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Investment Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Summary of Available-for-Sale Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2020 and 2019 are summarized below.

						December 31, 2020
(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities						$	20,257					$	—					$	—					$	20,257
U.S. Government agency securities						79,638						2,682						—						82,320
Mortgage-backed securities issued by U.S. Government agencies						1,216,012						7,930						(5,925)						1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises						4,865,858						134,188						—						5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						1,245,644						15,309						(10,576)						1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						354,244						16,677						—						370,921
Corporate debt securities and other debt securities						20,211						457						(168)						20,500
Total investment securities available for sale						$	7,801,864					$	177,243					$	(16,669)					$	7,962,438
						December 31, 2019
(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities						$	19,855					$	—					$	—					$	19,855
U.S. Government agency securities						35,499						1,042						—						36,541
Mortgage-backed securities issued by U.S. Government agencies						56,328						560						(72)						56,816
Mortgage-backed securities issued by U.S. Government sponsored enterprises						5,079,396						103,495						(2,076)						5,180,815
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						629,706						7,349						(204)						636,851
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						357,291						14,301						—						371,592
State and municipal securities						2,069						6						—						2,075
Asset-backed securities						323,237						4,315						(152)						327,400
Corporate debt securities and other debt securities						144,410						2,317						(2)						146,725
Total investment securities available for sale						$	6,647,791					$	133,385					$	(2,506)					$	6,778,670

Schedule of Unrealized Loss on Investments

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020 and December 31, 2019 are presented below.

						December 31, 2020
						Less than 12 Months												12 Months or Longer												Total
(in thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies						$	566,896					$	(5,925)					$	—					$	—					$	566,896					$	(5,925)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						803,429						(10,576)						—						—						803,429						(10,576)
Corporate debt securities and other debt securities						9,337						(168)						—						—						9,337						(168)
Total						$	1,379,662					$	(16,669)					$	—					$	—					$	1,379,662					$	(16,669)
						December 31, 2019
						Less than 12 Months												12 Months or Longer												Total
(in thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies						$	19,543					$	(70)					$	355					$	(2)					$	19,898					$	(72)
Mortgage-backed securities issued by U.S. Government sponsored enterprises						768,040						(2,076)						—						—						768,040						(2,076)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						57,670						(204)						—						—						57,670						(204)
Asset-backed securities						37,156						(116)						4,954						(36)						42,110						(152)
Corporate debt securities and other debt securities						9,505						(2)						—						—						9,505						(2)
Total						$	891,914					$	(2,468)					$	5,309					$	(38)					$	897,223					$	(2,506)

Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale

The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2020 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.

						Distribution of Maturities at December 31, 2020
(in thousands)						Within One Year						1 to 5 Years						5 to 10 Years						More Than 10 Years						Total
Amortized Cost
U.S. Treasury securities						$	20,257					$	—					$	—					$	—					$	20,257
U.S. Government agency securities						430						2,085						77,123						—						79,638
Mortgage-backed securities issued by U.S. Government agencies						—						1,390						232						1,214,390						1,216,012
Mortgage-backed securities issued by U.S. Government sponsored enterprises						—						231						83,163						4,782,464						4,865,858
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						—						—						225						1,245,419						1,245,644
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						4,160						105,549						136,656						107,879						354,244
Corporate debt securities and other debt securities						—						9,505						8,706						2,000						20,211
Total amortized cost						$	24,847					$	118,760					$	306,105					$	7,352,152					$	7,801,864
Fair Value
U.S. Treasury securities						$	20,257					$	—					$	—					$	—					$	20,257
U.S. Government agency securities						432						2,112						79,776						—						82,320
Mortgage-backed securities issued by U.S. Government agencies						—						1,442						242						1,216,333						1,218,017
Mortgage-backed securities issued by U.S. Government sponsored enterprises						—						236						86,192						4,913,618						5,000,046
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						—						—						235						1,250,142						1,250,377
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						4,181						109,813						142,952						113,975						370,921
Corporate debt securities and other debt securities						—						9,337						9,142						2,021						20,500
Total fair value						$	24,870					$	122,940					$	318,539					$	7,496,089					$	7,962,438

Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio

The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.

(in thousands)						2020						2019						2018
Proceeds from sales of investment securities available for sale						$	4,054,670					$	2,923,787					$	35,066
Gross realized gains on sales						$	85,375					$	10,370					$	—
Gross realized losses on sales						(6,444)						(18,029)						(1,296)
Investment securities gains (losses), net						$	78,931					$	(7,659)					$	(1,296)

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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).

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