Securities (Tables)

6 Months Ended

Jun. 30, 2021

The amortized cost, gross unrealized gains and losses, and fair value of available for sale securities as of June 30, 2021 and December 31, 2020 were as follows:


	As of June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	3,480,643	$	22,240	$	(24,354)	$	3,478,529
Government-sponsored commercial mortgage-backed securities	183,062		66		(1,333)		181,795
U.S. Agency bonds	860,575		—		(19,570)		841,005
U.S. Treasury securities	69,401		23		(93)		69,331
State and municipal bonds and obligations	259,935		18,186		—		278,121
	$	4,853,616	$	40,515	$	(45,350)	$	4,848,781


	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 June 30, 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 June 30, 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	$	—	$	—	$	18,156	$	19,323	$	593,853	$	597,546	$	2,868,634	$	2,861,660	$	3,480,643	$	3,478,529
Government-sponsored commercial mortgage-backed securities	—		—		24,038		23,781		159,024		158,014		—		—		183,062		181,795
U.S. Agency bonds	—		—		199,796		196,383		660,779		644,622		—		—		860,575		841,005
U.S. Treasury securities	10,048		10,071		59,353		59,260		—		—		—		—		69,401		69,331
State and municipal bonds and obligations	485		486		28,682		29,781		72,515		76,046		158,253		171,808		259,935		278,121
Total	$	10,533	$	10,557	$	330,025	$	328,528	$	1,486,171	$	1,476,228	$	3,026,887	$	3,033,468	$	4,853,616	$	4,848,781


	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 June 30, 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 June 30, 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	20	$	24,354	$	2,178,499	$	—	$	—	$	24,354	$	2,178,499
Government-sponsored commercial mortgage-backed securities	8	1,333		161,684		—		—		1,333		161,684
U.S. Agency bonds	13	19,570		841,005		—		—		19,570		841,005
U.S. Treasury securities	2	93		59,262		—		—		93		59,262
	43	$	45,350	$	3,240,450	$	—	$	—	$	45,350	$	3,240,450


	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