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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

	September 30, 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	$	3,288,484			$	30			$	(448,585	)		$	2,839,929				85.49	%
CMO/REMIC		545,638				-				(89,248	)			456,390				13.74	%
Municipal bonds		27,140				47				(2,636	)			24,551				0.74	%
Other securities		954				-				-				954				0.03	%
Total available-for-sale securities	$	3,862,216			$	77			$	(540,469	)		$	3,321,824				100.00	%
Investment securities held-to-maturity:
Government agency/GSE	$	555,777			$	-			$	(113,547	)		$	442,230				21.73	%
Mortgage-backed securities		718,908				-				(111,359	)			607,549				28.10	%
CMO/REMIC		839,971				-				(117,948	)			722,023				32.84	%
Municipal bonds		443,266				8				(64,088	)			379,186				17.33	%
Total held-to-maturity securities	$	2,557,922			$	8			$	(406,942	)		$	2,150,988				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 federal income tax.

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2022				2021				2022				2021
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	18,371			$	9,630			$	47,883			$	27,824
Tax-advantaged		172				183				534				558
Total interest income from available-for-sale securities		18,543				9,813				48,417				28,382
Investment securities held-to-maturity:
Taxable		10,845				4,099				29,927				10,917
Tax-advantaged		1,989				1,089				5,284				3,341
Total interest income from held-to-maturity securities		12,834				5,188				35,211				14,258
Total interest income from investment securities	$	31,377			$	15,001			$	83,628			$	42,640

Summary of Continuous Unrealized Loss Position of Securities

The following table presents the Company’s 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, 2022 and December 31, 2021.

	September 30, 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	$	1,889,658			$	(248,476	)		$	948,800			$	(200,109	)		$	2,838,458			$	(448,585	)
CMO/REMIC		59,884				(4,693	)			396,503				(84,555	)			456,387				(89,248	)
Municipal bonds		23,057				(2,636	)			-				-				23,057				(2,636	)
Total available-for-sale securities	$	1,972,599			$	(255,805	)		$	1,345,303			$	(284,664	)		$	3,317,902			$	(540,469	)
Investment securities held-to-maturity:
Government agency/GSE	$	187,453			$	(39,548	)		$	254,777			$	(73,999	)		$	442,230			$	(113,547	)
Mortgage-backed securities		505,153				(86,409	)			102,395				(24,950	)			607,548				(111,359	)
CMO/REMIC		624,470				(97,023	)			97,553				(20,925	)			722,023				(117,948	)
Municipal bonds		314,186				(49,463	)			51,016				(14,625	)			365,202				(64,088	)
Total held-to-maturity securities	$	1,631,262			$	(272,443	)		$	505,741			$	(134,499	)		$	2,137,003			$	(406,942	)

	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.

	September 30, 2022
	Available-for-sale								Held-to-maturity
	Amortized Cost				Fair Value				Amortized Cost				Fair Value
					(Dollars in thousands)
Due in one year or less	$	19,914			$	19,404			$	2,842			$	2,823
Due after one year through five years		892,491				809,644				645,420				568,453
Due after five years through ten years		2,610,587				2,213,671				694,667				595,729
Due after ten years		339,224				279,105				1,214,993				983,983
Total investment securities	$	3,862,216			$	3,321,824			$	2,557,922			$	2,150,988

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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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