Securities (Tables)

12 Months Ended

Dec. 31, 2021

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 securities	1,420,748		760		(12,640)		1,408,868
U.S. Agency bonds	1,202,377		1,067		(28,430)		1,175,014
U.S. Treasury securities	89,434		5		(834)		88,605
State and municipal bonds and obligations	263,910		16,460		(41)		280,329
Small Business Administration pooled securities	31,821		282		—		32,103
Other debt securities	1,597		—		—		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 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 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 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	$	—	$	—	$	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 bonds	5,508		5,515		531,821		520,935		665,048		648,564		—		—		1,202,377		1,175,014
U.S. Treasury securities	40,010		40,001		49,424		48,604		—		—		—		—		89,434		88,605
State and municipal bonds and obligations	6,137		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 securities	300		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 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 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 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	264	$	70,502	$	4,615,457	$	—	$	—	$	70,502	$	4,615,457
Government-sponsored commercial mortgage-backed securities	165	12,218		1,102,444		422		15,682		12,640		1,118,126
U.S. Agency bonds	27	2,169		191,222		26,261		794,353		28,430		985,575
U.S. Treasury securities	3	834		78,588		—		—		834		78,588
State and municipal bonds and obligations	11	41		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 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