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Investment Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Available-for-Sale The following table summarizes the amortized cost and fair value of available-for-sale securities by major type:
| At 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 |
| At December 31, 2023
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Allowance for Credit Losses | Fair Value
Government agency debentures | $ | 302,212 |  | $ | — |  | $ | (37,579) |  | $ | — |  | $ | 264,633 |
Municipal bonds and notes | 1,626,126 |  | 8 |  | (52,901) |  | — |  | 1,573,233 |
Agency CMO | 52,994 |  | — |  | (4,053) |  | — |  | 48,941 |
Agency MBS | 3,568,140 |  | 32,461 |  | (253,503) |  | — |  | 3,347,098 |
Agency CMBS | 2,569,438 |  | 18,204 |  | (299,571) |  | — |  | 2,288,071 |
CMBS | 788,478 |  | — |  | (24,729) |  | — |  | 763,749 |
Corporate debt | 704,569 |  | — |  | (82,414) |  | — |  | 622,155 |
Private label MBS | 46,635 |  | — |  | (3,827) |  | — |  | 42,808 |
Other | 9,830 |  | — |  | (789) |  | — |  | 9,041 |
Total available-for-sale | $ | 9,668,422 |  | $ | 50,673 |  | $ | (759,366) |  | $ | — |  | $ | 8,959,729 |
(1)Accrued interest receivable on available-for-sale securities of $35.2 million and $42.5 million at December 31, 2024, and 2023, respectively, is excluded from amortized cost and is included in Accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets. Unrealized Losses 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:
| At December 31, 2024
| 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 | $ | — |  | $ | — |  |  | $ | 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) |
| At December 31, 2023
| 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 | $ | — |  | $ | — |  |  | $ | 264,633 |  | $ | (37,579) |  |  | 19 | $ | 264,633 |  | $ | (37,579) |
Municipal bonds and notes | 18,066 |  | (124) |  |  | 1,536,656 |  | (52,777) |  |  | 386 | 1,554,722 |  | (52,901) |
Agency CMO | — |  | — |  |  | 48,941 |  | (4,053) |  |  | 36 | 48,941 |  | (4,053) |
Agency MBS | 71,187 |  | (272) |  |  | 1,945,221 |  | (253,231) |  |  | 457 | 2,016,408 |  | (253,503) |
Agency CMBS | 430,070 |  | (16,137) |  |  | 1,314,681 |  | (283,434) |  |  | 145 | 1,744,751 |  | (299,571) |
CMBS | 43,844 |  | (856) |  |  | 719,905 |  | (23,873) |  |  | 42 | 763,749 |  | (24,729) |
Corporate debt | 4,278 |  | (27) |  |  | 617,877 |  | (82,387) |  |  | 91 | 622,155 |  | (82,414) |
Private label MBS | — |  | — |  |  | 42,808 |  | (3,827) |  |  | 3 | 42,808 |  | (3,827) |
Other | — |  | — |  |  | 9,041 |  | (789) |  |  | 2 | 9,041 |  | (789) |
Total | $ | 567,445 |  | $ | (17,416) |  |  | $ | 6,499,763 |  | $ | (741,950) |  |  | 1,181 | $ | 7,067,208 |  | $ | (759,366) |
The $33.5 million decrease in gross unrealized losses of available-for-sale securities from December 31, 2023, to December 31, 2024, is primarily due to net realized losses on sale, partially offset by increases in market 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. During the fourth quarter of 2024, a $0.9 million ACL was recorded related to a single available-for-sale Corporate debt security. Each of the Company’s other available-for-sale securities in an unrealized loss position at December 31, 2024, 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. There was no ACL recorded on available-for-sale securities at December 31, 2023. Contractual Maturities The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity:
| At December 31, 2024
(In thousands) | Amortized Cost |  | Fair Value
Maturing within 1 year | $ | 6,343 |  |  | $ | 6,322 |
After 1 year through 5 years | 248,409 |  |  | 243,204 |
After 5 years through 10 years | 626,884 |  |  | 576,872 |
After 10 years | 8,838,779 |  |  | 8,180,202 |
Total available-for-sale | $ | 9,720,415 |  |  | $ | 9,006,600 |
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. Sales of Available-for Sale Securities The following table summarizes information related to sales of available-for-sales securities:
| Years ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Proceeds from sales | $ | 2,142,462 |  |  | $ | 789,603 |  |  | $ | 172,947 |
Gross realized gains | $ | 2,240 |  |  | $ | — |  |  | $ | — |
Gross realized losses (1) | (141,034) |  |  | (37,356) |  |  | (6,751) |
(1)For the years ended December 31, 2024, and 2023, respectively, $2.6 million and $3.8 million of the gross losses realized on sale of available-for-sale securities were due to credit related factors. Accordingly, these amounts have been included in the Provision for credit losses on the accompanying Consolidated Statements of Income. The $136.2 million and $33.6 million included in non-interest income for the years ended December 31, 2024, and 2023, respectively, reflected the loss amounts, net of any gross realized gains, that were not due to credit related factors. There were no gross losses realized on sale of available-for-sale securities due to credit related factors for the year ended December 31, 2022. Other Information The following table summarizes the carrying value of available-for-sale securities pledged for deposits, borrowings, and other purposes:
| At December 31,
(In thousands) | 2024 |  | 2023
Pledged for deposits | $ | 1,596,378 |  | $ | 2,102,115
Pledged for borrowings and other | 6,863,183 |  | 6,111,430
Total available-for-sale securities pledged | $ | 8,459,561 |  | $ | 8,213,545
Held-to-Maturity The following table summarizes the amortized cost, fair value, and ACL on held-to-maturity securities by major type:
| At 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 |
| At December 31, 2023
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value |  | Allowance for Credit Losses | Net Carrying Value
Agency CMO | $ | 23,470 |  | $ | — |  | $ | (1,728) |  | $ | 21,742 |  |  | $ | — |  | $ | 23,470 |
Agency MBS | 2,409,521 |  | 1,141 |  | (284,776) |  | 2,125,886 |  |  | — |  | 2,409,521 |
Agency CMBS | 3,625,627 |  | 18,586 |  | (514,534) |  | 3,129,679 |  |  | — |  | 3,625,627 |
Municipal bonds and notes | 916,104 |  | 2,440 |  | (24,877) |  | 893,667 |  |  | 209 |  | 915,895 |
CMBS | 100,075 |  | — |  | (6,426) |  | 93,649 |  |  | — |  | 100,075 |
Total held-to-maturity | $ | 7,074,797 |  | $ | 22,167 |  | $ | (832,341) |  | $ | 6,264,623 |  |  | $ | 209 |  | $ | 7,074,588 |
(1)Accrued interest receivable on held-to-maturity securities of $30.5 million and $24.9 million at December 31, 2024, and 2023, respectively, is excluded from amortized cost and is included in Accrued interest receivable and other assets on the accompanying 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 activity in the ACL on held-to-maturity securities:
| Years ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Balance, beginning of period | $ | 209 |  | $ | 182 |  | $ | 214
(Benefit) provision for credit losses | (38) |  | 27 |  | (32)
Balance, end of period | $ | 171 |  | $ | 209 |  | $ | 182
Contractual Maturities The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity:
| At December 31, 2024
(In thousands) | Amortized Cost |  | Fair Value
Maturing within 1 year | $ | 49,231 |  |  | $ | 49,217 |
After 1 year through 5 years | 158,778 |  |  | 149,418 |
After 5 years through 10 years | 241,456 |  |  | 233,792 |
After 10 years | 7,994,897 |  |  | 7,020,696 |
Total held-to-maturity | $ | 8,444,362 |  |  | $ | 7,453,123 |
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. Credit Quality Information The Company monitors the credit quality of held-to-maturity securities through credit ratings provided by Standard & Poor’s Rating Services, Moody’s Investor Services, 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 December 31, 2024, and 2023, 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:
| At December 31, 2024
| Investment Grade |  |
(In thousands) | Aaa | Aa1 | Aa2 | Aa3 | A1 |  | A3 |  |  | Not Rated
Agency CMOs | $ | — |  | $ | 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 |
| At December 31, 2023
| Investment Grade |  |
(In thousands) | Aaa | Aa1 | Aa2 | Aa3 | A1 |  | A3 |  |  | Not Rated
Agency CMOs | $ | — |  | $ | 23,470 |  | $ | — |  | $ | — |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Agency MBS | — |  | 2,409,521 |  | — |  | — |  | — |  |  | — |  |  |  | — |
Agency CMBS | — |  | 3,625,627 |  | — |  | — |  | — |  |  | — |  |  |  | — |
Municipal bonds and notes | 333,479 |  | 162,615 |  | 253,671 |  | 115,404 |  | 32,732 |  |  | 4,165 |  |  |  | 14,038 |
CMBS | 100,075 |  | — |  | — |  | — |  | — |  |  | — |  |  |  | — |
Total held-to-maturity | $ | 433,554 |  | $ | 6,221,233 |  | $ | 253,671 |  | $ | 115,404 |  | $ | 32,732 |  |  | $ | 4,165 |  |  |  | $ | 14,038 |
At December 31, 2024, and 2023, there were no held-to-maturity debt securities past due under the terms of their agreements or in non-accrual status. Other Information The following table summarizes the carrying value of held-to-maturity securities pledged for deposits, borrowings, and other purposes:
| At December 31,
(In thousands) | 2024 |  | 2023
Pledged for deposits | $ | 1,978,445 |  | $ | 1,212,824
Pledged for borrowings and other | 6,258,828 |  | 5,582,379
Total held-to-maturity securities pledged | $ | 8,237,273 |  | $ | 6,795,203

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