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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Approximate Fair Value of Investment Securities | The amortized cost and approximate fair value of investment securities as of March 31, 2022 and December 31, 2021 are summarized as follows:
| March 31, 2022 (1)
(amounts in thousands) | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale debt securities: |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 351,847 |  |  | $ | (728) |  |  | $ | 87 |  |  | $ | (7,587) |  |  | $ | 343,619 |
Agency-guaranteed residential mortgage-backed securities | 9,242 |  |  | — |  |  | — |  |  | (973) |  |  | 8,269 |
Agency-guaranteed commercial mortgage-backed securities | 2,140 |  |  | — |  |  | — |  |  | (95) |  |  | 2,045 |
Agency-guaranteed residential collateralized mortgage obligations | 618,998 |  |  | — |  |  | 833 |  |  | (16,428) |  |  | 603,403 |
Agency-guaranteed commercial collateralized mortgage obligations | 172,410 |  |  | — |  |  | — |  |  | (9,811) |  |  | 162,599 |
Collateralized loan obligations | 1,010,938 |  |  | — |  |  | — |  |  | (6,576) |  |  | 1,004,362 |
Commercial mortgage-backed securities | 148,993 |  |  | — |  |  | — |  |  | (1,368) |  |  | 147,625 |
Corporate notes (2) | 607,230 |  |  | — |  |  | 1,376 |  |  | (14,856) |  |  | 593,750 |
Private label collateralized mortgage obligations | 1,302,400 |  |  | — |  |  | — |  |  | (31,993) |  |  | 1,270,407 |
State and political subdivision debt securities (3) | 8,531 |  |  | — |  |  | — |  |  | (581) |  |  | 7,950 |
Available for sale debt securities | $ | 4,232,729 |  |  | $ | (728) |  |  | $ | 2,296 |  |  | $ | (90,268) |  |  | 4,144,029 |
Equity securities (4) |  |  |  |  |  |  |  |  | 25,824 |
Total investment securities, at fair value |  |  |  |  |  |  |  |  | $ | 4,169,853 |
| December 31, 2021 (1)
(amounts in thousands) | Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale debt securities: |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 297,291 |  |  |  |  | $ | 253 |  |  | $ | (119) |  |  | $ | 297,425 |
Agency-guaranteed residential mortgage-backed securities | 9,865 |  |  |  |  | — |  |  | (312) |  |  | 9,553 |
Agency-guaranteed commercial mortgage-backed securities | 2,162 |  |  |  |  | — |  |  | (10) |  |  | 2,152 |
Agency-guaranteed residential collateralized mortgage obligations | 199,091 |  |  |  |  | 154 |  |  | (2,315) |  |  | 196,930 |
Agency-guaranteed commercial collateralized mortgage obligations | 242,668 |  |  |  |  | 53 |  |  | (3,877) |  |  | 238,844 |
Collateralized loan obligations | 1,067,770 |  |  |  |  | 247 |  |  | (1,215) |  |  | 1,066,802 |
Commercial mortgage-backed securities | 149,054 |  |  |  |  | 53 |  |  | (180) |  |  | 148,927 |
Corporate notes (2) | 575,273 |  |  |  |  | 6,334 |  |  | (1,561) |  |  | 580,046 |
Private label collateralized mortgage obligations | 1,248,142 |  |  |  |  | 333 |  |  | (6,010) |  |  | 1,242,465 |
State and political subdivision debt securities (3) | 8,535 |  |  |  |  | — |  |  | (104) |  |  | 8,431 |
Available for sale debt securities | $ | 3,799,851 |  |  |  |  | $ | 7,427 |  |  | $ | (15,703) |  |  | 3,791,575 |
Equity securities (4) |  |  |  |  |  |  |  |  | 25,575 |
Total investment securities, at fair value |  |  |  |  |  |  |  |  | $ | 3,817,150 |
(1)Accrued interest on AFS debt securities totaled $14.3 million and $11.0 million at March 31, 2022 and December 31, 2021, respectively, and is included in accrued interest receivable on the consolidated balance sheet. (2)Includes corporate securities issued by domestic bank holding companies. (3)Includes both taxable and non-taxable municipal securities. (4)Includes perpetual preferred stock issued by domestic banks and domestic bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and CRA-qualified mutual fund shares at March 31, 2022 and December 31, 2021. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition.
Summary of Available-for-Sale Debt Securities by Stated Maturity | The following table presents debt securities by stated maturity. Debt securities backed by mortgages and other assets have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date:
| March 31, 2022
(amounts in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 4,992 |  |  | $ | 4,999 |
Due after one year through five years | 419,539 |  |  | 409,141 |
Due after five years through ten years | 191,230 |  |  | 187,560 |
Asset-backed securities | 351,847 |  |  | 343,619 |
Collateralized loan obligations | 1,010,938 |  |  | 1,004,362 |
Commercial mortgage-backed securities | 148,993 |  |  | 147,625 |
Agency-guaranteed residential mortgage-backed securities | 9,242 |  |  | 8,269 |
Agency-guaranteed commercial mortgage-backed securities | 2,140 |  |  | 2,045 |
Agency-guaranteed residential collateralized mortgage obligations | 618,998 |  |  | 603,403 |
Agency-guaranteed commercial collateralized mortgage obligations | 172,410 |  |  | 162,599 |
Private label collateralized mortgage obligations | 1,302,400 |  |  | 1,270,407 |
Total debt securities | $ | 4,232,729 |  |  | $ | 4,144,029 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Gross unrealized losses and fair value of Customers' AFS debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021 were as follows:
| March 31, 2022
| Less Than 12 Months |  | 12 Months or More |  | Total
(amounts in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 199,725 |  |  | $ | (3,832) |  |  | $ | — |  |  | $ | — |  |  | $ | 199,725 |  |  | $ | (3,832) |
Agency-guaranteed residential mortgage-backed securities | — |  |  | — |  |  | 8,269 |  |  | (973) |  |  | 8,269 |  |  | (973) |
Agency-guaranteed commercial mortgage-backed securities | 2,045 |  |  | (95) |  |  | — |  |  | — |  |  | 2,045 |  |  | (95) |
Agency-guaranteed residential collateralized mortgage obligations | 434,524 |  |  | (16,428) |  |  | — |  |  | — |  |  | 434,524 |  |  | (16,428) |
Agency-guaranteed commercial collateralized mortgage obligations | 95,995 |  |  | (3,764) |  |  | 66,605 |  |  | (6,047) |  |  | 162,600 |  |  | (9,811) |
Collateralized loan obligations | 934,954 |  |  | (6,457) |  |  | 25,510 |  |  | (119) |  |  | 960,464 |  |  | (6,576) |
Commercial mortgage-backed securities | 129,365 |  |  | (1,368) |  |  | — |  |  | — |  |  | 129,365 |  |  | (1,368) |
Corporate notes | 393,997 |  |  | (13,972) |  |  | 14,115 |  |  | (884) |  |  | 408,112 |  |  | (14,856) |
Private label collateralized mortgage obligations | 856,760 |  |  | (27,386) |  |  | 42,196 |  |  | (4,607) |  |  | 898,956 |  |  | (31,993) |
State and political subdivision debt securities | 7,950 |  |  | (581) |  |  | — |  |  | — |  |  | 7,950 |  |  | (581) |
Total | $ | 3,055,315 |  |  | $ | (73,883) |  |  | $ | 156,695 |  |  | $ | (12,630) |  |  | $ | 3,212,010 |  |  | $ | (86,513) |
| December 31, 2021
| Less Than 12 Months |  | 12 Months or More |  | Total
(amounts in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 54,753 |  |  | $ | (119) |  |  | $ | — |  |  | $ | — |  |  | $ | 54,753 |  |  | $ | (119) |
Agency-guaranteed residential mortgage-backed securities | 9,554 |  |  | (312) |  |  | — |  |  | — |  |  | 9,554 |  |  | (312) |
Agency-guaranteed commercial mortgage-backed securities | 2,152 |  |  | (10) |  |  | — |  |  | — |  |  | 2,152 |  |  | (10) |
Agency-guaranteed residential collateralized mortgage obligations | 173,492 |  |  | (2,315) |  |  | — |  |  | — |  |  | 173,492 |  |  | (2,315) |
Agency-guaranteed commercial collateralized mortgage obligations | 118,334 |  |  | (3,877) |  |  | — |  |  | — |  |  | 118,334 |  |  | (3,877) |
Collateralized loan obligations | 715,250 |  |  | (1,215) |  |  | — |  |  | — |  |  | 715,250 |  |  | (1,215) |
Commercial mortgage-backed securities | 122,597 |  |  | (180) |  |  | — |  |  | — |  |  | 122,597 |  |  | (180) |
Corporate notes | 188,100 |  |  | (1,561) |  |  | — |  |  | — |  |  | 188,100 |  |  | (1,561) |
Private label collateralized mortgage obligations | 632,091 |  |  | (5,874) |  |  | 6,818 |  |  | (136) |  |  | 638,909 |  |  | (6,010) |
State and political subdivision debt securities | 8,430 |  |  | (104) |  |  | — |  |  | — |  |  | 8,430 |  |  | (104) |
Total | $ | 2,024,753 |  |  | $ | (15,567) |  |  | $ | 6,818 |  |  | $ | (136) |  |  | $ | 2,031,571 |  |  | $ | (15,703) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses on AFS debt securities, by major security type:
| Asset-backed securities
(amounts in thousands) | Three Months Ended March 31, 2022
Balance at January 1, | $ | — |
Credit losses on securities for which credit losses were not previously recorded | 728 |
Balance at March 31, | $ | 728 |

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