Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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


	September 30, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities
U.S. Treasury	$	98,151	$	172	$	—	$	98,323
U.S. government agencies	50,000		—		(2,346)		47,654
Municipal	201,701		1,392		(2,881)		200,212
Corporate notes:
Financial issuers	83,997		—		(4,880)		79,117
Other	1,000		—		—		1,000
Mortgage-backed: (1)
Residential mortgage-backed securities	3,694,382		8,143		(394,844)		3,307,681
Commercial (multi-family) mortgage-backed securities	19,088		308		(255)		19,141
Collateralized mortgage obligations	172,524		1,537		(14,957)		159,104
Total available-for-sale securities	$	4,320,843	$	11,552	$	(420,163)	$	3,912,232
Held-to-maturity securities
U.S. government agencies	$	314,578	$	—	$	(56,198)	$	258,380
Municipal	165,141		488		(2,910)		162,719
Mortgage-backed: (1)
Residential mortgage-backed securities	2,915,018		5,541		(485,115)		2,435,444
Commercial (multi-family) mortgage-backed securities	6,379		40		(126)		6,293
Collateralized mortgage obligations	219,758		1,457		(17,303)		203,912
Corporate notes	57,025		—		(1,953)		55,072
Total held-to-maturity securities	$	3,677,899	$	7,526	$	(563,605)	$	3,121,820
Less: Allowance for credit losses	(479)
Held-to-maturity securities, net of allowance for credit losses	$	3,677,420
Equity securities with readily determinable fair value	$	127,700	$	4,313	$	(6,703)	$	125,310

(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.


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available-for-sale securities
U.S. Treasury	$	4,930	$	1	$	—	$	4,931
U.S. government agencies	80,000		—		(7,570)		72,430
Municipal	177,208		49		(8,734)		168,523
Corporate notes:
Financial issuers	83,995		—		(8,368)		75,627
Other	1,000		—		(21)		979
Mortgage-backed: (1)
Mortgage-backed securities	3,862,871		—		(656,135)		3,206,736
Commercial (multi-family) mortgage-backed securities	13,179		—		(802)		12,377
Collateralized mortgage obligations	92,540		—		(22,308)		70,232
Total available-for-sale securities	$	4,315,723	$	50	$	(703,938)	$	3,611,835
Held-to-maturity securities
U.S. government agencies	$	339,598	$	—	$	(87,897)	$	251,701
Municipal	176,262		123		(11,230)		165,155
Mortgage-backed: (1)
Mortgage-backed securities	3,082,314		—		(717,444)		2,364,870
Commercial (multi-family) mortgage-backed securities	6,425		—		(477)		5,948
Collateralized mortgage obligations	247,215		—		(29,798)		217,417
Corporate notes	57,717		—		(4,849)		52,868
Total held-to-maturity securities	$	3,909,531	$	123	$	(851,695)	$	3,057,959
Less: Allowance for credit losses	(381)
Held-to-maturity securities, net of allowance for credit losses	$	3,909,150
Equity securities with readily determinable fair value	$	140,749	$	3,290	$	(9,729)	$	134,310

(1)None of our mortgage-backed securities 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 September 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	$	—	$	—	$	—	$	—	$	—	$	—
U.S. government agencies	—		—		47,654		(2,346)		47,654		(2,346)
Municipal	10,111		(54)		68,124		(2,827)		78,235		(2,881)
Corporate notes:
Financial issuers	—		—		79,117		(4,880)		79,117		(4,880)
Other	—		—		1,000		—		1,000		—
Mortgage-backed: (1)
Residential mortgage-backed securities	98,365		(1,252)		2,292,584		(393,592)		2,390,949		(394,844)
Commercial (multi-family) mortgage-backed securities	2,999		(20)		3,295		(235)		6,294		(255)
Collateralized mortgage obligations	—		—		71,277		(14,957)		71,277		(14,957)
Total available-for-sale securities	$	111,475	$	(1,326)	$	2,563,051	$	(418,837)	$	2,674,526	$	(420,163)

(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 September 30,				Nine months ended September 30,
(In thousands)	2024		2023		2024		2023
Realized gains on investment securities	$	222	$	225	$	2,582	$	836
Realized losses on investment securities	(144)		(9)		(273)		(60)
Net realized gains on investment securities	78		216		2,309		776
Unrealized gains on equity securities with readily determinable fair value	3,126		10		4,234		2,984
Unrealized losses on equity securities with readily determinable fair value	(15)		(2,094)		(2,579)		(4,230)
Net unrealized gains (losses) on equity securities with readily determinable fair value	3,111		(2,084)		1,655		(1,246)


Impairment of equity securities without readily determinable fair values	—		(489)		(3,731)		(489)

Gains (losses) on investment securities, net	$	3,189	$	(2,357)	$	233	$	(959)

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 September 30, 2024, December 31, 2023 and September 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:


	September 30, 2024				December 31, 2023				September 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	$	150,539	$	150,627	$	53,162	$	52,945	$	99,892	$	99,525
Due in one to five years	168,856		164,650		132,348		123,985		139,623		130,036
Due in five to ten years	91,620		89,220		82,040		76,869		43,199		38,074
Due after ten years	23,834		21,809		18,705		15,782		64,419		54,855
Mortgage-backed	3,885,994		3,485,926		3,693,559		3,233,334		3,968,590		3,289,345
Total available-for-sale securities	$	4,320,843	$	3,912,232	$	3,979,814	$	3,502,915	$	4,315,723	$	3,611,835
Held-to-maturity securities
Due in one year or less	$	12,026	$	11,883	$	5,169	$	5,142	$	2,248	$	2,241
Due in one to five years	110,330		108,416		109,602		105,835		103,104		96,546
Due in five to ten years	84,580		83,918		99,700		98,718		106,042		100,215
Due after ten years	329,808		271,954		352,474		283,506		362,183		270,722
Mortgage-backed	3,141,155		2,645,649		3,290,318		2,722,267		3,335,954		2,588,235
Total held-to-maturity securities	$	3,677,899	$	3,121,820	$	3,857,263	$	3,215,468	$	3,909,531	$	3,057,959
Less: Allowance for credit losses	(479)				(347)				(381)
Held-to-maturity securities, net of allowance for credit losses	$	3,677,420			$	3,856,916			$	3,909,150