XML 49 R31.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investment Securities Available for Sale (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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, 2023 and 2022 are summarized below.
|  | December 31, 2023
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities |  | $ | 588,082 |  |  | $ | 9,547 |  |  | $ | — |  |  | $ | 597,629 |
U.S. Government agency securities |  | 29,993 |  |  | — |  |  | (1,053) |  |  | 28,940 |
Mortgage-backed securities issued by U.S. Government agencies |  | 1,021,612 |  |  | 2,037 |  |  | (97,985) |  |  | 925,664 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises |  | 7,523,399 |  |  | 1,192 |  |  | (1,094,212) |  |  | 6,430,379 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises |  | 692,487 |  |  | — |  |  | (104,892) |  |  | 587,595 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises |  | 1,226,672 |  |  | 18,764 |  |  | (35,653) |  |  | 1,209,783 |
Corporate debt securities and other debt securities |  | 9,009 |  |  | — |  |  | (337) |  |  | 8,672 |
Total investment securities available for sale(1) |  | $ | 11,091,254 |  |  | $ | 31,540 |  |  | $ | (1,334,132) |  |  | $ | 9,788,662 |
|  | 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(1) |  | $ | 11,273,327 |  |  | $ | 2,560 |  |  | $ | (1,597,784) |  |  | $ | 9,678,103 |
(1) The amounts reported exclude accrued interest receivable on investment securities available for sale of $26.6 million and $22.7 million at December 31, 2023 and 2022, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.
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, 2023 and 2022 are presented below.
|  | December 31, 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. Government agency securities |  | $ | — |  |  | $ | — |  |  | $ | 28,940 |  |  | $ | (1,053) |  |  | $ | 28,940 |  |  | $ | (1,053) |
Mortgage-backed securities issued by U.S. Government agencies |  | 159,402 |  |  | (1,268) |  |  | 565,358 |  |  | (96,717) |  |  | 724,760 |  |  | (97,985) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises |  | 215,917 |  |  | (1,193) |  |  | 6,045,914 |  |  | (1,093,019) |  |  | 6,261,831 |  |  | (1,094,212) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises |  | — |  |  | — |  |  | 587,595 |  |  | (104,892) |  |  | 587,595 |  |  | (104,892) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises |  | 34,406 |  |  | (205) |  |  | 276,675 |  |  | (35,448) |  |  | 311,081 |  |  | (35,653) |
Corporate debt securities and other debt securities |  | — |  |  | — |  |  | 8,672 |  |  | (337) |  |  | 8,672 |  |  | (337) |
Total |  | $ | 409,725 |  |  | $ | (2,666) |  |  | $ | 7,513,154 |  |  | $ | (1,331,466) |  |  | $ | 7,922,879 |  |  | $ | (1,334,132) |
|  | 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 | The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2023 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, 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 |  | $ | 25,688 |  |  | $ | 141,378 |  |  | $ | 421,016 |  |  | $ | — |  |  | $ | 588,082 |
U.S. Government agency securities |  | — |  |  | 29,993 |  |  | — |  |  | — |  |  | 29,993 |
Mortgage-backed securities issued by U.S. Government agencies |  | — |  |  | 65 |  |  | 3 |  |  | 1,021,544 |  |  | 1,021,612 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises |  | — |  |  | — |  |  | 11,063 |  |  | 7,512,336 |  |  | 7,523,399 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises |  | — |  |  | 50 |  |  | 10,508 |  |  | 681,929 |  |  | 692,487 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises |  | 66,599 |  |  | 545,350 |  |  | 597,302 |  |  | 17,421 |  |  | 1,226,672 |
Corporate debt securities and other debt securities |  | — |  |  | 9,009 |  |  | — |  |  | — |  |  | 9,009 |
Total amortized cost |  | $ | 92,287 |  |  | $ | 725,845 |  |  | $ | 1,039,892 |  |  | $ | 9,233,230 |  |  | $ | 11,091,254 |
Fair Value |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 25,688 |  |  | $ | 143,641 |  |  | $ | 428,300 |  |  | $ | — |  |  | $ | 597,629 |
U.S. Government agency securities |  | — |  |  | 28,940 |  |  | — |  |  | — |  |  | 28,940 |
Mortgage-backed securities issued by U.S. Government agencies |  | — |  |  | 63 |  |  | 3 |  |  | 925,598 |  |  | 925,664 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises |  | — |  |  | — |  |  | 10,341 |  |  | 6,420,038 |  |  | 6,430,379 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises |  | — |  |  | 49 |  |  | 10,220 |  |  | 577,326 |  |  | 587,595 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises |  | 67,822 |  |  | 544,620 |  |  | 582,238 |  |  | 15,103 |  |  | 1,209,783 |
Corporate debt securities and other debt securities |  | — |  |  | 8,672 |  |  | — |  |  | — |  |  | 8,672 |
Total fair value |  | $ | 93,510 |  |  | $ | 725,985 |  |  | $ | 1,031,102 |  |  | $ | 7,938,065 |  |  | $ | 9,788,662 |
Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio | Gross gains and gross losses on sales of securities available for sale for the years ended December 31, 2023, 2022, and 2021 are presented below.
(in thousands) |  | 2023 |  | 2022 |  | 2021
Gross realized gains on sales |  | $ | 5,141 |  |  | $ | — |  |  | $ | 1,191 |
Gross realized losses on sales |  | (81,859) |  |  | — |  |  | (1,990) |
Investment securities gains (losses), net |  | $ | (76,718) |  |  | $ | — |  |  | $ | (799) |

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 -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration