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 AFS to HTM. 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. The amount remaining in "Accumulated other comprehensive loss, net" at December 31, 2024 was $157.9 million.


	December 31, 2024
			Allowance				Gross		Gross
	Amortized		for Credit		Net Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	1,051,601	$	—	$	1,051,601	$	—	$	(189,761)	$	861,840
Agency commercial MBS	52,610		—		52,610		—		(1,046)		51,564

Agency residential CMOs	467,319		—		467,319		223		(20,911)		446,631
Municipal securities	602		—		602		—		(8)		594
Corporate debt securities	289,098		—		289,098		—		(31,386)		257,712
Private label residential CMOs	352,615		—		352,615		7		(35,712)		316,910
Collateralized loan obligations	278,976		—		278,976		469		(29)		279,416
Private label commercial MBS	13,585		—		13,585		—		(1,213)		12,372
Asset-backed securities	15,674		—		15,674		—		(74)		15,600
SBA securities	4,564		—		4,564		—		(364)		4,200
Total (1)	$	2,526,644	$	—	$	2,526,644	$	699	$	(280,504)	$	2,246,839


	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
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
U.S. Treasury securities	4,965		—		4,965		3		—		4,968
Total (1)	$	2,699,255	$	(199)	$	2,699,056	$	262	$	(352,454)	$	2,346,864

At December 31, 2023, the Company had an allowance for credit losses on AFS securities of $199,000 on one corporate debt security of other financial institutions that were downgraded to below investment grade by external credit agencies. During 2024, the Company sold that security and reversed this allowance. As of December 31, 2024, we believe there was no credit impairment and the decline in fair value of our securities was primarily attributable to changes in interest rates and credit spreads. We do not currently intend to sell any of the securities in an unrealized loss position and it is not more likely than not the Company will be required to sell these securities before their anticipated recovery and the Company has therefore recorded the unrealized losses in accumulated other comprehensive loss ("AOCI").


	Year Ended December 31,
Sales of Securities Available-for-Sale	2024		2023		2022
	(In thousands)
Amortized cost of securities sold	$	753,738	$	3,470,424	$	2,063,415

Gross realized gains	$	1,396	$	—	$	6,032
Gross realized losses	(61,796)		(442,413)		(56,353)
Net realized losses	$	(60,400)	$	(442,413)	$	(50,321)


	December 31, 2024
	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	$	—	$	—	$	861,840	$	(189,761)	$	861,840	$	(189,761)

Agency commercial MBS	40,291		(87)		11,273		(959)		51,564		(1,046)
Agency residential CMOs	273,347		(1,994)		104,757		(18,917)		378,104		(20,911)
Municipal securities	—		—		594		(8)		594		(8)
Corporate debt securities	15,968		(32)		241,744		(31,354)		257,712		(31,386)
Private label residential CMOs	180,915		(1,031)		129,178		(34,681)		310,093		(35,712)
Collateralized loan obligations	38,771		(29)		—		—		38,771		(29)
Private label commercial MBS	—		—		12,372		(1,213)		12,372		(1,213)
Asset-backed securities	15,600		(74)		—		—		15,600		(74)
SBA securities	—		—		4,200		(364)		4,200		(364)
Total	$	564,892	$	(3,247)	$	1,365,958	$	(277,257)	$	1,930,850	$	(280,504)


	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)

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)

The securities that were in an unrealized loss position at December 31, 2024, 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.


	December 31, 2024
			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	$	—	$	—	$	—	$	1,051,601	$	1,051,601

Agency commercial MBS	—		30,384		9,994		12,232		52,610
Agency residential CMOs	—		—		14,892		452,427		467,319
Municipal securities	—		602		—		—		602
Corporate debt securities	—		5,000		284,098		—		289,098
Private label residential CMOs	—		—		—		352,615		352,615
Collateralized loan obligations	—		4,535		167,864		106,577		278,976
Private label commercial MBS	—		—		996		12,589		13,585
Asset-backed securities	—		—		—		15,674		15,674
SBA securities	—		—		4,564		—		4,564
Total	$	—	$	40,521	$	482,408	$	2,003,715	$	2,526,644


	December 31, 2024
			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	$	—	$	—	$	—	$	861,840	$	861,840

Agency commercial MBS	—		30,312		9,979		11,273		51,564
Agency residential CMOs	—		—		14,899		431,732		446,631
Municipal securities	—		594		—		—		594
Corporate debt securities	—		4,842		252,870		—		257,712
Private label residential CMOs	—		—		—		316,910		316,910
Collateralized loan obligations	—		4,539		167,973		106,904		279,416
Private label commercial MBS	—		—		976		11,396		12,372
Asset-backed securities	—		—		—		15,600		15,600
SBA securities	—		—		4,200		—		4,200
Total	$	—	$	40,287	$	450,897	$	1,755,655	$	2,246,839

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, 2024
			Allowance
			for		Net		Gross		Gross
	Amortized		Credit		Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,251,364	$	(140)	$	1,251,224	$	35	$	(54,799)	$	1,196,460
Agency commercial MBS	440,476		—		440,476		—		(37,840)		402,636
Private label commercial MBS	355,342		—		355,342		—		(26,226)		329,116
U.S. Treasury securities	189,985		—		189,985		—		(16,702)		173,283
Corporate debt securities	70,482		(1,360)		69,122		—		(13,923)		55,199





Total (1)	$	2,307,649	$	(1,500)	$	2,306,149	$	35	$	(149,490)	$	2,156,694

__________________________


	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

__________________________

The following tables present the changes by major security type in our allowance for credit losses on HTM securities for the years indicated:


	Year Ended December 31, 2024
	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, 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

Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as HTM. 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.


	December 31, 2024
Security Type	AAA		AA+		AA		AA-		A		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	571,347	$	369,072	$	218,581	$	72,952	$	1,667	$	—	$	17,745	$	1,251,364
Agency commercial MBS	—		440,476		—		—		—		—		—		440,476

Private label commercial MBS	355,342		—		—		—		—		—		—		355,342
U.S. Treasury securities	—		189,985		—		—		—		—		—		189,985
Corporate debt securities	—		—		—		—		—		44,507		25,975		70,482
Total	$	926,689	$	999,533	$	218,581	$	72,952	$	1,667	$	44,507	$	43,720	$	2,307,649


	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

The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:


	December 31, 2024
			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	$	—	$	20,281	$	449,652	$	781,431	$	1,251,364
Agency commercial MBS	—		31,997		408,479		—		440,476
Private label commercial MBS	—		—		36,846		318,496		355,342
U.S. Treasury securities	—		—		189,985		—		189,985
Corporate debt securities	—		—		10,151		60,331		70,482





Total	$	—	$	52,278	$	1,095,113	$	1,160,258	$	2,307,649


	December 31, 2024
			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	$	—	$	20,135	$	425,876	$	750,449	$	1,196,460
Agency commercial MBS	—		29,273		373,363		—		402,636
Private label commercial MBS	—		—		34,668		294,448		329,116
U.S. Treasury securities	—		—		173,283		—		173,283
Corporate debt securities	—		—		9,381		45,818		55,199





Total	$	—	$	49,408	$	1,016,571	$	1,090,715	$	2,156,694

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 $147.8 million and $126.3 million at December 31, 2024 and 2023. We evaluated the carrying value of our FRB and FHLB stock investment at December 31, 2024 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.


	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Taxable interest	$	114,656	$	150,710	$	179,496
Non-taxable interest	18,594		19,479		28,936
Dividend income	7,544		4,807		1,319
Total interest income on investment securities	$	140,794	$	174,996	$	209,751