Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale securities reconciliation

The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:

	March 31, 2022								December 31, 2021
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
Security Type	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	2,982,056	$	3,461	$	(196,703)	$	2,788,814	$	2,921,993	$	8,866	$	(32,649)	$	2,898,210
Municipal securities	2,234,457		15,158		(124,454)		2,125,161		2,248,749		75,192		(7,973)		2,315,968
Agency commercial MBS	1,627,516		3,968		(69,147)		1,562,337		1,660,516		37,664		(9,213)		1,688,967
Agency residential CMOs	962,218		2,181		(23,685)		940,714		1,021,716		22,288		(5,870)		1,038,134
U.S. Treasury securities	973,803		57		(66,117)		907,743		973,555		1,641		(8,298)		966,898
Corporate debt securities	513,981		2,619		(7,444)		509,156		514,077		13,774		(757)		527,094
Private label commercial MBS	439,909		—		(38,617)		401,292		453,314		147		(3,244)		450,217
Collateralized loan obligations	365,355		236		(1,785)		363,806		385,410		396		(444)		385,362
Private label residential CMOs	256,274		88		(18,202)		238,160		265,851		1,857		(3,291)		264,417
Asset-backed securities	112,875		375		(373)		112,877		129,387		484		(324)		129,547
SBA securities	25,655		—		(606)		25,049		28,950		726		(32)		29,644
Total	$	10,494,099	$	28,143	$	(547,133)	$	9,975,109	$	10,603,518	$	163,035	$	(72,095)	$	10,694,458

Schedule of realized gains and losses on securities available-for-sale

The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized gains for the years indicated:

	Three Months Ended
	March 31,
Sales of Securities Available-for-Sale	2022		2021
	(In thousands)
Amortized cost of securities sold	$	206,088	$	44,551
Gross realized gains	$	1,190	$	101
Gross realized losses	(1,086)		—
Net realized gains	$	104	$	101

Unrealized losses on investment securities

The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions as of the dates indicated:

	March 31, 2022
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	2,559,148	$	(189,302)	$	98,722	$	(7,401)	$	2,657,870	$	(196,703)
Municipal securities	1,584,374		(120,665)		31,483		(3,789)		1,615,857		(124,454)
Agency commercial MBS	993,615		(57,209)		102,398		(11,938)		1,096,013		(69,147)
Agency residential CMOs	441,966		(14,558)		96,639		(9,127)		538,605		(23,685)
U.S. Treasury securities	902,691		(66,117)		—		—		902,691		(66,117)
Corporate debt securities	276,481		(7,444)		—		—		276,481		(7,444)
Private label commercial MBS	390,858		(38,033)		10,433		(584)		401,291		(38,617)
Collateralized loan obligations	189,361		(1,036)		78,503		(749)		267,864		(1,785)
Private label residential CMOs	214,766		(18,202)		—		—		214,766		(18,202)
Asset-backed securities	51,934		(373)		—		—		51,934		(373)
SBA securities	23,249		(531)		1,800		(75)		25,049		(606)
Total	$	7,628,443	$	(513,470)	$	419,978	$	(33,663)	$	8,048,421	$	(547,133)

	December 31, 2021
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	2,502,536	$	(31,670)	$	57,329	$	(979)	$	2,559,865	$	(32,649)
Municipal securities	505,080		(6,965)		29,726		(1,008)		534,806		(7,973)
Agency commercial MBS	440,938		(5,066)		106,745		(4,147)		547,683		(9,213)
Agency residential CMOs	216,445		(3,757)		67,340		(2,113)		283,785		(5,870)
U.S. Treasury securities	628,767		(8,298)		—		—		628,767		(8,298)
Corporate debt securities	32,761		(757)		—		—		32,761		(757)
Private label commercial MBS	397,619		(3,244)		—		—		397,619		(3,244)
Collateralized loan obligations	137,619		(374)		43,730		(70)		181,349		(444)
Private label residential CMOs	201,988		(3,291)		—		—		201,988		(3,291)
Asset-backed securities	38,742		(137)		15,762		(187)		54,504		(324)
SBA securities	—		—		1,864		(32)		1,864		(32)
Total	$	5,102,495	$	(63,559)	$	322,496	$	(8,536)	$	5,424,991	$	(72,095)

Investments classified by contractual maturity date

The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:

	March 31, 2022
	Amortized		Fair
Maturities	Cost		Value
	(In thousands)
Due in one year or less	$	43,600	$	43,705
Due after one year through five years	667,668		670,477
Due after five years through ten years	3,547,627		3,354,275
Due after ten years	6,235,204		5,906,652
Total securities available-for-sale	$	10,494,099	$	9,975,109

Investment income

The following table presents the composition of our interest income on investment securities for the periods indicated:

	Three Months Ended
	March 31,
	2022		2021
	(In thousands)
Taxable interest	$	44,642	$	21,970
Non-taxable interest	8,519		8,078
Dividend income	261		217
Total interest income on investment securities	$	53,422	$	30,265