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.

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.

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.

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.

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

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 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.

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.

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