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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities | A summary of the available-for-sale and held-to-maturity investment securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2022 and 2021 is as follows:
|  | December 31, 2022 |  | December 31, 2021
(In thousands) |  | Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value |  | Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 14,943 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 14,948 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government agencies |  | 80,000 |  |  | 36 |  |  | (5,814) |  |  | 74,222 |  |  | 50,158 |  |  | 2,349 |  |  | — |  |  | 52,507 |
Municipal |  | 173,861 |  |  | 230 |  |  | (5,436) |  |  | 168,655 |  |  | 161,618 |  |  | 4,193 |  |  | (217) |  |  | 165,594 |
Corporate notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial issuers |  | 93,994 |  |  | — |  |  | (9,291) |  |  | 84,703 |  |  | 96,878 |  |  | 418 |  |  | (2,599) |  |  | 94,697 |
Other |  | 1,000 |  |  | 2 |  |  | — |  |  | 1,002 |  |  | 1,000 |  |  | 7 |  |  | — |  |  | 1,007 |
Mortgage-backed: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | 3,308,494 |  |  | 238 |  |  | (488,795) |  |  | 2,819,937 |  |  | 1,901,005 |  |  | 32,830 |  |  | (25,854) |  |  | 1,907,981 |
Collateralized mortgage obligations |  | 97,342 |  |  | — |  |  | (17,792) |  |  | 79,550 |  |  | 105,710 |  |  | 297 |  |  | — |  |  | 106,007 |
Total available-for-sale securities |  | $ | 3,769,634 |  |  | $ | 511 |  |  | $ | (527,128) |  |  | $ | 3,243,017 |  |  | $ | 2,316,369 |  |  | $ | 40,094 |  |  | $ | (28,670) |  |  | $ | 2,327,793 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 339,614 |  |  | $ | — |  |  | $ | (75,293) |  |  | $ | 264,321 |  |  | $ | 180,192 |  |  | $ | 201 |  |  | $ | (3,314) |  |  | $ | 177,079 |
Municipal |  | 179,027 |  |  | 477 |  |  | (4,066) |  |  | 175,438 |  |  | 187,486 |  |  | 9,544 |  |  | (223) |  |  | 196,807 |
Mortgage-backed: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | 2,900,031 |  |  | — |  |  | (583,682) |  |  | 2,316,349 |  |  | 2,530,730 |  |  | 864 |  |  | (47,622) |  |  | 2,483,972 |
Collateralized mortgage obligations |  | 164,151 |  |  | — |  |  | (23,322) |  |  | 140,829 |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate notes |  | 58,232 |  |  | — |  |  | (5,348) |  |  | 52,884 |  |  | 43,955 |  |  | — |  |  | (1,119) |  |  | 42,836 |
Total held-to-maturity securities |  | $ | 3,641,055 |  |  | $ | 477 |  |  | $ | (691,711) |  |  | $ | 2,949,821 |  |  | $ | 2,942,363 |  |  | $ | 10,609 |  |  | $ | (52,278) |  |  | $ | 2,900,694 |
Less: Allowance for credit losses |  | (488) |  |  |  |  |  |  |  |  | (78) |  |  |  |  |  |  |
Held-to-maturity securities, net of allowance for credit losses |  | $ | 3,640,567 |  |  |  |  |  |  |  |  | $ | 2,942,285 |  |  |  |  |  |  |
Equity securities with readily determinable fair value |  | $ | 115,552 |  |  | $ | 2,935 |  |  | $ | (8,122) |  |  | $ | 110,365 |  |  | $ | 86,989 |  |  | $ | 5,354 |  |  | $ | (1,832) |  |  | $ | 90,511 |
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position, Available for Sale Debt Securities | The following tables present the portion of the Company’s available-for-sale investment securities portfolios which had gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and 2021, respectively:
As of December 31, 2022 |  | Continuous unrealized losses existing for less than 12 months |  | Continuous unrealized losses existing for greater than 12 months |  | Total
(In thousands) |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government agencies |  | 36,750 |  |  | (3,250) |  |  | 7,436 |  |  | (2,564) |  |  | 44,186 |  |  | (5,814) |
Municipal |  | 88,433 |  |  | (1,997) |  |  | 41,642 |  |  | (3,439) |  |  | 130,075 |  |  | (5,436) |
Corporate notes: |  |  |  |  |  |  |  |  |  |  |  |
Financial issuers |  | 14,420 |  |  | (580) |  |  | 70,283 |  |  | (8,711) |  |  | 84,703 |  |  | (9,291) |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage-backed: (1) |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | 1,185,885 |  |  | (99,494) |  |  | 1,578,200 |  |  | (389,301) |  |  | 2,764,085 |  |  | (488,795) |
Collateralized mortgage obligations |  | 2,690 |  |  | (190) |  |  | 76,860 |  |  | (17,602) |  |  | 79,550 |  |  | (17,792) |
Total available-for-sale securities |  | $ | 1,328,178 |  |  | $ | (105,511) |  |  | $ | 1,774,421 |  |  | $ | (421,617) |  |  | $ | 3,102,599 |  |  | $ | (527,128) |
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
As of December 31, 2021 |  | Continuous unrealized losses existing for less than 12 months |  | Continuous unrealized losses existing for greater than 12 months |  | Total
(In thousands) |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government agencies |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Municipal |  | 47,726 |  |  | (200) |  |  | 850 |  |  | (17) |  |  | 48,576 |  |  | (217) |
Corporate notes: |  |  |  |  |  |  |  |  |  |  |  |
Financial issuers |  | 23,855 |  |  | (1,145) |  |  | 45,539 |  |  | (1,454) |  |  | 69,394 |  |  | (2,599) |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage-backed: (1) |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | 742,743 |  |  | (16,571) |  |  | 221,350 |  |  | (9,283) |  |  | 964,093 |  |  | (25,854) |
Collateralized mortgage obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total available-for-sale securities |  | $ | 814,324 |  |  | $ | (17,916) |  |  | $ | 267,739 |  |  | $ | (10,754) |  |  | $ | 1,082,063 |  |  | $ | (28,670) |
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
Schedule of Gross Gains and Gross Losses Realized and Proceeds For Investment Securities |
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Realized gains on investment securities |  | $ | 461 |  |  | $ | 1,252 |  |  | $ | 751 |
Realized losses on investment securities |  | (22) |  |  | (173) |  |  | (530) |
Net realized gains on investment securities |  | 439 |  |  | 1,079 |  |  | 221 |
Unrealized gains on equity securities with readily determinable fair value |  | 1,154 |  |  | 2,688 |  |  | 4,265 |
Unrealized losses on equity securities with readily determinable fair value |  | (9,862) |  |  | (2,411) |  |  | (3,818) |
Net unrealized (losses) gains on equity securities with readily determinable fair value |  | (8,708) |  |  | 277 |  |  | 447 |
Upward adjustments of equity securities without readily determinable fair values |  | — |  |  | — |  |  | 401 |
Downward adjustments of equity securities without readily determinable fair values |  | — |  |  | — |  |  | — |
Impairment of equity securities without readily determinable fair values |  | (12,158) |  |  | (2,415) |  |  | (2,995) |
Adjustment and impairment, net, of equity securities without readily determinable fair values |  | (12,158) |  |  | (2,415) |  |  | (2,594) |
Losses on investment securities, net |  | $ | (20,427) |  |  | $ | (1,059) |  |  | $ | (1,926) |
Proceeds from sales of available-for-sale securities(1) |  | $ | — |  |  | $ | 192,227 |  |  | $ | 502,250 |
Proceeds from sales of equity securities with readily determinable fair value |  | 31,753 |  |  | 9,759 |  |  | 6,530 |
Proceeds from sales and capital distributions of equity securities without readily determinable fair value |  | 1,330 |  |  | 2,685 |  |  | 1,857 |
(1)Includes proceeds from available-for-sale securities sold in accordance with written covered call options sold to a third party.
Schedule of Contractual Maturities of Investment Securities | The amortized cost and fair value of investment securities as of December 31, 2022 and December 31, 2021, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
|  | December 31, 2022 |  | December 31, 2021
(In thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available-for-sale securities |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 119,830 |  |  | $ | 119,275 |  |  | $ | 49,714 |  |  | $ | 49,822 |
Due in one to five years |  | 63,644 |  |  | 61,701 |  |  | 72,382 |  |  | 73,850 |
Due in five to ten years |  | 115,734 |  |  | 105,076 |  |  | 118,358 |  |  | 117,573 |
Due after ten years |  | 64,590 |  |  | 57,478 |  |  | 69,200 |  |  | 72,560 |
Mortgage-backed |  | 3,405,836 |  |  | 2,899,487 |  |  | 2,006,715 |  |  | 2,013,988 |
Total available-for-sale securities |  | $ | 3,769,634 |  |  | $ | 3,243,017 |  |  | $ | 2,316,369 |  |  | $ | 2,327,793 |
Held-to-maturity securities |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 1,340 |  |  | $ | 1,332 |  |  | $ | 2,976 |  |  | $ | 2,992 |
Due in one to five years |  | 94,705 |  |  | 89,093 |  |  | 79,422 |  |  | 79,705 |
Due in five to ten years |  | 115,318 |  |  | 113,758 |  |  | 106,713 |  |  | 112,667 |
Due after ten years |  | 365,510 |  |  | 288,460 |  |  | 222,522 |  |  | 221,358 |
Mortgage-backed |  | 3,064,182 |  |  | 2,457,178 |  |  | 2,530,730 |  |  | 2,483,972 |
Total held-to-maturity securities |  | $ | 3,641,055 |  |  | $ | 2,949,821 |  |  | $ | 2,942,363 |  |  | $ | 2,900,694 |
Less: Allowance for credit losses |  | (488) |  |  |  |  | (78) |  |  |
Held-to-maturity securities, net of allowance for credit losses |  | $ | 3,640,567 |  |  |  |  | $ | 2,942,285 |  |  |

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