal	151,347		390		(5,129)		146,608
Corporate notes:
Financial issuers	83,996		—		(7,011)		76,985
Other	1,000		—		(10)		990
Mortgage-backed: (1)
Residential mortgage-backed securities	4,320,215		361		(541,742)		3,778,834
Commercial (multi-family) mortgage-backed securities	18,096		8		(626)		17,478
Collateralized mortgage obligations	179,315		629		(18,786)		161,158
Total available-for-sale securities	$	4,906,690	$	1,393	$	(578,126)	$	4,329,957
Held-to-maturity securities
U.S. government agencies	$	336,458	$	—	$	(70,928)	$	265,530
Municipal	166,400		155		(6,789)		159,766
Mortgage-backed: (1)
Residential mortgage-backed securities	2,962,721		—		(591,601)		2,371,120
Commercial (multi-family) mortgage-backed securities	6,390		—		(300)		6,090
Collateralized mortgage obligations	227,247		362		(23,636)		203,973
Corporate notes	57,199		—		(3,211)		53,988
Total held-to-maturity securities	$	3,756,415	$	517	$	(696,465)	$	3,060,467
Less: Allowance for credit losses	(491)
Held-to-maturity securities, net of allowance for credit losses	$	3,755,924
Equity securities with readily determinable fair value	$	117,674	$	2,882	$	(8,383)	$	112,173

(1)None of our mortgage-backed securities are subprime.


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available-for-sale securities
U.S. Treasury	$	6,960	$	8	$	—	$	6,968
U.S. government agencies	50,000		—		(4,876)		45,124
Municipal	144,299		657		(3,998)		140,958
Corporate notes:
Financial issuers	83,996		—		(8,456)		75,540
Other	1,000		—		(9)		991
Mortgage-backed: (1)
Residential Mortgage-backed securities	3,505,012		1,392		(446,784)		3,059,620
Commercial (multi-family) mortgage-backed securities	13,201		68		(289)		12,980
Collateralized mortgage obligations	175,346		1,400		(16,012)		160,734
Total available-for-sale securities	$	3,979,814	$	3,525	$	(480,424)	$	3,502,915
Held-to-maturity securities
U.S. government agencies	$	336,468	$	—	$	(67,058)	$	269,410
Municipal	172,933		565		(3,778)		169,720
Mortgage-backed: (1)
Residential Mortgage-backed securities	3,042,828		1,922		(549,265)		2,495,485
Commercial (multi-family) mortgage-backed securities	6,415		—		(184)		6,231
Collateralized mortgage obligations	241,075		978		(21,502)		220,551
Corporate notes	57,544		7		(3,480)		54,071
Total held-to-maturity securities	$	3,857,263	$	3,472	$	(645,267)	$	3,215,468
Less: Allowance for credit losses	(347)
Held-to-maturity securities, net of allowance for credit losses	$	3,856,916
Equity securities with readily determinable fair value	$	143,312	$	3,500	$	(7,544)	$	139,268

(1)None of our mortgage-backed securities are subprime.


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available-for-sale securities
U.S. Treasury	$	—	$	—	$	—	$	—
U.S. government agencies	80,000		—		(5,725)		74,275
Municipal	173,540		102		(6,231)		167,411
Corporate notes:
Financial issuers	83,995		—		(12,920)		71,075
Other	1,000		—		(15)		985
Mortgage-backed: (1)
Mortgage-backed securities	3,585,943		—		(483,659)		3,102,284
Collateralized mortgage obligations	94,373		—		(17,922)		76,451
Total available-for-sale securities	$	4,018,851	$	102	$	(526,472)	$	3,492,481
Held-to-maturity securities
U.S. government agencies	$	339,604	$	—	$	(71,022)	$	268,582
Municipal	176,128		362		(4,502)		171,988
Mortgage-backed: (1)
Mortgage-backed securities	2,832,138		—		(574,114)		2,258,024
Collateralized mortgage obligations	159,120		—		(23,014)		136,106
Corporate notes	57,889		35		(4,733)		53,191
Total held-to-maturity securities	$	3,564,879	$	397	$	(677,385)	$	2,887,891
Less: Allowance for credit losses	(406)
Held-to-maturity securities, net of allowance for credit losses	$	3,564,473
Equity securities with readily determinable fair value	$	120,629	$	3,711	$	(8,065)	$	116,275

(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.

Schedule of Available-for-sale Investment Securities Portfolios

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, 2024:


	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	$	90,735	$	(14)	$	—	$	—	$	90,735	$	(14)
U.S. government agencies	—		—		45,192		(4,808)		45,192		(4,808)
Municipal	42,560		(333)		78,578		(4,796)		121,138		(5,129)
Corporate notes:
Financial issuers	—		—		76,985		(7,011)		76,985		(7,011)
Other	—		—		990		(10)		990		(10)
Mortgage-backed: (1)
Residential mortgage-backed securities	1,226,130		(19,491)		2,537,424		(522,251)		3,763,554		(541,742)
Commercial (multi-family) mortgage-backed securities	14,505		(626)		—		—		14,505		(626)
Collateralized mortgage obligations	16,384		(81)		69,273		(18,705)		85,657		(18,786)
Total available-for-sale securities	$	1,390,314	$	(20,545)	$	2,808,442	$	(557,581)	$	4,198,756	$	(578,126)

(1)None of our mortgage-backed securities are subprime.

Schedule of Gross Gains and Gross Losses Realized and Impairment on 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)	2024		2023		2024		2023
Realized gains on investment securities	$	1,325	$	6	$	2,360	$	611
Realized losses on investment securities	(21)		(6)		(129)		(51)
Net realized gains on investment securities	1,304		0		2,231		560
Unrealized gains on equity securities with readily determinable fair value	74		684		1,108		2,974
Unrealized losses on equity securities with readily determinable fair value	(1,931)		(684)		(2,564)		(2,136)
Net unrealized (losses) gains on equity securities with readily determinable fair value	(1,857)		0		(1,456)		838


Impairment of equity securities without readily determinable fair values	(3,729)		—		(3,731)		—

(Losses) gains on investment securities, net	$	(4,282)	$	0	$	(2,956)	$	1,398

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, 2024, December 31, 2023 and June 30, 2023, 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, 2024				December 31, 2023				June 30, 2023
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Due in one year or less	$	145,856	$	145,599	$	53,162	$	52,945	$	93,724	$	93,137
Due in one to five years	139,409		131,506		132,348		123,985		138,704		126,776
Due in five to ten years	84,756		79,216		82,040		76,869		41,655		36,315
Due after ten years	19,043		16,166		18,705		15,782		64,452		57,518
Mortgage-backed	4,517,626		3,957,470		3,693,559		3,233,334		3,680,316		3,178,735
Total available-for-sale securities	$	4,906,690	$	4,329,957	$	3,979,814	$	3,502,915	$	4,018,851	$	3,492,481
Held-to-maturity securities
Due in one year or less	$	8,356	$	8,213	$	5,169	$	5,142	$	2,479	$	2,475
Due in one to five years	114,457		109,845		109,602		105,835		102,182		96,806
Due in five to ten years	85,507		82,499		99,700		98,718		106,708		105,054
Due after ten years	351,737		278,727		352,474		283,506		362,252		289,426
Mortgage-backed	3,196,358		2,581,183		3,290,318		2,722,267		2,991,258		2,394,130
Total held-to-maturity securities	$	3,756,415	$	3,060,467	$	3,857,263	$	3,215,468	$	3,564,879	$	2,887,891
Less: Allowance for credit losses	(491)				(347)				(406)
Held-to-maturity securities, net of allowance for credit losses	$	3,755,924			$	3,856,916			$	3,564,473