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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

	June 30, 2021
	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	$	2,218,714			$	34,675			$	(10,886	)		$	2,242,503				76.48	%
CMO/REMIC		660,322				3,575				(5,348	)			658,549				22.46	%
Municipal bonds		28,700				1,259				-				29,959				1.02	%
Other securities		1,010				-				-				1,010				0.04	%
Total available-for-sale securities	$	2,908,746			$	39,509			$	(16,234	)		$	2,932,021				100.00	%
Investment securities held-to-maturity:
Government agency/GSE	$	592,611			$	10,233			$	(4,115	)		$	598,729				57.15	%
Mortgage-backed securities		124,894				5,809				(165	)			130,538				12.05	%
CMO/REMIC		106,699				2,298				-				108,997				10.29	%
Municipal bonds		212,720				5,454				(915	)			217,259				20.51	%
Total held-to-maturity securities	$	1,036,924			$	23,794			$	(5,195	)		$	1,055,523				100.00	%

	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	%

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								Six Months Ended
	June 30,								June 30,
	2021				2020				2021				2020
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	9,226			$	8,244			$	18,194			$	18,069
Tax-advantaged		184				205				375				429
Total interest income from available-for-sale securities		9,410				8,449				18,569				18,498
Investment securities held-to-maturity:
Taxable		4,007				2,447				6,818				5,145
Tax-advantaged		1,123				1,213				2,252				2,513
Total interest income from held-to-maturity securities		5,130				3,660				9,070				7,658
Total interest income from investment securities	$	14,540			$	12,109			$	27,639			$	26,156

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 June 30, 2021 and December 31, 2020.

	June 30, 2021
	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	$	1,134,903			$	(10,886	)		$	-			$	-			$	1,134,903			$	(10,886	)
CMO/REMIC		486,494				(5,348	)			-				-				486,494				(5,348	)
Municipal bonds		-				-				-				-				-				-
Total available-for-sale securities	$	1,621,397			$	(16,234	)		$	-			$	-			$	1,621,397			$	(16,234	)

	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	)

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.

	June 30, 2021
	Available-for-sale								Held-to-maturity
	Amortized Cost				Fair Value				Amortized Cost				Fair Value
					(Dollars in thousands)
Due in one year or less	$	39,963			$	40,364			$	1,360			$	1,365
Due after one year through five years		1,718,199				1,744,873				235,798				243,918
Due after five years through ten years		1,045,295				1,042,337				152,170				154,121
Due after ten years		105,289				104,447				647,596				656,119
Total investment securities	$	2,908,746			$	2,932,021			$	1,036,924			$	1,055,523

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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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