XML 40 R30.htm IDEA: XBRL DOCUMENT v3.22.2.2
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The following tables summarize the amortized cost and fair value of available-for-sale debt securities by major type:
 At September 30, 2022
(In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses
Fair Value (1)
U.S. Treasury notes$755,414 $— $(42,151)$713,263 
Government agency debentures311,982 — (42,954)269,028 
Municipal bonds and notes1,842,985 — (145,840)1,697,145 
Agency CMO68,886 — (5,025)63,861 
Agency MBS2,533,669 21 (336,341)2,197,349 
Agency CMBS1,697,243 — (241,324)1,455,919 
CMBS949,535 — (26,607)922,928 
CLO7,219 — (16)7,203 
Corporate debt797,931 — (95,759)702,172 
Private label MBS49,408 — (5,098)44,310 
Other12,532 — (666)11,866 
Available-for-sale debt securities$9,026,804 $21 $(941,781)$8,085,044 
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 September 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 September 30, 2022At December 31, 2021
Available-for-sale debt securities pledged for deposits, at fair value$3,678,364$855,323
Available-for-sale debt securities pledged for borrowings and other, at fair value1,282,501924,841
Total available-for-sale debt securities pledged$4,960,865$1,780,164
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables summarize 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 September 30, 2022
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Holdings		Fair
Value		Unrealized
Losses
U.S. Treasury notes$713,263 $(42,151)$— $— 23$713,263 $(42,151)
Government agency debentures269,028 (42,954)— — 20269,028 (42,954)
Municipal bonds and notes1,696,419 (145,840)— — 4991,696,419 (145,840)
Agency CMO62,951 (5,013)910 (12)3963,861 (5,025)
Agency MBS1,794,195 (252,060)401,864 (84,281)4602,196,059 (336,341)
Agency CMBS991,740 (154,725)464,179 (86,599)1321,455,919 (241,324)
CMBS534,261 (14,954)388,667 (11,653)53922,928 (26,607)
CLO— — 7,203 (16)17,203 (16)
Corporate debt693,493 (94,125)8,679 (1,634)106702,172 (95,759)
Private label MBS44,310 (5,098)— — 344,310 (5,098)
Other11,866 (666)— — 411,866 (666)
Available-for-sale debt securities in unrealized loss position$6,811,526 $(757,586)$1,271,502 $(184,195)1,340$8,083,028 $(941,781)
 At December 31, 2021
 Less Than Twelve MonthsTwelve Months or LongerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number 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 September 30, 2022
(In thousands)Amortized CostFair Value
Due in one year or less$59,790 $58,824 
Due after one year through five years1,452,511 1,361,398 
Due after five through ten years1,437,643 1,306,402 
Due after ten years6,076,860 5,358,420 
Total available-for-sale debt securities$9,026,804 $8,085,044 
The following table summarizes the amortized cost and fair value of held-to-maturity debt securities by contractual maturity:
At September 30, 2022
(In thousands)Amortized CostFair Value
Due in one year or less$2,158 $2,155 
Due after one year through five years52,383 52,315 
Due after five years through ten years334,065 312,347 
Due after ten years6,117,441 5,283,302 
Total held-to-maturity debt securities$6,506,047 $5,650,119 
Debt Securities, Held-to-maturity
The following tables summarize the amortized cost, fair value, and ACL on held-to-maturity debt securities by major type:
At September 30, 2022
(In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair ValueAllowanceNet Carrying Value
Agency CMO$29,854 $— $(2,063)$27,791 $— $29,854 
Agency MBS2,701,984 674 (379,332)2,323,326 — 2,701,984 
Agency CMBS2,691,955 — (372,838)2,319,117 — 2,691,955 
Municipal bonds and notes930,390 208 (92,284)838,314 209 930,181 
CMBS151,864 — (10,293)141,571 — 151,864 
Held-to-maturity debt securities$6,506,047 $882 $(856,810)$5,650,119 $209 $6,505,838 
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 September 30,Nine months ended September 30,
(In thousands)2022202120222021
Balance, beginning of period$210$382$214$299
(Benefit) for credit losses(1)(148)(5)(65)
Balance, end of period$209$234$209$234
The following tables summarize the amortized cost basis of held-to-maturity debt securities based on their lowest publicly available credit rating:
September 30, 2022
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Baa2Not Rated
Agency CMO$— $29,854 $— $— $— $— $— $— $— 
Agency MBS— 2,701,984 — — — — — — — 
Agency CMBS— 2,691,955 — — — — — — — 
Municipal bonds and notes336,528 163,482 255,616 117,095 38,349 4,165 — 95 15,060 
CMBS151,864 — — — — — — — — 
Held-to-maturity debt securities$488,392 $5,587,275 $255,616 $117,095 $38,349 $4,165 $— $95 $15,060 
December 31, 2021
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Baa2Not Rated
Agency CMO$— $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 September 30, 2022At December 31, 2021
Held-to-maturity debt securities pledged for deposits, at amortized cost$2,026,305$1,834,117
Held-to-maturity debt securities pledged for borrowings and other, at amortized cost269,9201,243,139
Total held-to-maturity debt securities pledged$2,296,225$3,077,256