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Investment Securities (Tables)

3 Months Ended

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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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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