The following tables summarize the amortized cost and fair value of available-for-sale securities by major type:


	March 31, 2025
(In thousands)	Amortized Cost (1)		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value

Government agency debentures	$	222,789	$	—	$	(30,448)	$	—	$	192,341
Municipal bonds and notes	122,999		2		(13,707)		—		109,294
Agency CMO	30,855		—		(2,570)		—		28,285
Agency MBS	4,927,652		28,536		(198,033)		—		4,758,155
Agency CMBS	3,476,934		4,199		(324,833)		—		3,156,300
CMBS	632,333		97		(3,079)		—		629,351

Corporate debt	474,599		261		(36,063)		(867)		437,930
Private label MBS	43,355		—		(4,197)		—		39,158
Other	9,861		—		(578)		—		9,283
Total available-for-sale	$	9,941,377	$	33,095	$	(613,508)	$	(867)	$	9,360,097

	December 31, 2024
(In thousands)	Amortized Cost (1)		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value

Government agency debentures	$	222,767	$	—	$	(36,341)	$	—	$	186,426
Municipal bonds and notes	123,885		2		(13,011)		—		110,876
Agency CMO	32,193		—		(3,150)		—		29,043
Agency MBS	4,760,541		11,654		(252,410)		—		4,519,785
Agency CMBS	3,400,021		84		(365,713)		—		3,034,392
CMBS	630,985		411		(6,008)		—		625,388

Corporate debt	496,087		801		(43,755)		(867)		452,266
Private label MBS	44,081		—		(4,862)		—		39,219
Other	9,855		—		(650)		—		9,205
Total available-for-sale	$	9,720,415	$	12,952	$	(725,900)	$	(867)	$	9,006,600

(1)Accrued interest receivable on available-for-sale securities of $37.5 million and $35.2 million at March 31, 2025, and
December 31, 2024, respectively, is excluded from amortized cost and included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.

The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position:


	March 31, 2025
	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Holdings	Fair Value		Unrealized Losses

Government agency debentures	$	—	$	—	$	192,341	$	(30,448)	15	$	192,341	$	(30,448)
Municipal bonds and notes	415		(1)		106,816		(13,706)		53	107,231		(13,707)
Agency CMO	—		—		28,285		(2,570)		28	28,285		(2,570)
Agency MBS	1,296,745		(8,846)		1,244,453		(189,187)		337	2,541,198		(198,033)
Agency CMBS	1,071,143		(16,294)		1,572,848		(308,539)		172	2,643,991		(324,833)
CMBS	98,625		(180)		291,626		(2,899)		32	390,251		(3,079)

Corporate debt	9,880		(138)		417,790		(35,925)		57	427,670		(36,063)
Private label MBS	—		—		39,158		(4,197)		3	39,158		(4,197)
Other	—		—		9,283		(578)		2	9,283		(578)
Total	$	2,476,808	$	(25,459)	$	3,902,600	$	(588,049)	699	$	6,379,408	$	(613,508)


	December 31, 2024
	Less Than Twelve Months				Twelve Months or Longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Holdings	Fair Value		Unrealized Losses

Government agency debentures	$	—	$	—	$	186,427	$	(36,341)	15	$	186,427	$	(36,341)
Municipal bonds and notes	859		(1)		108,013		(13,010)		57	108,872		(13,011)
Agency CMO	—		—		29,043		(3,150)		28	29,043		(3,150)
Agency MBS	2,624,722		(31,539)		1,246,818		(220,871)		370	3,871,540		(252,410)
Agency CMBS	1,468,615		(32,528)		1,540,263		(333,185)		185	3,008,878		(365,713)
CMBS	—		—		457,423		(6,008)		32	457,423		(6,008)

Corporate debt	—		—		426,805		(43,755)		59	426,805		(43,755)
Private label MBS	—		—		39,219		(4,862)		3	39,219		(4,862)
Other	—		—		9,205		(650)		2	9,205		(650)
Total	$	4,094,196	$	(64,068)	$	4,043,216	$	(661,832)	751	$	8,137,412	$	(725,900)

The $112.4 million decrease in gross unrealized losses of available-for-sale securities from December 31, 2024, to
March 31, 2025, is primarily due to lower market interest rates. The Company assesses each available-for-sale security that is in an unrealized loss position on a quarterly basis to determine whether the decline in fair value below the amortized cost basis is a result of any credit related factors. At March 31, 2025 and December 31, 2024, the ACL on available-for-sale securities was $0.9 million, which related to a single Corporate debt security. Each of the Company’s other available-for-sale securities in an unrealized loss position at March 31, 2025 are investment grade, current as to principal and interest, and their price changes are consistent with interest and credit spreads when adjusting for duration, convexity, rating, and industry differences.

Based on current market conditions and the Company’s targeted balance sheet composition strategy, the Company intends to hold its available-for-sale securities with unrealized loss positions through the anticipated recovery period. The issuers of these available-for-sale securities have not, to the Company’s knowledge, established any cause for default. Market prices are expected to approach par as the securities approach maturity.

The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity:


	March 31, 2025
(In thousands)	Amortized Cost		Fair Value
Maturing within 1 year	$	6,017	$	6,006
After 1 year through 5 years	225,321		221,780
After 5 through 10 years	756,816		706,129
After 10 years	8,953,223		8,426,182
Total available-for-sale	$	9,941,377	$	9,360,097

Available-for-sale securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to prepay their obligations with or without prepayment penalties.

(1)For the three months ended March 31, 2024, $2.6 million of the gross losses realized on sale of available-for-sale securities was due to credit related factors and, therefore, was included in the Provision for credit losses on the accompanying Condensed Consolidated Statements of Income. There were no gross losses realized on sale of available-for-sale securities due to credit related factors for the three months ended March 31, 2025. The net amounts presented as a component of non-interest income for the three months ended March 31, 2025 and 2024, include the portion of any gross losses that were not due to credit related factors.

The following table summarizes the carrying value of available-for-sale securities pledged for deposits, borrowings, and other purposes:


(In thousands)	March 31, 2025		December 31, 2024
Pledged for deposits	$	1,972,495	$	1,596,378
Pledged for borrowings and other	6,825,336		6,863,183
Total available-for-sale securities pledged	$	8,797,831	$	8,459,561


	March 31, 2025
(In thousands)	Amortized Cost (1)		Unrealized Gains		Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Value
Agency CMO	$	19,079	$	—	$	(1,376)	$	17,703	$	—	$	19,079
Agency MBS	3,036,457		9,454		(287,453)		2,758,458		—		3,036,457
Agency CMBS	4,332,667		2,909		(560,390)		3,775,186		—		4,332,667
Municipal bonds and notes	844,431		216		(53,782)		790,865		(109)		844,322
CMBS	65,402		—		(2,890)		62,512		—		65,402
Total held-to-maturity	$	8,298,036	$	12,579	$	(905,891)	$	7,404,724	$	(109)	$	8,297,927


	December 31, 2024
(In thousands)	Amortized Cost (1)		Unrealized Gains		Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Value
Agency CMO	$	19,847	$	—	$	(1,671)	$	18,176	$	—	$	19,847
Agency MBS	3,109,411		771		(333,039)		2,777,143		—		3,109,411
Agency CMBS	4,357,505		414		(613,914)		3,744,005		—		4,357,505
Municipal bonds and notes	891,909		317		(40,266)		851,960		(171)		891,738
CMBS	65,690		—		(3,851)		61,839		—		65,690
Total held-to-maturity	$	8,444,362	$	1,502	$	(992,741)	$	7,453,123	$	(171)	$	8,444,191

(1)Accrued interest receivable on held-to-maturity securities of $25.3 million and $30.5 million at March 31, 2025, and
December 31, 2024, respectively, is excluded from amortized cost and included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.

An ACL on held-to-maturity securities is recorded for certain Municipal bonds and notes to account for expected lifetime credit losses. Agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federally related entity and are either explicitly or implicitly guaranteed and, therefore, assumed to be zero loss. Held-to-maturity securities with gross unrealized losses and no ACL are considered to be high credit quality and, therefore, zero credit loss has been recorded.

The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity:


	March 31, 2025
(In thousands)	Amortized Cost		Fair Value
Maturing within 1 year	$	2,889	$	2,890
After 1 year through 5 years	163,206		155,882
After 5 through 10 years	240,712		232,099
After 10 years	7,891,229		7,013,853
Total held-to-maturity	$	8,298,036	$	7,404,724

Held-to-maturity securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to prepay their obligations with or without prepayment penalties.

The Company monitors the credit quality of held-to-maturity securities through credit ratings provided by S&P, Moody’s, Fitch Ratings, Inc., Kroll Bond Rating Agency, or DBRS Inc. Credit ratings express opinions about the credit quality of a security and are updated at each quarter end. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade, which are labeled as speculative grade by the rating agencies, are considered to have distinctively higher credit risk than investment grade securities. At March 31, 2025, and December 31, 2024, there were no speculative grade held-to-maturity securities. Held-to-maturity securities that are not rated are collateralized with U.S. Treasury obligations.

The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating:


	March 31, 2025
	Investment Grade
(In thousands)	Aaa		Aa1		Aa2		Aa3		A1		A2		A3		Not Rated
Agency CMO	$	—	$	19,079	$	—	$	—	$	—	$	—	$	—	$	—
Agency MBS	—		3,036,457		—		—		—		—		—		—
Agency CMBS	—		4,332,667		—		—		—		—		—		—
Municipal bonds and notes	301,702		154,865		250,204		108,892		12,151		4,165		—		12,452
CMBS	65,402		—		—		—		—		—		—		—
Total held-to-maturity	$	367,104	$	7,543,068	$	250,204	$	108,892	$	12,151	$	4,165	$	—	$	12,452


	December 31, 2024
	Investment Grade
(In thousands)	Aaa		Aa1		Aa2		Aa3		A1		A2		A3		Not Rated
Agency CMO	$	—	$	19,847	$	—	$	—	$	—	$	—	$	—	$	—
Agency MBS	—		3,109,411		—		—		—		—		—		—
Agency CMBS	—		4,357,505		—		—		—		—		—		—
Municipal bonds and notes	341,187		158,327		230,986		128,692		13,761		—		4,165		14,791
CMBS	65,690		—		—		—		—		—		—		—
Total held-to-maturity	$	406,877	$	7,645,090	$	230,986	$	128,692	$	13,761	$	—	$	4,165	$	14,791