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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 Transfer of Securities Available-for-Sale to Held-to Maturity Effective June 1, 2022, the Company transferred $2.3 billion in fair value of municipal securities, agency commercial MBS, private label commercial MBS, U.S. Treasury securities, and corporate debt securities from AFS to HTM. At the time of transfer, $218.3 million of unrealized losses, net of tax, was retained in "Accumulated other comprehensive loss, net" on the consolidated balance sheets. The amount remaining in "Accumulated other comprehensive loss, net" at December 31, 2024 was $157.9 million. Securities Available-for-Sale The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:
| December 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 | $ | 1,051,601 |  |  | $ | — |  |  | $ | 1,051,601 |  |  | $ | — |  |  | $ | (189,761) |  |  | $ | 861,840 |
Agency commercial MBS | 52,610 |  |  | — |  |  | 52,610 |  |  | — |  |  | (1,046) |  |  | 51,564 |
Agency residential CMOs | 467,319 |  |  | — |  |  | 467,319 |  |  | 223 |  |  | (20,911) |  |  | 446,631 |
Municipal securities | 602 |  |  | — |  |  | 602 |  |  | — |  |  | (8) |  |  | 594 |
Corporate debt securities | 289,098 |  |  | — |  |  | 289,098 |  |  | — |  |  | (31,386) |  |  | 257,712 |
Private label residential CMOs | 352,615 |  |  | — |  |  | 352,615 |  |  | 7 |  |  | (35,712) |  |  | 316,910 |
Collateralized loan obligations | 278,976 |  |  | — |  |  | 278,976 |  |  | 469 |  |  | (29) |  |  | 279,416 |
Private label commercial MBS | 13,585 |  |  | — |  |  | 13,585 |  |  | — |  |  | (1,213) |  |  | 12,372 |
Asset-backed securities | 15,674 |  |  | — |  |  | 15,674 |  |  | — |  |  | (74) |  |  | 15,600 |
SBA securities | 4,564 |  |  | — |  |  | 4,564 |  |  | — |  |  | (364) |  |  | 4,200 |
Total (1) | $ | 2,526,644 |  |  | $ | — |  |  | $ | 2,526,644 |  |  | $ | 699 |  |  | $ | (280,504) |  |  | $ | 2,246,839 |
_________________________ (1) Excludes accrued interest receivable of $12.6 million at December 31, 2024 which is recorded in "Other assets" on the consolidated balance sheets.
| 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 |
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 |
U.S. Treasury securities | 4,965 |  |  | — |  |  | 4,965 |  |  | 3 |  |  | — |  |  | 4,968 |
Total (1) | $ | 2,699,255 |  |  | $ | (199) |  |  | $ | 2,699,056 |  |  | $ | 262 |  |  | $ | (352,454) |  |  | $ | 2,346,864 |
_________________________ (1) Excludes accrued interest receivable of $10.0 million at December 31, 2023 which is recorded in "Other assets" on the consolidated balance sheets. See Note 15. Fair Value Measurements for information on fair value measurements and methodology. At December 31, 2023, the Company had an allowance for credit losses on AFS securities of $199,000 on one corporate debt security of other financial institutions that were downgraded to below investment grade by external credit agencies. During 2024, the Company sold that security and reversed this allowance. As of December 31, 2024, we believe there was no credit impairment and the decline in fair value of our securities was primarily attributable to changes in interest rates and credit spreads. We do not currently intend to sell any of the securities in an unrealized loss position and it is not more likely than not the Company will be required to sell these securities before their anticipated recovery and the Company has therefore recorded the unrealized losses in accumulated other comprehensive loss ("AOCI"). As of December 31, 2024, securities available‑for‑sale with a fair value of $4.2 million were pledged as collateral solely for public deposits. Realized Gains and Losses on Securities Available-for-Sale The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the years indicated:
| Year Ended December 31,
Sales of Securities Available-for-Sale | 2024 |  | 2023 |  | 2022
| (In thousands)
Amortized cost of securities sold | $ | 753,738 |  |  | $ | 3,470,424 |  |  | $ | 2,063,415 |
Gross realized gains | $ | 1,396 |  |  | $ | — |  |  | $ | 6,032 |
Gross realized losses | (61,796) |  |  | (442,413) |  |  | (56,353) |
Net realized losses | $ | (60,400) |  |  | $ | (442,413) |  |  | $ | (50,321) |
Unrealized Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:
| December 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 | $ | — |  |  | $ | — |  |  | $ | 861,840 |  |  | $ | (189,761) |  |  | $ | 861,840 |  |  | $ | (189,761) |
Agency commercial MBS | 40,291 |  |  | (87) |  |  | 11,273 |  |  | (959) |  |  | 51,564 |  |  | (1,046) |
Agency residential CMOs | 273,347 |  |  | (1,994) |  |  | 104,757 |  |  | (18,917) |  |  | 378,104 |  |  | (20,911) |
Municipal securities | — |  |  | — |  |  | 594 |  |  | (8) |  |  | 594 |  |  | (8) |
Corporate debt securities | 15,968 |  |  | (32) |  |  | 241,744 |  |  | (31,354) |  |  | 257,712 |  |  | (31,386) |
Private label residential CMOs | 180,915 |  |  | (1,031) |  |  | 129,178 |  |  | (34,681) |  |  | 310,093 |  |  | (35,712) |
Collateralized loan obligations | 38,771 |  |  | (29) |  |  | — |  |  | — |  |  | 38,771 |  |  | (29) |
Private label commercial MBS | — |  |  | — |  |  | 12,372 |  |  | (1,213) |  |  | 12,372 |  |  | (1,213) |
Asset-backed securities | 15,600 |  |  | (74) |  |  | — |  |  | — |  |  | 15,600 |  |  | (74) |
SBA securities | — |  |  | — |  |  | 4,200 |  |  | (364) |  |  | 4,200 |  |  | (364) |
Total | $ | 564,892 |  |  | $ | (3,247) |  |  | $ | 1,365,958 |  |  | $ | (277,257) |  |  | $ | 1,930,850 |  |  | $ | (280,504) |
| 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 | — |  |  | — |  |  | 284,334 |  |  | (36,650) |  |  | 284,334 |  |  | (36,650) |
Municipal securities | — |  |  | — |  |  | 28,083 |  |  | (1,109) |  |  | 28,083 |  |  | (1,109) |
Corporate debt securities | — |  |  | — |  |  | 265,431 |  |  | (60,254) |  |  | 265,431 |  |  | (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 | — |  |  | — |  |  | 20,813 |  |  | (1,313) |  |  | 20,813 |  |  | (1,313) |
Asset-backed securities | — |  |  | — |  |  | 19,952 |  |  | (289) |  |  | 19,952 |  |  | (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 December 31, 2024, were considered impaired and required further review to determine if the unrealized losses were credit-related. We concluded their 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 consolidated balance sheets. Contractual Maturities of Securities Available-for-Sale The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the date indicated:
| December 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,051,601 |  |  | $ | 1,051,601 |
Agency commercial MBS | — |  |  | 30,384 |  |  | 9,994 |  |  | 12,232 |  |  | 52,610 |
Agency residential CMOs | — |  |  | — |  |  | 14,892 |  |  | 452,427 |  |  | 467,319 |
Municipal securities | — |  |  | 602 |  |  | — |  |  | — |  |  | 602 |
Corporate debt securities | — |  |  | 5,000 |  |  | 284,098 |  |  | — |  |  | 289,098 |
Private label residential CMOs | — |  |  | — |  |  | — |  |  | 352,615 |  |  | 352,615 |
Collateralized loan obligations | — |  |  | 4,535 |  |  | 167,864 |  |  | 106,577 |  |  | 278,976 |
Private label commercial MBS | — |  |  | — |  |  | 996 |  |  | 12,589 |  |  | 13,585 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 15,674 |  |  | 15,674 |
SBA securities | — |  |  | — |  |  | 4,564 |  |  | — |  |  | 4,564 |
Total | $ | — |  |  | $ | 40,521 |  |  | $ | 482,408 |  |  | $ | 2,003,715 |  |  | $ | 2,526,644 |
| December 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 861,840 |  |  | $ | 861,840 |
Agency commercial MBS | — |  |  | 30,312 |  |  | 9,979 |  |  | 11,273 |  |  | 51,564 |
Agency residential CMOs | — |  |  | — |  |  | 14,899 |  |  | 431,732 |  |  | 446,631 |
Municipal securities | — |  |  | 594 |  |  | — |  |  | — |  |  | 594 |
Corporate debt securities | — |  |  | 4,842 |  |  | 252,870 |  |  | — |  |  | 257,712 |
Private label residential CMOs | — |  |  | — |  |  | — |  |  | 316,910 |  |  | 316,910 |
Collateralized loan obligations | — |  |  | 4,539 |  |  | 167,973 |  |  | 106,904 |  |  | 279,416 |
Private label commercial MBS | — |  |  | — |  |  | 976 |  |  | 11,396 |  |  | 12,372 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 15,600 |  |  | 15,600 |
SBA securities | — |  |  | — |  |  | 4,200 |  |  | — |  |  | 4,200 |
Total | $ | — |  |  | $ | 40,287 |  |  | $ | 450,897 |  |  | $ | 1,755,655 |  |  | $ | 2,246,839 |
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. Securities Held-to-Maturity The following tables present amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values of HTM securities as of the dates indicated:
| December 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 | $ | 1,251,364 |  |  | $ | (140) |  |  | $ | 1,251,224 |  |  | $ | 35 |  |  | $ | (54,799) |  |  | $ | 1,196,460 |
Agency commercial MBS | 440,476 |  |  | — |  |  | 440,476 |  |  | — |  |  | (37,840) |  |  | 402,636 |
Private label commercial MBS | 355,342 |  |  | — |  |  | 355,342 |  |  | — |  |  | (26,226) |  |  | 329,116 |
U.S. Treasury securities | 189,985 |  |  | — |  |  | 189,985 |  |  | — |  |  | (16,702) |  |  | 173,283 |
Corporate debt securities | 70,482 |  |  | (1,360) |  |  | 69,122 |  |  | — |  |  | (13,923) |  |  | 55,199 |
Total (1) | $ | 2,307,649 |  |  | $ | (1,500) |  |  | $ | 2,306,149 |  |  | $ | 35 |  |  | $ | (149,490) |  |  | $ | 2,156,694 |
__________________________ (1) Excludes accrued interest receivable of $13.4 million at December 31, 2024 which is recorded in "Other assets" on the 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 consolidated balance sheets. As of December 31, 2024, HTM securities 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 and public deposits. Allowance for Credit Losses on Securities Held-to-Maturity The following tables present the changes by major security type in our allowance for credit losses on HTM securities for the years indicated:
| Year Ended December 31, 2024
| 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)
Municipal securities | $ | 140 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 140 |
Corporate debt securities | 1,360 |  |  | — |  |  | — |  |  | — |  |  | 1,360 |
Total | $ | 1,500 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,500 |
| Year Ended December 31, 2023
| 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)
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 HTM. The allowance for credit losses on HTM securities is 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 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. Securities Held-to-Maturity by Credit Quality Indicator The Company uses S&P, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its HTM securities. The following tables present our HTM securities portfolio by the lowest available credit rating as of the dates indicated:
| December 31, 2024
Security Type | AAA |  | AA+ |  | AA |  | AA- |  | A |  |  |  | BBB |  | NR |  | Total
| (In thousands)
Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities | $ | 571,347 |  |  | $ | 369,072 |  |  | $ | 218,581 |  |  | $ | 72,952 |  |  | $ | 1,667 |  |  |  |  | $ | — |  |  | $ | 17,745 |  |  | $ | 1,251,364 |
Agency commercial MBS | — |  |  | 440,476 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 440,476 |
Private label commercial MBS | 355,342 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 355,342 |
U.S. Treasury securities | — |  |  | 189,985 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 189,985 |
Corporate debt securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 44,507 |  |  | 25,975 |  |  | 70,482 |
Total | $ | 926,689 |  |  | $ | 999,533 |  |  | $ | 218,581 |  |  | $ | 72,952 |  |  | $ | 1,667 |  |  |  |  | $ | 44,507 |  |  | $ | 43,720 |  |  | $ | 2,307,649 |
| December 31, 2023
Security Type | AAA |  | AA+ |  | AA |  | AA- |  |  |  | A |  |  |  | BBB |  | NR |  | Total
| (In thousands)
Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities | $ | 564,127 |  |  | $ | 397,542 |  |  | $ | 167,905 |  |  | $ | 86,243 |  |  |  |  | $ | 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 |  |  |  |  | $ | 1,787 |  |  |  |  | $ | 44,371 |  |  | $ | 43,456 |  |  | $ | 2,288,791 |
Contractual Maturities of Securities Held-to-Maturity The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:
| December 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 | $ | — |  |  | $ | 20,281 |  |  | $ | 449,652 |  |  | $ | 781,431 |  |  | $ | 1,251,364 |
Agency commercial MBS | — |  |  | 31,997 |  |  | 408,479 |  |  | — |  |  | 440,476 |
Private label commercial MBS | — |  |  | — |  |  | 36,846 |  |  | 318,496 |  |  | 355,342 |
U.S. Treasury securities | — |  |  | — |  |  | 189,985 |  |  | — |  |  | 189,985 |
Corporate debt securities | — |  |  | — |  |  | 10,151 |  |  | 60,331 |  |  | 70,482 |
Total | $ | — |  |  | $ | 52,278 |  |  | $ | 1,095,113 |  |  | $ | 1,160,258 |  |  | $ | 2,307,649 |
| December 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 | $ | — |  |  | $ | 20,135 |  |  | $ | 425,876 |  |  | $ | 750,449 |  |  | $ | 1,196,460 |
Agency commercial MBS | — |  |  | 29,273 |  |  | 373,363 |  |  | — |  |  | 402,636 |
Private label commercial MBS | — |  |  | — |  |  | 34,668 |  |  | 294,448 |  |  | 329,116 |
U.S. Treasury securities | — |  |  | — |  |  | 173,283 |  |  | — |  |  | 173,283 |
Corporate debt securities | — |  |  | — |  |  | 9,381 |  |  | 45,818 |  |  | 55,199 |
Total | $ | — |  |  | $ | 49,408 |  |  | $ | 1,016,571 |  |  | $ | 1,090,715 |  |  | $ | 2,156,694 |
CMBS 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. FRB and FHLB Stock In connection with borrowing facilities with the FRB and FHLB, the Bank owned FRB and FHLB stock carried at cost of $147.8 million and $126.3 million at December 31, 2024 and 2023. We evaluated the carrying value of our FRB and FHLB stock investment at December 31, 2024 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FRB and FHLB, repurchase activity of excess stock by the FRB and FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the years indicated:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Taxable interest | $ | 114,656 |  |  | $ | 150,710 |  |  | $ | 179,496 |
Non-taxable interest | 18,594 |  |  | 19,479 |  |  | 28,936 |
Dividend income | 7,544 |  |  | 4,807 |  |  | 1,319 |
Total interest income on investment securities | $ | 140,794 |  |  | $ | 174,996 |  |  | $ | 209,751 |

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