
	March 31, 2024
			Allowance				Gross		Gross
	Amortized		for Credit		Net Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	1,364,245	$	—	$	1,364,245	$	—	$	(226,776)	$	1,137,469

Agency commercial MBS	260,116		—		260,116		—		(16,729)		243,387
Agency residential CMOs	317,605		—		317,605		—		(36,036)		281,569
Municipal securities	34,645		—		34,645		—		(1,386)		33,259
Corporate debt securities	327,447		(199)		327,248		1,592		(51,642)		277,198
Private label residential CMOs	190,508		—		190,508		—		(37,096)		153,412
Collateralized loan obligations	109,167		—		109,167		—		(89)		109,078
Private label commercial MBS	20,725		—		20,725		—		(1,234)		19,491
Asset-backed securities	18,906		—		18,906		2		—		18,908
SBA securities	13,917		—		13,917		—		(1,006)		12,911
Total	$	2,657,281	$	(199)	$	2,657,082	$	1,594	$	(371,994)	$	2,286,682


	December 31, 2023
			Allowance				Gross		Gross
	Amortized		for Credit		Net Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	1,388,801	$	—	$	1,388,801	$	—	$	(201,192)	$	1,187,609
U.S. Treasury securities	4,965		—		4,965		3		—		4,968
Agency commercial MBS	268,639		—		268,639		—		(15,333)		253,306
Agency residential CMOs	320,984		—		320,984		—		(36,650)		284,334
Municipal securities	29,192		—		29,192		—		(1,109)		28,083
Corporate debt securities	327,426		(199)		327,227		259		(60,254)		267,232
Private label residential CMOs	193,071		—		193,071		—		(34,659)		158,412
Collateralized loan obligations	109,168		—		109,168		—		(752)		108,416
Private label commercial MBS	22,126		—		22,126		—		(1,313)		20,813
Asset-backed securities	20,241		—		20,241		—		(289)		19,952
SBA securities	14,642		—		14,642		—		(903)		13,739
Total	$	2,699,255	$	(199)	$	2,699,056	$	262	$	(352,454)	$	2,346,864

As of March 31, 2024, the Company had recorded an allowance for credit losses on securities available-for-sale of $199,000. We do not currently intend to sell any of the securities in an unrealized loss position and further believe it is more likely than not that we will not be required to sell these securities before their anticipated recovery.


	March 31, 2024
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	—	$	—	$	1,137,469	$	(226,776)	$	1,137,469	$	(226,776)

Agency commercial MBS	—		—		243,387		(16,729)		243,387		(16,729)
Agency residential CMOs	—		—		281,569		(36,036)		281,569		(36,036)
Municipal securities	—		—		33,259		(1,386)		33,259		(1,386)
Corporate debt securities	—		—		274,022		(51,642)		274,022		(51,642)
Private label residential CMOs	—		—		153,412		(37,096)		153,412		(37,096)
Collateralized loan obligations	—		—		17,811		(89)		17,811		(89)
Private label commercial MBS	—		—		19,491		(1,234)		19,491		(1,234)

SBA securities	—		—		12,911		(1,006)		12,911		(1,006)


Total	$	—	$	—	$	2,173,331	$	(371,994)	$	2,173,331	$	(371,994)


	December 31, 2023
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	—	$	—	$	1,187,609	$	(201,192)	$	1,187,609	$	(201,192)

Agency commercial MBS	—		—		253,306		(15,333)		253,306		(15,333)
Agency residential CMOs	—		—		265,431		(36,650)		265,431		(36,650)
Municipal securities	—		—		284,334		(1,109)		284,334		(1,109)
Corporate debt securities	—		—		19,952		(60,254)		19,952		(60,254)
Private label residential CMOs	—		—		158,412		(34,659)		158,412		(34,659)
Collateralized loan obligations	—		—		66,886		(752)		66,886		(752)
Private label commercial MBS	—		—		28,083		(1,313)		28,083		(1,313)
Asset-backed securities	—		—		20,813		(289)		20,813		(289)
SBA securities	—		—		13,739		(903)		13,739		(903)
Total	$	—	$	—	$	2,298,565	$	(352,454)	$	2,298,565	$	(352,454)

The securities that were in an unrealized loss position at March 31, 2024, were considered impaired and required further review to determine if the unrealized losses were credit-related. We concluded the unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Accordingly, we determined the unrealized losses were not credit-related and recognized the unrealized losses in "Accumulated other comprehensive loss, net" of "Stockholders' equity" on the condensed consolidated balance sheets. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any impaired securities and believe that it is more likely than not we would not be required to sell any impaired securities before recovery of their amortized cost.


	March 31, 2024
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:
Agency residential MBS	$	—	$	—	$	—	$	1,364,245	$	1,364,245

Agency commercial MBS	—		168,889		73,834		17,393		260,116
Agency residential CMOs	—		36,144		15,122		266,339		317,605
Municipal securities	—		16,878		17,767		—		34,645
Corporate debt securities	—		5,000		322,447		—		327,447
Private label residential CMOs	—		—		—		190,508		190,508
Collateralized loan obligations	—		—		109,167		—		109,167
Private label commercial MBS	—		—		1,250		19,475		20,725
Asset-backed securities	—		—		—		18,906		18,906
SBA securities	—		2,431		—		11,486		13,917
Total	$	—	$	229,342	$	539,587	$	1,888,352	$	2,657,281


	March 31, 2024
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Fair Value:
Agency residential MBS	$	—	$	—	$	—	$	1,137,469	$	1,137,469

Agency commercial MBS	—		159,271		67,780		16,336		243,387
Agency residential CMOs	—		33,651		14,020		233,898		281,569
Municipal securities	—		16,411		16,848		—		33,259
Corporate debt securities	—		4,825		272,373		—		277,198
Private label residential CMOs	—		—		—		153,412		153,412
Collateralized loan obligations	—		—		109,078		—		109,078
Private label commercial MBS	—		—		1,206		18,285		19,491
Asset-backed securities	—		—		—		18,908		18,908
SBA securities	—		2,312		—		10,599		12,911
Total	$	—	$	216,470	$	481,305	$	1,588,907	$	2,286,682

CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.


	March 31, 2024
			Allowance
			for		Net		Gross		Gross
	Amortized		Credit		Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,248,355	$	(140)	$	1,248,215	$	676	$	(42,079)	$	1,206,812
Agency commercial MBS	435,467		—		435,467		—		(34,619)		400,848
Private label commercial MBS	351,688		—		351,688		—		(28,499)		323,189
U.S. Treasury securities	187,759		—		187,759		—		(15,421)		172,338
Corporate debt securities	70,215		(1,360)		68,855		—		(18,693)		50,162





Total (1)	$	2,293,484	$	(1,500)	$	2,291,984	$	676	$	(139,311)	$	2,153,349

__________________________


	December 31, 2023
			Allowance
			for		Net		Gross		Gross
	Amortized		Credit		Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,247,310	$	(140)	$	1,247,170	$	1,760	$	(28,170)	$	1,220,760
Agency commercial MBS	433,827		—		433,827		—		(30,665)		403,162
Private label commercial MBS	350,493		—		350,493		—		(29,289)		321,204
U.S. Treasury securities	187,033		—		187,033		—		(11,454)		175,579
Corporate debt securities	70,128		(1,360)		68,768		—		(21,157)		47,611





Total (1)	$	2,288,791	$	(1,500)	$	2,287,291	$	1,760	$	(120,735)	$	2,168,316

__________________________

As of March 31, 2024, securities held-to-maturity with an amortized cost of $2.2 billion and a fair value of $2.1 billion were pledged as collateral primarily for the FRB secured line of credit, Bank Term Funding Program borrowings, and public deposits.

The following table presents the changes by major security type in our allowance for credit losses on securities held-to-maturity for the periods indicated:


	Allowance for		Provision						Allowance for
	Credit Losses,		for						Credit Losses,
	Beginning		Credit						End of
Security Type	of Period		Losses		Charge-offs		Recoveries		Period
	(In thousands)
Three Months Ended March 31, 2024
Municipal securities	$	140	$	—	$	—	$	—	$	140
Corporate debt securities	1,360		—		—		—		1,360
Total	$	1,500	$	—	$	—	$	—	$	1,500


	Allowance for		Provision						Allowance for
	Credit Losses,		for						Credit Losses,
	Beginning		Credit						End of
Security Type	of Period		Losses		Charge-offs		Recoveries		Period
	(In thousands)
Three Months Ended March 31, 2023
Municipal securities	$	140	$	—	$	—	$	—	$	140
Corporate debt securities	1,360		—		—		—		1,360
Total	$	1,500	$	—	$	—	$	—	$	1,500

Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as held-to-maturity. Credit losses on HTM securities are representative of current expected credit losses that may be incurred over the life of the investment. Accrued interest receivable on HTM securities, which is included in other assets on the condensed consolidated balance sheets, is excluded from the estimate of expected credit losses. HTM U.S. treasury securities and agency-backed MBS securities are considered to have no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The change in fair value in the HTM private label CMBS portfolio is solely driven by changes in interest rates. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates and, thus, there is no related ACL for this portfolio. The underlying bonds in the Company’s HTM municipal securities and HTM corporate debt securities portfolios are evaluated for credit losses in conjunction with management’s estimate of the allowance for credit losses based primarily on credit ratings.

The Company uses S&P, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its held-to-maturity securities. The following table presents our securities held-to-maturity portfolio at amortized cost by the lowest available credit rating as of the dates indicated:


	March 31, 2024
Security Type	AAA		AA+		AA		AA-		A+		A		A-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	564,266	$	399,503	$	166,758	$	86,334	$	12,001	$	1,783	$	—	$	—	$	17,710	$	1,248,355
Agency commercial
MBS	—		435,467		—		—		—		—		—		—		—		435,467
Private label
commercial MBS	351,688		—		—		—		—		—		—		—		—		351,688
U.S. Treasury
securities	—		187,759		—		—		—		—		—		—		—		187,759
Corporate debt
securities	—		—		—		—		—		—		—		44,405		25,810		70,215
Total	$	915,954	$	1,022,729	$	166,758	$	86,334	$	12,001	$	1,783	$	—	$	44,405	$	43,520	$	2,293,484


	December 31, 2023
Security Type	AAA		AA+		AA		AA-		A+		A		A-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	564,127	$	397,542	$	167,905	$	86,243	$	12,007	$	1,787	$	—	$	—	$	17,699	$	1,247,310
Agency commercial
MBS	—		433,827		—		—		—		—		—		—		—		433,827
Private label
commercial MBS	350,493		—		—		—		—		—		—		—		—		350,493
U.S. Treasury
securities	—		187,033		—		—		—		—		—		—		—		187,033
Corporate debt
securities	—		—		—		—		—		—		—		44,371		25,757		70,128
Total	$	914,620	$	1,018,402	$	167,905	$	86,243	$	12,007	$	1,787	$	—	$	44,371	$	43,456	$	2,288,791

The following tables present the contractual maturities of our securities held-to-maturity portfolio based on amortized cost and fair value as of the date indicated:


	March 31, 2024
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:

Municipal securities	$	—	$	17,710	$	394,075	$	836,570	$	1,248,355
Agency commercial MBS	—		—		435,467		—		435,467
Private label commercial MBS	—		—		36,515		315,173		351,688
U.S. Treasury securities	—		—		187,759		—		187,759
Corporate debt securities	—		—		10,181		60,034		70,215





Total	$	—	$	17,710	$	1,063,997	$	1,211,777	$	2,293,484


	March 31, 2024
			Due After		Due After
	Due		One Year		Five Years		Due
	Within		Through		Through		After
Security Type	One Year		Five Years		Ten Years		Ten Years		Total
	(In thousands)
Fair Value:

Municipal securities	$	—	$	17,550	$	376,643	$	812,619	$	1,206,812
Agency commercial MBS	—		—		400,848		—		400,848
Private label commercial MBS	—		—		34,328		288,861		323,189
U.S. Treasury securities	—		—		172,338		—		172,338
Corporate debt securities	—		—		9,350		40,812		50,162





Total	$	—	$	17,550	$	993,507	$	1,142,292	$	2,153,349

Commercial MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.