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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of available-for-sale securities reconciliation | The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:
| June 30, 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 | $ | 1,333,993 |  |  | $ | — |  |  | $ | 1,333,993 |  |  | $ | — |  |  | $ | (232,132) |  |  | $ | 1,101,861 |
Agency commercial MBS | 257,920 |  |  | — |  |  | 257,920 |  |  | — |  |  | (16,577) |  |  | 241,343 |
Agency residential CMOs | 313,088 |  |  | — |  |  | 313,088 |  |  | — |  |  | (34,828) |  |  | 278,260 |
Municipal securities | 34,541 |  |  | — |  |  | 34,541 |  |  | — |  |  | (1,484) |  |  | 33,057 |
Corporate debt securities | 327,471 |  |  | (199) |  |  | 327,272 |  |  | 1,436 |  |  | (46,746) |  |  | 281,962 |
Private label residential CMOs | 187,716 |  |  | — |  |  | 187,716 |  |  | — |  |  | (37,430) |  |  | 150,286 |
Collateralized loan obligations | 109,168 |  |  | — |  |  | 109,168 |  |  | 272 |  |  | (86) |  |  | 109,354 |
Private label commercial MBS | 19,144 |  |  | — |  |  | 19,144 |  |  | — |  |  | (1,068) |  |  | 18,076 |
Asset-backed securities | 17,472 |  |  | — |  |  | 17,472 |  |  | — |  |  | (28) |  |  | 17,444 |
SBA securities | 13,388 |  |  | — |  |  | 13,388 |  |  | — |  |  | (1,000) |  |  | 12,388 |
Total | $ | 2,613,901 |  |  | $ | (199) |  |  | $ | 2,613,702 |  |  | $ | 1,708 |  |  | $ | (371,379) |  |  | $ | 2,244,031 |
| 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 |
Schedule of realized gains and losses on securities available-for-sale | The were no investment securities sales for the three and six months ended June 30, 2024 and 2023.
Unrealized losses on investment securities available-for-sale | The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions as of the dates indicated:
| June 30, 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 | $ | — |  |  | $ | — |  |  | $ | 1,101,862 |  |  | $ | (232,132) |  |  | $ | 1,101,862 |  |  | $ | (232,132) |
Agency commercial MBS | — |  |  | — |  |  | 241,343 |  |  | (16,577) |  |  | 241,343 |  |  | (16,577) |
Agency residential CMOs | — |  |  | — |  |  | 278,260 |  |  | (34,828) |  |  | 278,260 |  |  | (34,828) |
Municipal securities | — |  |  | — |  |  | 33,057 |  |  | (1,484) |  |  | 33,057 |  |  | (1,484) |
Corporate debt securities | — |  |  | — |  |  | 278,895 |  |  | (46,746) |  |  | 278,895 |  |  | (46,746) |
Private label residential CMOs | — |  |  | — |  |  | 150,286 |  |  | (37,430) |  |  | 150,286 |  |  | (37,430) |
Collateralized loan obligations | 20,852 |  |  | (86) |  |  | — |  |  | — |  |  | 20,852 |  |  | (86) |
Private label commercial MBS | — |  |  | — |  |  | 18,076 |  |  | (1,068) |  |  | 18,076 |  |  | (1,068) |
Asset-backed securities | 17,445 |  |  | (28) |  |  | — |  |  | — |  |  | 17,445 |  |  | (28) |
SBA securities | — |  |  | — |  |  | 12,388 |  |  | (1,000) |  |  | 12,388 |  |  | (1,000) |
Total | $ | 38,297 |  |  | $ | (114) |  |  | $ | 2,114,167 |  |  | $ | (371,265) |  |  | $ | 2,152,464 |  |  | $ | (371,379) |
| 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) |
Schedule of held-to-maturity securities reconciliation | The following table presents amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values of securities held-to-maturity as of the date indicated:
| June 30, 2024
|  |  | Allowance |  |  |  |  |  |  |  |
|  |  | for |  | Net |  | Gross |  | Gross |  |
| Amortized |  | Credit |  | Carrying |  | Unrealized |  | Unrealized |  | Fair
Security Type | Cost |  | Losses |  | Amount |  | Gains |  | Losses |  | Value
| (In thousands)
Municipal securities | $ | 1,249,421 |  |  | $ | (140) |  |  | $ | 1,249,281 |  |  | $ | 46 |  |  | $ | (51,317) |  |  | $ | 1,198,010 |
Agency commercial MBS | 437,110 |  |  | — |  |  | 437,110 |  |  | — |  |  | (36,391) |  |  | 400,719 |
Private label commercial MBS | 352,880 |  |  | — |  |  | 352,880 |  |  | — |  |  | (30,053) |  |  | 322,827 |
U.S. Treasury securities | 188,495 |  |  | — |  |  | 188,495 |  |  | — |  |  | (16,566) |  |  | 171,929 |
Corporate debt securities | 70,302 |  |  | (1,360) |  |  | 68,942 |  |  | — |  |  | (16,498) |  |  | 52,444 |
Total (1) | $ | 2,298,208 |  |  | $ | (1,500) |  |  | $ | 2,296,708 |  |  | $ | 46 |  |  | $ | (150,825) |  |  | $ | 2,145,929 |
__________________________ (1) Excludes accrued interest receivable of $13.4 million at June 30, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.
| 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 |
__________________________ (1) Excludes accrued interest receivable of $13.4 million at December 31, 2023 which is recorded in "Other assets" on the condensed consolidated balance sheets.
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 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 June 30, 2024 |  |  |  |  |  |  |  |  |
Municipal securities | $ | 140 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 140 |
Corporate debt securities | 1,360 |  |  | — |  |  | — |  |  | — |  |  | 1,360 |
Total | $ | 1,500 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,500 |
Six Months Ended June 30, 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 June 30, 2023 |  |  |  |  |  |  |  |  |
Municipal securities | $ | 140 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 140 |
Corporate debt securities | 1,360 |  |  | — |  |  | — |  |  | — |  |  | 1,360 |
Total | $ | 1,500 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,500 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Municipal securities | $ | 140 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 140 |
Corporate debt securities | 1,360 |  |  | — |  |  | — |  |  | — |  |  | 1,360 |
Total | $ | 1,500 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,500 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table presents our securities held-to-maturity portfolio at amortized cost by the lowest available credit rating as of the dates indicated:
| June 30, 2024
Security Type | AAA |  | AA+ |  | AA |  | AA- |  | A+ |  | A |  | A- |  | BBB |  | NR |  | Total
| (In thousands)
Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities | $ | 564,410 |  |  | $ | 399,743 |  |  | $ | 193,049 |  |  | $ | 60,722 |  |  | $ | 11,996 |  |  | $ | 1,779 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,722 |  |  | $ | 1,249,421 |
Agency commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS | — |  |  | 437,110 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 437,110 |
Private label |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commercial MBS | 352,880 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 352,880 |
U.S. Treasury |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | — |  |  | 188,495 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 188,495 |
Corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 44,438 |  |  | 25,864 |  |  | 70,302 |
Total | $ | 917,290 |  |  | $ | 1,025,348 |  |  | $ | 193,049 |  |  | $ | 60,722 |  |  | $ | 11,996 |  |  | $ | 1,779 |  |  | $ | — |  |  | $ | 44,438 |  |  | $ | 43,586 |  |  | $ | 2,298,208 |
| 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 |
Investment income | The following table presents the composition of our interest income on investment securities, including available-for-sale and held-to-maturity, for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Taxable interest | $ | 27,064 |  |  | $ | 38,207 |  |  | $ | 54,665 |  |  | $ | 76,899 |
Non-taxable interest | 4,746 |  |  | 4,922 |  |  | 9,466 |  |  | 9,825 |
Dividend income | 2,026 |  |  | 1,024 |  |  | 4,008 |  |  | 1,666 |
Total interest income on investment securities | $ | 33,836 |  |  | $ | 44,153 |  |  | $ | 68,139 |  |  | $ | 88,390 |
Available-for-sale Investments Classified by Contractual Maturity Date | The following tables present the contractual maturities of our securities available-for-sale portfolio based on amortized cost and fair value as of the date indicated:
| June 30, 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 | $ | — |  |  | $ | — |  |  | $ | 707 |  |  | $ | 1,333,286 |  |  | $ | 1,333,993 |
Agency commercial MBS | — |  |  | 234,514 |  |  | 6,129 |  |  | 17,277 |  |  | 257,920 |
Agency residential CMOs | — |  |  | 51,213 |  |  | — |  |  | 261,875 |  |  | 313,088 |
Municipal securities | — |  |  | 16,876 |  |  | 17,665 |  |  | — |  |  | 34,541 |
Corporate debt securities | — |  |  | 5,000 |  |  | 322,471 |  |  | — |  |  | 327,471 |
Private label residential CMOs | — |  |  | — |  |  | — |  |  | 187,716 |  |  | 187,716 |
Collateralized loan obligations | — |  |  | — |  |  | 109,168 |  |  | — |  |  | 109,168 |
Private label commercial MBS | — |  |  | — |  |  | 1,170 |  |  | 17,974 |  |  | 19,144 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 17,472 |  |  | 17,472 |
SBA securities | — |  |  | 2,430 |  |  | 4,180 |  |  | 6,778 |  |  | 13,388 |
Total | $ | — |  |  | $ | 310,033 |  |  | $ | 461,490 |  |  | $ | 1,842,378 |  |  | $ | 2,613,901 |
| June 30, 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 | $ | — |  |  | $ | — |  |  | $ | 677 |  |  | $ | 1,101,184 |  |  | $ | 1,101,861 |
Agency commercial MBS | — |  |  | 219,484 |  |  | 5,653 |  |  | 16,206 |  |  | 241,343 |
Agency residential CMOs | — |  |  | 47,541 |  |  | — |  |  | 230,719 |  |  | 278,260 |
Municipal securities | — |  |  | 16,445 |  |  | 16,612 |  |  | — |  |  | 33,057 |
Corporate debt securities | — |  |  | 4,830 |  |  | 277,132 |  |  | — |  |  | 281,962 |
Private label residential CMOs | — |  |  | — |  |  | — |  |  | 150,286 |  |  | 150,286 |
Collateralized loan obligations | — |  |  | — |  |  | 109,354 |  |  | — |  |  | 109,354 |
Private label commercial MBS | — |  |  | — |  |  | 1,132 |  |  | 16,944 |  |  | 18,076 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 17,444 |  |  | 17,444 |
SBA securities | — |  |  | 2,314 |  |  | 3,869 |  |  | 6,205 |  |  | 12,388 |
Total | $ | — |  |  | $ | 290,614 |  |  | $ | 414,429 |  |  | $ | 1,538,988 |  |  | $ | 2,244,031 |
Held-to-Maturity Investments Classified by Contractual Maturity Date | 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:
| June 30, 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 | $ | — |  |  | $ | 17,722 |  |  | $ | 407,453 |  |  | $ | 824,246 |  |  | $ | 1,249,421 |
Agency commercial MBS | — |  |  | — |  |  | 437,110 |  |  | — |  |  | 437,110 |
Private label commercial MBS | — |  |  | — |  |  | 36,623 |  |  | 316,257 |  |  | 352,880 |
U.S. Treasury securities | — |  |  | — |  |  | 188,495 |  |  | — |  |  | 188,495 |
Corporate debt securities | — |  |  | — |  |  | 10,172 |  |  | 60,130 |  |  | 70,302 |
Total | $ | — |  |  | $ | 17,722 |  |  | $ | 1,079,853 |  |  | $ | 1,200,633 |  |  | $ | 2,298,208 |
| June 30, 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 | $ | — |  |  | $ | 17,621 |  |  | $ | 384,920 |  |  | $ | 795,469 |  |  | $ | 1,198,010 |
Agency commercial MBS | — |  |  | — |  |  | 400,719 |  |  | — |  |  | 400,719 |
Private label commercial MBS | — |  |  | — |  |  | 34,041 |  |  | 288,786 |  |  | 322,827 |
U.S. Treasury securities | — |  |  | — |  |  | 171,929 |  |  | — |  |  | 171,929 |
Corporate debt securities | — |  |  | — |  |  | 9,708 |  |  | 42,736 |  |  | 52,444 |
Total | $ | — |  |  | $ | 17,621 |  |  | $ | 1,001,317 |  |  | $ | 1,126,991 |  |  | $ | 2,145,929 |

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