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Investment Securities Available for Sale (Tables)

9 Months Ended

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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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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