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Investments (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments [Abstract] |
Aggregate Values And Unrealized Gains And Losses Of Investment Securities | The amortized cost and fair value of investment securities at September 30, 2021 and December 31, 2020, were as follows:
| September 30, 2021
(Dollars in thousands) | Amortized cost(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
Government agency | $ | 851,860 |  |  | $ | 5,348 |  |  | $ | 3,480 |  |  | $ | 853,728 |
Residential mortgage-backed securities | 4,800,194 |  |  | 19,219 |  |  | 17,767 |  |  | 4,801,646 |
Commercial mortgage-backed securities | 1,092,183 |  |  | 9,875 |  |  | 11,406 |  |  | 1,090,652 |
Corporate bonds | 600,906 |  |  | 25,295 |  |  | 1,098 |  |  | 625,103 |
Total investment securities available for sale | $ | 7,345,143 |  |  | $ | 59,737 |  |  | $ | 33,751 |  |  | $ | 7,371,129 |
Investment in marketable equity securities | 85,554 |  |  | 37,744 |  |  | 151 |  |  | 123,147 |
Investment securities held to maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | 2,122,299 |  |  | 5,313 |  |  | 15,051 |  |  | 2,112,561 |
Commercial mortgage-backed securities | 1,256,771 |  |  | 3 |  |  | 18,265 |  |  | 1,238,509 |
Other | 2,008 |  |  | — |  |  | — |  |  | 2,008 |
Total investment securities held to maturity | 3,381,078 |  |  | 5,316 |  |  | 33,316 |  |  | 3,353,078 |
Total investment securities | $ | 10,811,775 |  |  | $ | 102,797 |  |  | $ | 67,218 |  |  | $ | 10,847,354 |
| December 31, 2020
(Dollars in thousands) | Amortized cost(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 499,832 |  |  | $ | 101 |  |  | $ | — |  |  | $ | 499,933 |
Government agency | 706,241 |  |  | 723 |  |  | 5,573 |  |  | 701,391 |
Residential mortgage-backed securities | 4,369,130 |  |  | 70,283 |  |  | 1,310 |  |  | 4,438,103 |
Commercial mortgage-backed securities | 745,892 |  |  | 25,645 |  |  | — |  |  | 771,537 |
Corporate bonds | 590,870 |  |  | 14,437 |  |  | 2,028 |  |  | 603,279 |
Total investment securities available for sale | $ | 6,911,965 |  |  | $ | 111,189 |  |  | $ | 8,911 |  |  | $ | 7,014,243 |
Investment in marketable equity securities | 84,837 |  |  | 8,654 |  |  | 1,811 |  |  | 91,680 |
Investment securities held to maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | 1,877,692 |  |  | 17,689 |  |  | — |  |  | 1,895,381 |
Commercial mortgage-backed securities | 937,034 |  |  | 3,884 |  |  | 56 |  |  | 940,862 |
Other | 2,256 |  |  | — |  |  | — |  |  | 2,256 |
Total investment securities held to maturity | 2,816,982 |  |  | 21,573 |  |  | 56 |  |  | 2,838,499 |
Total investment securities | $ | 9,813,784 |  |  | $ | 141,416 |  |  | $ | 10,778 |  |  | $ | 9,944,422 |
(1)Amortized cost includes any recorded ACL. |  |  |  |  |  |  |
Investment Securities Maturity Information | The following table provides the amortized cost and fair value by contractual maturity for investment securities available for sale and held to maturity. Expected maturities will differ from contractual maturities on certain securities because issuers and borrowers of underlying collateral may have the right to call or prepay obligations with or without prepayment penalties. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date.
| September 30, 2021 |  | December 31, 2020
(Dollars in thousands) | Amortized cost(1) |  | Fair value |  | Amortized cost(1) |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
Non-amortizing securities maturing in: |  |  |  |  |  |  |
One year or less | $ | 1,204 |  |  | $ | 1,208 |  |  | $ | 500,846 |  |  | $ | 500,954 |
One through five years | 37,248 |  |  | 38,540 |  |  | 72,565 |  |  | 73,881 |
Five through 10 years | 545,754 |  |  | 568,692 |  |  | 508,320 |  |  | 519,570 |
Over 10 years | 16,700 |  |  | 16,663 |  |  | 8,971 |  |  | 8,807 |
Government agency | 851,860 |  |  | 853,728 |  |  | 706,241 |  |  | 701,391 |
Residential mortgage-backed securities | 4,800,194 |  |  | 4,801,646 |  |  | 4,369,130 |  |  | 4,438,103 |
Commercial mortgage-backed securities | 1,092,183 |  |  | 1,090,652 |  |  | 745,892 |  |  | 771,537 |
Total investment securities available for sale | $ | 7,345,143 |  |  | $ | 7,371,129 |  |  | $ | 6,911,965 |  |  | $ | 7,014,243 |
Investment securities held to maturity |  |  |  |  |  |  |
Non-amortizing securities maturing in: |  |  |  |  |  |  |
One year or less | 1,259 |  |  | 1,259 |  |  | 1,507 |  |  | 1,507 |
One through five years | 749 |  |  | 749 |  |  | 749 |  |  | 749 |
Residential mortgage-backed securities | 2,122,299 |  |  | 2,112,561 |  |  | 1,877,692 |  |  | 1,895,381 |
Commercial mortgage-backed securities | 1,256,771 |  |  | 1,238,509 |  |  | 937,034 |  |  | 940,862 |
Total investment securities held to maturity | $ | 3,381,078 |  |  | $ | 3,353,078 |  |  | $ | 2,816,982 |  |  | $ | 2,838,499 |
(1)Amortized cost includes any recorded ACL. |  |  |  |  |  |  |
Debt Securities, Available-for-sale | The following table provides the gross realized gains and losses on the sales of investment securities available for sale for the three and nine months ended September 30, 2021 and 2020:
| Three months ended September 30 |  | Nine months ended September 30
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Gross realized gains on sales of investment securities available for sale | $ | 8,082 |  |  | $ | 21,425 |  |  | $ | 33,133 |  |  | $ | 55,651 |
Gross realized losses on sales of investment securities available for sale | — |  |  | — |  |  | (14) |  |  | (679) |
Net realized gains on sales of investment securities available for sale | $ | 8,082 |  |  | $ | 21,425 |  |  | $ | 33,119 |  |  | $ | 54,972 |
Marketable Securities Gains (Losses) | The following table provides the realized and unrealized gains and losses on marketable equity securities for the three and nine months ended September 30, 2021 and 2020:
| Three months ended September 30 |  | Nine months ended September 30
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Marketable equity securities gains (losses), net | $ | 3,350 |  |  | $ | (2,701) |  |  | $ | 31,015 |  |  | $ | 10,461 |
Less net gains recognized on marketable equity securities sold | — |  |  | 2,568 |  |  | 263 |  |  | 39,884 |
Unrealized gains (losses) recognized on marketable equity securities held | $ | 3,350 |  |  | $ | (5,269) |  |  | $ | 30,752 |  |  | $ | (29,423) |
Investment Securities With Unrealized Losses | The following table provides information regarding securities with unrealized losses as of September 30, 2021 and December 31, 2020:
| September 30, 2021
| Less than 12 months |  | 12 months or more |  | Total
(Dollars in thousands) | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |
Government agency | $ | 302,114 |  |  | $ | 2,857 |  |  | $ | 119,231 |  |  | $ | 623 |  |  | $ | 421,345 |  |  | $ | 3,480 |
Residential mortgage-backed securities | 2,137,675 |  |  | 17,752 |  |  | 1,762 |  |  | $ | 15 |  |  | 2,139,437 |  |  | 17,767 |
Commercial mortgage-backed securities | 758,798 |  |  | 11,406 |  |  | — |  |  | $ | — |  |  | 758,798 |  |  | 11,406 |
Corporate bonds | 42,593 |  |  | 1,042 |  |  | 10,444 |  |  | $ | 56 |  |  | 53,037 |  |  | 1,098 |
Total | $ | 3,241,180 |  |  | $ | 33,057 |  |  | $ | 131,437 |  |  | $ | 694 |  |  | $ | 3,372,617 |  |  | $ | 33,751 |
| December 31, 2020
| Less than 12 months |  | 12 months or more |  | Total
(Dollars in thousands) | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |
Government agency | $ | 268,622 |  |  | $ | 3,197 |  |  | $ | 328,777 |  |  | $ | 2,376 |  |  | $ | 597,399 |  |  | $ | 5,573 |
Residential mortgage-backed securities | 433,816 |  |  | 1,241 |  |  | 23,064 |  |  | 69 |  |  | 456,880 |  |  | 1,310 |
Corporate bonds | 57,715 |  |  | 2,028 |  |  | — |  |  | — |  |  | 57,715 |  |  | 2,028 |
Total | $ | 760,153 |  |  | $ | 6,466 |  |  | $ | 351,841 |  |  | $ | 2,445 |  |  | $ | 1,111,994 |  |  | $ | 8,911 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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