Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Value of Securities Available for Sale

The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	6,240	$	54	$	(13)	$	6,281
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,335,336		829		(91,495)		1,244,670
Private mortgage-backed securities and collateralized mortgage obligations	114,286		284		(3,274)		111,296
Collateralized loan obligations	315,168		—		(2,044)		313,124
Obligations of state and political subdivisions	31,533		518		(803)		31,248
Totals	$	1,802,563	$	1,685	$	(97,629)	$	1,706,619
Debt securities held-to-maturity
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	747,004	$	15,397	$	(52,909)	$	709,492
Totals	$	747,004	$	15,397	$	(52,909)	$	709,492

	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	6,466	$	316	$	(3)	$	6,779
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,234,721		8,308		(20,309)		1,222,720
Private mortgage-backed securities and collateralized mortgage obligations	88,096		1,091		(420)		88,767
Collateralized loan obligations	292,751		63		(124)		292,690
Obligations of state and political subdivisions	31,624		1,740		(1)		33,363
Totals	$	1,653,658	$	11,518	$	(20,857)	$	1,644,319
Debt securities held-to-maturity
Mortgage-backed securities of U.S. government-sponsored entities	$	638,640	$	3,828	$	(15,070)	$	627,398
Totals	$	638,640	$	3,828	$	(15,070)	$	627,398

Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities

The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	6,240	$	54	$	(13)	$	6,281
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,335,336		829		(91,495)		1,244,670
Private mortgage-backed securities and collateralized mortgage obligations	114,286		284		(3,274)		111,296
Collateralized loan obligations	315,168		—		(2,044)		313,124
Obligations of state and political subdivisions	31,533		518		(803)		31,248
Totals	$	1,802,563	$	1,685	$	(97,629)	$	1,706,619
Debt securities held-to-maturity
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	747,004	$	15,397	$	(52,909)	$	709,492
Totals	$	747,004	$	15,397	$	(52,909)	$	709,492

	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	6,466	$	316	$	(3)	$	6,779
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,234,721		8,308		(20,309)		1,222,720
Private mortgage-backed securities and collateralized mortgage obligations	88,096		1,091		(420)		88,767
Collateralized loan obligations	292,751		63		(124)		292,690
Obligations of state and political subdivisions	31,624		1,740		(1)		33,363
Totals	$	1,653,658	$	11,518	$	(20,857)	$	1,644,319
Debt securities held-to-maturity
Mortgage-backed securities of U.S. government-sponsored entities	$	638,640	$	3,828	$	(15,070)	$	627,398
Totals	$	638,640	$	3,828	$	(15,070)	$	627,398

Summary of Investments Classified by Contractual Maturity

Securities not due at a single maturity date are shown separately.

	March 31, 2022
	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	2,776	$	2,790
Due after one year through five years	—		—		14,493		14,807
Due after five years through ten years	—		—		5,705		5,698
Due after ten years	—		—		14,799		14,234
	—		—		37,773		37,529
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	747,004		709,492		1,335,336		1,244,670
Private mortgage-backed securities and collateralized mortgage obligations	—		—		114,286		111,296
Collateralized loan obligations	—		—		315,168		313,124
Totals	$	747,004	$	709,492	$	1,802,563	$	1,706,619

Schedule of Debt Securities in Unrealized Loss Position

The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded.

	March 31, 2022
	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	303	$	(11)	$	229	$	(2)	$	532	$	(13)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,089,150		(80,423)		100,982		(11,072)		1,190,132		(91,495)
Private mortgage-backed securities and collateralized mortgage obligations	84,333		(3,109)		4,721		(165)		89,054		(3,274)
Collateralized loan obligations	298,334		(1,928)		14,790		(116)		313,124		(2,044)
Obligations of state and political subdivisions	9,255		(803)		—		—		9,255		(803)
Totals	$	1,481,375	$	(86,274)	$	120,722	$	(11,355)	$	1,602,097	$	(97,629)

	December 31, 2021
	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	97	$	(1)	$	245	$	(2)	$	342	$	(3)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	955,881		(19,575)		11,953		(734)		967,834		(20,309)
Private mortgage-backed securities and collateralized mortgage obligations	33,640		(173)		9,628		(247)		43,268		(420)
Collateralized loan obligations	123,202		(81)		9,461		(43)		132,663		(124)
Obligations of state and political subdivisions	499		(1)		—		—		499		(1)
Totals	$	1,113,319	$	(19,831)	$	31,287	$	(1,026)	$	1,144,606	$	(20,857)