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Securities (Tables)

3 Months Ended

Mar. 31, 2022

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of AFS securities as of March 31, 2022 and December 31, 2021 were as follows:


	As of March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	5,329,748	$	264	$	(360,666)	$	—	$	4,969,346
Government-sponsored commercial mortgage-backed securities	1,707,131		—		(91,204)		—		1,615,927
U.S. Agency bonds	1,099,916		—		(86,017)		—		1,013,899
U.S. Treasury securities	59,458		—		(3,223)		—		56,235
State and municipal bonds and obligations	258,769		2,792		(1,245)		—		260,316
Other debt securities	1,598		—		(16)		—		1,582
	$	8,456,620	$	3,056	$	(542,371)	$	—	$	7,917,305


	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

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

Information pertaining to AFS securities with gross unrealized losses as of March 31, 2022, for which the Company did not recognize a provision for credit losses under CECL, and as of December 31, 2021, for which the Company did not deem to be OTTI under its prior methodology, aggregated by investment category and length of time that individual securities had been in a continuous loss position, follows:


	As of March 31, 2022
		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	322	$	223,347	$	3,513,073	$	137,319	$	1,403,234	$	360,666	$	4,916,307
Government-sponsored commercial mortgage-backed securities	205	85,425		1,548,080		5,779		67,847		91,204		1,615,927
U.S. Agency bonds	37	12,573		226,708		73,444		787,191		86,017		1,013,899
U.S. Treasury securities	2	3,223		56,235		—		—		3,223		56,235
State and municipal bonds and obligations	103	1,245		82,709		—		—		1,245		82,709
Other debt securities	3	16		1,582		—		—		16		1,582
	672	$	325,829	$	5,428,387	$	216,542	$	2,258,272	$	542,371	$	7,686,659


	As of 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

Debt Securities, Held-to-maturity

The amortized cost, gross unrealized gains and losses, and fair value of HTM securities as of March 31, 2022 were as follows:


	As of March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	192,231	$	—	$	(3,318)	$	—	$	188,913
Government-sponsored commercial mortgage-backed securities	203,203		17		(10)		—		203,210
	$	395,434	$	17	$	(3,328)	$	—	$	392,123

Summary Of Fair Value Of Securities By Contractual Maturities

The scheduled contractual maturities of AFS and HTM securities as of the dates indicated were as follows:


	As of March 31, 2022
	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)
Available for sale securities
Government-sponsored residential mortgage-backed securities	$	1	$	1	$	20,992	$	21,143	$	832,510	$	790,125	$	4,476,245	$	4,158,077	$	5,329,748	$	4,969,346
Government-sponsored commercial mortgage-backed securities	—		—		190,509		182,639		700,994		658,732		815,628		774,556		1,707,131		1,615,927
U.S. Agency bonds	—		—		578,810		537,301		521,106		476,598		—		—		1,099,916		1,013,899
U.S. Treasury securities	10,000		9,955		49,458		46,280		—		—		—		—		59,458		56,235
State and municipal bonds and obligations	4,659		4,653		36,766		36,723		68,574		68,850		148,770		150,090		258,769		260,316
Other debt securities	300		299		1,298		1,283		—		—		—		—		1,598		1,582
Total available for sale securities	14,960		14,908		877,833		825,369		2,123,184		1,994,305		5,440,643		5,082,723		8,456,620		7,917,305
Held to maturity securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—		192,231		188,913		192,231		188,913
Government-sponsored commercial mortgage-backed securities	—		—		—		—		203,203		203,210		—		—		203,203		203,210
Total held to maturity securities	—		—		—		—		203,203		203,210		192,231		188,913		395,434		392,123
Total	$	14,960	$	14,908	$	877,833	$	825,369	$	2,326,387	$	2,197,515	$	5,632,874	$	5,271,636	$	8,852,054	$	8,309,428


	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)
Available for sale securities
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