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Investment Securities Available for Sale (Tables)

12 Months Ended

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

						December 31, 2021
(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities						$	120,465					$	—					$	(2,627)					$	117,838
U.S. Government agency securities						53,214						1,374						(387)						54,201
Mortgage-backed securities issued by U.S. Government agencies						790,329						768						(11,464)						779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises						8,063,890						50,491						(102,080)						8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						951,691						4,658						(16,726)						939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						479,420						8,644						(6,320)						481,744
Asset-backed securities						514,188						—						—						514,188
Corporate debt securities and other debt securities						18,309						492						—						18,801
Total investment securities available for sale						$	10,991,506					$	66,427					$	(139,604)					$	10,918,329
						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 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, 2021 and December 31, 2020 are presented below.

						December 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						$	49,648					$	(379)					$	47,590					$	(2,248)					$	97,238					$	(2,627)
U.S. Government agency securities						21,760						(387)						—						—						21,760						(387)
Mortgage-backed securities issued by U.S. Government agencies						461,078						(5,858)						244,264						(5,606)						705,342						(11,464)
Mortgage-backed securities issued by U.S. Government sponsored enterprises						5,729,476						(82,671)						643,758						(19,409)						6,373,234						(102,080)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						187,431						(3,981)						504,238						(12,745)						691,669						(16,726)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						146,672						(2,951)						83,533						(3,369)						230,205						(6,320)
Total						$	6,596,065					$	(96,227)					$	1,523,383					$	(43,377)					$	8,119,448					$	(139,604)
						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

The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2021 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, 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						$	20,600					$	—					$	99,865					$	—					$	120,465
U.S. Government agency securities						756						321						52,137						—						53,214
Mortgage-backed securities issued by U.S. Government agencies						—						842						131						789,356						790,329
Mortgage-backed securities issued by U.S. Government sponsored enterprises						28						—						80,539						7,983,323						8,063,890
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						—						—						146						951,545						951,691
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						—						181,144						211,328						86,948						479,420
Asset-backed securities						514,188						—						—						—						514,188
Corporate debt securities and other debt securities						9,502						—						8,807						—						18,309
Total amortized cost						$	545,074					$	182,307					$	452,953					$	9,811,172					$	10,991,506
Fair Value
U.S. Treasury securities						$	20,600					$	—					$	97,238					$	—					$	117,838
U.S. Government agency securities						760						322						53,119						—						54,201
Mortgage-backed securities issued by U.S. Government agencies						—						870						136						778,627						779,633
Mortgage-backed securities issued by U.S. Government sponsored enterprises						28						—						83,271						7,929,002						8,012,301
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						—						—						150						939,473						939,623
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						—						182,821						209,311						89,612						481,744
Asset-backed securities						514,188						—						—						—						514,188
Corporate debt securities and other debt securities						9,730						—						9,071						—						18,801
Total fair value						$	545,306					$	184,013					$	452,296					$	9,736,714					$	10,918,329

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)						2021						2020						2019
Gross realized gains on sales						$	1,191					$	85,375					$	10,370
Gross realized losses on sales						(1,990)						(6,444)						(18,029)
Investment securities gains (losses), net						$	(799)					$	78,931					$	(7,659)

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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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-Publisher FASB
-Name Accounting Standards Codification
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