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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities |
| September 30, 2024 |
| 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 | $ | 33,921 |  |  | $ | 208 |  |  | $ | — |  |  | $ | 34,129 |  |  |  | 1.38 | %
Mortgage-backed securities |  | 2,295,381 |  |  |  | 43 |  |  |  | (261,825 | ) |  |  | 2,033,599 |  |  |  | 82.48 | %
CMO/REMIC |  | 476,051 |  |  |  | — |  |  |  | (105,044 | ) |  |  | 371,007 |  |  |  | 15.05 | %
Municipal bonds |  | 26,489 |  |  |  | 46 |  |  |  | (1,115 | ) |  |  | 25,420 |  |  |  | 1.03 | %
Other securities |  | 1,430 |  |  |  | — |  |  |  | — |  |  |  | 1,430 |  |  |  | 0.06 | %
Unallocated portfolio layer fair value basis adjustments (1) |  | (14,959 | ) |  |  | 14,959 |  |  |  | — |  |  |  | — |  |  |  | 0.00 | %
Total available-for-sale securities | $ | 2,818,313 |  |  | $ | 15,256 |  |  | $ | (367,984 | ) |  | $ | 2,465,585 |  |  |  | 100.00 | %
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | 518,446 |  |  | $ | — |  |  | $ | (84,898 | ) |  | $ | 433,548 |  |  |  | 21.55 | %
Mortgage-backed securities |  | 626,474 |  |  |  | 5 |  |  |  | (85,320 | ) |  |  | 541,159 |  |  |  | 26.05 | %
CMO/REMIC |  | 788,622 |  |  |  | — |  |  |  | (144,801 | ) |  |  | 643,821 |  |  |  | 32.79 | %
Municipal bonds |  | 460,257 |  |  |  | 2,994 |  |  |  | (29,540 | ) |  |  | 433,711 |  |  |  | 19.14 | %
Other securities (2) |  | 11,455 |  |  |  | — |  |  |  | — |  |  |  | 11,455 |  |  |  | 0.47 | %
Total held-to-maturity securities | $ | 2,405,254 |  |  | $ | 2,999 |  |  | $ | (344,559 | ) |  | $ | 2,063,694 |  |  |  | 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. (2) Represents Commercial Property Assessed Clean Energy ("C-PACE") bonds. During the third quarter of 2024, the Bank sold AFS securities with a book value of $312 million, resulting in a net pre-tax loss of $11.6 million.
| 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 | %
Summary of Interest Income Earned on Investment Securities |
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
| (Dollars in thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Taxable | $ | 20,010 |  |  | $ | 22,272 |  |  | $ | 62,347 |  |  | $ | 60,887 |
Tax-advantaged |  | 168 |  |  |  | 169 |  |  |  | 502 |  |  |  | 506 |
Total interest income from available-for-sale securities |  | 20,178 |  |  |  | 22,441 |  |  |  | 62,849 |  |  |  | 61,393 |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Taxable |  | 10,896 |  |  |  | 11,139 |  |  |  | 32,930 |  |  |  | 33,939 |
Tax-advantaged |  | 2,388 |  |  |  | 2,437 |  |  |  | 7,201 |  |  |  | 7,333 |
Total interest income from held-to-maturity securities |  | 13,284 |  |  |  | 13,576 |  |  |  | 40,131 |  |  |  | 41,272 |
Total interest income from investment securities | $ | 33,462 |  |  | $ | 36,017 |  |  | $ | 102,980 |  |  | $ | 102,665 |
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, 2024 and December 31, 2023.
| September 30, 2024 |
| 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 |  | 9 |  |  |  | — |  |  |  | 2,032,214 |  |  |  | (261,824 | ) |  |  | 2,032,223 |  |  |  | (261,825 | )
CMO/REMIC |  | — |  |  |  | — |  |  |  | 371,006 |  |  |  | (105,044 | ) |  |  | 371,006 |  |  |  | (105,044 | )
Municipal bonds |  | 3,323 |  |  |  | (48 | ) |  |  | 21,190 |  |  |  | (1,068 | ) |  |  | 24,513 |  |  |  | (1,115 | )
Total available-for-sale securities | $ | 3,332 |  |  | $ | (48 | ) |  | $ | 2,424,410 |  |  | $ | (367,936 | ) |  | $ | 2,427,742 |  |  | $ | (367,984 | )
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE | $ | — |  |  | $ | — |  |  | $ | 433,548 |  |  | $ | (84,898 | ) |  | $ | 433,548 |  |  | $ | (84,898 | )
Mortgage-backed securities |  | — |  |  |  | — |  |  |  | 538,947 |  |  |  | (85,320 | ) |  |  | 538,947 |  |  |  | (85,320 | )
CMO/REMIC |  | — |  |  |  | — |  |  |  | 643,821 |  |  |  | (144,801 | ) |  |  | 643,821 |  |  |  | (144,801 | )
Municipal bonds |  | 12,760 |  |  |  | (101 | ) |  |  | 301,057 |  |  |  | (29,439 | ) |  |  | 313,817 |  |  |  | (29,539 | )
Total held-to-maturity securities | $ | 12,760 |  |  | $ | (101 | ) |  | $ | 1,917,373 |  |  | $ | (344,458 | ) |  | $ | 1,930,134 |  |  | $ | (344,558 | )
| 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 | )
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, 2024 |
| Available-for-sale |  |  | Held-to-maturity |
| Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  |  |  | (Dollars in thousands) |  |  |  |
Due in one year or less | $ | 43,249 |  |  | $ | 43,327 |  |  | $ | 10,211 |  |  | $ | 10,049 |
Due after one year through five years |  | 110,874 |  |  |  | 116,476 |  |  |  | 48,525 |  |  |  | 47,616 |
Due after five years through ten years |  | 2,180,665 |  |  |  | 1,928,902 |  |  |  | 322,507 |  |  |  | 291,783 |
Due after ten years |  | 483,525 |  |  |  | 376,880 |  |  |  | 2,024,011 |  |  |  | 1,714,246 |
Total investment securities | $ | 2,818,313 |  |  | $ | 2,465,585 |  |  | $ | 2,405,254 |  |  | $ | 2,063,694 |

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