Investment Securities

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

The amortized cost and fair value of investment securities were as follows:


	Investment Securities Available-for-sale, At Fair Value
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2021
Debt securities:
Obligations of states and political subdivisions	$	824,061	$	30,772	$	8,041	$	846,792
Government and government-sponsored enterprises	186,541		506		649		186,398
Mortgage-backed securities:
Residential agency	6,545,644		93,014		123,937		6,514,721
Residential non-agency	119,284		1,882		3		121,163
Commercial agency	681,641		23,146		10,557		694,230
Commercial non-agency	39,348		671		—		40,019
Total mortgage-backed debt securities	7,385,917		118,713		134,497		7,370,133
Corporate debt and trust preferred securities	454		11		—		465

Total investment securities available-for-sale	$	8,396,973	$	150,002	$	143,187	$	8,403,788
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 agency	6,151,511		157,955		1,388		6,308,078
Residential non-agency	156,865		2,819		2		159,682
Commercial agency	669,235		39,715		999		707,951
Commercial non-agency	39,358		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


	Investment Securities Held-to-Maturity
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2021


Residential agency mortgage-backed securities	$	206,151	$	6,615	$	3,982	$	208,784
Corporate debt and trust preferred securities	3,627		—		—		3,627
Total investment securities held-to-maturity (1)	$	209,778	$	6,615	$	3,982	$	212,411
At December 31, 2020


Residential agency mortgage-backed securities	$	180,946	$	9,267	$	72	$	190,141
Corporate debt and trust preferred securities	3,413		—		—		3,413
Total investment securities held-to-maturity (1)	$	184,359	$	9,267	$	72	$	193,554

(1)At both March 31, 2021 and December 31, 2020 there was no ACL for investment securities held-to-maturity.

Accrued interest receivable for investment securities was $23.1 million and $20.6 million at March 31, 2021 and December 31, 2020, respectively, and is included in other assets on the Consolidated Statements of Financial Condition.

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 March 31, 2021
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Obligations of states and political subdivisions	$	130,928	$	8,041	$	—	$	—	$	130,928	$	8,041
Government and government sponsored enterprises	93,950		649		—		—		93,950		649
Mortgage-backed securities:
Residential agency	3,848,667		123,937		—		—		3,848,667		123,937
Residential non-agency	3,001		3		—		—		3,001		3
Commercial agency	175,579		10,557		—		—		175,579		10,557
Commercial non-agency	—		—		—		—		—		—
Total mortgage-backed debt securities	4,027,247		134,497		—		—		4,027,247		134,497



Total investment securities available-for-sale	$	4,252,125	$	143,187	$	—	$	—	$	4,252,125	$	143,187
Investment securities held-to-maturity

Residential agency mortgage-backed securities	108,682		3,982		—		—		108,682		3,982

Total investment securities held-to-maturity	$	108,682	$	3,982	$	—	$	—	$	108,682	$	3,982


	At December 31, 2020
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Obligations of states and political subdivisions	$	78,241	$	1,087	$	—	$	—	$	78,241	$	1,087
Government and government sponsored enterprises	139,940		813		—		—		139,940		813
Mortgage-backed securities:
Residential agency	426,171		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 March 31, 2021 there was no ACL for investment securities available-for-sale. At March 31, 2021 there were 582 available-for-sale investment securities in an unrealized loss position. Management assessed each investment security with unrealized losses for credit impairment. Substantially all unrealized losses on investment securities available-for-sale were due to credit spreads and interest rates rather than credit impairment. As part of that assessment, management evaluated and concluded that it is more-likely-than-not that the Corporation will not be required and does not intend to sell any of the investment securities prior to recovery of the amortized cost.

The gross gains and losses on sales of investment securities were as follows:


	Three Months Ended March 31,
(In thousands)	2021		2020
Gross realized gains	$	—	$	—
Gross realized losses	—		—
Recoveries on previously impaired investment securities held-to-maturity	8		—
Net gains on investment securities	$	8	$	—

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 March 31, 2021				At December 31, 2020
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investment Securities Available-for-Sale
Due in one year or less	$	45,902	$	46,020	$	45,912	$	46,163
Due in 1-5 years	160,915		163,885		163,346		168,125
Due in 5-10 years	770,039		788,800		681,135		720,239
Due after 10 years	7,420,117		7,405,083		7,150,780		7,350,196
Total investment securities available-for-sale	$	8,396,973	$	8,403,788	$	8,041,173	$	8,284,723

Investment Securities Held-to-Maturity
Due in one year or less	$	400	$	400	$	400	$	400
Due in 1-5 years	2,150		2,150		2,150		2,150
Due in 5-10 years	43		48		46		51
Due after 10 years	207,185		209,813		181,763		190,953
Total investment securities held-to-maturity	$	209,778	$	212,411	$	184,359	$	193,554

At March 31, 2021 and December 31, 2020, investment securities with a carrying value of $581.0 million and $1.0 billion, respectively, were pledged as collateral to secure certain deposits and borrowings.