XML 38 R25.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Securities [Abstract]  
Schedule of Debt Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of available for sale (“AFS”) securities as of the dates indicated were as follows:
As of March 31, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$3,229,111 $— $(545,484)$— $2,683,627 
Government-sponsored commercial mortgage-backed securities1,315,886 — (209,103)— 1,106,783 
U.S. Agency bonds236,761 — (21,523)— 215,238 
U.S. Treasury securities99,610 — (4,525)— 95,085 
State and municipal bonds and obligations197,685 22 (10,855)— 186,852 
$5,079,053 $22 $(791,490)$— $4,287,585 
As of December 31, 2023
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$3,302,165 $— $(521,527)$— $2,780,638 
Government-sponsored commercial mortgage-backed securities1,326,029 — (201,653)— 1,124,376 
U.S. Agency bonds236,454 — (20,443)— 216,011 
U.S. Treasury securities99,552 — (4,400)— 95,152 
State and municipal bonds and obligations197,704 172 (6,532)— 191,344 
$5,161,904 $172 $(754,555)$— $4,407,521 
Schedule of Realized Gain (Loss)
The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated:
Three Months Ended March 31,
20242023
(In thousands)
Gross realized gains from sales of AFS securities$— $— 
Gross realized losses from sales of AFS securities— (333,170)
Net gains (losses) from sales of AFS securities$— $(333,170)
Schedule of Government-Sponsored Residential Mortgage-Backed Securities with Gross Unrealized Losses
Information pertaining to AFS securities with gross unrealized losses as of March 31, 2024 and December 31, 2023, for which the Company did not recognize a provision for credit losses under the current expected credit loss (“CECL”) methodology, aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows:
As of March 31, 2024
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities324$— $— $545,484 $2,683,627 $545,484 $2,683,627 
Government-sponsored commercial mortgage-backed securities187— — 209,103 1,106,783 209,103 1,106,783 
U.S. Agency bonds23— — 21,523 215,238 21,523 215,238 
U.S. Treasury securities661 4,907 4,464 90,178 4,525 95,085 
State and municipal bonds and obligations232460 30,745 10,395 150,166 10,855 180,911 
772$521 $35,652 $790,969 $4,245,992 $791,490 $4,281,644 
As of December 31, 2023
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities324$— $— $521,527 $2,780,638 $521,527 $2,780,638 
Government-sponsored commercial mortgage-backed securities187— — 201,653 1,124,376 201,653 1,124,376 
U.S. Agency bonds23— — 20,443 216,011 20,443 216,011 
U.S. Treasury securities636 4,927 4,364 90,225 4,400 95,152 
State and municipal bonds and obligations196233 22,894 6,299 135,279 6,532 158,173 
736$269 $27,821 $754,286 $4,346,529 $754,555 $4,374,350 
Schedule of Debt Securities, Held-to-Maturity
The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of held to maturity (“HTM”) securities as of the dates indicated were as follows:
As of March 31, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$249,688 $— $(28,531)$— $221,157 
Government-sponsored commercial mortgage-backed securities194,145 — (22,112)— 172,033 
$443,833 $— $(50,643)$— $393,190 
As of December 31, 2023
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$254,752 $— $(24,433)$— $230,319 
Government-sponsored commercial mortgage-backed securities194,969 — (20,466)— 174,503 
$449,721 $— $(44,899)$— $404,822 
Schedule of Fair Value of Available for Sale Securities by Contractual Maturities The scheduled contractual maturities of AFS and HTM securities as of the dates indicated were as follows:
As of March 31, 2024
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$— $— $30,954 $29,662 $16,728 $15,359 $3,181,429 $2,638,606 $3,229,111 $2,683,627 
Government-sponsored commercial mortgage-backed securities— — 405,958 366,117 227,433 189,114 682,495 551,552 1,315,886 1,106,783 
U.S. Agency bonds— — 236,761 215,238 — — — — 236,761 215,238 
U.S. Treasury securities— — 99,610 95,085 — — — — 99,610 95,085 
State and municipal bonds and obligations1,573 1,542 30,250 29,017 45,268 43,797 120,594 112,496 197,685 186,852 
Total available for sale securities1,573 1,542 803,533 735,119 289,429 248,270 3,984,518 3,302,654 5,079,053 4,287,585 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 249,688 221,157 249,688 221,157 
Government-sponsored commercial mortgage-backed securities— — 136,819 122,886 57,326 49,147 — — 194,145 172,033 
Total held to maturity securities— — 136,819 122,886 57,326 49,147 249,688 221,157 443,833 393,190 
Total$1,573 $1,542 $940,352 $858,005 $346,755 $297,417 $4,234,206 $3,523,811 $5,522,886 $4,680,775 
As of December 31, 2023
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$— $— $29,288 $28,188 $22,735 $21,235 $3,250,142 $2,731,215 $3,302,165 $2,780,638 
Government-sponsored commercial mortgage-backed securities— — 256,229 234,725 379,749 327,198 690,051 562,453 1,326,029 1,124,376 
U.S. Agency bonds— — 236,454 216,011 — — — — 236,454 216,011 
U.S. Treasury securities— — 99,552 95,152 — — — — 99,552 95,152 
State and municipal bonds and obligations213 209 30,131 29,393 44,047 43,260 123,313 118,482 197,704 191,344 
Total available for sale securities213 209 651,654 603,469 446,531 391,693 4,063,506 3,412,150 5,161,904 4,407,521 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 254,752 230,319 254,752 230,319 
Government-sponsored commercial mortgage-backed securities— — 80,014 72,952 114,955 101,551 0— — 194,969 174,503 
Total held to maturity securities— — 80,014 72,952 114,955 101,551 254,752 230,319 449,721 404,822 
Total$213 $209 $731,668 $676,421 $561,486 $493,244 $4,318,258 $3,642,469 $5,611,625 $4,812,343