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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes.

		December 31, 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		$	1,857,030			$	48,006			$	(101	)		$	1,904,935				79.41	%
CMO/REMIC			457,548				5,515				(249	)			462,814				19.29	%
Municipal bonds			28,707				1,578				-				30,285				1.26	%
Other securities			889				-				-				889				0.04	%
Total available-for-sale securities		$	2,344,174			$	55,099			$	(350	)		$	2,398,923				100.00	%
Investment securities held-to-maturity:
Government agency/GSE		$	98,663			$	5,877			$	-			$	104,540				17.05	%
Mortgage-backed securities			146,382				7,644				(32	)			153,994				25.30	%
CMO/REMIC			145,309				5,202				-				150,511				25.11	%
Municipal bonds			188,272				6,980				(74	)			195,178				32.54	%
Total held-to-maturity securities		$	578,626			$	25,703			$	(106	)		$	604,223				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.

		Year Ended December 31,
		2020				2019				2018
		(Dollars in thousands)
Investment securities available-for-sale:
Taxable		$	35,129			$	38,189			$	44,423
Tax-advantaged			923				1,141				1,565
Total interest income from available-for-sale securities			36,052				39,330				45,988
Investment securities held-to-maturity:
Taxable			9,542				11,498				11,848
Tax-advantaged			4,681				5,890				7,053
Total interest income from held-to-maturity securities			14,223				17,388				18,901
Total interest income from investment securities		$	50,275			$	56,718			$	64,889

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 December 31, 2020.

		December 31, 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		$	72,219			$	(101	)		$	-			$	-			$	72,219			$	(101	)
CMO/REMIC			96,974				(249	)			-				-				96,974				(249	)
Municipal bonds			-				-				-				-				-				-
Total available-for-sale securities		$	169,193			$	(350	)		$	-			$	-			$	169,193			$	(350	)

		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.

		December 31, 2020
		Available-for-sale								Held-to-maturity
		Amortized     Cost				Fair Value				Amortized     Cost				Fair Value
		(Dollars in thousands)
Due in one year or less		$	10,473			$	10,499			$	2,724			$	2,751
Due after one year through five years			2,204,046				2,255,300				305,248				317,994
Due after five years through ten years			92,729				94,795				75,561				79,295
Due after ten years			36,926				38,329				195,093				204,183
Total investment securities		$	2,344,174			$	2,398,923			$	578,626			$	604,223

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Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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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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