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Securities
 12 Months Ended
Dec. 31, 2021
Debt Securities [Abstract]  
Securities Securities
Available for Sale Securities
The amortized cost, gross unrealized gains and losses, and fair value of available for sale securities as of the dates indicated were as follows:
As of December 31, 2021
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$5,577,292 $17,918 $(70,502)$5,524,708 
Government-sponsored commercial mortgage-backed securities1,420,748 760 (12,640)1,408,868 
U.S. Agency bonds1,202,377 1,067 (28,430)1,175,014 
U.S. Treasury securities89,434 5 (834)88,605 
State and municipal bonds and obligations263,910 16,460 (41)280,329 
Small Business Administration pooled securities31,821 282 — 32,103 
Other debt securities1,597 — — 1,597 
$8,587,179 $36,492 $(112,447)$8,511,224 
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 securities17,054 27 — 17,081 
U.S. Agency bonds670,468 113 (3,872)666,709 
U.S. Treasury securities70,106 263 — 70,369 
State and municipal bonds and obligations260,898 20,004 — 280,902 
$3,125,184 $62,549 $(3,872)$3,183,861 
The amortized cost and estimated fair value of available for sale securities by contractual maturities as of December 31, 2021 and 2020 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
The scheduled contractual maturities of available for sale securities as of the dates indicated were as follows:
As of December 31, 2021
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
Government-sponsored residential mortgage-backed securities$— $— $24,935 $25,962 $899,169 $892,029 $4,653,188 $4,606,717 $5,577,292 $5,524,708 
Government-sponsored commercial mortgage-backed securities— — 139,095 137,755 387,177 378,414 894,476 892,699 1,420,748 1,408,868 
U.S. Agency bonds5,508 5,515 531,821 520,935 665,048 648,564 — — 1,202,377 1,175,014 
U.S. Treasury securities40,010 40,001 49,424 48,604 — — — — 89,434 88,605 
State and municipal bonds and obligations6,137 6,116 33,692 34,704 72,226 75,416 151,855 164,093 263,910 280,329 
Small Business Administration pooled securities— — 4,062 4,092 — — 27,759 28,011 31,821 32,103 
Other debt securities300 300 1,297 1,297 — — — — 1,597 1,597 
Total$51,955 $51,932 $784,326 $773,349 $2,023,620 $1,994,423 $5,727,278 $5,691,520 $8,587,179 $8,511,224 
As of December 31, 2020
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In Thousands)
Government-sponsored residential mortgage-backed securities$— $— $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 securities50,023 50,251 20,083 20,118 — — — — 70,106 70,369 
State and municipal bonds and obligations406 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 
Mortgage-backed securities include investments in securities that are insured or guaranteed by Freddie Mac, Ginnie Mae or Fannie Mae. Mortgage-backed securities are purchased to achieve positive interest rate spread with minimal administrative expense, and to lower the Company’s credit risk. Mortgage-backed securities and callable securities are shown at their contractual maturity dates. However, both are expected to have shorter average lives due to expected prepayments and callable features, respectively. Included in the available for sale securities as of December 31, 2021 and 2020 were $1.1 billion, and $0.7 billion, respectively, of callable securities at fair value.
As of December 31, 2021 and 2020, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated shareholders’ equity.
Gross realized gains from sales of available for sale securities were $1.2 million, $0.3 million and $2.1 million during the years ended December 31, 2021, 2020, and 2019, respectively. The Company had no significant gross realized losses from sales of securities available for sale during the years ended December 31, 2021, 2020, and 2019. No other-than-temporary impairment (“OTTI”) was recorded during the years ended December 31, 2021, 2020, and 2019.
Management prepares an estimate of the expected cash flows for investment securities available for sale that potentially may be deemed to have been an OTTI. This estimate begins with the contractual cash flows of the security. This amount is then reduced by an estimate of probable credit losses associated with the security. When estimating the extent of probable losses on the securities, management considers the credit quality and the ability to pay of the underlying issuers. Indicators of diminished credit quality of the issuers include defaults, interest deferrals, or “payments in kind.” Management also considers those factors listed in the Investments – Debt and Equity Securities topic of the FASB ASC when estimating the ultimate realizability of the cash flows for each individual security.
The resulting estimate of cash flows after considering credit is then subject to a present value computation using a discount rate equal to the current yield used to accrete the beneficial interest or the effective interest rate implicit in the security at the date of acquisition. If the present value of the estimated cash flows is less than the current amortized cost basis, an OTTI is considered to have occurred and the security is written down to the fair value indicated by the cash flow analysis. As part of the analysis, management considers whether it intends to sell the security or whether it is more than likely that it would be required to sell the security before the expected recovery of its amortized cost basis.
Information pertaining to available for sale securities with gross unrealized losses as of December 31, 2021 and 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:
December 31, 2021
Less than 12 Months12 Months or LongerTotal
# 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 securities264$70,502 $4,615,457 $— $— $70,502 $4,615,457 
Government-sponsored commercial mortgage-backed securities16512,218 1,102,444 422 15,682 12,640 1,118,126 
U.S. Agency bonds272,169 191,222 26,261 794,353 28,430 985,575 
U.S. Treasury securities3834 78,588 — — 834 78,588 
State and municipal bonds and obligations1141 5,436 — — 41 5,436 
470$85,764 $5,993,147 $26,683 $810,035 $112,447 $6,803,182 
December 31, 2020
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
U.S. Agency bonds6$3,872 $416,824 $— $— $3,872 $416,824 
6$3,872 $416,824 $— $— $3,872 $416,824 
As of December 31, 2021, the Company does not intend to sell these investments and has determined based upon available evidence that it is more likely than not that the Company will not be required to sell each security before the expected recovery of its amortized cost basis. As a result, the Company does not consider these investments with gross unrealized losses to be OTTI. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, and volatility of earnings.
As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the tables above by category are as follows as of December 31, 2021 and 2020:
•Government-sponsored residential mortgage-backed securities – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.
•Government-sponsored commercial mortgage-backed securities – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.
•U.S. Agency bonds – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.
•U.S. Treasury securities – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.
•State and municipal bonds and obligations – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality.