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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at September 30, 2022 and December 31, 2021 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
September 30, 2022
U.S. Treasury securities$306,748 $— $(28,846)$277,902 
U.S. government agency securities29,529 50 (2,758)26,821 
Obligations of states and political subdivisions:
Obligations of states and state agencies12,576 — (565)12,011 
Municipal bonds173,574 — (44,022)129,552 
Total obligations of states and political subdivisions186,150 — (44,587)141,563 
Residential mortgage-backed securities744,547 66 (97,948)646,665 
Corporate and other debt securities197,847 15 (18,959)178,903 
Total $1,464,821 $131 $(193,098)$1,271,854 
December 31, 2021
U.S. government agency securities$20,323 $608 $(6)$20,925 
Obligations of states and political subdivisions:
Obligations of states and state agencies26,088 132 (93)26,127 
Municipal bonds53,530 349 (116)53,763 
Total obligations of states and political subdivisions79,618 481 (209)79,890 
Residential mortgage-backed securities895,279 14,986 (5,763)904,502 
Corporate and other debt securities120,871 3,177 (556)123,492 
Total$1,116,091 $19,252 $(6,534)$1,128,809 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related available for sale debt securities at September 30, 2022 and December 31, 2021 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (in thousands)
September 30, 2022
U.S. Treasury securities$277,902 $(28,846)$— $— $277,902 $(28,846)
U.S. government agency securities22,614 (2,720)1,142 (38)23,756 (2,758)
Obligations of states and political subdivisions:
Obligations of states and state agencies
4,402 (56)7,610 (509)12,012 (565)
Municipal bonds119,722 (40,475)9,305 (3,547)129,027 (44,022)
Total obligations of states and political subdivisions
124,124 (40,531)16,915 (4,056)141,039 (44,587)
Residential mortgage-backed securities376,683 (39,604)266,591 (58,344)643,274 (97,948)
Corporate and other debt securities160,743 (14,670)15,145 (4,289)175,888 (18,959)
Total$962,066 $(126,371)$299,793 $(66,727)$1,261,859 $(193,098)
December 31, 2021
U.S. government agency securities$— $— $1,326 $(6)$1,326 $(6)
Obligations of states and political subdivisions:
Obligations of states and state agencies
10,549 (93)— — 10,549 (93)
Municipal bonds19,100 (116)— — 19,100 (116)
Total obligations of states and political subdivisions
29,649 (209)— — 29,649 (209)
Residential mortgage-backed securities371,256 (4,770)25,960 (993)397,216 (5,763)
Corporate and other debt securities59,039 (556)— — 59,039 (556)
Total$459,944 $(5,535)$27,286 $(999)$487,230 $(6,534)
Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of available for sale debt securities at September 30, 2022 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 September 30, 2022
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$8,593 $8,553 
Due after one year through five years184,748 174,982 
Due after five years through ten years271,404 246,134 
Due after ten years255,529 195,520 
Residential mortgage-backed securities744,547 646,665 
Total $1,464,821 $1,271,854 
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at September 30, 2022 and December 31, 2021 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
September 30, 2022
U.S. Treasury securities$67,075 $— $(1,045)$66,030 
U.S. government agency securities259,869 — (45,555)214,314 
Obligations of states and political subdivisions:
Obligations of states and state agencies88,276 16 (5,127)83,165 
Municipal bonds382,913 17 (35,961)346,969 
Total obligations of states and political subdivisions471,189 33 (41,088)430,134 
Residential mortgage-backed securities2,811,582 250 (438,251)2,373,581 
Trust preferred securities37,038 (5,622)31,417 
Corporate and other debt securities75,267 — (4,091)71,176 
Total $3,722,020 $284 $(535,652)$3,186,652 
December 31, 2021
U.S. Treasury securities$67,558 $4,103 $— $71,661 
U.S. government agency securities6,265 113 — 6,378 
Obligations of states and political subdivisions:
Obligations of states and state agencies141,015 3,065 (312)143,768 
Municipal bonds196,947 3,536 (87)200,396 
Total obligations of states and political subdivisions337,962 6,601 (399)344,164 
Residential mortgage-backed securities2,166,142 14,599 (28,440)2,152,301 
Trust preferred securities37,020 (5,109)31,916 
Corporate and other debt securities53,750 559 (124)54,185 
Total $2,668,697 $25,980 $(34,072)$2,660,605 
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related debt securities held to maturity at September 30, 2022 and December 31, 2021 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
 (in thousands)
September 30, 2022
U.S. Treasury securities$66,030 $(1,045)$— $— $66,030 $(1,045)
U.S. government agency securities213,129 (45,555)— — 213,129 (45,555)
Obligations of states and political subdivisions:
Obligations of states and state agencies
69,161 (3,397)12,403 (1,730)81,564 (5,127)
Municipal bonds284,323 (34,193)7,674 (1,768)291,997 (35,961)
Total obligations of states and political subdivisions
353,484 (37,590)20,077 (3,498)373,561 (41,088)
Residential mortgage-backed securities
1,354,304 (200,314)1,007,883 (237,937)2,362,187 (438,251)
Trust preferred securities— — 30,416 (5,622)30,416 (5,622)
Corporate and other debt securities57,181 (3,336)7,245 (755)64,426 (4,091)
Total$2,044,128 $(287,840)$1,065,621 $(247,812)$3,109,749 $(535,652)
December 31, 2021
Obligations of states and political subdivisions:
Obligations of states and state agencies$17,000 $(254)$5,517 $(58)$22,517 $(312)
Municipal bonds9,403 (87)— — 9,403 (87)
Total obligations of states and political subdivisions
26,403 (341)5,517 (58)31,920 (399)
Residential mortgage-backed securities
1,381,405 (22,365)206,520 (6,075)1,587,925 (28,440)
Trust preferred securities— — 30,912 (5,109)30,912 (5,109)
Corporate and other debt securities
32,627 (124)— — 32,627 (124)
Total$1,440,435 $(22,830)$242,949 $(11,242)$1,683,384 $(34,072)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in debt securities held to maturity at September 30, 2022 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.  
 September 30, 2022
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$31,783 $31,721 
Due after one year through five years195,679 191,824 
Due after five years through ten years86,011 79,844 
Due after ten years596,965 509,682 
Residential mortgage-backed securities2,811,582 2,373,581 
Total$3,722,020 $3,186,652 
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at September 30, 2022 and December 31, 2021.
AAA/AA/A RatedBBB ratedNon-investment grade ratedNon-ratedTotal
 (in thousands)
September 30, 2022
U.S. Treasury securities$67,075 $— $— $— $67,075 
U.S. government agency securities259,869 — — — 259,869 
Obligations of states and political subdivisions:
Obligations of states and state agencies63,434 — 5,517 19,325 88,276 
Municipal bonds348,330 — — 34,583 382,913 
Total obligations of states and political subdivisions
411,764 — 5,517 53,908 471,189 
Residential mortgage-backed securities2,811,582 — — — 2,811,582 
Trust preferred securities— — — 37,038 37,038 
Corporate and other debt securities2,000 6,000 — 67,267 75,267 
Total $3,552,290 $6,000 $5,517 $158,213 $3,722,020 
December 31, 2021
U.S. Treasury securities$67,558 $— $— $— $67,558 
U.S. government agency securities6,265 — — — 6,265 
Obligations of states and political subdivisions:
Obligations of states and state agencies118,368 — 5,576 17,071 141,015 
Municipal bonds148,854 — — 48,093 196,947 
Total obligations of states and political subdivisions
267,222 — 5,576 65,164 337,962 
Residential mortgage-backed securities2,166,142 — — — 2,166,142 
Trust preferred securities— — — 37,020 37,020 
Corporate and other debt securities2,000 6,000 — 45,750 53,750 
Total$2,509,187 $6,000 $5,576 $147,934 $2,668,697