XML 40 R30.htm IDEA: XBRL DOCUMENT v3.22.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The following table summarizes the amortized cost and fair value of available-for-sale debt securities by major type:
 At June 30, 2022
(In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses
Fair Value (1)
U.S. Treasury notes$754,860 $— $(28,376)$726,484 
Government agency debentures311,972 5 (20,774)291,203 
Municipal bonds and notes1,924,630 9 (94,009)1,830,630 
Agency CMO73,730 20 (2,503)71,247 
Agency MBS2,622,211 125 (201,003)2,421,333 
Agency CMBS1,732,222 — (170,717)1,561,505 
CMBS956,078 — (26,975)929,103 
CLO10,185 — (38)10,147 
Corporate debt799,866 — (63,346)736,520 
Private label MBS49,875 — (1,572)48,303 
Other12,515 — (632)11,883 
Available-for-sale debt securities$9,248,144 $159 $(609,945)$8,638,358 
At December 31, 2021
(In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses
Fair Value (1)
U.S. Treasury notes$398,664 $— $(1,698)$396,966
Agency CMO88,109 2,326 (51)90,384
Agency MBS1,568,293 36,130 (11,020)1,593,403
Agency CMBS1,248,548 2,537 (18,544)1,232,541
CMBS887,640 506 (1,883)886,263
CLO21,860 — (13)21,847
Corporate debt14,583 — (1,133)13,450
Available-for-sale debt securities$4,227,697 $41,499 $(34,342)$4,234,854 
(1)Fair value represents net carrying value. No ACL has been recorded on available-for-sale debt securities at June 30, 2022 and December 31, 2021, as the securities held are high credit quality and investment grade.
The following table summarizes available-for-sale debt securities pledged for deposits, borrowings, and other purposes:
(In thousands)At June 30, 2022At December 31, 2021
Available-for-sale debt securities pledged for deposits, at fair value$3,523,591$855,323
Available-for-sale debt securities pledged for borrowings and other, at fair value783,370924,841
Total available-for-sale debt securities pledged$4,306,961$1,780,164
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following table summarizes the gross unrealized losses and fair value of available-for-sale debt securities by length of time each major security type has been in a continuous unrealized loss position:
 At June 30, 2022
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		# of
Holdings		Fair
Value		Unrealized
Losses
U.S. Treasury notes$726,484 $(28,376)$— $— 23$726,484 $(28,376)
Government agency debentures276,348 (20,774)— — 19276,348 (20,774)
Municipal bonds and notes1,818,328 (94,009)— — 4831,818,328 (94,009)
Agency CMO64,760 (2,496)1,187 (7)3365,947 (2,503)
Agency MBS2,254,680 (173,815)157,559 (27,188)4512,412,239 (201,003)
Agency CMBS1,232,473 (125,931)329,032 (44,786)1331,561,505 (170,717)
CMBS741,574 (21,775)187,529 (5,200)53929,103 (26,975)
CLO— — 10,147 (38)110,147 (38)
Corporate debt728,159 (61,396)8,360 (1,950)106736,519 (63,346)
Private label MBS48,303 (1,572)— — 348,303 (1,572)
Other11,883 (632)— — 411,883 (632)
Available-for-sale debt securities in unrealized loss position$7,902,992 $(530,776)$693,814 $(79,169)1,309$8,596,806 $(609,945)
 At December 31, 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
U.S. Treasury notes$396,966 $(1,698)$— $— 8$396,966 $(1,698)
Agency CMO7,895 (51)— — 27,895 (51)
Agency MBS506,602 (7,354)110,687 (3,666)70617,289 (11,020)
Agency CMBS632,213 (6,163)335,480 (12,381)28967,693 (18,544)
CMBS724,762 (1,744)81,253 (139)50806,015 (1,883)
CLO— — 21,848 (13)121,848 (13)
Corporate debt4,203 (76)9,247 (1,057)313,450 (1,133)
Available-for-sale debt securities in unrealized loss position$2,272,641 $(17,086)$558,515 $(17,256)162$2,831,156 $(34,342)
Summary of Debt Securities by Contractual Maturity The following table summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity:
At June 30, 2022
(In thousands)Amortized CostFair Value
Due in one year or less$34,632 $34,446 
Due after one year through five years1,489,470 1,433,060 
Due after five through ten years1,489,030 1,405,210 
Due after ten years6,235,012 5,765,642 
Total available-for-sale debt securities$9,248,144 $8,638,358 
The following table summarizes the amortized cost and fair value of held-to-maturity debt securities by contractual maturity:
At June 30, 2022
(In thousands)Amortized CostFair Value
Due in one year or less$4,404 $4,426 
Due after one year through five years52,822 54,317 
Due after five years through ten years325,186 316,818 
Due after ten years6,165,796 5,633,288 
Total held-to-maturity debt securities$6,548,208 $6,008,849 
Debt Securities, Held-to-maturity
The following table summarizes the amortized cost, fair value, and ACL on held-to-maturity debt securities by major type:
At June 30, 2022
(In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair ValueAllowanceNet Carrying Value
Agency CMO$32,469 $27 $(1,095)$31,401 $— $32,469 
Agency MBS2,795,607 2,801 (235,217)2,563,191 — 2,795,607 
Agency CMBS2,677,183 434 (264,433)2,413,184 — 2,677,183 
Municipal bonds and notes879,433 2,698 (36,734)845,397 210 879,223 
CMBS163,516 1 (7,841)155,676 — 163,516 
Held-to-maturity debt securities$6,548,208 $5,961 $(545,320)$6,008,849 $210 $6,547,998 
At December 31, 2021
(In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair ValueAllowanceNet Carrying Value
Agency CMO$42,405 $655 $(25)$43,035 $— $42,405 
Agency MBS2,901,593 71,444 (11,788)2,961,249 — 2,901,593 
Agency CMBS2,378,475 11,202 (43,844)2,345,833 — 2,378,475 
Municipal bonds and notes705,918 51,572 — 757,490 214 705,704 
CMBS169,948 3,381 — 173,329 — 169,948 
Held-to-maturity debt securities$6,198,339 $138,254 $(55,657)$6,280,936 $214 $6,198,125 
The following table summarizes the activity in the ACL on held-to-maturity debt securities:
Three months ended June 30,Six months ended June 30,
(In thousands)2022202120222021
Balance, beginning of period$204$308$214$299
(Benefit) provision for credit losses674(4)83
Balance, end of period$210$382$210$382
The following table summarizes the amortized cost basis of held-to-maturity debt securities based on their lowest publicly available credit rating:
June 30, 2022
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Baa2Not Rated
Agency CMO$— $32,469 $— $— $— $— $— $— $— 
Agency MBS— 2,795,607 — — — — — — — 
Agency CMBS— 2,677,183 — — — — — — — 
Municipal bonds and notes202,273 132,273 202,666 199,903 101,058 27,691 — — 13,569 
CMBS163,516 — — — — — — — — 
Held-to-maturity debt securities$365,789 $5,637,532 $202,666 $199,903 $101,058 $27,691 $— $— $13,569 
December 31, 2021
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Baa2Not Rated
Agency CMO$— $42,405 $— $— $— $— $— $— $— 
Agency MBS— 2,901,593 — — — — — — — 
Agency CMBS— 2,378,475 — — — — — — — 
Municipal bonds and notes207,426 119,804 227,106 104,232 35,878 8,260 — 95 3,117 
CMBS169,948 — — — — — — — — 
Held-to-maturity debt securities$377,374 $5,442,277 $227,106 $104,232 $35,878 $8,260 $— $95 $3,117 
The following table summarizes held-to-maturity debt securities pledged for deposits, borrowings, and other purposes:
(In thousands)At June 30, 2022At December 31, 2021
Held-to-maturity debt securities pledged for deposits, at amortized cost$1,646,707$1,834,117
Held-to-maturity debt securities pledged for borrowing and other, at amortized cost753,5931,243,139
Total held-to-maturity debt securities pledged$2,400,300$3,077,256