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Investment Securities
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following tables are a summary of the investment securities portfolios as of the dates shown:
September 30, 2023
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale securities
U.S. Treasury$4,930 $1 $— $4,931 
U.S. government agencies80,000 — (7,570)72,430 
Municipal177,208 49 (8,734)168,523 
Corporate notes:
Financial issuers83,995 — (8,368)75,627 
Other1,000 — (21)979 
Mortgage-backed: (1)
Residential mortgage-backed securities3,862,871 — (656,135)3,206,736 
Commercial (multi-family) mortgage-backed securities13,179 — (802)12,377 
Collateralized mortgage obligations92,540 — (22,308)70,232 
Total available-for-sale securities$4,315,723 $50 $(703,938)$3,611,835 
Held-to-maturity securities
U.S. government agencies$339,598 $— $(87,897)$251,701 
Municipal176,262 123 (11,230)165,155 
Mortgage-backed: (1)
Residential mortgage-backed securities3,082,314 — (717,444)2,364,870 
Commercial (multi-family) mortgage-backed securities6,425 — (477)5,948 
Collateralized mortgage obligations247,215 — (29,798)217,417 
Corporate notes57,717 — (4,849)52,868 
Total held-to-maturity securities$3,909,531 $123 $(851,695)$3,057,959 
Less: Allowance for credit losses(381)
Held-to-maturity securities, net of allowance for credit losses$3,909,150 
Equity securities with readily determinable fair value $140,749 $3,290 $(9,729)$134,310 
(1)None of our mortgage-backed securities are subprime.
December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$14,943 $5 $— $14,948 
U.S. government agencies80,000 36 (5,814)74,222 
Municipal173,861 230 (5,436)168,655 
Corporate notes:
Financial issuers93,994 — (9,291)84,703 
Other1,000 2 — 1,002 
Mortgage-backed: (1)
Mortgage-backed securities3,308,494 238 (488,795)2,819,937 
Collateralized mortgage obligations97,342 — (17,792)79,550 
Total available-for-sale securities$3,769,634 $511 $(527,128)$3,243,017 
Held-to-maturity securities
U.S. government agencies$339,614 $— $(75,293)$264,321 
Municipal179,027 477 (4,066)175,438 
Mortgage-backed: (1)
Mortgage-backed securities2,900,031 — (583,682)2,316,349 
Collateralized mortgage obligations164,151 — (23,322)140,829 
Corporate notes58,232 — (5,348)52,884 
Total held-to-maturity securities$3,641,055 $477 $(691,711)$2,949,821 
Less: Allowance for credit losses(488)
Held-to-maturity securities, net of allowance for credit losses$3,640,567 
Equity securities with readily determinable fair value$115,552 $2,935 $(8,122)$110,365 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
September 30, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$— $— $— $— 
U.S. government agencies50,000 — (5,987)44,013 
Municipal181,612 127 (7,738)174,001 
Corporate notes:
Financial issuers93,994 — (7,951)86,043 
Other1,000 — (10)990 
Mortgage-backed: (1)
Mortgage-backed securities3,052,778 — (513,978)2,538,800 
Collateralized mortgage obligations98,922 — (19,116)79,806 
Total available-for-sale securities$3,478,306 $127 $(554,780)$2,923,653 
Held-to-maturity securities
U.S. government agencies$314,618 $— $(72,723)$241,895 
Municipal180,304 203 (7,791)172,716 
Mortgage-backed: (1)
Mortgage-backed securities2,679,862 — (600,335)2,079,527 
Collateralized mortgage obligations166,965 — (24,475)142,490 
Corporate notes48,403 — (5,705)42,698 
Total held-to-maturity securities$3,390,152 $203 $(711,029)$2,679,326 
Less: Allowance for credit losses(310)
Held-to-maturity securities, net of allowance for credit losses$3,389,842 
Equity securities with readily determinable fair value$120,073 $2,233 $(8,294)$114,012 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.

Equity securities without readily determinable fair values totaled $58.1 million as of September 30, 2023. Equity securities without readily determinable fair values are included as part of accrued interest receivable and other assets in the Company’s Consolidated Statements of Condition. The Company monitors its equity investments without readily determinable fair values to identify potential transactions that may indicate an observable price change in orderly transactions for the identical or a similar investment of the same issuer, requiring adjustment to its carrying amount. The Company recorded no upward or downward adjustments related to such observable price changes for the three and nine months ended September 30, 2023 or September 30, 2022. The Company conducts a quarterly assessment of its equity securities without readily determinable fair values to determine whether impairment exists in such securities, considering, among other factors, the nature of the securities, financial condition of the issuer and expected future cash flows. During the three months and nine months ended September 30, 2023, the Company recorded $489,000 impairment of equity securities without readily determinable fair values. During the three months ended September 30, 2022, the Company recorded $5,000 of impairment of equity securities without readily determinable fair values. During the nine months ended September 30, 2022, the Company recorded $4.4 million of impairment of equity securities without readily determinable fair values.
The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at September 30, 2023:
Continuous unrealized
losses existing for
less than 12 months		Continuous unrealized
losses existing for
greater than 12 months		Total
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-sale securities
U.S. government agencies$29,974 $(26)$42,456 $(7,544)$72,430 $(7,570)
Municipal71,452 (2,331)90,634 (6,403)162,086 (8,734)
Corporate notes:
Financial issuers— — 75,627 (8,368)75,627 (8,368)
Other979 (21)— — 979 (21)
Mortgage-backed: (1)
Residential mortgage-backed securities963,794 (38,223)2,242,942 (617,912)3,206,736 (656,135)
Commercial (multi-family) mortgage-backed securities12,377 (802)— — 12,377 (802)
Collateralized mortgage obligations— — 70,232 (22,308)70,232 (22,308)
Total available-for-sale securities$1,078,576 $(41,403)$2,521,891 $(662,535)$3,600,467 $(703,938)
(1)None of our mortgage-backed securities are subprime.

The Company conducts a regular assessment of its investment securities to determine whether securities are experiencing credit losses. Factors for consideration include the nature of the securities, credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period.

The Company does not consider available-for-sale securities with unrealized losses at September 30, 2023 to be experiencing credit losses and recognized no resulting allowance for credit losses for such individually assessed credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Available-for-sale securities with continuous unrealized losses existing for more than twelve months at September 30, 2023 were primarily mortgage-backed securities with unrealized losses due to increased market rates during such period.

See Note (7) “Allowance for Credit Losses” for further discussion regarding any credit losses associated with held-to-maturity securities at September 30, 2023.
The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities:
Three months ended September 30,Nine months ended September 30,
(In thousands)2023202220232022
Realized gains on investment securities$225 $15 $836 $280 
Realized losses on investment securities(9)(4)(60)(18)
Net realized gains on investment securities216 11 776 262 
Unrealized gains on equity securities with readily determinable fair value10 45 2,984 227 
Unrealized losses on equity securities with readily determinable fair value(2,094)(3,154)(4,230)(9,809)
Net unrealized losses on equity securities with readily determinable fair value(2,084)(3,109)(1,246)(9,582)
Upward adjustments of equity securities without readily determinable fair values— — — — 
Downward adjustments of equity securities without readily determinable fair values— — — — 
Impairment of equity securities without readily determinable fair values(489)(5)(489)(4,362)
Adjustment and impairment, net, of equity securities without readily determinable fair values(489)(5)(489)(4,362)
Losses on investment securities, net$(2,357)$(3,103)$(959)$(13,682)
Proceeds from sales of equity securities with readily determinable fair value$— $3,000 $23,592 $21,753 
Proceeds from sales and capital distributions of equity securities without readily determinable fair value— 703 67 1,232 
(1)Includes proceeds from available-for-sale securities sold in accordance with written covered call options sold to a third party.
The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of September 30, 2023, December 31, 2022 and September 30, 2022, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
September 30, 2023December 31, 2022September 30, 2022
(In thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale securities
Due in one year or less$99,892 $99,525 $119,830 $119,275 $55,249 $54,846 
Due in one to five years139,623 130,036 63,644 61,701 86,555 83,641 
Due in five to ten years43,199 38,074 115,734 105,076 115,949 105,921 
Due after ten years64,419 54,855 64,590 57,478 68,853 60,639 
Mortgage-backed3,968,590 3,289,345 3,405,836 2,899,487 3,151,700 2,618,606 
Total available-for-sale securities$4,315,723 $3,611,835 $3,769,634 $3,243,017 $3,478,306 $2,923,653 
Held-to-maturity securities
Due in one year or less$2,248 $2,241 $1,340 $1,332 $1,173 $1,166 
Due in one to five years103,104 96,546 94,705 89,093 85,423 78,995 
Due in five to ten years106,042 100,215 115,318 113,758 108,703 104,829 
Due after ten years362,183 270,722 365,510 288,460 348,026 272,319 
Mortgage-backed3,335,954 2,588,235 3,064,182 2,457,178 2,846,827 2,222,017 
Total held-to-maturity securities$3,909,531 $3,057,959 $3,641,055 $2,949,821 $3,390,152 $2,679,326 
Less: Allowance for credit losses(381)(488)(310)
Held-to-maturity securities, net of allowance for credit losses$3,909,150 $3,640,567 $3,389,842 

Securities having a carrying value of $7.1 billion at September 30, 2023 as well as securities having a carrying value of $2.8 billion and $2.5 billion at December 31, 2022 and September 30, 2022, respectively, were pledged as collateral for public deposits, trust deposits, Federal Home Loan Bank (“FHLB”) advances and available lines of credit, securities sold under repurchase agreements and derivatives. At September 30, 2023, there were no securities of a single issuer, other than U.S. government-sponsored agency securities, which exceeded 10% of shareholders’ equity.