Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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

The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2022 and December 31, 2021 are summarized as follows:

	September 30, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	5,398	$	4	$	(330)	$	5,072
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,573,618		86		(220,135)		1,353,569
Private mortgage-backed securities and collateralized mortgage obligations	183,740		22		(11,798)		171,964
Collateralized loan obligations	314,214		—		(12,140)		302,074
Obligations of state and political subdivisions	30,167		139		(2,251)		28,055
Totals	$	2,107,137	$	251	$	(246,654)	$	1,860,734
Debt securities held-to-maturity
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	774,706	$	65	$	(129,332)	$	645,439
Totals	$	774,706	$	65	$	(129,332)	$	645,439

	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	6,466	$	316	$	(3)	$	6,779
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,234,721		8,308		(20,309)		1,222,720
Private mortgage-backed securities and collateralized mortgage obligations	88,096		1,091		(420)		88,767
Collateralized loan obligations	292,751		63		(124)		292,690
Obligations of state and political subdivisions	31,624		1,740		(1)		33,363
Totals	$	1,653,658	$	11,518	$	(20,857)	$	1,644,319
Debt securities held-to-maturity
Mortgage-backed securities of U.S. government-sponsored entities	$	638,640	$	3,828	$	(15,070)	$	627,398
Totals	$	638,640	$	3,828	$	(15,070)	$	627,398

Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities

The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2022 and December 31, 2021 are summarized as follows:

	September 30, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	5,398	$	4	$	(330)	$	5,072
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,573,618		86		(220,135)		1,353,569
Private mortgage-backed securities and collateralized mortgage obligations	183,740		22		(11,798)		171,964
Collateralized loan obligations	314,214		—		(12,140)		302,074
Obligations of state and political subdivisions	30,167		139		(2,251)		28,055
Totals	$	2,107,137	$	251	$	(246,654)	$	1,860,734
Debt securities held-to-maturity
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	774,706	$	65	$	(129,332)	$	645,439
Totals	$	774,706	$	65	$	(129,332)	$	645,439

	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale
U.S. Treasury securities and obligations of U.S. government agencies	$	6,466	$	316	$	(3)	$	6,779
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,234,721		8,308		(20,309)		1,222,720
Private mortgage-backed securities and collateralized mortgage obligations	88,096		1,091		(420)		88,767
Collateralized loan obligations	292,751		63		(124)		292,690
Obligations of state and political subdivisions	31,624		1,740		(1)		33,363
Totals	$	1,653,658	$	11,518	$	(20,857)	$	1,644,319
Debt securities held-to-maturity
Mortgage-backed securities of U.S. government-sponsored entities	$	638,640	$	3,828	$	(15,070)	$	627,398
Totals	$	638,640	$	3,828	$	(15,070)	$	627,398

Summary of Investments Classified by Contractual Maturity

Securities not due at a single maturity date are shown separately.

	September 30, 2022
	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	1,546	$	1,544
Due after one year through five years	—		—		15,959		15,817
Due after five years through ten years	—		—		3,788		3,645
Due after ten years	—		—		14,272		12,121
	—		—		35,565		33,127
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	774,706		645,439		1,573,618		1,353,569
Private mortgage-backed securities and collateralized mortgage obligations	—		—		183,740		171,964
Collateralized loan obligations	—		—		314,214		302,074
Totals	$	774,706	$	645,439	$	2,107,137	$	1,860,734

Schedule of Debt Securities in Unrealized Loss Position

The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded.

	September 30, 2022
	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	3,987	$	(318)	$	292	$	(12)	$	4,279	$	(330)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	941,663		(119,928)		398,769		(100,207)		1,340,432		(220,135)
Private mortgage-backed securities and collateralized mortgage obligations	162,976		(10,801)		7,721		(997)		170,697		(11,798)
Collateralized loan obligations	249,362		(10,404)		52,711		(1,736)		302,073		(12,140)
Obligations of state and political subdivisions	23,049		(2,172)		421		(79)		23,470		(2,251)
Totals	$	1,381,037	$	(143,623)	$	459,914	$	(103,031)	$	1,840,951	$	(246,654)

	December 31, 2021
	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	97	$	(1)	$	245	$	(2)	$	342	$	(3)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	955,881		(19,575)		11,953		(734)		967,834		(20,309)
Private mortgage-backed securities and collateralized mortgage obligations	33,640		(173)		9,628		(247)		43,268		(420)
Collateralized loan obligations	123,202		(81)		9,461		(43)		132,663		(124)
Obligations of state and political subdivisions	499		(1)		—		—		499		(1)
Totals	$	1,113,319	$	(19,831)	$	31,287	$	(1,026)	$	1,144,606	$	(20,857)