Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021 are summarized as follows:

	June 30, 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	$	5,754	$	7	$	(110)	$	5,651
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,444,668		437		(143,293)		1,301,812
Private mortgage-backed securities and collateralized mortgage obligations	166,176		47		(7,374)		158,849
Collateralized loan obligations	315,165		—		(10,974)		304,191
Obligations of state and political subdivisions	31,441		258		(1,411)		30,288
Totals	$	1,963,204	$	749	$	(163,162)	$	1,800,791
Debt securities held-to-maturity
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	794,785	$	113	$	(88,728)	$	706,170
Totals	$	794,785	$	113	$	(88,728)	$	706,170

	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 June 30, 2022 and December 31, 2021 are summarized as follows:

	June 30, 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	$	5,754	$	7	$	(110)	$	5,651
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,444,668		437		(143,293)		1,301,812
Private mortgage-backed securities and collateralized mortgage obligations	166,176		47		(7,374)		158,849
Collateralized loan obligations	315,165		—		(10,974)		304,191
Obligations of state and political subdivisions	31,441		258		(1,411)		30,288
Totals	$	1,963,204	$	749	$	(163,162)	$	1,800,791
Debt securities held-to-maturity
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	794,785	$	113	$	(88,728)	$	706,170
Totals	$	794,785	$	113	$	(88,728)	$	706,170

	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.

	June 30, 2022
	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	2,768	$	2,770
Due after one year through five years	—		—		14,400		14,600
Due after five years through ten years	—		—		5,679		5,598
Due after ten years	—		—		14,348		12,971
	—		—		37,195		35,939
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	794,785		706,170		1,444,668		1,301,812
Private mortgage-backed securities and collateralized mortgage obligations	—		—		166,176		158,849
Collateralized loan obligations	—		—		315,165		304,191
Totals	$	794,785	$	706,170	$	1,963,204	$	1,800,791

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.

	June 30, 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	$	4,510	$	(109)	$	206	$	(1)	$	4,716	$	(110)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,077,271		(109,953)		191,277		(33,340)		1,268,548		(143,293)
Private mortgage-backed securities and collateralized mortgage obligations	145,025		(7,194)		3,828		(180)		148,853		(7,374)
Collateralized loan obligations	251,412		(9,307)		52,780		(1,667)		304,192		(10,974)
Obligations of state and political subdivisions	17,982		(1,411)		—		—		17,982		(1,411)
Totals	$	1,496,200	$	(127,974)	$	248,091	$	(35,188)	$	1,744,291	$	(163,162)

	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)