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v3.22.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities |
| March 31, 2022 |
| 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 | $ | 3,243,037 |  |  | $ | 3,973 |  |  | $ | (166,018 | ) |  | $ | 3,080,992 |  |  |  | 84.47 | %
CMO/REMIC |  | 578,213 |  |  |  | 65 |  |  |  | (41,281 | ) |  |  | 536,997 |  |  |  | 14.72 | %
Municipal bonds |  | 28,364 |  |  |  | 218 |  |  |  | (351 | ) |  |  | 28,231 |  |  |  | 0.77 | %
Other securities |  | 1,110 |  |  |  | - |  |  |  | - |  |  |  | 1,110 |  |  |  | 0.04 | %
Total available-for-sale securities | $ | 3,850,724 |  |  | $ | 4,256 |  |  | $ | (207,650 | ) |  | $ | 3,647,330 |  |  |  | 100.00 | %
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | 570,332 |  |  | $ | 722 |  |  | $ | (52,738 | ) |  | $ | 518,316 |  |  |  | 24.14 | %
Mortgage-backed securities |  | 632,012 |  |  |  | 227 |  |  |  | (43,928 | ) |  |  | 588,311 |  |  |  | 26.75 | %
CMO/REMIC |  | 818,279 |  |  |  | - |  |  |  | (44,778 | ) |  |  | 773,501 |  |  |  | 34.63 | %
Municipal bonds |  | 342,118 |  |  |  | 758 |  |  |  | (19,860 | ) |  |  | 323,016 |  |  |  | 14.48 | %
Total held-to-maturity securities | $ | 2,362,741 |  |  | $ | 1,707 |  |  | $ | (161,304 | ) |  | $ | 2,203,144 |  |  |  | 100.00 | %
| December 31, 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 | $ | 2,553,246 |  |  | $ | 25,873 |  |  | $ | (15,905 | ) |  | $ | 2,563,214 |  |  |  | 80.50 | %
CMO/REMIC |  | 602,555 |  |  |  | 1,586 |  |  |  | (13,983 | ) |  |  | 590,158 |  |  |  | 18.53 | %
Municipal bonds |  | 28,365 |  |  |  | 1,103 |  |  |  | - |  |  |  | 29,468 |  |  |  | 0.93 | %
Other securities |  | 1,083 |  |  |  | - |  |  |  | - |  |  |  | 1,083 |  |  |  | 0.04 | %
Total available-for-sale securities | $ | 3,185,249 |  |  | $ | 28,562 |  |  | $ | (29,888 | ) |  | $ | 3,183,923 |  |  |  | 100.00 | %
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | 576,899 |  |  | $ | 5,907 |  |  | $ | (7,312 | ) |  | $ | 575,494 |  |  |  | 29.95 | %
Mortgage-backed securities |  | 647,390 |  |  |  | 4,109 |  |  |  | (6,106 | ) |  |  | 645,393 |  |  |  | 33.61 | %
CMO/REMIC |  | 490,670 |  |  |  | 596 |  |  |  | (5,030 | ) |  |  | 486,236 |  |  |  | 25.48 | %
Municipal bonds |  | 211,011 |  |  |  | 4,714 |  |  |  | (1,155 | ) |  |  | 214,570 |  |  |  | 10.96 | %
Total held-to-maturity securities | $ | 1,925,970 |  |  | $ | 15,326 |  |  | $ | (19,603 | ) |  | $ | 1,921,693 |  |  |  | 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 |
| March 31, |
| 2022 |  |  | 2021 |
| (Dollars in thousands) |
Investment securities available-for-sale: |  |  |  |  |
Taxable | $ | 12,649 |  |  | $ | 8,968 |
Tax-advantaged |  | 183 |  |  |  | 191 |
Total interest income from available-for-sale securities |  | 12,832 |  |  |  | 9,159 |
Investment securities held-to-maturity: |  |  |  |  |
Taxable |  | 9,105 |  |  |  | 2,811 |
Tax-advantaged |  | 1,558 |  |  |  | 1,129 |
Total interest income from held-to-maturity securities |  | 10,663 |  |  |  | 3,940 |
Total interest income from investment securities | $ | 23,495 |  |  | $ | 13,099 |
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 March 31, 2022 and December 31, 2021.
| March 31, 2022 |
| 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 | $ | 1,551,620 |  |  | $ | (92,654 | ) |  | $ | 851,349 |  |  | $ | (73,364 | ) |  | $ | 2,402,969 |  |  | $ | (166,018 | )
CMO/REMIC |  | 192,973 |  |  |  | (10,983 | ) |  |  | 331,988 |  |  |  | (30,298 | ) |  |  | 524,961 |  |  |  | (41,281 | )
Municipal bonds |  | 14,990 |  |  |  | (351 | ) |  |  | - |  |  |  | - |  |  |  | 14,990 |  |  |  | (351 | )
Total available-for-sale securities | $ | 1,759,583 |  |  | $ | (103,988 | ) |  | $ | 1,183,337 |  |  | $ | (103,662 | ) |  | $ | 2,942,920 |  |  | $ | (207,650 | )
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | 242,300 |  |  | $ | (21,492 | ) |  | $ | 242,589 |  |  | $ | (31,246 | ) |  | $ | 484,889 |  |  | $ | (52,738 | )
Mortgage-backed securities |  | 560,752 |  |  |  | (43,438 | ) |  |  | 4,518 |  |  |  | (490 | ) |  |  | 565,270 |  |  |  | (43,928 | )
CMO/REMIC |  | 773,501 |  |  |  | (44,778 | ) |  |  | - |  |  |  | - |  |  |  | 773,501 |  |  |  | (44,778 | )
Municipal bonds |  | 178,881 |  |  |  | (12,670 | ) |  |  | 58,587 |  |  |  | (7,190 | ) |  |  | 237,468 |  |  |  | (19,860 | )
Total held-to-maturity securities | $ | 1,755,434 |  |  | $ | (122,378 | ) |  | $ | 305,694 |  |  | $ | (38,926 | ) |  | $ | 2,061,128 |  |  | $ | (161,304 | )
| December 31, 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 | $ | 1,465,647 |  |  | $ | (15,099 | ) |  | $ | 44,244 |  |  | $ | (806 | ) |  | $ | 1,509,891 |  |  | $ | (15,905 | )
CMO/REMIC |  | 450,393 |  |  |  | (11,515 | ) |  |  | 53,745 |  |  |  | (2,468 | ) |  |  | 504,138 |  |  |  | (13,983 | )
Municipal bonds |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total available-for-sale securities | $ | 1,916,040 |  |  | $ | (26,614 | ) |  | $ | 97,989 |  |  | $ | (3,274 | ) |  | $ | 2,014,029 |  |  | $ | (29,888 | )
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.
| March 31, 2022 |
| Available-for-sale |  |  | Held-to-maturity |
| Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  |  |  | (Dollars in thousands) |  |  |  |
Due in one year or less | $ | 14,945 |  |  | $ | 14,963 |  |  | $ | 9,188 |  |  | $ | 9,044 |
Due after one year through five years |  | 1,270,685 |  |  |  | 1,220,048 |  |  |  | 628,543 |  |  |  | 601,064 |
Due after five years through ten years |  | 1,904,250 |  |  |  | 1,782,675 |  |  |  | 537,429 |  |  |  | 503,542 |
Due after ten years |  | 660,844 |  |  |  | 629,644 |  |  |  | 1,187,581 |  |  |  | 1,089,494 |
Total investment securities | $ | 3,850,724 |  |  | $ | 3,647,330 |  |  | $ | 2,362,741 |  |  | $ | 2,203,144 |

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