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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale securities reconciliation

The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:

			March 31, 2025
																					Gross						Gross
			Amortized																		Unrealized						Unrealized						Fair
Security Type			Cost																		Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	1,033,674																	$	—					$	(166,632)					$	867,042
Agency commercial MBS			62,126																		—						(922)						61,204
Agency residential CMOs			579,676																		2,541						(17,149)						565,068
Municipal securities			602																		—						(5)						597
Corporate debt securities			289,077																		423						(26,097)						263,403
Private label residential CMOs			334,859																		126						(31,658)						303,327
Collateralized loan obligations			243,485																		59						(659)						242,885
Private label commercial MBS			12,533																		—						(1,087)						11,446
Asset-backed securities			15,238																		—						(14)						15,224
SBA securities			4,123																		—						(261)						3,862
Total (1)			$	2,575,393																	$	3,149					$	(244,484)					$	2,334,058

_________________________

(1)    Excludes accrued interest receivable of $13.0 million at March 31, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.

			December 31, 2024
																					Gross						Gross
			Amortized																		Unrealized						Unrealized						Fair
Security Type			Cost																		Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	1,051,601																	$	—					$	(189,761)					$	861,840
Agency commercial MBS			52,610																		—						(1,046)						51,564
Agency residential CMOs			467,319																		223						(20,911)						446,631
Municipal securities			602																		—						(8)						594
Corporate debt securities			289,098																		—						(31,386)						257,712
Private label residential CMOs			352,615																		7						(35,712)						316,910
Collateralized loan obligations			278,976																		469						(29)						279,416
Private label commercial MBS			13,585																		—						(1,213)						12,372
Asset-backed securities			15,674																		—						(74)						15,600
SBA securities			4,564																		—						(364)						4,200
Total (1)			$	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 condensed consolidated balance sheets.

Unrealized losses on investment 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:

			March 31, 2025
			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			$	—					$	—					$	867,042					$	(166,632)					$	867,042					$	(166,632)
Agency commercial MBS			49,911						(41)						11,293						(881)						61,204						(922)
Agency residential CMOs			27,981						(66)						104,865						(17,083)						132,846						(17,149)
Municipal securities			—						—						597						(5)						597						(5)
Corporate debt securities			—						—						240,730						(26,097)						240,730						(26,097)
Private label residential CMOs			97,388						(285)						129,803						(31,373)						227,191						(31,658)
Collateralized loan obligations			180,076						(659)						—						—						180,076						(659)
Private label commercial MBS			—						—						11,446						(1,087)						11,446						(1,087)
Asset-backed securities			15,224						(14)						—						—						15,224						(14)
SBA securities			—						—						3,862						(261)						3,862						(261)
Total			$	370,580					$	(1,065)					$	1,369,638					$	(243,419)					$	1,740,218					$	(244,484)

			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)

Schedule of held-to-maturity securities reconciliation

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:

			March 31, 2025
									Allowance
									for						Net						Gross						Gross
			Amortized						Credit						Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Municipal securities			$	1,252,455					$	(20)					$	1,252,435					$	61					$	(59,663)					$	1,192,833
Agency commercial MBS			442,172						—						442,172						—						(28,137)						414,035
Private label commercial MBS			356,586						—						356,586						—						(19,841)						336,745
U.S. Treasury securities			190,726						—						190,726						—						(12,291)						178,435
Corporate debt securities			70,573						(580)						69,993						—						(12,131)						57,862
Total (1)			$	2,312,512					$	(600)					$	2,311,912					$	61					$	(132,063)					$	2,179,910

__________________________

(1)    Excludes accrued interest receivable of $11.3 million at March 31, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.

			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 condensed consolidated balance sheets.

Debt Securities, Held-to-maturity, Allowance for Credit Loss

The following tables present the changes by major security type in our allowance for credit losses on HTM securities for the periods indicated:

			Three Months Ended March 31, 2025
			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					$	(120)					$	—					$	—					$	20
Corporate debt securities			1,360						(780)						—						—						580
Total			$	1,500					$	(900)					$	—					$	—					$	600

			Three Months Ended March 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

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following tables present our HTM securities portfolio at amortized cost by the lowest available credit rating as of the dates indicated:

			March 31, 2025
Security Type			AAA						AA+						AA						AA-												A												BBB						NR						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	571,520					$	369,314					$	219,130					$	73,070											$	1,664											$	—					$	17,757					$	1,252,455
Agency commercial MBS			—						442,172						—						—												—												—						—						442,172
Private label commercial MBS			356,586						—						—						—												—												—						—						356,586
U.S. Treasury securities			—						190,726						—						—												—												—						—						190,726
Corporate debt securities			—						—						—						—												—												44,542						26,031						70,573
Total			$	928,106					$	1,002,212					$	219,130					$	73,070											$	1,664											$	44,542					$	43,788					$	2,312,512

			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

Investment income

The following table presents the composition of our interest income on AFS and HTM investment securities for the periods indicated:

			Three Months Ended
			March 31,
			2025						2024
			(In thousands)
Taxable interest			$	31,447					$	27,601
Non-taxable interest			4,517						4,720
Dividend income			1,898						1,982
Total interest income on investment securities			$	37,862					$	34,303

Available-for-sale Investments Classified by Contractual Maturity Date

The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:

			March 31, 2025
									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			$	—					$	—					$	—					$	1,033,674					$	1,033,674
Agency commercial MBS			—						39,959						9,994						12,173						62,126
Agency residential CMOs			—						—						14,655						565,021						579,676
Municipal securities			—						602						—						—						602
Corporate debt securities			—						7,500						281,577						—						289,077
Private label residential CMOs			—						—						—						334,859						334,859
Collateralized loan obligations			—						—						136,918						106,567						243,485
Private label commercial MBS			—						—						580						11,953						12,533
Asset-backed securities			—						—						—						15,238						15,238
SBA securities			—						—						4,123						—						4,123
Total			$	—					$	48,061					$	447,847					$	2,079,485					$	2,575,393

			March 31, 2025
									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			$	—					$	—					$	—					$	867,042					$	867,042
Agency commercial MBS			—						39,928						9,983						11,293						61,204
Agency residential CMOs			—						—						14,775						550,293						565,068
Municipal securities			—						597						—						—						597
Corporate debt securities			—						7,354						256,049						—						263,403
Private label residential CMOs			—						—						—						303,327						303,327
Collateralized loan obligations			—						—						136,471						106,414						242,885
Private label commercial MBS			—						—						571						10,875						11,446
Asset-backed securities			—						—						—						15,224						15,224
SBA securities			—						—						3,862						—						3,862
Total			$	—					$	47,879					$	421,711					$	1,864,468					$	2,334,058

Held-to-Maturity Investments Classified by Contractual Maturity Date

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

			March 31, 2025
									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			$	—					$	20,359					$	477,179					$	754,917					$	1,252,455
Agency commercial MBS			—						32,138						410,034						—						442,172
Private label commercial MBS			—						—						36,959						319,627						356,586
U.S. Treasury securities			—						—						190,726						—						190,726
Corporate debt securities			—						—						10,141						60,432						70,573
Total			$	—					$	52,497					$	1,125,039					$	1,134,976					$	2,312,512

			March 31, 2025
									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			$	—					$	20,333					$	459,469					$	713,031					$	1,192,833
Agency commercial MBS			—						30,082						383,953						—						414,035
Private label commercial MBS			—						—						35,137						301,608						336,745
U.S. Treasury securities			—						—						178,435						—						178,435
Corporate debt securities			—						—						9,800						48,062						57,862
Total			$	—					$	50,415					$	1,066,794					$	1,062,701					$	2,179,910

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Available-for-sale Investments Classified by Contractual Maturity Date

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Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

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