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Investment Securities Available for Sale (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2021 and December 31, 2020 are summarized below.
| September 30, 2021
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 120,212 |  |  | $ | 116 |  |  | $ | (2,435) |  |  | $ | 117,893 |
U.S. Government agency securities | 53,213 |  |  | 1,776 |  |  | — |  |  | 54,989 |
Mortgage-backed securities issued by U.S. Government agencies | 879,188 |  |  | 1,441 |  |  | (8,412) |  |  | 872,217 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 7,280,571 |  |  | 65,605 |  |  | (75,243) |  |  | 7,270,933 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 1,060,803 |  |  | 7,736 |  |  | (11,051) |  |  | 1,057,488 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 431,569 |  |  | 11,358 |  |  | (4,404) |  |  | 438,523 |
Asset-backed securities | 650,000 |  |  | — |  |  | — |  |  | 650,000 |
Corporate debt securities and other debt securities | 18,284 |  |  | 744 |  |  | — |  |  | 19,028 |
Total investment securities available for sale | $ | 10,493,840 |  |  | $ | 88,776 |  |  | $ | (101,545) |  |  | $ | 10,481,071 |
| 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 September 30, 2021 and December 31, 2020 are presented below.
| September 30, 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 | $ | 47,398 |  |  | $ | (2,435) |  |  | $ | — |  |  | $ | — |  |  | $ | 47,398 |  |  | $ | (2,435) |
Mortgage-backed securities issued by U.S. Government agencies | 627,822 |  |  | (6,566) |  |  | 162,587 |  |  | (1,846) |  |  | 790,409 |  |  | (8,412) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,364,111 |  |  | (75,243) |  |  | — |  |  | — |  |  | 5,364,111 |  |  | (75,243) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 199,534 |  |  | (1,572) |  |  | 573,494 |  |  | (9,479) |  |  | 773,028 |  |  | (11,051) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 161,573 |  |  | (4,404) |  |  | — |  |  | — |  |  | 161,573 |  |  | (4,404) |
Total | $ | 6,400,438 |  |  | $ | (90,220) |  |  | $ | 736,081 |  |  | $ | (11,325) |  |  | $ | 7,136,519 |  |  | $ | (101,545) |
| 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 September 30, 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 | $ | 20,350 |  |  | $ | — |  |  | $ | 99,862 |  |  | $ | — |  |  | $ | 120,212 |
U.S. Government agency securities | 756 |  |  | 321 |  |  | 52,136 |  |  | — |  |  | 53,213 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 952 |  |  | 140 |  |  | 878,096 |  |  | 879,188 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 59 |  |  | — |  |  | 71,559 |  |  | 7,208,953 |  |  | 7,280,571 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 165 |  |  | 1,060,638 |  |  | 1,060,803 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 109,227 |  |  | 231,245 |  |  | 91,097 |  |  | 431,569 |
Asset-backed securities | 650,000 |  |  | — |  |  | — |  |  | — |  |  | 650,000 |
Corporate debt securities and other debt securities | — |  |  | 9,502 |  |  | 8,782 |  |  | — |  |  | 18,284 |
Total amortized cost | $ | 671,165 |  |  | $ | 120,002 |  |  | $ | 463,889 |  |  | $ | 9,238,784 |  |  | $ | 10,493,840 |
Fair Value |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 20,350 |  |  | $ | — |  |  | $ | 97,543 |  |  | $ | — |  |  | $ | 117,893 |
U.S. Government agency securities | 769 |  |  | 326 |  |  | 53,894 |  |  | — |  |  | 54,989 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 989 |  |  | 146 |  |  | 871,082 |  |  | 872,217 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 60 |  |  | — |  |  | 74,540 |  |  | 7,196,333 |  |  | 7,270,933 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 172 |  |  | 1,057,316 |  |  | 1,057,488 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 112,628 |  |  | 230,898 |  |  | 94,997 |  |  | 438,523 |
Asset-backed securities | 650,000 |  |  | — |  |  | — |  |  | — |  |  | 650,000 |
Corporate debt securities and other debt securities | — |  |  | 9,815 |  |  | 9,213 |  |  | — |  |  | 19,028 |
Total fair value | $ | 671,179 |  |  | $ | 123,758 |  |  | $ | 466,406 |  |  | $ | 9,219,728 |  |  | $ | 10,481,071 |
Schedule of Sales Activities of Available-for-Sale Securities | Gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Gross realized gains on sales | $ | 962 |  |  | $ | — |  |  | $ | 962 |  |  | $ | 83,840 |
Gross realized losses on sales | — |  |  | (1,550) |  |  | (1,990) |  |  | (7,246) |
Investment securities gains (losses), net | $ | 962 |  |  | $ | (1,550) |  |  | $ | (1,028) |  |  | $ | 76,594 |

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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=123581744&loc=d3e27290-111563 + Details
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