Effective June 1, 2022, the Company transferred $2.3 billion in fair value of municipal securities, agency commercial MBS, private label commercial MBS, U.S. Treasury securities, and corporate debt securities from available-for-sale to held-to-maturity. At the time of transfer, $218.3 million of unrealized losses, net of tax, was retained in "Accumulated other comprehensive loss, net" on the consolidated balance sheets.


	December 31, 2023
			Allowance				Gross		Gross
	Amortized		for Credit		Net Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	1,388,801	$	—	$	1,388,801	$	—	$	(201,192)	$	1,187,609
U.S. Treasury securities	4,965		—		4,965		3		—		4,968
Agency commercial MBS	268,639		—		268,639		—		(15,333)		253,306
Agency residential CMOs	320,984		—		320,984		—		(36,650)		284,334
Municipal securities	29,192		—		29,192		—		(1,109)		28,083
Corporate debt securities	327,426		(199)		327,227		259		(60,254)		267,232
Private label residential CMOs	193,071		—		193,071		—		(34,659)		158,412
Collateralized loan obligations	109,168		—		109,168		—		(752)		108,416
Private label commercial MBS	22,126		—		22,126		—		(1,313)		20,813
Asset-backed securities	20,241		—		20,241		—		(289)		19,952
SBA securities	14,642		—		14,642		—		(903)		13,739
Total	$	2,699,255	$	(199)	$	2,699,056	$	262	$	(352,454)	$	2,346,864


	December 31, 2022
			Allowance				Gross		Gross
	Amortized		for Credit		Net Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	2,685,038	$	—	$	2,685,038	$	—	$	(442,996)	$	2,242,042
U.S. Treasury securities	771,145		—		771,145		—		(101,075)		670,070
Agency commercial MBS	549,492		—		549,492		—		(61,886)		487,606
Agency residential CMOs	517,174		—		517,174		—		(60,111)		457,063
Municipal securities	399,724		—		399,724		—		(60,398)		339,326
Corporate debt securities	344,767		—		344,767		6		(32,868)		311,905
Private label residential CMOs	207,123		—		207,123		—		(40,399)		166,724
Collateralized loan obligations	109,159		—		109,159		—		(6,898)		102,261
Private label commercial MBS	28,903		—		28,903		—		(2,076)		26,827
Asset-backed securities	23,568		—		23,568		—		(1,155)		22,413
SBA securities	18,524		—		18,524		—		(1,274)		17,250
Total	$	5,654,617	$	—	$	5,654,617	$	6	$	(811,136)	$	4,843,487

As of December 31, 2023, the Company had an allowance for credit losses on securities available-for-sale of $199,000. The Company does not consider unrealized losses on such securities to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in non-credit related factors such as interest rates, market spreads, and market conditions subsequent to purchase. We do not currently intend to sell any of the securities in an unrealized loss position and further believe it is more likely than not that we will not be required to sell these securities before their anticipated recovery.


	Year Ended December 31,
Sales of Securities Available-for-Sale	2023		2022		2021
	(In thousands)
Amortized cost of securities sold	$	3,470,424	$	2,063,415	$	365,733

Gross realized gains	$	—	$	6,032	$	1,680
Gross realized losses	(442,413)		(56,353)		(65)
Net realized (losses) gains	$	(442,413)	$	(50,321)	$	1,615


	December 31, 2023
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	—	$	—	$	1,187,609	$	(201,192)	$	1,187,609	$	(201,192)
U.S. Treasury securities	—		—		—		—		—		—
Agency commercial MBS	—		—		253,306		(15,333)		253,306		(15,333)
Agency residential CMOs	—		—		284,334		(36,650)		284,334		(36,650)
Municipal securities	—		—		28,083		(1,109)		28,083		(1,109)
Corporate debt securities	—		—		265,431		(60,254)		265,431		(60,254)
Private label residential CMOs	—		—		158,412		(34,659)		158,412		(34,659)
Collateralized loan obligations	—		—		66,886		(752)		66,886		(752)
Private label commercial MBS	—		—		20,813		(1,313)		20,813		(1,313)
Asset-backed securities	—		—		19,952		(289)		19,952		(289)
SBA securities	—		—		13,739		(903)		13,739		(903)
Total	$	—	$	—	$	2,298,565	$	(352,454)	$	2,298,565	$	(352,454)


	December 31, 2022
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	52,556	$	(6,193)	$	2,189,485	$	(436,803)	$	2,242,041	$	(442,996)
U.S. Treasury securities	4,972		(26)		665,098		(101,049)		670,070		(101,075)
Agency commercial MBS	316,892		(31,139)		170,714		(30,747)		487,606		(61,886)
Agency residential CMOs	245,755		(22,748)		211,309		(37,363)		457,064		(60,111)
Municipal securities	37,380		(3,129)		298,266		(57,269)		335,646		(60,398)
Corporate debt securities	302,643		(32,124)		4,256		(744)		306,899		(32,868)
Private label residential CMOs	19,261		(1,294)		147,464		(39,105)		166,725		(40,399)
Collateralized loan obligations	27,704		(1,818)		74,558		(5,080)		102,262		(6,898)
Private label commercial MBS	10,204		(508)		16,623		(1,568)		26,827		(2,076)
Asset-backed securities	22,413		(1,155)		—		—		22,413		(1,155)
SBA securities	17,250		(1,274)		—		—		17,250		(1,274)
Total	$	1,057,030	$	(101,408)	$	3,777,773	$	(709,728)	$	4,834,803	$	(811,136)

The securities that were in an unrealized loss position at December 31, 2023, were considered impaired and required further review to determine if the unrealized losses were credit-related. We concluded their unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Accordingly, we determined the unrealized losses were not credit-related and recognized the unrealized losses in "Accumulated other comprehensive loss, net" of "Stockholders' equity" on the consolidated balance sheets. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any impaired securities before recovery of their amortized cost.


	December 31, 2023
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:
Agency residential MBS	$	—	$	—	$	—	$	1,388,801	$	1,388,801
U.S. Treasury securities	4,965		—		—		—		4,965
Agency commercial MBS	—		165,420		85,712		17,507		268,639
Agency residential CMOs	—		36,183		15,135		269,666		320,984
Municipal securities	—		7,341		21,851		—		29,192
Corporate debt securities	—		5,000		322,426		—		327,426
Private label residential CMOs	—		—		—		193,071		193,071
Collateralized loan obligations	—		—		80,330		28,838		109,168
Private label commercial MBS	—		—		1,325		20,801		22,126
Asset-backed securities	—		—		—		20,241		20,241
SBA securities	—		2,643		—		11,999		14,642
Total	$	4,965	$	216,587	$	526,779	$	1,950,924	$	2,699,255


	December 31, 2023
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Fair Value:
Agency residential MBS	$	—	$	—	$	—	$	1,187,609	$	1,187,609
U.S. Treasury securities	4,968		—		—		—		4,968
Agency commercial MBS	—		157,087		79,600		16,619		253,306
Agency residential CMOs	—		33,480		13,912		236,942		284,334
Municipal securities	—		6,991		21,092		—		28,083
Corporate debt securities	—		4,850		262,382		—		267,232
Private label residential CMOs	—		—		—		158,412		158,412
Collateralized loan obligations	—		—		79,867		28,549		108,416
Private label commercial MBS	—		—		1,283		19,530		20,813
Asset-backed securities	—		—		—		19,952		19,952
SBA securities	—		2,534		—		11,205		13,739
Total	$	4,968	$	204,942	$	458,136	$	1,678,818	$	2,346,864

CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.


	December 31, 2023
			Allowance
			for		Net		Gross		Gross
	Amortized		Credit		Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,247,310	$	(140)	$	1,247,170	$	1,760	$	(28,170)	$	1,220,760
Agency commercial MBS	433,827		—		433,827		—		(30,665)		403,162
Private label commercial MBS	350,493		—		350,493		—		(29,289)		321,204
U.S. Treasury securities	187,033		—		187,033		—		(11,454)		175,579
Corporate debt securities	70,128		(1,360)		68,768		—		(21,157)		47,611





Total (1)	$	2,288,791	$	(1,500)	$	2,287,291	$	1,760	$	(120,735)	$	2,168,316

__________________________


	December 31, 2022
			Allowance
			for		Net		Gross		Gross
	Amortized		Credit		Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,243,443	$	(140)	$	1,243,303	$	8	$	(77,526)	$	1,165,785
Agency commercial MBS	427,411		—		427,411		—		(34,287)		393,124
Private label commercial MBS	345,825		—		345,825		—		(26,027)		319,798
U.S. Treasury securities	184,162		—		184,162		—		(12,462)		171,700
Corporate debt securities	69,794		(1,360)		68,434		—		(8,369)		60,065





Total (1)	$	2,270,635	$	(1,500)	$	2,269,135	$	8	$	(158,671)	$	2,110,472

__________________________

The following table presents the changes by major security type in our allowance for credit losses on securities held-to-maturity for the years indicated:


	Year Ended December 31, 2023
	Allowance for		Provision						Allowance for
	Credit Losses,		for						Credit Losses,
	Beginning		Credit						End of
Security Type	of Period		Losses		Charge-offs		Recoveries		Period
	(In thousands)

Municipal securities	$	140	$	—	$	—	$	—	$	140
Corporate debt securities	1,360		—		—		—		1,360
Total	$	1,500	$	—	$	—	$	—	$	1,500

	Year Ended December 31, 2022
	Allowance for		Provision						Allowance for
	Credit Losses,		for						Credit Losses,
	Beginning		Credit						End of
Security Type	of Period		Losses		Charge-offs		Recoveries		Period
	(In thousands)
Municipal securities	$	—	$	140	$	—	$	—	$	140
Corporate debt securities	—		1,360		—		—		1,360
Total	$	—	$	1,500	$	—	$	—	$	1,500

Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as held-to-maturity. The allowance for credit losses on HTM securities is representative of current expected credit losses that may be incurred over the life of the investment. Accrued interest receivable on HTM securities, which is included in other assets on the consolidated balance sheets, is excluded from the estimate of expected credit losses. HTM U.S. treasury securities and agency-backed MBS securities are considered to have no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The change in fair value in the HTM private label CMBS portfolio is solely driven by changes in interest rates. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates and, thus, there is no related ACL for this portfolio. The underlying bonds in the Company’s HTM municipal securities and HTM corporate debt securities portfolios are evaluated for credit losses in conjunction with management’s estimate of the allowance for credit losses based primarily on credit ratings.

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 dates indicated:


	December 31, 2023
Security Type	AAA		AA+		AA		AA-		A		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	564,127	$	397,542	$	167,905	$	86,243	$	1,787	$	—	$	17,699	$	1,247,310
Agency commercial MBS	—		433,827		—		—		—		—		—		433,827

Private label commercial MBS	350,493		—		—		—		—		—		—		350,493
U.S. Treasury securities	—		187,033		—		—		—		—		—		187,033
Corporate debt securities	—		—		—		—		—		44,371		25,757		70,128
Total	$	914,620	$	1,018,402	$	167,905	$	86,243	$	1,787	$	44,371	$	43,456	$	2,288,791


	December 31, 2022
Security Type	AAA		AA+		AA		AA-		A		A-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	568,674	$	385,990	$	173,751	$	95,471	$	1,901	$	—	$	—	$	17,656	$	1,243,443

Agency commercial MBS	—		427,411		—		—		—		—		—		—		427,411

Private label commercial MBS	345,825		—		—		—		—		—		—		—		345,825

U.S. Treasury securities	—		184,162		—		—		—		—		—		—		184,162

Corporate debt securities	—		—		—		—		—		23,244		20,999		25,551		69,794
Total	$	914,499	$	997,563	$	173,751	$	95,471	$	1,901	$	23,244	$	20,999	$	43,207	$	2,270,635

The following table presents the contractual maturities of our securities held-to-maturity portfolio based on amortized cost and fair value as of the date indicated:


	December 31, 2023
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:

Municipal securities	$	—	$	—	$	390,724	$	856,586	$	1,247,310
Agency commercial MBS	—		—		433,827		—		433,827
Private label commercial MBS	—		—		36,407		314,086		350,493
U.S. Treasury securities	—		—		187,033		—		187,033
Corporate debt securities	—		—		10,191		59,937		70,128





Total	$	—	$	—	$	1,058,182	$	1,230,609	$	2,288,791


	December 31, 2023
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Fair Value:

Municipal securities	$	—	$	—	$	375,009	$	845,751	$	1,220,760
Agency commercial MBS	—		—		403,162		—		403,162
Private label commercial MBS	—		—		34,324		286,880		321,204
U.S. Treasury securities	—		—		175,579		—		175,579
Corporate debt securities	—		—		8,766		38,845		47,611





Total	$	—	$	—	$	996,840	$	1,171,476	$	2,168,316

CMBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.

In connection with borrowing facilities with the FRB and FHLB, the Bank owned FRB and FHLB stock carried at cost of $126.3 million and $34.3 million at December 31, 2023 and 2022. We evaluated the carrying value of our FRB and FHLB stock investment at December 31, 2023 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FRB and FHLB, repurchase activity of excess stock by the FRB and FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment.