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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes.
| December 31, 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 | $ | 32,229 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 32,253 |  |  |  | 1.09 | %
Mortgage-backed securities |  | 2,843,744 |  |  |  | 42 |  |  |  | (336,107 | ) |  |  | 2,507,679 |  |  |  | 84.83 | %
CMO/REMIC |  | 502,234 |  |  |  | — |  |  |  | (112,872 | ) |  |  | 389,362 |  |  |  | 13.17 | %
Municipal bonds |  | 26,477 |  |  |  | 46 |  |  |  | (888 | ) |  |  | 25,635 |  |  |  | 0.87 | %
Other securities |  | 1,196 |  |  |  | — |  |  |  | — |  |  |  | 1,196 |  |  |  | 0.04 | %
Unallocated portfolio layer fair value basis adjustments (1) |  | (6,938 | ) |  |  | 6,938 |  |  |  | — |  |  |  | — |  |  |  | 0.00 | %
Total available-for-sale securities | $ | 3,398,942 |  |  | $ | 7,050 |  |  | $ | (449,867 | ) |  | $ | 2,956,125 |  |  |  | 100.00 | %
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | 530,656 |  |  | $ | — |  |  | $ | (97,972 | ) |  | $ | 432,684 |  |  |  | 21.53 | %
Mortgage-backed securities |  | 663,090 |  |  |  | — |  |  |  | (97,436 | ) |  |  | 565,654 |  |  |  | 26.90 | %
CMO/REMIC |  | 802,892 |  |  |  | — |  |  |  | (156,155 | ) |  |  | 646,737 |  |  |  | 32.58 | %
Municipal bonds |  | 467,972 |  |  |  | 3,438 |  |  |  | (33,604 | ) |  |  | 437,806 |  |  |  | 18.99 | %
Total held-to-maturity securities | $ | 2,464,610 |  |  | $ | 3,438 |  |  | $ | (385,167 | ) |  | $ | 2,082,881 |  |  |  | 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 19 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.
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
Taxable |  | $ | 82,889 |  |  | $ | 67,803 |  |  | $ | 37,532 |
Tax-advantaged |  |  | 674 |  |  |  | 705 |  |  |  | 741 |
Total interest income from available-for-sale securities |  |  | 83,563 |  |  |  | 68,508 |  |  |  | 38,273 |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |
Taxable |  |  | 44,990 |  |  |  | 41,403 |  |  |  | 17,747 |
Tax-advantaged |  |  | 9,760 |  |  |  | 7,645 |  |  |  | 4,428 |
Total interest income from held-to-maturity securities |  |  | 54,750 |  |  |  | 49,048 |  |  |  | 22,175 |
Total interest income from investment securities |  | $ | 138,313 |  |  | $ | 117,556 |  |  | $ | 60,448 |
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 December 31, 2023 and December 31, 2022.
| December 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities |  | 48 |  |  |  | — |  |  |  | 2,506,162 |  |  |  | (336,107 | ) |  |  | 2,506,210 |  |  |  | (336,107 | )
CMO/REMIC |  | — |  |  |  | — |  |  |  | 389,359 |  |  |  | (112,872 | ) |  |  | 389,359 |  |  |  | (112,872 | )
Municipal bonds |  | 3,286 |  |  |  | (17 | ) |  |  | 18,105 |  |  |  | (871 | ) |  |  | 21,391 |  |  |  | (888 | )
Total available-for-sale securities | $ | 3,334 |  |  | $ | (17 | ) |  | $ | 2,913,626 |  |  | $ | (449,850 | ) |  | $ | 2,916,960 |  |  | $ | (449,867 | )
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | — |  |  | $ | — |  |  | $ | 432,684 |  |  | $ | (97,972 | ) |  | $ | 432,684 |  |  | $ | (97,972 | )
Mortgage-backed securities | $ | — |  |  |  | — |  |  |  | 565,655 |  |  |  | (97,436 | ) |  |  | 565,655 |  |  |  | (97,436 | )
CMO/REMIC | $ | — |  |  |  | — |  |  |  | 646,737 |  |  |  | (156,155 | ) |  |  | 646,737 |  |  |  | (156,155 | )
Municipal bonds |  | 20,609 |  |  |  | (200 | ) |  |  | 293,467 |  |  |  | (33,404 | ) |  |  | 314,076 |  |  |  | (33,604 | )
Total held-to-maturity securities | $ | 20,609 |  |  | $ | (200 | ) |  | $ | 1,938,543 |  |  | $ | (384,967 | ) |  | $ | 1,959,152 |  |  | $ | (385,167 | )
| 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 |
| December 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 | $ | 34,448 |  |  | $ | 34,448 |  |  | $ | 12,935 |  |  | $ | 12,577 |
Due after one year through five years |  | 268,224 |  |  |  | 264,349 |  |  |  | 36,466 |  |  |  | 35,528 |
Due after five years through ten years |  | 2,528,106 |  |  |  | 2,205,784 |  |  |  | 321,288 |  |  |  | 287,284 |
Due after ten years |  | 568,164 |  |  |  | 451,544 |  |  |  | 2,093,921 |  |  |  | 1,747,492 |
Total investment securities | $ | 3,398,942 |  |  | $ | 2,956,125 |  |  | $ | 2,464,610 |  |  | $ | 2,082,881 |

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