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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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:
 June 30, 2022December 31, 2021
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Agency residential MBS$2,898,484 $901 $(321,670)$2,577,715 $2,921,993 $8,866 $(32,649)$2,898,210 
Agency commercial MBS1,020,083 849 (44,711)976,221 1,660,516 37,664 (9,213)1,688,967 
Agency residential CMOs844,508 109 (41,308)803,309 1,021,716 22,288 (5,870)1,038,134 
Municipal securities 742,845 3,219 (45,459)700,605 2,248,749 75,192 (7,973)2,315,968 
U.S. Treasury securities771,019 — (74,965)696,054 973,555 1,641 (8,298)966,898 
Corporate debt securities388,466 75 (19,080)369,461 514,077 13,774 (757)527,094 
Collateralized loan obligations365,354 — (13,064)352,290 385,410 396 (444)385,362 
Private label residential CMOs248,155 — (32,052)216,103 265,851 1,857 (3,291)264,417 
Asset-backed securities33,354 4 (711)32,647 129,387 484 (324)129,547 
Private label commercial MBS34,411 — (1,895)32,516 453,314 147 (3,244)450,217 
SBA securities24,322 — (595)23,727 28,950 726 (32)29,644 
Total$7,371,001 $5,157 $(595,510)$6,780,648 $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 (losses) gains for the years indicated:
Three Months EndedSix Months Ended
June 30,June 30,
Sales of Securities Available-for-Sale2022202120222021
(In thousands)
Amortized cost of securities sold $393,432 $— $599,520 $44,551 
Gross realized gains$1,544 $— $2,734 $101 
Gross realized losses(2,753)— (3,839)— 
Net realized (losses) gains $(1,209)$— $(1,105)$101 
Unrealized losses on investment securities available-for-sale
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:
June 30, 2022
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$2,232,774 $(288,563)$262,847 $(33,107)$2,495,621 $(321,670)
Agency commercial MBS851,935 (39,376)41,199 (5,335)893,134 (44,711)
Agency residential CMOs707,516 (29,892)88,546 (11,416)796,062 (41,308)
Municipal securities 463,945 (45,459)— — 463,945 (45,459)
U.S. Treasury securities696,054 (74,965)— — 696,054 (74,965)
Corporate debt securities355,637 (19,080)— — 355,637 (19,080)
Collateralized loan obligations269,865 (9,256)82,425 (3,808)352,290 (13,064)
Private label residential CMOs216,103 (32,052)— — 216,103 (32,052)
Asset-backed securities31,261 (711)— — 31,261 (711)
Private label commercial MBS23,206 (1,177)9,311 (718)32,517 (1,895)
SBA securities21,946 (521)1,781 (74)23,727 (595)
Total$5,870,242 $(541,052)$486,109 $(54,458)$6,356,351 $(595,510)
December 31, 2021
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$2,502,536 $(31,670)$57,329 $(979)$2,559,865 $(32,649)
Agency commercial MBS440,938 (5,066)106,745 (4,147)547,683 (9,213)
Agency residential CMOs216,445 (3,757)67,340 (2,113)283,785 (5,870)
Municipal securities 505,080 (6,965)29,726 (1,008)534,806 (7,973)
U.S. Treasury securities628,767 (8,298)— — 628,767 (8,298)
Corporate debt securities32,761 (757)— — 32,761 (757)
Collateralized loan obligations137,619 (374)43,730 (70)181,349 (444)
Private label residential CMOs201,988 (3,291)— — 201,988 (3,291)
Asset-backed securities38,742 (137)15,762 (187)54,504 (324)
Private label commercial MBS397,619 (3,244)— — 397,619 (3,244)
SBA securities— — 1,864 (32)1,864 (32)
Total$5,102,495 $(63,559)$322,496 $(8,536)$5,424,991 $(72,095)
Schedule of held-to-maturity securities reconciliation
The following table presents amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values of securities held-to-maturity as of the date indicated:
 June 30, 2022
Allowance
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,241,664 $(140)$1,241,524 $554 $(36,762)$1,205,316 
Agency commercial MBS424,274 — 424,274 — (4,626)419,648 
Private label commercial MBS343,545 — 343,545 — (5,663)337,882 
U.S. Treasury securities182,751 — 182,751 — (1,855)180,896 
Corporate debt securities69,633 (1,360)68,273 — (2,256)66,017 
Total (1)
$2,261,867 $(1,500)$2,260,367 $554 $(51,162)$2,209,759 
__________________________
(1)    Excludes accrued interest receivable of $13.7 million at June 30, 2022 which is recorded in "Other assets" on the condensed consolidated balance sheets
Debt Securities, Held-to-maturity, Allowance for Credit Loss The following table presents the changes by major security type in our allowance for credit losses on securities held-to-maturity for the periods indicated:
Allowance forProvision Allowance for
Credit Losses,for Credit Losses,
Beginning Credit End of
Security Typeof PeriodLossesCharge-offsRecoveriesPeriod
(In thousands)
Three Months Ended June 30, 2022
Municipal securities$— $140 $— $— $140 
Corporate debt securities— 1,360 — — 1,360 
Total$— $1,500 $— $— $1,500 
Six Months Ended June 30, 2022
Municipal securities$— $140 $— $— $140 
Corporate debt securities— 1,360 — — 1,360 
Total$— $1,500 $— $— $1,500 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The Company uses S&P, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its held-to-maturity securities. The following table presents our securities held-to-maturity portfolio by the lowest available credit rating as of the date indicated:
June 30, 2022
Security TypeAAAAA+AAAA-AA-BBBNRTotal
(In thousands)
Amortized Cost:
Municipal securities$585,084 $363,461 $178,341 $89,655 $1,997 $— $— $23,126 $1,241,664 
Agency commercial MBS— 424,274 — — — — — — 424,274 
Private label commercial
MBS343,545 — — — — — — — 343,545 
U.S. Treasury securities— 182,751 — — — — — — 182,751 
Corporate debt securities— — — — — 23,196 20,985 25,452 69,633 
Total$928,629 $970,486 $178,341 $89,655 $1,997 $23,196 $20,985 $48,578 $2,261,867 
Investment income
The following table presents the composition of our interest income on investment securities, including available-for-sale and held-to-maturity, for the periods indicated:
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
(In thousands)
Taxable interest$44,467 $25,206 $89,109 $47,176 
Non-taxable interest8,180 8,493 16,699 16,571 
Dividend income255 255 516 472 
Total interest income on investment securities$52,902 $33,954 $106,324 $64,219 
Available-for-sale 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:
June 30, 2022
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$28 $6,756 $4,625 $2,887,075 $2,898,484 
Agency commercial MBS6,847 529,921 452,921 30,394 1,020,083 
Agency residential CMOs— 1,487 206,723 636,298 844,508 
Municipal securities17,625 85,139 394,484 245,597 742,845 
U.S. Treasury securities4,996 — 766,023 — 771,019 
Corporate debt securities— 22,500 365,966 — 388,466 
Collateralized loan obligations— — 101,154 264,200 365,354 
Private label residential CMOs— — — 248,155 248,155 
Asset-backed securities— — 1,382 31,972 33,354 
Private label commercial MBS4,004 — — 30,407 34,411 
SBA securities1,855 6,007 — 16,460 24,322 
Total$35,355 $651,810 $2,293,278 $4,390,558 $7,371,001 
Fair Value:
Agency residential MBS$29 $6,794 $4,692 $2,566,200 $2,577,715 
Agency commercial MBS6,847 517,077 422,320 29,977 976,221 
Agency residential CMOs— 1,486 191,837 609,986 803,309 
Municipal securities17,639 84,751 355,007 243,208 700,605 
U.S. Treasury securities4,995 — 691,059 — 696,054 
Corporate debt securities— 22,050 347,411 — 369,461 
Collateralized loan obligations— — 98,461 253,829 352,290 
Private label residential CMOs— — — 216,103 216,103 
Asset-backed securities— — 1,386 31,261 32,647 
Private label commercial MBS3,890 — — 28,626 32,516 
SBA securities1,781 5,862 — 16,084 23,727 
Total$35,181 $638,020 $2,112,173 $3,995,274 $6,780,648 
Held-to-Maturity Investments Classified by Contractual Maturity Date The following table presents the contractual maturities of our securities held-to-maturity portfolio based on amortized cost and carrying value as of the date indicated:
June 30, 2022
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Municipal securities$— $— $286,105 $955,559 $1,241,664 
Agency commercial MBS— — 400,499 23,775 424,274 
Private label commercial MBS— — 35,780 307,765 343,545 
U.S. Treasury securities— — 182,751 — 182,751 
Corporate debt securities— — — 69,633 69,633 
Total$— $— $905,135 $1,356,732 $2,261,867 
Fair Value:
Municipal securities$— $— $283,530 $921,786 $1,205,316 
Agency commercial MBS— — 396,316 23,332 419,648 
Private label commercial MBS— — 35,209 302,673 337,882 
U.S. Treasury securities— — 180,896 — 180,896 
Corporate debt securities— — — 66,017 66,017 
Total$— $— $895,951 $1,313,808 $2,209,759