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v3.23.2

Investment Securities Available for Sale (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments [Abstract] |
Schedule 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, 2023 and December 31, 2022 are summarized below.
| June 30, 2023
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 517,626 |  |  | $ | — |  |  | $ | (43,736) |  |  | $ | 473,890 |
U.S. Government agency securities | 52,397 |  |  | — |  |  | (3,794) |  |  | 48,603 |
Mortgage-backed securities issued by U.S. Government agencies | 928,031 |  |  | — |  |  | (110,681) |  |  | 817,350 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 7,979,131 |  |  | 508 |  |  | (1,202,246) |  |  | 6,777,393 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 732,938 |  |  | — |  |  | (116,987) |  |  | 615,951 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 954,792 |  |  | — |  |  | (75,442) |  |  | 879,350 |
Corporate debt securities and other debt securities | 8,958 |  |  | — |  |  | (320) |  |  | 8,638 |
Total investment securities available for sale | $ | 11,173,873 |  |  | $ | 508 |  |  | $ | (1,553,206) |  |  | $ | 9,621,175 |
| December 31, 2022
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 515,953 |  |  | $ | — |  |  | $ | (44,140) |  |  | $ | 471,813 |
U.S. Government agency securities | 52,411 |  |  | — |  |  | (3,613) |  |  | 48,798 |
Mortgage-backed securities issued by U.S. Government agencies | 904,593 |  |  | 1,624 |  |  | (113,468) |  |  | 792,749 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,144,374 |  |  | 936 |  |  | (1,250,240) |  |  | 6,895,070 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 769,498 |  |  | — |  |  | (114,371) |  |  | 655,127 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 877,590 |  |  | — |  |  | (71,645) |  |  | 805,945 |
Corporate debt securities and other debt securities | 8,908 |  |  | — |  |  | (307) |  |  | 8,601 |
Total investment securities available for sale | $ | 11,273,327 |  |  | $ | 2,560 |  |  | $ | (1,597,784) |  |  | $ | 9,678,103 |
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, 2023 and December 31, 2022 are presented below.
| June 30, 2023
| 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 | $ | 92,580 |  |  | $ | (4,858) |  |  | $ | 356,275 |  |  | $ | (38,878) |  |  | $ | 448,855 |  |  | $ | (43,736) |
U.S. Government agency securities | 258 |  |  | — |  |  | 48,346 |  |  | (3,794) |  |  | 48,604 |  |  | (3,794) |
Mortgage-backed securities issued by U.S. Government agencies | 301,213 |  |  | (5,938) |  |  | 516,137 |  |  | (104,743) |  |  | 817,350 |  |  | (110,681) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 893,627 |  |  | (45,280) |  |  | 5,832,438 |  |  | (1,156,966) |  |  | 6,726,065 |  |  | (1,202,246) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 11,090 |  |  | (489) |  |  | 604,860 |  |  | (116,498) |  |  | 615,950 |  |  | (116,987) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 394,493 |  |  | (18,190) |  |  | 484,857 |  |  | (57,252) |  |  | 879,350 |  |  | (75,442) |
Corporate debt securities and other debt securities | — |  |  | — |  |  | 8,638 |  |  | (320) |  |  | 8,638 |  |  | (320) |
Total | $ | 1,693,261 |  |  | $ | (74,755) |  |  | $ | 7,851,551 |  |  | $ | (1,478,451) |  |  | $ | 9,544,812 |  |  | $ | (1,553,206) |
| December 31, 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 | $ | 139,737 |  |  | $ | (6,789) |  |  | $ | 307,582 |  |  | $ | (37,351) |  |  | $ | 447,319 |  |  | $ | (44,140) |
U.S. Government agency securities | 28,938 |  |  | (1,053) |  |  | 19,603 |  |  | (2,560) |  |  | 48,541 |  |  | (3,613) |
Mortgage-backed securities issued by U.S. Government agencies | 187,655 |  |  | (5,952) |  |  | 521,395 |  |  | (107,516) |  |  | 709,050 |  |  | (113,468) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 1,473,348 |  |  | (120,135) |  |  | 5,365,233 |  |  | (1,130,105) |  |  | 6,838,581 |  |  | (1,250,240) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 119,649 |  |  | (10,311) |  |  | 535,478 |  |  | (104,060) |  |  | 655,127 |  |  | (114,371) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 565,382 |  |  | (29,383) |  |  | 240,564 |  |  | (42,262) |  |  | 805,946 |  |  | (71,645) |
Corporate debt securities and other debt securities | 8,601 |  |  | (307) |  |  | — |  |  | — |  |  | 8,601 |  |  | (307) |
Total | $ | 2,523,310 |  |  | $ | (173,930) |  |  | $ | 6,989,855 |  |  | $ | (1,423,854) |  |  | $ | 9,513,165 |  |  | $ | (1,597,784) |
Schedule of 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, 2023
(in thousands) | Within One Year |  | 1 to 5 Years |  | 5 to 10 Years |  | More Than 10 Years |  | Total
Amortized Cost |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 24,834 |  |  | $ | 442,928 |  |  | $ | 49,864 |  |  | $ | — |  |  | $ | 517,626 |
U.S. Government agency securities | 258 |  |  | 52,139 |  |  | — |  |  | — |  |  | 52,397 |
Mortgage-backed securities issued by U.S. Government agencies | 48 |  |  | 324 |  |  | 4 |  |  | 927,655 |  |  | 928,031 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 19,900 |  |  | 82,822 |  |  | 7,876,409 |  |  | 7,979,131 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 69 |  |  | 11,416 |  |  | 721,453 |  |  | 732,938 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 681,844 |  |  | 208,954 |  |  | 63,994 |  |  | 954,792 |
Corporate debt securities and other debt securities | — |  |  | 8,958 |  |  | — |  |  | — |  |  | 8,958 |
Total amortized cost | $ | 25,140 |  |  | $ | 1,206,162 |  |  | $ | 353,060 |  |  | $ | 9,589,511 |  |  | $ | 11,173,873 |
Fair Value |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 24,834 |  |  | $ | 408,618 |  |  | $ | 40,438 |  |  | $ | — |  |  | $ | 473,890 |
U.S. Government agency securities | 258 |  |  | 48,345 |  |  | — |  |  | — |  |  | 48,603 |
Mortgage-backed securities issued by U.S. Government agencies | 47 |  |  | 311 |  |  | 4 |  |  | 816,988 |  |  | 817,350 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 18,789 |  |  | 76,538 |  |  | 6,682,066 |  |  | 6,777,393 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 66 |  |  | 10,936 |  |  | 604,949 |  |  | 615,951 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 643,973 |  |  | 176,619 |  |  | 58,758 |  |  | 879,350 |
Corporate debt securities and other debt securities | — |  |  | 8,638 |  |  | — |  |  | — |  |  | 8,638 |
Total fair value | $ | 25,139 |  |  | $ | 1,128,740 |  |  | $ | 304,535 |  |  | $ | 8,162,761 |  |  | $ | 9,621,175 |
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, 2023 and 2022 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) | 2023 |  | 2022 |  | 2023 |  | 2022
Gross realized gains on sales | $ | — |  |  | $ | — |  |  | $ | 1,030 |  |  | $ | — |
Gross realized losses on sales | — |  |  | — |  |  | — |  |  | — |
Investment securities gains (losses), net | $ | — |  |  | $ | — |  |  | $ | 1,030 |  |  | $ | — |

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