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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities
The amortized cost and fair value of investment securities were as follows:
 Investment Securities Available-for-sale, At Fair Value
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
At December 31, 2020
Debt securities:
Obligations of states and political subdivisions
$827,191 $44,077 $1,087 $870,181 
Government and government-sponsored enterprises
196,560 153 813 195,900 
Mortgage-backed securities:
Residential agency6,151,511 157,955 1,388 6,308,078 
Residential non-agency156,865 2,819 2 159,682 
Commercial agency669,235 39,715 999 707,951 
Commercial non-agency39,358 3,072 — 42,430 
Total mortgage-backed debt securities
7,016,969 203,561 2,389 7,218,141 
Corporate debt and trust preferred securities
453 48 — 501 
Total investment securities available-for-sale
$8,041,173 $247,839 $4,289 $8,284,723 
At December 31, 2019
Debt securities:
Obligations of states and political subdivisions
$852,096 $12,446 $687 $863,855 
Government and government-sponsored enterprises
235,045 18 678 234,385 
Mortgage-backed securities:
Residential agency4,492,427 68,797 6,103 4,555,121 
Residential non-agency374,046 1,166 616 374,596 
Commercial agency645,814 8,639 2,049 652,404 
Commercial non-agency39,398 17 205 39,210 
Total mortgage-backed debt securities
5,551,685 78,619 8,973 5,621,331 
Corporate debt and trust preferred securities
451 — 21 430 
Total investment securities available-for-sale
$6,639,277 $91,083 $10,359 $6,720,001 
 
Investment Securities Held-to-Maturity
(In thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
At December 31, 2020
Residential agency mortgage-backed securities$180,946 $9,267 $72 $190,141 
Corporate debt and trust preferred securities3,413 — — 3,413 
Total investment securities held-to-maturity(1)
$184,359 $9,267 $72 $193,554 
At December 31, 2019
Residential agency mortgage-backed securities$135,769 $5,576 $177 $141,168 
Corporate debt and trust preferred securities3,676 — — 3,676 
Total investment securities held-to-maturity
$139,445 $5,576 $177 $144,844 
(1)The adoption of CECL was inconsequential to held-to-maturity investment securities. At December 31, 2020 there was no ACL for investment securities held-to-maturity.
Schedule of Gross Unrealized Losses and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity that are in a Loss Position
Gross unrealized losses and fair value of available-for-sale investment securities aggregated by investment category and the length of time the securities were in a continuous loss position were as follows: 
At December 31, 2020
Less than 12 months12 months or moreTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises$139,940 $813 $— $— $139,940 $813 
Obligations of states and political subdivisions78,241 1,087 — — 78,241 1,087 
Mortgage-backed securities:
Residential agency426,171 1,388 — — 426,171 1,388 
Residential non-agency
1,529 2 — — 1,529 2 
Commercial agency
96,667 999 — — 96,667 999 
Commercial non-agency
— — — — — — 
Total mortgage-backed debt securities
524,367 2,389 — — 524,367 2,389 
Total investment securities available-for-sale
$742,548 $4,289 $— $— $742,548 $4,289 
At December 31, 2019
Less than 12 months12 months or moreTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises$226,177 $678 $— $— $226,177 $678 
Obligations of states and political subdivisions60,639 687 — — 60,639 687 
Mortgage-backed securities:
Residential agency667,511 3,586 200,534 2,517 868,045 6,103 
Residential non-agency
140,403 616 — — 140,403 616 
Commercial agency
176,880 2,049 — — 176,880 2,049 
Commercial non-agency
25,560 205 — — 25,560 205 
Total mortgage-backed debt securities
1,010,354 6,456 200,534 2,517 1,210,888 8,973 
Corporate debt and trust preferred securities
430 21 — — 430 21 
Total investment securities available-for-sale
$1,297,600 $7,842 $200,534 $2,517 $1,498,134 $10,359 
Realized Gain (Loss) on Investments The gross gains and losses on sales of investment securities were as follows: 
Year Ended December 31,
(In thousands)202020192018
Gross realized gains$2,310 $10,877 $1,148 
Gross realized losses— 3,491 1,021 
Recoveries on previously impaired investment securities held-to-maturity
28 39 221 
Net gains on investment securities$2,338 $7,425 $348 
Schedule of Amortized Cost and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity by Contractual Maturity
The amortized cost and fair value of investment securities by final contractual maturity were as follows. Securities with multiple maturity dates are classified in the period of final maturity. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
At December 31,
20202019
(In thousands)Amortized CostFair ValueAmortized CostFair Value
Investment Securities Available-for-Sale
Due in one year or less$45,912 $46,163 $66,124 $66,112 
Due in 1-5 years163,346 168,125 191,364 192,065 
Due in 5-10 years681,135 720,239 547,813 555,523 
Due after 10 years7,150,780 7,350,196 5,833,976 5,906,301 
Total investment securities available-for-sale$8,041,173 $8,284,723 $6,639,277 $6,720,001 
Investment Securities Held-to-Maturity
Due in one year or less$400 $400 $— $— 
Due in 1-5 years2,150 2,150 3,550 3,550 
Due in 5-10 years46 51 58 64 
Due after 10 years181,763 190,953 135,837 141,230 
Total investment securities held-to-maturity$184,359 $193,554 $139,445 $144,844