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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

	June 30, 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	$	3,018,260			$	24			$	(385,263	)		$	2,633,021				85.82	%
CMO/REMIC		519,646				—				(111,187	)			408,459				13.30	%
Municipal bonds		26,797				52				(1,283	)			25,566				0.83	%
Other securities		1,105				—				—				1,105				0.05	%
Unallocated portfolio layer fair value basis adjustments (1)		11,129				—				(11,129	)		N/A				N/A
Total available-for-sale securities	$	3,576,937			$	76			$	(508,862	)		$	3,068,151				100.00	%
Investment securities held-to-maturity:
Government agency/GSE	$	538,923			$	—			$	(105,252	)		$	433,671				21.45	%
Mortgage-backed securities		684,917				—				(103,649	)			581,268				27.26	%
CMO/REMIC		817,801				—				(155,611	)			662,190				32.55	%
Municipal bonds		471,066				1,654				(41,196	)			431,524				18.74	%
Total held-to-maturity securities	$	2,512,707			$	1,654			$	(405,708	)		$	2,108,653				100.00	%

(1)Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and Note 10 for additional information.

	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								Six Months Ended
	June 30,								June 30,
	2023				2022				2023				2022
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	19,187			$	16,863			$	38,615			$	29,512
Tax-advantaged		169				179				337				362
Total interest income from available-for-sale securities		19,356				17,042				38,952				29,874
Investment securities held-to-maturity:
Taxable		11,293				9,978				22,800				19,082
Tax-advantaged		2,447				1,736				4,896				3,295
Total interest income from held-to-maturity securities		13,740				11,714				27,696				22,377
Total interest income from investment securities	$	33,096			$	28,756			$	66,648			$	52,251

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 June 30, 2023 and December 31, 2022.

	June 30, 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	$	80,414			$	(3,322	)		$	2,551,205			$	(381,941	)		$	2,631,619			$	(385,263	)
CMO/REMIC		745				(17	)			407,711				(111,170	)			408,456				(111,187	)
Municipal bonds		6,442				(47	)			17,940				(1,236	)			24,382				(1,283	)
Total available-for-sale securities	$	87,601			$	(3,386	)		$	2,976,856			$	(494,347	)		$	3,064,457			$	(497,733	)
Investment securities held-to-maturity:
Government agency/GSE	$	14,155			$	(619	)		$	419,516			$	(104,633	)		$	433,671			$	(105,252	)
Mortgage-backed securities		91,805				(3,138	)			489,463				(100,511	)			581,268				(103,649	)
CMO/REMIC		47,110				(2,884	)			615,080				(152,727	)			662,190				(155,611	)
Municipal bonds		92,899				(2,499	)			253,674				(38,697	)			346,573				(41,196	)
Total held-to-maturity securities	$	245,969			$	(9,140	)		$	1,777,733			$	(396,568	)		$	2,023,702			$	(405,708	)

	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

	June 30, 2023
	Available-for-sale								Held-to-maturity
	Amortized Cost				Fair Value				Amortized Cost				Fair Value
					(Dollars in thousands)
Due in one year or less	$	1,672			$	1,671			$	12,503			$	11,943
Due after one year through five years		326,240				298,804				35,475				34,143
Due after five years through ten years		2,195,487				1,881,242				304,156				270,028
Due after ten years		1,053,538				886,434				2,160,573				1,792,539
Total investment securities	$	3,576,937			$	3,068,151			$	2,512,707			$	2,108,653

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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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-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.7-04(2))
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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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-Topic 320
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