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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment Securities
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 LossesAllowance for Credit LossesFair Value
Government agency debentures $222,767 $— $(36,341)$— $186,426 
Municipal bonds and notes 123,885 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 MBS44,081 — (4,862)— 39,219 
Other9,855 — (650)— 9,205 
Total available-for-sale$9,720,415 $12,952 $(725,900)$(867)$9,006,600 
At December 31, 2023
(In thousands)
Amortized
Cost (1)
Unrealized
Gains		Unrealized LossesAllowance for Credit LossesFair Value
Government agency debentures$302,212 $— $(37,579)$— $264,633 
Municipal bonds and notes1,626,126 8 (52,901)— 1,573,233 
Agency CMO52,994 — (4,053)— 48,941 
Agency MBS3,568,140 32,461 (253,503)— 3,347,098 
Agency CMBS2,569,438 18,204 (299,571)— 2,288,071 
CMBS788,478 — (24,729)— 763,749 
Corporate debt704,569 — (82,414)— 622,155 
Private label MBS46,635 — (3,827)— 42,808 
Other9,830 — (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 $42.5 million at December 31, 2024, and 2023, respectively, is excluded from amortized cost and is included in Accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets.
Summary of Gross Unrealized Losses and Fair Value of Available-for-Sale Securities
The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position:
 At December 31, 2024
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Holdings		Fair
Value		Unrealized
Losses
Government agency debentures$— $— $186,427 $(36,341)15$186,427 $(36,341)
Municipal bonds and notes859 (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 $(725,900)
 At December 31, 2023
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Holdings		Fair
Value		Unrealized
Losses
Government agency debentures$— $— $264,633 $(37,579)19$264,633 $(37,579)
Municipal bonds and notes18,066 (124)1,536,656 (52,777)3861,554,722 (52,901)
Agency CMO— — 48,941 (4,053)3648,941 (4,053)
Agency MBS71,187 (272)1,945,221 (253,231)4572,016,408 (253,503)
Agency CMBS430,070 (16,137)1,314,681 (283,434)1451,744,751 (299,571)
CMBS43,844 (856)719,905 (23,873)42763,749 (24,729)
Corporate debt4,278 (27)617,877 (82,387)91622,155 (82,414)
Private label MBS— — 42,808 (3,827)342,808 (3,827)
Other— — 9,041 (789)29,041 (789)
Total$567,445 $(17,416)$6,499,763 $(741,950)1,181$7,067,208 $(759,366)
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:
At December 31, 2024
(In thousands)Amortized CostFair Value
Maturing within 1 year$6,343 $6,322 
After 1 year through 5 years248,409 243,204 
After 5 years through 10 years626,884 576,872 
After 10 years8,838,779 8,180,202 
Total available-for-sale
$9,720,415 $9,006,600 
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 CostFair Value
Maturing within 1 year$49,231 $49,217 
After 1 year through 5 years158,778 149,418 
After 5 years through 10 years241,456 233,792 
After 10 years7,994,897 7,020,696 
Total held-to-maturity$8,444,362 $7,453,123 
Schedule of Realized Gain (Loss)
The following table summarizes information related to sales of available-for-sales securities:
Years ended December 31,
(In thousands)202420232022
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.
Summary of Carrying 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:
At December 31,
(In thousands)20242023
Pledged for deposits$1,596,378$2,102,115
Pledged for borrowings and other6,863,1836,111,430
Total available-for-sale securities pledged
$8,459,561$8,213,545
Summary of Debt Securities 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 GainsUnrealized LossesFair 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 
At December 31, 2023
(In thousands)
Amortized
Cost (1)
Unrealized GainsUnrealized LossesFair ValueAllowance for Credit LossesNet Carrying Value
Agency CMO$23,470 $— $(1,728)$21,742 $— $23,470 
Agency MBS2,409,521 1,141 (284,776)2,125,886 — 2,409,521 
Agency CMBS3,625,627 18,586 (514,534)3,129,679 — 3,625,627 
Municipal bonds and notes916,104 2,440 (24,877)893,667 209 915,895 
CMBS100,075 — (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.
The following table summarizes the carrying value of held-to-maturity securities pledged for deposits, borrowings, and other purposes:
At December 31,
(In thousands)20242023
Pledged for deposits$1,978,445$1,212,824
Pledged for borrowings and other6,258,8285,582,379
Total held-to-maturity securities pledged$8,237,273$6,795,203
Summary of Activity in the ACL on Held-to-Maturity Securities
The following table summarizes the activity in the ACL on held-to-maturity securities:
Years ended December 31,
(In thousands)202420232022
Balance, beginning of period$209$182$214
(Benefit) provision for credit losses(38)27(32)
Balance, end of period$171$209$182
Summary of Amortized Cost of Held-to-Maturity Securities
The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating:
At December 31, 2024
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A3Not Rated
Agency CMOs$— $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 $14,791 
At December 31, 2023
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A3Not Rated
Agency CMOs$— $23,470 $— $— $— $— $— 
Agency MBS— 2,409,521 — — — — — 
Agency CMBS— 3,625,627 — — — — — 
Municipal bonds and notes333,479 162,615 253,671 115,404 32,732 4,165 14,038 
CMBS100,075 — — — — — — 
Total held-to-maturity$433,554 $6,221,233 $253,671 $115,404 $32,732 $4,165 $14,038