Securities (Tables)

3 Months Ended

Mar. 31, 2021

The amortized cost, gross unrealized gains and losses, and fair value of available for sale securities as of March 31, 2021 and December 31, 2020 were as follows:


	As of March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In Thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	2,713,898	$	23,199	$	(45,395)	$	2,691,702
Government-sponsored commercial mortgage-backed securities	119,064		—		(2,793)		116,271
U.S. Agency bonds	860,554		—		(28,882)		831,672
U.S. Treasury securities	69,385		30		(325)		69,090
State and municipal bonds and obligations	260,818		16,700		—		277,518
	$	4,023,719	$	39,929	$	(77,395)	$	3,986,253


	As of December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In Thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	2,106,658	$	42,142	$	—	$	2,148,800
Government-sponsored commercial mortgage-backed securities	17,054		27		—		17,081
U.S. Agency bonds	670,468		113		(3,872)		666,709
U.S. Treasury securities	70,106		263		—		70,369
State and municipal bonds and obligations	260,898		20,004		—		280,902
	$	3,125,184	$	62,549	$	(3,872)	$	3,183,861

Summary Of Fair Value Of Available For Sale Securities By Contractual Maturities

The amortized cost and estimated fair value of available for sale securities by contractual maturities as of March 31, 2021 and December 31, 2020 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

The scheduled contractual maturities of available for sale securities as of the dates indicated were as follows:


	As of March 31, 2021
	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In Thousands)
Government-sponsored residential mortgage-backed securities	$	—	$	—	$	20,503	$	21,777	$	87,383	$	91,340	$	2,606,012	$	2,578,585	$	2,713,898	$	2,691,702
Government-sponsored commercial mortgage-backed securities	—		—		24,090		23,771		94,974		92,500		—		—		119,064		116,271
U.S. Agency bonds	—		—		99,784		98,111		760,770		733,561		—		—		860,554		831,672
U.S. Treasury securities	10,065		10,095		59,320		58,995		—		—		—		—		69,385		69,090
State and municipal bonds and obligations	405		406		25,244		26,220		72,587		76,077		162,582		174,815		260,818		277,518
Total	$	10,470	$	10,501	$	228,941	$	228,874	$	1,015,714	$	993,478	$	2,768,594	$	2,753,400	$	4,023,719	$	3,986,253


	As of December 31, 2020
	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In Thousands)
Government-sponsored residential mortgage-backed securities	$	—	$	—	$	46,293	$	48,925	$	96,338	$	100,278	$	1,964,027	$	1,999,597	$	2,106,658	$	2,148,800
Government-sponsored commercial mortgage-backed securities	—		—		—		—		17,054		17,081		—		—		17,054		17,081
U.S. Agency bonds	—		—		99,772		99,834		570,696		566,875		—		—		670,468		666,709
U.S. Treasury securities	50,023		50,251		20,083		20,118		—		—		—		—		70,106		70,369
State and municipal bonds and obligations	406		408		20,511		21,431		74,980		79,635		165,001		179,428		260,898		280,902
Total	$	50,429	$	50,659	$	186,659	$	190,308	$	759,068	$	763,869	$	2,129,028	$	2,179,025	$	3,125,184	$	3,183,861

Summary Of Government-Sponsored Residential Mortgage-Backed Securities With Gross Unrealized Losses

Information pertaining to available for sale securities with gross unrealized losses as of March 31, 2021 and December 31, 2020, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:


	As of March 31, 2021
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
Government-sponsored residential mortgage-backed securities	18	$	45,395	$	2,004,883	$	—	$	—	$	45,395	$	2,004,883
Government-sponsored commercial mortgage-backed securities	7	2,793		116,271		—		—		2,793		116,271
U.S. Agency bonds	13	28,882		831,672		—		—		28,882		831,672
U.S. Treasury securities	2	325		58,995		—		—		325		58,995
	40	$	77,395	$	3,011,821	$	—	$	—	$	77,395	$	3,011,821


	As of December 31, 2020
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
U.S. Agency bonds	6	3,872		416,824		—		—		3,872		416,824
	6	$	3,872	$	416,824	$	—	$	—	$	3,872	$	416,824