Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:

	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

    

_________________________

(1)    Excludes accrued interest receivable of $12.6 million at December 31, 2024 which is recorded in "Other assets" 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
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

_________________________

(1)    Excludes accrued interest receivable of $10.0 million at December 31, 2023 which is recorded in "Other assets" on the consolidated balance sheets.

Schedule of Realized Gain (Loss)

The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the years indicated:

	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)

Unrealized losses on investment securities

Unrealized Losses on Securities Available-for-Sale

The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:

	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)

Investments Classified by Contractual Maturity Date, Available-For-Sale

The following tables present the contractual maturities of our AFS 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:
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

Debt Securities, Held-to-maturity

The following tables present amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values of HTM securities as of the dates indicated:

	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

__________________________

(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2024 which is recorded in "Other assets" on the consolidated balance sheets.

	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

__________________________

(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2023 which is recorded in "Other assets" on the consolidated balance sheets.

Debt Securities, Held-to-maturity, Allowance for Credit Loss

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

Debt Securities, Held-to-maturity, Credit Quality Indicator

The Company uses S&P, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its HTM securities. The following tables present our HTM securities portfolio by the lowest available credit rating as of the dates indicated:

	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

Investment Securities Classified by Contractual Maturities Date - Held-to-Maturity

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

Investment Income

The following table presents the composition of our interest income on investment securities for the years indicated:

	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