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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities |
|  | September 30, 2020
|  | Amortized Cost |  | Gross Unrealized Holding Gain |  | Gross Unrealized Holding Loss |  | Fair Value |  | Total Percent
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 1,710,160 |  |  | $ | 46,713 |  |  | $ | (2) |  |  | $ | 1,756,871 |  |  |  | 79.65% |
CMO/REMIC |  |  | 404,380 |  |  |  | 7,326 |  |  |  | (212) |  |  |  | 411,494 |  |  |  | 18.66% |
Municipal bonds |  |  | 35,011 |  |  |  | 1,457 |  |  |  | - |  |  |  | 36,468 |  |  |  | 1.65% |
Other securities |  |  | 813 |  |  |  | - |  |  |  | - |  |  |  | 813 |  |  |  | 0.04% |
Total available-for-sale securities |  | $ | 2,150,364 |  |  | $ | 55,496 |  |  | $ | (214) |  |  | $ | 2,205,646 |  |  |  | 100.00% |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 103,317 |  |  | $ | 6,627 |  |  | $ | - |  |  | $ | 109,944 |  |  |  | 17.88% |
Mortgage-backed securities |  |  | 152,285 |  |  |  | 7,837 |  |  |  | - |  |  |  | 160,122 |  |  |  | 26.36% |
CMO/REMIC |  |  | 159,676 |  |  |  | 5,315 |  |  |  | - |  |  |  | 164,991 |  |  |  | 27.64% |
Municipal bonds |  |  | 162,416 |  |  |  | 6,387 |  |  |  | (338) |  |  |  | 168,465 |  |  |  | 28.12% |
Total held-to-maturity securities |  | $ | 577,694 |  |  | $ | 26,166 |  |  | $ | (338) |  |  | $ | 603,522 |  |  |  | 100.00% |
|  | December 31, 2019
|  | Amortized Cost |  | Gross Unrealized Holding Gain |  | Gross Unrealized Holding Loss |  | Fair Value |  | Total Percent
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 1,185,757 |  |  | $ | 21,306 |  |  | $ | (750) |  |  | $ | 1,206,313 |  |  |  | 69.32% |
CMO/REMIC |  |  | 493,214 |  |  |  | 1,392 |  |  |  | (896) |  |  |  | 493,710 |  |  |  | 28.37% |
Municipal bonds |  |  | 38,506 |  |  |  | 850 |  |  |  | (2) |  |  |  | 39,354 |  |  |  | 2.26% |
Other securities |  |  | 880 |  |  |  | - |  |  |  | - |  |  |  | 880 |  |  |  | 0.05% |
Total available-for-sale securities |  | $ | 1,718,357 |  |  | $ | 23,548 |  |  | $ | (1,648) |  |  | $ | 1,740,257 |  |  |  | 100.00% |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 117,366 |  |  | $ | 2,280 |  |  | $ | (657) |  |  | $ | 118,989 |  |  |  | 17.40% |
Mortgage-backed securities |  |  | 168,479 |  |  |  | 2,083 |  |  |  | (54) |  |  |  | 170,508 |  |  |  | 24.98% |
CMO/REMIC |  |  | 192,548 |  |  |  | - |  |  |  | (2,458) |  |  |  | 190,090 |  |  |  | 28.55% |
Municipal bonds |  |  | 196,059 |  |  |  | 3,867 |  |  |  | (565) |  |  |  | 199,361 |  |  |  | 29.07% |
Total held-to-maturity securities |  | $ | 674,452 |  |  | $ | 8,230 |  |  | $ | (3,734) |  |  | $ | 678,948 |  |  |  | 100.00% |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | $ | 8,244 |  |  | $ | 8,949 |  |  | $ | 26,313 |  |  | $ | 29,079 |
Tax-advantaged |  |  | 203 |  |  |  | 273 |  |  |  | 632 |  |  |  | 906 |
Total interest income from available-for-sale securities |  |  | 8,447 |  |  |  | 9,222 |  |  |  | 26,945 |  |  |  | 29,985 |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 2,265 |  |  |  | 2,883 |  |  |  | 7,410 |  |  |  | 8,725 |
Tax-advantaged |  |  | 1,110 |  |  |  | 1,415 |  |  |  | 3,623 |  |  |  | 4,524 |
Total interest income from held-to-maturity securities |  |  | 3,375 |  |  |  | 4,298 |  |  |  | 11,033 |  |  |  | 13,249 |
Total interest income from investment securities |  | $ | 11,822 |  |  | $ | 13,520 |  |  | $ | 37,978 |  |  | $ | 43,234 |
Summary of Continuous Unrealized Loss Position of Securities | The following table presents the Company’s available-for-sale investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2020.
|  | September 30, 2020
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 30,851 |  |  | $ | (2) |  |  | $ | - |  |  | $ | - |  |  | $ | 30,851 |  |  | $ | (2) |
CMO/REMIC |  |  | 71,781 |  |  |  | (212) |  |  |  | - |  |  |  | - |  |  |  | 71,781 |  |  |  | (212) |
Municipal bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total available-for-sale securities |  | $ | 102,632 |  |  | $ | (214) |  |  | $ | - |  |  | $ | - |  |  | $ | 102,632 |  |  | $ | (214) |
|  | December 31, 2019
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 20,289 |  |  | $ | (6) |  |  | $ | 97,964 |  |  | $ | (744) |  |  | $ | 118,253 |  |  | $ | (750) |
CMO/REMIC |  |  | 177,517 |  |  |  | (705) |  |  |  | 34,565 |  |  |  | (191) |  |  |  | 212,082 |  |  |  | (896) |
Municipal bonds |  |  | - |  |  |  | - |  |  |  | 563 |  |  |  | (2) |  |  |  | 563 |  |  |  | (2) |
Total available-for-sale securities |  | $ | 197,806 |  |  | $ | (711) |  |  | $ | 133,092 |  |  | $ | (937) |  |  | $ | 330,898 |  |  | $ | (1,648) |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 28,359 |  |  | $ | (252) |  |  | $ | 19,405 |  |  | $ | (405) |  |  | $ | 47,764 |  |  | $ | (657) |
Mortgage-backed securities |  |  | 10,411 |  |  |  | (54) |  |  |  | - |  |  |  | - |  |  |  | 10,411 |  |  |  | (54) |
CMO/REMIC |  |  | 23,897 |  |  |  | (104) |  |  |  | 166,193 |  |  |  | (2,354) |  |  |  | 190,090 |  |  |  | (2,458) |
Municipal bonds |  |  | 7,583 |  |  |  | (32) |  |  |  | 29,981 |  |  |  | (533) |  |  |  | 37,564 |  |  |  | (565) |
Total held-to-maturity securities |  | $ | 70,250 |  |  | $ | (442) |  |  | $ | 215,579 |  |  | $ | (3,292) |  |  | $ | 285,829 |  |  | $ | (3,734) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives, which incorporate estimated prepayment speeds.
|  | September 30, 2020
|  | Available-for-sale |  | Held-to-maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
|  | (Dollars in thousands)
Due in one year or less |  | $ | 27,816 |  |  | $ | 27,968 |  |  | $ | 2,730 |  |  | $ | 2,764 |
Due after one year through five years |  |  | 1,960,912 |  |  |  | 2,012,028 |  |  |  | 327,785 |  |  |  | 341,060 |
Due after five years through ten years |  |  | 119,315 |  |  |  | 121,652 |  |  |  | 81,246 |  |  |  | 84,329 |
Due after ten years |  |  | 42,321 |  |  |  | 43,998 |  |  |  | 165,933 |  |  |  | 175,369 |
Total investment securities |  | $ | 2,150,364 |  |  | $ | 2,205,646 |  |  | $ | 577,694 |  |  | $ | 603,522 |

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