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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment Securities
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 LossesFair Value
Government agency debentures$222,789 $— $(30,448)$— $192,341 
Municipal bonds and notes122,999 2 (13,707)— 109,294 
Agency CMO30,855 — (2,570)— 28,285 
Agency MBS4,927,652 28,536 (198,033)— 4,758,155 
Agency CMBS3,476,934 4,199 (324,833)— 3,156,300 
CMBS632,333 97 (3,079)— 629,351 
Corporate debt474,599 261 (36,063)(867)437,930 
Private label MBS43,355 — (4,197)— 39,158 
Other9,861 — (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 LossesFair Value
Government agency debentures$222,767 $— $(36,341)$—$186,426
Municipal bonds and notes123,885 2 (13,011)—110,876
Agency CMO32,193 — (3,150)—29,043
Agency MBS4,760,541 11,654 (252,410)—4,519,785
Agency CMBS3,400,021 84 (365,713)—3,034,392
CMBS630,985 411 (6,008)—625,388
Corporate debt496,087 801 (43,755)(867)452,266
Private label MBS 44,081 — (4,862)—39,219
Other9,855 — (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 $35.2 million at March 31, 2025, and
December 31, 2024, respectively, is excluded from amortized cost and included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.
Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities
The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position:
 March 31, 2025
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Holdings		Fair
Value		Unrealized
Losses
Government agency debentures$— $— $192,341 $(30,448)15$192,341 $(30,448)
Municipal bonds and notes415 (1)106,816 (13,706)53107,231 (13,707)
Agency CMO— — 28,285 (2,570)2828,285 (2,570)
Agency MBS1,296,745 (8,846)1,244,453 (189,187)3372,541,198 (198,033)
Agency CMBS1,071,143 (16,294)1,572,848 (308,539)1722,643,991 (324,833)
CMBS98,625 (180)291,626 (2,899)32390,251 (3,079)
Corporate debt9,880 (138)417,790 (35,925)57427,670 (36,063)
Private label MBS— — 39,158 (4,197)339,158 (4,197)
Other— — 9,283 (578)29,283 (578)
Total$2,476,808 $(25,459)$3,902,600 $(588,049)699$6,379,408 $(613,508)
 December 31, 2024
 Less Than Twelve MonthsTwelve Months or LongerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Holdings		Fair
Value		Unrealized
Losses
Government agency debentures$— $— $186,427 $(36,341)15$186,427 $(36,341)
Municipal bonds and notes 859 (1)108,013 (13,010)57108,872 (13,011)
Agency CMO— — 29,043 (3,150)2829,043 (3,150)
Agency MBS2,624,722 (31,539)1,246,818 (220,871)3703,871,540 (252,410)
Agency CMBS1,468,615 (32,528)1,540,263 (333,185)1853,008,878 (365,713)
CMBS— — 457,423 (6,008)32457,423 (6,008)
Corporate debt— — 426,805 (43,755)59426,805 (43,755)
Private label MBS— — 39,219 (4,862)339,219 (4,862)
Other— — 9,205 (650)29,205 (650)
Total$4,094,196 $(64,068)$4,043,216 $(661,832)751$8,137,412 $(725,900)
Summary of Debt Securities by Contractual 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 CostFair Value
Maturing within 1 year$6,017 $6,006 
After 1 year through 5 years225,321 221,780 
After 5 through 10 years756,816 706,129 
After 10 years8,953,223 8,426,182 
Total available-for-sale$9,941,377 $9,360,097 
Schedule of Realized Gain (Loss)
The following table summarizes information related to sales of available-for-sales securities:
Three months ended March 31,
(In thousands)20252024
Proceeds from sales$14,880 $331,690 
Gross realized gains$332 $2,240 
Gross realized losses (1)
(112)(14,636)
(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.
Summary of Amortized Cost and Fair Value of Available for Sale Securities
The following table summarizes the carrying value of available-for-sale securities pledged for deposits, borrowings, and other purposes:
(In thousands)March 31, 2025December 31, 2024
Pledged for deposits$1,972,495$1,596,378
Pledged for borrowings and other6,825,3366,863,183
Total available-for-sale securities pledged$8,797,831$8,459,561
Summary of Debt Securities Held-to-Maturity
The following tables summarize the amortized cost, fair value, and ACL on held-to-maturity securities by major type:
March 31, 2025
(In thousands)
Amortized
Cost (1)
Unrealized
Gains		Unrealized
Losses		Fair ValueAllowance for Credit LossesNet Carrying Value
Agency CMO$19,079 $— $(1,376)$17,703 $— $19,079 
Agency MBS3,036,457 9,454 (287,453)2,758,458 — 3,036,457 
Agency CMBS4,332,667 2,909 (560,390)3,775,186 — 4,332,667 
Municipal bonds and notes844,431 216 (53,782)790,865 (109)844,322 
CMBS65,402 — (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 ValueAllowance for Credit LossesNet Carrying Value
Agency CMO$19,847 $— $(1,671)$18,176 $— $19,847 
Agency MBS3,109,411 771 (333,039)2,777,143 — 3,109,411 
Agency CMBS4,357,505 414 (613,914)3,744,005 — 4,357,505 
Municipal bonds and notes891,909 317 (40,266)851,960 (171)891,738 
CMBS65,690 — (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.
The following table summarizes the activity in the ACL on held-to-maturity securities:
Three months ended March 31,
(In thousands)20252024
Balance, beginning of period$171 $209 
(Benefit) for credit losses(62)(25)
Balance, end of period$109 $184 
The following table summarizes the carrying value of held-to-maturity securities pledged for deposits, borrowings, and other purposes:
(In thousands)March 31, 2025December 31, 2024
Pledged for deposits$1,984,412$1,978,445
Pledged for borrowings and other6,168,3696,258,828
Total held-to-maturity securities pledged$8,152,781$8,237,273
Summary of Activity in the ACL on Held-to-Maturity Securities
The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity:
March 31, 2025
(In thousands)Amortized CostFair Value
Maturing within 1 year$2,889 $2,890 
After 1 year through 5 years163,206 155,882 
After 5 through 10 years240,712 232,099 
After 10 years7,891,229 7,013,853 
Total held-to-maturity$8,298,036 $7,404,724 
Summary of Amortized Cost of Held-to-Maturity Securities
The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating:
March 31, 2025
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Not Rated
Agency CMO$— $19,079 $— $— $— $— $— $— 
Agency MBS— 3,036,457 — — — — — — 
Agency CMBS— 4,332,667 — — — — — — 
Municipal bonds and notes301,702 154,865 250,204 108,892 12,151 4,165 — 12,452 
CMBS65,402 — — — — — — — 
Total held-to-maturity$367,104 $7,543,068 $250,204 $108,892 $12,151 $4,165 $— $12,452 
December 31, 2024
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Not Rated
Agency CMO$— $19,847 $— $— $— $— $— $— 
Agency MBS— 3,109,411 — — — — — — 
Agency CMBS— 4,357,505 — — — — — — 
Municipal bonds and notes341,187 158,327 230,986 128,692 13,761 — 4,165 14,791 
CMBS65,690 — — — — — — — 
Total held-to-maturity$406,877 $7,645,090 $230,986 $128,692 $13,761 $— $4,165 $14,791