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Investment Securities Available for Sale (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 are summarized below.

			June 30, 2022
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities			$	414,744					$	—					$	(28,160)					$	386,584
U.S. Government agency securities			52,866						2						(1,973)						50,895
Mortgage-backed securities issued by U.S. Government agencies			713,490						6						(81,525)						631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises			8,144,078						557						(901,994)						7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			826,579						—						(73,493)						753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			642,436						121						(37,438)						605,119
Asset-backed securities			201,366						—						—						201,366
Corporate debt securities and other debt securities			18,358						—						(170)						18,188
Total investment securities available for sale			$	11,013,917					$	686					$	(1,124,753)					$	9,889,850
			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

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 June 30, 2022 and December 31, 2021 are presented below.

			June 30, 2022
			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			$	322,983					$	(20,632)					$	42,319					$	(7,528)					$	365,302					$	(28,160)
U.S. Government agency securities			50,180						(1,973)						—						—						50,180						(1,973)
Mortgage-backed securities issued by U.S. Government agencies			305,938						(36,743)						324,431						(44,782)						630,369						(81,525)
Mortgage-backed securities issued by U.S. Government sponsored enterprises			5,273,030						(605,258)						1,893,054						(296,736)						7,166,084						(901,994)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			348,932						(26,567)						404,154						(46,926)						753,086						(73,493)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			418,331						(14,730)						138,644						(22,708)						556,975						(37,438)
Corporate debt securities and other debt securities			18,188						(170)						—						—						18,188						(170)
Total			$	6,737,582					$	(706,073)					$	2,802,602					$	(418,680)					$	9,540,184					$	(1,124,753)
			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)

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 June 30, 2022
(in thousands)			Within One  Year						1 to 5 Years						5 to 10  Years						More Than  10 Years						Total
Amortized Cost
U.S. Treasury securities			$	21,282					$	343,616					$	49,846					$	—					$	414,744
U.S. Government agency securities			456						22,420						29,990						—						52,866
Mortgage-backed securities issued by U.S. Government agencies			—						727						5						712,758						713,490
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						—						127,499						8,016,579						8,144,078
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						114						—						826,465						826,579
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			—						338,951						234,679						68,806						642,436
Asset-backed securities			201,366						—						—						—						201,366
Corporate debt securities and other debt securities			9,501						—						8,857						—						18,358
Total amortized cost			$	232,605					$	705,828					$	450,876					$	9,624,608					$	11,013,917
Fair Value
U.S. Treasury securities			$	21,282					$	322,983					$	42,319					$	—					$	386,584
U.S. Government agency securities			457						20,581						29,857						—						50,895
Mortgage-backed securities issued by U.S. Government agencies			—						727						5						631,239						631,971
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						—						124,738						7,117,903						7,242,641
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						114						—						752,972						753,086
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			—						328,630						209,726						66,763						605,119
Asset-backed securities			201,366						—						—						—						201,366
Corporate debt securities and other debt securities			9,446						—						8,742						—						18,188
Total fair value			$	232,551					$	673,035					$	415,387					$	8,568,877					$	9,889,850

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 six months ended June 30, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2022						2021						2022						2021
Gross realized gains on sales			$	—					$	—					$	—					$	—
Gross realized losses on sales			—						—						—						(1,990)
Investment securities gains (losses), net			$	—					$	—					$	—					$	(1,990)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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