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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

	March 31, 2023
	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	$	3,109,387			$	41			$	(361,563	)		$	2,747,865				85.75	%
CMO/REMIC		526,922				—				(97,500	)			429,422				13.39	%
Municipal bonds		26,796				80				(718	)			26,158				0.82	%
Other securities		1,079				—				—				1,079				0.04	%
Total available-for-sale securities	$	3,664,184			$	121			$	(459,781	)		$	3,204,524				100.00	%
Investment securities held-to-maturity:
Government agency/GSE	$	543,318			$	—			$	(100,496	)		$	442,822				21.42	%
Mortgage-backed securities		697,766				—				(97,818	)			599,948				27.51	%
CMO/REMIC		822,599				—				(134,774	)			687,825				32.44	%
Municipal bonds		472,296				2,405				(36,727	)			437,974				18.63	%
Total held-to-maturity securities	$	2,535,979			$	2,405			$	(369,815	)		$	2,168,569				100.00	%

	December 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	$	3,192,151			$	39			$	(403,049	)		$	2,789,141				85.68	%
CMO/REMIC		535,269				—				(95,966	)			439,303				13.50	%
Municipal bonds		26,797				67				(1,177	)			25,687				0.79	%
Other securities		1,080				—				—				1,080				0.03	%
Total available-for-sale securities	$	3,755,297			$	106			$	(500,192	)		$	3,255,211				100.00	%
Investment securities held-to-maturity:
Government agency/GSE	$	548,771			$	—			$	(114,343	)		$	434,428				21.48	%
Mortgage-backed securities		706,796				—				(105,867	)			600,929				27.67	%
CMO/REMIC		827,346				—				(131,730	)			695,616				32.39	%
Municipal bonds		471,388				913				(47,687	)			424,614				18.46	%
Total held-to-maturity securities	$	2,554,301			$	913			$	(399,627	)		$	2,155,587				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,
	2023				2022
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	19,428			$	12,649
Tax-advantaged		168				183
Total interest income from available-for-sale securities		19,596				12,832
Investment securities held-to-maturity:
Taxable		11,507				9,105
Tax-advantaged		2,449				1,558
Total interest income from held-to-maturity securities		13,956				10,663
Total interest income from investment securities	$	33,552			$	23,495

A

Summary of Continuous Unrealized Loss Position of Securities

The following table presents the Company’s available-for-sale and held-to-maturity 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, 2023 and December 31, 2022.

	March 31, 2023
	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	$	753,978			$	(43,323	)		$	1,992,196			$	(318,240	)		$	2,746,174			$	(361,563	)
CMO/REMIC		6,062				(148	)			423,357				(97,352	)			429,419				(97,500	)
Municipal bonds		4,141				(51	)			14,660				(667	)			18,801				(718	)
Total available-for-sale securities	$	764,181			$	(43,522	)		$	2,430,213			$	(416,259	)		$	3,194,394			$	(459,781	)
Investment securities held-to-maturity:
Government agency/GSE	$	23,225			$	(579	)		$	419,597			$	(99,917	)		$	442,822			$	(100,496	)
Mortgage-backed securities		128,307				(2,858	)			471,641				(94,960	)			599,948				(97,818	)
CMO/REMIC		48,202				(2,033	)			639,623				(132,741	)			687,825				(134,774	)
Municipal bonds		98,653				(2,271	)			220,735				(34,456	)			319,388				(36,727	)
Total held-to-maturity securities	$	298,387			$	(7,741	)		$	1,751,596			$	(362,074	)		$	2,049,983			$	(369,815	)

	December 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	$	1,658,331			$	(187,842	)		$	1,129,257			$	(215,207	)		$	2,787,588			$	(403,049	)
CMO/REMIC		54,005				(4,796	)			385,295				(91,170	)			439,300				(95,966	)
Municipal bonds		24,507				(1,177	)			-				-				24,507				(1,177	)
Total available-for-sale securities	$	1,736,843			$	(193,815	)		$	1,514,552			$	(306,377	)		$	3,251,395			$	(500,192	)
Investment securities held-to-maturity:
Government agency/GSE		179,348				(39,866	)			255,080				(74,477	)			434,428				(114,343	)
Mortgage-backed securities		188,480				(9,042	)			412,449				(96,825	)			600,929				(105,867	)
CMO/REMIC		376,540				(60,598	)			319,076				(71,132	)			695,616				(131,730	)
Municipal bonds		312,702				(35,656	)			53,350				(12,031	)			366,052				(47,687	)
Total held-to-maturity securities	$	1,057,070			$	(145,162	)		$	1,039,955			$	(254,465	)		$	2,097,025			$	(399,627	)

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, 2023
	Available-for-sale								Held-to-maturity
	Amortized Cost				Fair Value				Amortized Cost				Fair Value
					(Dollars in thousands)
Due in one year or less	$	1,495			$	1,500			$	11,608			$	11,147
Due after one year through five years		327,651				314,059				35,679				34,823
Due after five years through ten years		1,945,392				1,688,229				299,200				270,717
Due after ten years		1,389,646				1,200,736				2,189,492				1,851,882
Total investment securities	$	3,664,184			$	3,204,524			$	2,535,979			$	2,168,569

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
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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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