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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity
A summary of the amortized cost, fair value, and allowance for credit losses on investment securities held-to-maturity is presented below:
At June 30, 2021
(In thousands)
Amortized
Cost (1)
Unrealized
Gains		Unrealized
Losses		Fair ValueAllowanceNet Carrying Value
Agency CMO$61,080 $1,425 $(63)$62,442 $— $61,080 
Agency MBS2,562,863 96,187 (3,684)2,655,366 — 2,562,863 
Agency CMBS2,105,924 30,491 (16,545)2,119,870 — 2,105,924 
Municipal bonds and notes715,195 56,218 — 771,413 382 714,813 
CMBS178,563 6,501 — 185,064 — 178,563 
Held-to-maturity securities$5,623,625 $190,822 $(20,292)$5,794,155 $382 $5,623,243 
At December 31, 2020
(In thousands)
Amortized
Cost (1)
Unrealized
Gains		Unrealized
Losses		Fair ValueAllowanceNet Carrying Value
Agency CMO$91,622 $1,785 $(241)$93,166 $— $91,622 
Agency MBS2,419,751 137,863 (84)2,557,530 — 2,419,751 
Agency CMBS2,101,227 60,484 (2,213)2,159,498 — 2,101,227 
Municipal bonds and notes739,507 60,371 (3)799,875 299 739,208 
CMBS216,081 9,214 — 225,295 — 216,081 
Held-to-maturity securities$5,568,188 $269,717 $(2,541)$5,835,364 $299 $5,567,889 

(1)Amortized cost excludes accrued interest receivable of $20.9 million and $22.1 million at June 30, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.
The following table summarizes the activity in the allowance for credit losses on investment securities held-to-maturity:
Three months ended June 30,Six months ended June 30,
(In thousands)2021202020212020
Balance beginning of period$308$312$299$—
Adoption of ASU No. 2016-13 (CECL)———397
Provision (benefit) for credit losses74(3)83(88)
Balance end of period$382$309$382$309
The following table summarizes credit ratings for the amortized cost of held-to-maturity debt securities according to their lowest public credit rating at June 30, 2021:
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Baa2Not Rated
Agency CMOs$— $61,080 $— $— $— $— $— $— $— 
Agency MBS— 2,562,863 — — — — — — — 
Agency CMBS— 2,105,924 — — — — — — — 
Municipal bonds and notes208,615 120,173 227,856 108,619 36,087 8,468 2,066 190 3,121 
CMBS178,563 — — — — — — — — 
Total held-to-maturity$387,178 $4,850,040 $227,856 $108,619 $36,087 $8,468 $2,066 $190 $3,121 
The amortized cost and fair value of held-to-maturity debt securities presented by contractual maturity are set forth below:
At June 30, 2021
(In thousands)Amortized
Cost		Fair
Value
Due in one year or less$380 $384 
Due after one year through five years4,843 5,163 
Due after five years through ten years285,191 298,449 
Due after ten years5,333,211 5,490,159 
Total held-to-maturity debt securities$5,623,625 $5,794,155 
Debt Securities, Available-for-sale
A summary of the amortized cost and fair value of available-for-sale securities is presented below:
 At June 30, 2021
(In thousands)
Amortized
Cost(1)
Unrealized
Gains		Unrealized
Losses
Fair Value(2)
Agency CMO$115,985 $4,366 $(23)$120,328 
Agency MBS1,339,769 47,666 (4,905)1,382,530 
Agency CMBS939,055 10,509 (8,167)941,397 
CMBS754,192 1,008 (230)754,970 
CLO50,000 8 (44)49,964 
Corporate debt14,569 11 (876)13,704 
Available-for-sale securities$3,213,570 $63,568 $(14,245)$3,262,893 
At December 31, 2020
(In thousands)
Amortized
Cost(1)
Unrealized
Gains		Unrealized
Losses
Fair Value(2)
Agency CMO$148,711 $6,000 $(98)$154,613
Agency MBS1,389,100 68,598 (289)1,457,409
Agency CMBS1,092,430 26,317 (1,514)1,117,233
CMBS512,759 1,082 (5,823)508,018
CLO76,693 — (310)76,383
Corporate debt14,557 — (1,437)13,120
Available-for-sale securities$3,234,250 $101,997 $(9,471)$3,326,776 
(1)Amortized cost excludes accrued interest receivable of $6.7 million and $7.5 million at June 30, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.
(2)Fair value represents net carrying value as there is no allowance for credit losses recorded on investment securities available-for-sale, as the securities are high credit quality and investment grade.
The following table provides information on fair value and unrealized losses for the individual available-for-sale securities with an unrealized loss, for which an allowance for credit losses on investment securities available-for-sale has not been recorded, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position:
 At June 30, 2021
 Less Than Twelve MonthsTwelve Months or LongerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		# of
Holdings		Fair
Value		Unrealized
Losses
Agency CMO$3,879 $(8)$2,580 $(15)3$6,459 $(23)
Agency MBS224,986 (4,687)15,482 (218)46240,468 (4,905)
Agency CMBS421,812 (8,167)— — 11421,812 (8,167)
CMBS285,792 (125)117,796 (105)29403,588 (230)
CLO— — 24,956 (44)124,956 (44)
Corporate debt— — 9,422 (876)29,422 (876)
Available-for-sale in unrealized loss position$936,469 $(12,987)$170,236 $(1,258)92$1,106,705 $(14,245)
 At December 31, 2020
 Less Than Twelve MonthsTwelve Months or LongerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		# of
Holdings		Fair
Value		Unrealized
Losses
Agency CMO$13,137 $(49)$5,944 $(49)5$19,081 $(98)
Agency MBS33,742 (219)4,561 (70)3038,303 (289)
Agency CMBS376,330 (1,514)— — 8376,330 (1,514)
CMBS409,591 (5,486)23,167 (337)38432,758 (5,823)
CLO57,728 (265)18,655 (45)476,383 (310)
Corporate debt4,100 (166)9,020 (1,271)313,120 (1,437)
Available-for-sale in unrealized loss position$894,628 $(7,699)$61,347 $(1,772)88$955,975 $(9,471)
The amortized cost and fair value of available-for-sale debt securities presented by contractual maturity are set forth below:
At June 30, 2021
(In thousands)Amortized
Cost		Fair
Value
Due in one year or less$— $— 
Due after one year through five years2,614 2,703 
Due after five through ten years183,925 184,105 
Due after ten years3,027,031 3,076,085 
Total available-for-sale debt securities$3,213,570 $3,262,893