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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 September 30, 2022December 31, 2021
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Agency residential MBS$2,760,670 $— $(469,436)$2,291,234 $2,921,993 $8,866 $(32,649)$2,898,210 
Agency commercial MBS887,781 8 (79,869)807,920 1,660,516 37,664 (9,213)1,688,967 
Agency residential CMOs804,561 — (68,079)736,482 1,021,716 22,288 (5,870)1,038,134 
U.S. Treasury securities771,082 — (107,693)663,389 973,555 1,641 (8,298)966,898 
Municipal securities 480,131 35 (64,967)415,199 2,248,749 75,192 (7,973)2,315,968 
Collateralized loan obligations365,344 — (11,582)353,762 385,410 396 (444)385,362 
Corporate debt securities374,446 — (28,904)345,542 514,077 13,774 (757)527,094 
Private label residential CMOs241,779 — (43,824)197,955 265,851 1,857 (3,291)264,417 
Asset-backed securities32,520 — (498)32,022 129,387 484 (324)129,547 
Private label commercial MBS31,634 — (2,456)29,178 453,314 147 (3,244)450,217 
SBA securities19,993 — (1,348)18,645 28,950 726 (32)29,644 
Total$6,769,941 $43 $(878,656)$5,891,328 $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 EndedNine Months Ended
September 30,September 30,
Sales of Securities Available-for-Sale2022202120222021
(In thousands)
Amortized cost of securities sold $440,445 $76,184 $1,039,965 $120,735 
Gross realized gains$3,226 $517 $5,960 $618 
Gross realized losses(3,140)(2)(6,979)(2)
Net realized gains (losses) $86 $515 $(1,019)$616 
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:
September 30, 2022
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$828,719 $(154,049)$1,462,515 $(315,387)$2,291,234 $(469,436)
Agency commercial MBS679,617 (58,395)114,979 (21,474)794,596 (79,869)
Agency residential CMOs518,065 (31,153)218,418 (36,926)736,483 (68,079)
U.S. Treasury securities117,110 (16,858)546,279 (90,835)663,389 (107,693)
Municipal securities 325,040 (47,929)83,882 (17,038)408,922 (64,967)
Collateralized loan obligations260,188 (7,935)93,574 (3,647)353,762 (11,582)
Corporate debt securities341,017 (28,429)4,525 (475)345,542 (28,904)
Private label residential CMOs50,799 (2,535)147,156 (41,289)197,955 (43,824)
Asset-backed securities32,022 (498)— — 32,022 (498)
Private label commercial MBS11,695 (696)17,483 (1,760)29,178 (2,456)
SBA securities18,626 (1,347)18 (1)18,644 (1,348)
Total$3,182,898 $(349,824)$2,688,829 $(528,832)$5,871,727 $(878,656)
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)
U.S. Treasury securities628,767 (8,298)— — 628,767 (8,298)
Municipal securities 505,080 (6,965)29,726 (1,008)534,806 (7,973)
Collateralized loan obligations137,619 (374)43,730 (70)181,349 (444)
Corporate debt securities32,761 (757)— — 32,761 (757)
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:
 September 30, 2022
Allowance
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,242,427 $(140)$1,242,287 $— $(119,417)$1,122,870 
Agency commercial MBS425,831 — 425,831 — (35,662)390,169 
Private label commercial MBS344,673 — 344,673 — (29,030)315,643 
U.S. Treasury securities183,457 — 183,457 — (13,447)170,010 
Corporate debt securities69,713 (1,360)68,353 — (6,199)62,154 
Total (1)
$2,266,101 $(1,500)$2,264,601 $— $(203,755)$2,060,846 
__________________________
(1)    Excludes accrued interest receivable of $11.3 million at September 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 September 30, 2022
Municipal securities$140 $— $— $— $140 
Corporate debt securities1,360 — — — 1,360 
Total$1,500 $— $— $— $1,500 
Nine Months Ended September 30, 2022
Municipal securities$— $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:
September 30, 2022
Security TypeAAAAA+AAAA-AA-BBBNRTotal
(In thousands)
Amortized Cost:
Municipal securities$568,454 $385,823 $173,226 $95,374 $1,905 $— $— $17,645 $1,242,427 
Agency commercial MBS— 425,831 — — — — — — 425,831 
Private label commercial
MBS344,673 — — — — — — — 344,673 
U.S. Treasury securities— 183,457 — — — — — — 183,457 
Corporate debt securities— — — — — 23,220 20,993 25,500 69,713 
Total$913,127 $995,111 $173,226 $95,374 $1,905 $23,220 $20,993 $43,145 $2,266,101 
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 EndedNine Months Ended
September 30,September 30,
2022202120222021
(In thousands)
Taxable interest$45,772 $31,980 $134,881 $79,156 
Non-taxable interest6,872 8,542 23,571 25,113 
Dividend income491 258 1,007 730 
Total interest income on investment securities$53,135 $40,780 $159,459 $104,999 
Available-for-sale Investments Classified by Contractual Maturity Date
The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:
September 30, 2022
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$— $— $— $2,760,670 $2,760,670 
Agency commercial MBS— 500,086 358,770 28,925 887,781 
Agency residential CMOs— — 201,260 603,301 804,561 
U.S. Treasury securities4,997 — 766,085 — 771,082 
Municipal securities7,557 44,019 338,647 89,908 480,131 
Collateralized loan obligations— — 101,156 264,188 365,344 
Corporate debt securities— 20,500 353,946 — 374,446 
Private label residential CMOs— — — 241,779 241,779 
Asset-backed securities— — 1,218 31,302 32,520 
Private label commercial MBS— — — 31,634 31,634 
SBA securities19 4,551 — 15,423 19,993 
Total$12,573 $569,156 $2,121,082 $4,067,130 $6,769,941 
Fair Value:
Agency residential MBS$— $— $— $2,291,234 $2,291,234 
Agency commercial MBS— 469,960 310,816 27,144 807,920 
Agency residential CMOs— — 178,062 558,420 736,482 
U.S. Treasury securities4,965 — 658,424 — 663,389 
Municipal securities7,536 38,940 284,872 83,851 415,199 
Collateralized loan obligations— — 98,676 255,086 353,762 
Corporate debt securities— 19,475 326,067 — 345,542 
Private label residential CMOs— — — 197,955 197,955 
Asset-backed securities— — 1,208 30,814 32,022 
Private label commercial MBS— — — 29,178 29,178 
SBA securities18 4,289 — 14,338 18,645 
Total$12,519 $532,664 $1,858,125 $3,488,020 $5,891,328 
Held-to-Maturity Investments Classified by Contractual Maturity Date The following table presents the contractual maturities of our securities held-to-maturity portfolio based on amortized cost and carrying value as of the date indicated:
September 30, 2022
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Municipal securities$— $— $334,877 $907,550 $1,242,427 
Agency commercial MBS— — 402,141 23,690 425,831 
Private label commercial MBS— — 35,882 308,791 344,673 
U.S. Treasury securities— — 183,457 — 183,457 
Corporate debt securities— — — 69,713 69,713 
Total$— $— $956,357 $1,309,744 $2,266,101 
Fair Value:
Municipal securities$— $— $310,064 $812,806 $1,122,870 
Agency commercial MBS— — 368,418 21,751 390,169 
Private label commercial MBS— — 33,115 282,528 315,643 
U.S. Treasury securities— — 170,010 — 170,010 
Corporate debt securities— — — 62,154 62,154 
Total$— $— $881,607 $1,179,239 $2,060,846