Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Securities Available-for-Sale

A summary of amortized cost and estimated fair value of securities available-for-sale at March 31, 2020 and December 31, 2019 is as follows:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2020
Securities available-for-sale:
Obligations of U.S. government agencies	$	70,225	$	221	$	458	$	69,988
Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS)
Residential pass-through:
Guaranteed by GNMA		99,869		2,799		—		102,668
Issued by FNMA and FHLMC		1,453,735		52,507		—		1,506,242
Other residential mortgage-backed securities		268,906		11,249		—		280,155
Commercial mortgage-backed securities		271,590		11,580		941		282,229
Total MBS		2,094,100		78,135		941		2,171,294
Obligations of states and municipal subdivisions		211,312		9,431		381		220,362
Total securities available-for-sale	$	2,375,637	$	87,787	$	1,780	$	2,461,644

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2019
Securities available-for-sale:
Obligations of U.S. government agencies	$	69,464	$	57	$	415	$	69,106
Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS)
Residential pass-through:
Guaranteed by GNMA		98,122		1,205		245		99,082
Issued by FNMA and FHLMC		1,423,771		13,128		1,402		1,435,497
Other residential mortgage-backed securities		292,019		4,197		384		295,832
Commercial mortgage-backed securities		276,533		2,448		3,023		275,958
Total MBS		2,090,445		20,978		5,054		2,106,369
Obligations of states and municipal subdivisions		185,882		7,235		—		193,117
Total securities available-for-sale	$	2,345,791	$	28,270	$	5,469	$	2,368,592

Schedule of Contractual Maturities of Securities Available-for-Sale

The scheduled contractual maturities of securities available-for-sale at March 31, 2020 were as follows:

	Amortized		Estimated
(In thousands)	Cost		Fair Value
Due in one year or less	$	1,222	$	1,226
Due after one year through five years		1,157		1,148
Due after five years through ten years		61,915		61,672
Due after ten years		217,243		226,304
Mortgage-backed securities		2,094,100		2,171,294
Total	$	2,375,637	$	2,461,644

Summary of Gross Gains, and Gross Losses on Sales of Securities Available for Sale

Gross gains and gross losses on sales of securities available-for-sale for the three months ended March 31, 2020 and 2019 are presented below.

	For the Three Months Ended March 31,
(In thousands)	2020		2019
Gross realized gains	$	2,994	$	3
Gross realized losses		—		(15	)
Realized gains (losses), net	$	2,994	$	(12	)

Schedule of Securities Classified as Available-for-Sale with Gross Unrealized Losses Aggregated by Category and Length of Time

Information pertaining to securities available-for-sale with gross unrealized losses aggregated by category and length of time the securities have been in a continuous loss position was as follows:

	Unrealized Loss Analysis
	Losses < 12 Months				Losses > 12 Months
(In thousands)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
March 31, 2020
Obligations of U.S. government agencies	$	29,360	$	278	$	12,896	$	180
Mortgage-backed securities		72,267		574		10,143		367
Obligations of states and municipal subdivisions		22,495		381		—		—
Total	$	124,122	$	1,233	$	23,039	$	547

	Unrealized Loss Analysis
	Losses < 12 Months				Losses > 12 Months
(In thousands)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
December 31, 2019
Obligations of U.S. government agencies	$	33,053	$	209	$	13,703	$	206
Mortgage-backed securities		708,991		4,466		61,506		588
Obligations of states and municipal subdivisions		—		—		—		—
Total	$	742,044	$	4,675	$	75,209	$	794