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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

	September 30, 2023
	Amortized Cost				Gross Unrealized Holding Gain				Gross Unrealized Holding Loss				Fair Value				Total Percent
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency/GSE	$	34,126			$	—			$	(17	)		$	34,109				1.19	%
Mortgage-backed securities		2,925,382				1				(488,759	)			2,436,624				84.81	%
CMO/REMIC		514,161				—				(136,663	)			377,498				13.13	%
Municipal bonds		26,799				23				(3,009	)			23,813				0.83	%
Other securities		1,119				—				—				1,119				0.04	%
Unallocated portfolio layer fair value basis adjustments (1)		24,868				—				(24,868	)			—				0.00	%
Total available-for-sale securities	$	3,526,455			$	24			$	(653,316	)		$	2,873,163				100.00	%
Investment securities held-to-maturity:
Government agency/GSE	$	534,814			$	—			$	(123,981	)		$	410,833				21.48	%
Mortgage-backed securities		673,413				—				(134,290	)			539,123				27.05	%
CMO/REMIC		812,006				—				(194,237	)			617,769				32.62	%
Municipal bonds		469,208				4				(67,619	)			401,593				18.85	%
Total held-to-maturity securities	$	2,489,441			$	4			$	(520,127	)		$	1,969,318				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 federal income tax.

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2023				2022				2023				2022
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	22,272			$	18,371			$	60,887			$	47,883
Tax-advantaged		169				172				506				534
Total interest income from available-for-sale securities		22,441				18,543				61,393				48,417
Investment securities held-to-maturity:
Taxable		11,139				10,845				33,939				29,927
Tax-advantaged		2,437				1,989				7,333				5,284
Total interest income from held-to-maturity securities		13,576				12,834				41,272				35,211
Total interest income from investment securities	$	36,017			$	31,377			$	102,665			$	83,628

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 September 30, 2023 and December 31, 2022.

	September 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:
Government agency/GSE	$	34,109			$	(17	)		$	—			$	—			$	34,109			$	(17	)
Mortgage-backed securities		825				(16	)			2,435,125				(488,743	)			2,435,950				(488,759	)
CMO/REMIC		3				—				377,495				(136,663	)			377,498				(136,663	)
Municipal bonds		5,699				(451	)			16,948				(2,558	)			22,647				(3,009	)
Total available-for-sale securities	$	40,636			$	(484	)		$	2,829,568			$	(627,964	)		$	2,870,204			$	(628,448	)
Investment securities held-to-maturity:
Government agency/GSE	$	—			$	—			$	410,833			$	(123,981	)		$	410,833			$	(123,981	)
Mortgage-backed securities		—				—				539,123				(134,290	)			539,123				(134,290	)
CMO/REMIC		—				—				617,769				(194,237	)			617,769				(194,237	)
Municipal bonds		109,966				(7,127	)			288,267				(60,492	)			398,233				(67,619	)
Total held-to-maturity securities	$	109,966			$	(7,127	)		$	1,855,992			$	(513,000	)		$	1,965,958			$	(520,127	)

	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.

	September 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	$	35,816			$	35,794			$	12,414			$	11,874
Due after one year through five years		321,428				278,310				34,306				32,206
Due after five years through ten years		2,403,432				1,964,310				323,267				273,094
Due after ten years		765,779				594,749				2,119,454				1,652,144
Total investment securities	$	3,526,455			$	2,873,163			$	2,489,441			$	1,969,318

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Schedule Of Available For Sale Securities And Held To Maturity [Table Text Block]

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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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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the 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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