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Securities (Tables)

9 Months Ended

Sep. 30, 2022

The amortized cost, gross unrealized gains and losses, and fair value of AFS securities as of September 30, 2022 and December 31, 2021 were as follows:


	As of September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	4,995,267	$	—	$	(786,178)	$	—	$	4,209,089
Government-sponsored commercial mortgage-backed securities	1,603,046		—		(205,819)		—		1,397,227
U.S. Agency bonds	1,100,565		—		(158,968)		—		941,597
U.S. Treasury securities	99,267		—		(6,807)		—		92,460
State and municipal bonds and obligations	229,539		58		(26,933)		—		202,664
Other debt securities	1,599		—		(21)		—		1,578
	$	8,029,283	$	58	$	(1,184,726)	$	—	$	6,844,615


	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

Schedule of Realized Gain (Loss)

The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Gross realized gains from sales of AFS securities	$	725	$	1	$	1,770	$	1,166
Gross realized losses from sales of AFS securities	923		—		4,244		—
Net (losses) gains from sales of AFS securities	$	(198)	$	1	$	(2,474)	$	1,166

Summary of Government-Sponsored Residential Mortgage-Backed Securities with Gross Unrealized Losses

Information pertaining to AFS securities with gross unrealized losses as of September 30, 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 September 30, 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	$	278,329	$	1,541,349	$	507,849	$	2,667,740	$	786,178	$	4,209,089
Government-sponsored commercial mortgage-backed securities	200	145,210		1,050,544		60,609		346,683		205,819		1,397,227
U.S. Agency bonds	37	29,820		210,070		129,148		731,527		158,968		941,597
U.S. Treasury securities	5	5,399		44,127		1,408		48,333		6,807		92,460
State and municipal bonds and obligations	283	26,933		200,184		—		—		26,933		200,184
Other debt securities	3	21		1,578		—		—		21		1,578
	850	$	485,712	$	3,047,852	$	699,014	$	3,794,283	$	1,184,726	$	6,842,135


	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 September 30, 2022 were as follows:


	As of September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	281,253	$	—	$	(30,972)	$	—	$	250,281
Government-sponsored commercial mortgage-backed securities	200,710		—		(19,514)		—		181,196
	$	481,963	$	—	$	(50,486)	$	—	$	431,477

Summary of Fair Value of Available for Sale Securities by Contractual Maturities

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


	As of September 30, 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)
AFS securities
Government-sponsored residential mortgage-backed securities	$	—	$	—	$	17,984	$	17,288	$	760,135	$	677,552	$	4,217,148	$	3,514,249	$	4,995,267	$	4,209,089
Government-sponsored commercial mortgage-backed securities	—		—		185,582		168,760		664,204		575,694		753,260		652,773		1,603,046		1,397,227
U.S. Agency bonds	—		—		727,838		631,834		372,727		309,763		—		—		1,100,565		941,597
U.S. Treasury securities	—		—		99,267		92,460		—		—		—		—		99,267		92,460
State and municipal bonds and obligations	80		80		27,379		25,738		54,859		50,773		147,221		126,073		229,539		202,664
Other debt securities	1,599		1,578		—		—		—		—		—		—		1,599		1,578
Total available for sale securities	1,679		1,658		1,058,050		936,080		1,851,925		1,613,782		5,117,629		4,293,095		8,029,283		6,844,615
HTM securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—		281,253		250,281		281,253		250,281
Government-sponsored commercial mortgage-backed securities	—		—		—		—		200,710		181,196		—		—		200,710		181,196
Total held to maturity securities	—		—		—		—		200,710		181,196		281,253		250,281		481,963		431,477
Total	$	1,679	$	1,658	$	1,058,050	$	936,080	$	2,052,635	$	1,794,978	$	5,398,882	$	4,543,376	$	8,511,246	$	7,276,092


	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)
AFS 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