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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

The following tables are a summary of the investment securities portfolios as of the dates shown:

			June 30, 2023
(In thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities
U.S. Treasury			$	—					$	—					$	—					$	—
U.S. government agencies			80,000						—						(5,725)						74,275
Municipal			173,540						102						(6,231)						167,411
Corporate notes:
Financial issuers			83,995						—						(12,920)						71,075
Other			1,000						—						(15)						985
Mortgage-backed: (1)
Mortgage-backed securities			3,585,943						—						(483,659)						3,102,284
Collateralized mortgage obligations			94,373						—						(17,922)						76,451
Total available-for-sale securities			$	4,018,851					$	102					$	(526,472)					$	3,492,481
Held-to-maturity securities
U.S. government agencies			$	339,604					$	—					$	(71,022)					$	268,582
Municipal			176,128						362						(4,502)						171,988
Mortgage-backed: (1)
Mortgage-backed securities			2,832,138						—						(574,114)						2,258,024
Collateralized mortgage obligations			159,120						—						(23,014)						136,106
Corporate notes			57,889						35						(4,733)						53,191
Total held-to-maturity securities			$	3,564,879					$	397					$	(677,385)					$	2,887,891
Less: Allowance for credit losses			(406)
Held-to-maturity securities, net of allowance for credit losses			$	3,564,473
Equity securities with readily determinable fair value			$	120,629					$	3,711					$	(8,065)					$	116,275

(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
(In thousands)
Available-for-sale securities
U.S. Treasury			$	14,943					$	5					$	—					$	14,948
U.S. government agencies			80,000						36						(5,814)						74,222
Municipal			173,861						230						(5,436)						168,655
Corporate notes:
Financial issuers			93,994						—						(9,291)						84,703
Other			1,000						2						—						1,002
Mortgage-backed: (1)
Mortgage-backed securities			3,308,494						238						(488,795)						2,819,937
Collateralized mortgage obligations			97,342						—						(17,792)						79,550
Total available-for-sale securities			$	3,769,634					$	511					$	(527,128)					$	3,243,017
Held-to-maturity securities
U.S. government agencies			$	339,614					$	—					$	(75,293)					$	264,321
Municipal			179,027						477						(4,066)						175,438
Mortgage-backed: (1)
Mortgage-backed securities			2,900,031						—						(583,682)						2,316,349
Collateralized mortgage obligations			164,151						—						(23,322)						140,829
Corporate notes			58,232						—						(5,348)						52,884
Total held-to-maturity securities			$	3,641,055					$	477					$	(691,711)					$	2,949,821
Less: Allowance for credit losses			(488)
Held-to-maturity securities, net of allowance for credit losses			$	3,640,567
Equity securities with readily determinable fair value			$	115,552					$	2,935					$	(8,122)					$	110,365

(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.

			June 30, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
(In thousands)
Available-for-sale securities
U.S. Treasury			$	—					$	—					$	—					$	—
U.S. government agencies			50,000						—						(1,913)						48,087
Municipal			170,268						570						(4,133)						166,705
Corporate notes:
Financial issuers			93,994						—						(5,177)						88,817
Other			1,000						—						(4)						996
Mortgage-backed: (1)
Mortgage-backed securities			2,915,107						28						(336,517)						2,578,618
Collateralized mortgage obligations			101,132						1						(14,235)						86,898
Total available-for-sale securities			$	3,331,501					$	599					$	(361,979)					$	2,970,121
Held-to-maturity securities
U.S. government agencies			$	294,631					$	—					$	(53,222)					$	241,409
Municipal			179,642						1,195						(2,796)						178,041
Mortgage-backed: (1)
Mortgage-backed securities			2,719,754						—						(438,050)						2,281,704
Collateralized mortgage obligations			170,951						—						(16,254)						154,697
Corporate notes			48,574						2						(4,158)						44,418
Total held-to-maturity securities			$	3,413,552					$	1,197					$	(514,480)					$	2,900,269
Less: Allowance for credit losses			(83)
Held-to-maturity securities, net of allowance for credit losses			$	3,413,469
Equity securities with readily determinable fair value			$	96,247					$	3,143					$	(6,095)					$	93,295

(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 table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at June 30, 2023:

			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. government agencies			$	29,909					$	(91)					$	44,366					$	(5,634)					$	74,275					$	(5,725)
Municipal			101,356						(1,988)						53,731						(4,243)						155,087						(6,231)
Corporate notes:
Financial issuers			—						—						71,075						(12,920)						71,075						(12,920)
Other			985						(15)						—						—						985						(15)
Mortgage-backed: (1)
Mortgage-backed securities			876,659						(18,454)						2,225,624						(465,205)						3,102,283						(483,659)
Collateralized mortgage obligations			37						(1)						76,414						(17,921)						76,451						(17,922)
Total available-for-sale securities			$	1,008,946					$	(20,549)					$	2,471,210					$	(505,923)					$	3,480,156					$	(526,472)

(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

The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities:

			Three months ended June 30,												Six months ended June 30,
(In thousands)			2023						2022						2023						2022
Realized gains on investment securities			$	6					$	7					$	611					$	265
Realized losses on investment securities			(6)						(7)						(51)						(14)
Net realized gains on investment securities			—						—						560						251
Unrealized gains on equity securities with readily determinable fair value			684						2						2,974						182
Unrealized losses on equity securities with readily determinable fair value			(684)						(4,013)						(2,136)						(6,655)
Net unrealized gains (losses) on equity securities with readily determinable fair value			—						(4,011)						838						(6,473)
Upward adjustments of equity securities without readily determinable fair values			—						—						—						—
Downward adjustments of equity securities without readily determinable fair values			—						—						—						—
Impairment of equity securities without readily determinable fair values			—						(3,786)						—						(4,357)
Adjustment and impairment, net, of equity securities without readily determinable fair values			—						(3,786)						—						(4,357)
Gains (losses) on investment securities, net			$	—					$	(7,797)					$	1,398					$	(10,579)
Proceeds from sales of available-for-sale securities(1)			$	—					$	—					$	—					$	—
Proceeds from sales of equity securities with readily determinable fair value			—						—						23,592						18,753
Proceeds from sales and capital distributions of equity securities without readily determinable fair value			—						279						67						529

(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 available-for-sale and held-to-maturity investment securities as of June 30, 2023, December 31, 2022 and June 30, 2022, 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:

			June 30, 2023												December 31, 2022												June 30, 2022
(In thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available-for-sale securities
Due in one year or less			$	93,724					$	93,137					$	119,830					$	119,275					$	55,058					$	54,824
Due in one to five years			138,704						126,776						63,644						61,701						75,941						74,559
Due in five to ten years			41,655						36,315						115,734						105,076						115,378						109,492
Due after ten years			64,452						57,518						64,590						57,478						68,885						65,730
Mortgage-backed			3,680,316						3,178,735						3,405,836						2,899,487						3,016,239						2,665,516
Total available-for-sale securities			$	4,018,851					$	3,492,481					$	3,769,634					$	3,243,017					$	3,331,501					$	2,970,121
Held-to-maturity securities
Due in one year or less			$	2,479					$	2,475					$	1,340					$	1,332					$	1,457					$	1,458
Due in one to five years			102,182						96,806						94,705						89,093						84,906						80,705
Due in five to ten years			106,708						105,054						115,318						113,758						105,450						105,491
Due after ten years			362,252						289,426						365,510						288,460						331,034						276,214
Mortgage-backed			2,991,258						2,394,130						3,064,182						2,457,178						2,890,705						2,436,401
Total held-to-maturity securities			$	3,564,879					$	2,887,891					$	3,641,055					$	2,949,821					$	3,413,552					$	2,900,269
Less: Allowance for credit losses			(406)												(488)												(83)
Held-to-maturity securities, net of allowance for credit losses			$	3,564,473											$	3,640,567											$	3,413,469

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