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Investment Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 are summarized below.

			March 31, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities			$	70,085					$	—					$	(3,629)					$	66,456
U.S. Government agency securities			79,148						2,026						—						81,174
Mortgage-backed securities issued by U.S. Government agencies			964,709						1,542						(11,069)						955,182
Mortgage-backed securities issued by U.S. Government sponsored enterprises			6,100,521						78,507						(77,253)						6,101,775
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			1,155,180						12,678						(10,635)						1,157,223
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			440,556						12,006						(7,348)						445,214
Corporate debt securities and other debt securities			18,235						504						(6)						18,733
Total investment securities available for sale			$	8,828,434					$	107,263					$	(109,940)					$	8,825,757
			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

Schedule of Gross Unrealized Losses on Investment Securities and Fair Value

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 March 31, 2021 and December 31, 2020 are presented below.

			March 31, 2021
			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
U.S. Treasury securities			$	46,195					$	(3,629)					$	—					$	—					$	46,195					$	(3,629)
Mortgage-backed securities issued by U.S. Government agencies			784,433						(11,069)						—						—						784,433						(11,069)
Mortgage-backed securities issued by U.S. Government sponsored enterprises			4,214,454						(77,253)						—						—						4,214,454						(77,253)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			770,319						(10,635)						—						—						770,319						(10,635)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			176,469						(7,348)						—						—						176,469						(7,348)
Corporate debt securities and other debt securities			9,498						(6)						—						—						9,498						(6)
Total			$	6,001,368					$	(109,940)					$	—					$	—					$	6,001,368					$	(109,940)
			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)

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

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 March 31, 2021
(in thousands)			Within One  Year						1 to 5 Years						5 to 10  Years						More Than  10 Years						Total
Amortized Cost
U.S. Treasury securities			$	20,261					$	—					$	49,824					$	—					$	70,085
U.S. Government agency securities			430						1,594						77,124						—						79,148
Mortgage-backed securities issued by U.S. Government agencies			—						1,232						162						963,315						964,709
Mortgage-backed securities issued by U.S. Government sponsored enterprises			76						87						77,685						6,022,673						6,100,521
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						—						206						1,154,974						1,155,180
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			4,126						109,488						227,357						99,585						440,556
Corporate debt securities and other debt securities			—						9,504						8,731						—						18,235
Total amortized cost			$	24,893					$	121,905					$	441,089					$	8,240,547					$	8,828,434
Fair Value
U.S. Treasury securities			$	20,261					$	—					$	46,195					$	—					$	66,456
U.S. Government agency securities			438						1,623						79,113						—						81,174
Mortgage-backed securities issued by U.S. Government agencies			—						1,281						169						953,732						955,182
Mortgage-backed securities issued by U.S. Government sponsored enterprises			77						88						80,469						6,021,141						6,101,775
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						—						215						1,157,008						1,157,223
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			4,126						113,783						224,116						103,189						445,214
Corporate debt securities and other debt securities			—						9,498						9,235						—						18,733
Total fair value			$	24,902					$	126,273					$	439,512					$	8,235,070					$	8,825,757

Schedule of Sales Activities of Available-for-Sale Securities

Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three months ended March 31, 2021 and 2020 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.

			Three Months Ended March 31,
(in thousands)			2021						2020
Proceeds from sales of investment securities available for sale			$	223,977					$	413,180
Gross realized gains on sales			—						8,734
Gross realized losses on sales			(1,990)						—
Investment securities gains (losses), net			$	(1,990)					$	8,734

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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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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