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 available-for-sale to held-to-maturity. At the time of transfer, $218.3 million of unrealized losses, net of tax, was retained in "Accumulated other comprehensive income (loss)" on the condensed consolidated balance sheets.


	September 30, 2022								December 31, 2021
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
Security Type	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	2,760,670	$	—	$	(469,436)	$	2,291,234	$	2,921,993	$	8,866	$	(32,649)	$	2,898,210
Agency commercial MBS	887,781		8		(79,869)		807,920		1,660,516		37,664		(9,213)		1,688,967
Agency residential CMOs	804,561		—		(68,079)		736,482		1,021,716		22,288		(5,870)		1,038,134
U.S. Treasury securities	771,082		—		(107,693)		663,389		973,555		1,641		(8,298)		966,898
Municipal securities	480,131		35		(64,967)		415,199		2,248,749		75,192		(7,973)		2,315,968
Collateralized loan obligations	365,344		—		(11,582)		353,762		385,410		396		(444)		385,362
Corporate debt securities	374,446		—		(28,904)		345,542		514,077		13,774		(757)		527,094
Private label residential CMOs	241,779		—		(43,824)		197,955		265,851		1,857		(3,291)		264,417
Asset-backed securities	32,520		—		(498)		32,022		129,387		484		(324)		129,547
Private label commercial MBS	31,634		—		(2,456)		29,178		453,314		147		(3,244)		450,217
SBA securities	19,993		—		(1,348)		18,645		28,950		726		(32)		29,644


Total	$	6,769,941	$	43	$	(878,656)	$	5,891,328	$	10,603,518	$	163,035	$	(72,095)	$	10,694,458

As of September 30, 2022, the Company had not recorded an allowance for credit losses on securities available-for-sale. The Company does not consider unrealized losses on such securities to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in non-credit related factors such as interest rates, market spreads, and market conditions subsequent to purchase.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Sales of Securities Available-for-Sale	2022		2021		2022		2021
	(In thousands)
Amortized cost of securities sold	$	440,445	$	76,184	$	1,039,965	$	120,735

Gross realized gains	$	3,226	$	517	$	5,960	$	618
Gross realized losses	(3,140)		(2)		(6,979)		(2)
Net realized gains (losses)	$	86	$	515	$	(1,019)	$	616


	September 30, 2022
	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	$	828,719	$	(154,049)	$	1,462,515	$	(315,387)	$	2,291,234	$	(469,436)
Agency commercial MBS	679,617		(58,395)		114,979		(21,474)		794,596		(79,869)
Agency residential CMOs	518,065		(31,153)		218,418		(36,926)		736,483		(68,079)
U.S. Treasury securities	117,110		(16,858)		546,279		(90,835)		663,389		(107,693)
Municipal securities	325,040		(47,929)		83,882		(17,038)		408,922		(64,967)
Collateralized loan obligations	260,188		(7,935)		93,574		(3,647)		353,762		(11,582)
Corporate debt securities	341,017		(28,429)		4,525		(475)		345,542		(28,904)
Private label residential CMOs	50,799		(2,535)		147,156		(41,289)		197,955		(43,824)
Asset-backed securities	32,022		(498)		—		—		32,022		(498)
Private label commercial MBS	11,695		(696)		17,483		(1,760)		29,178		(2,456)
SBA securities	18,626		(1,347)		18		(1)		18,644		(1,348)


Total	$	3,182,898	$	(349,824)	$	2,688,829	$	(528,832)	$	5,871,727	$	(878,656)


	December 31, 2021
	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	$	2,502,536	$	(31,670)	$	57,329	$	(979)	$	2,559,865	$	(32,649)
Agency commercial MBS	440,938		(5,066)		106,745		(4,147)		547,683		(9,213)
Agency residential CMOs	216,445		(3,757)		67,340		(2,113)		283,785		(5,870)
U.S. Treasury securities	628,767		(8,298)		—		—		628,767		(8,298)
Municipal securities	505,080		(6,965)		29,726		(1,008)		534,806		(7,973)
Collateralized loan obligations	137,619		(374)		43,730		(70)		181,349		(444)
Corporate debt securities	32,761		(757)		—		—		32,761		(757)
Private label residential CMOs	201,988		(3,291)		—		—		201,988		(3,291)
Asset-backed securities	38,742		(137)		15,762		(187)		54,504		(324)
Private label commercial MBS	397,619		(3,244)		—		—		397,619		(3,244)
SBA securities	—		—		1,864		(32)		1,864		(32)
Total	$	5,102,495	$	(63,559)	$	322,496	$	(8,536)	$	5,424,991	$	(72,095)

The securities that were in an unrealized loss position at September 30, 2022, 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) income" 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 strictly for liquidity needs 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.


	September 30, 2022
			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	$	—	$	—	$	—	$	2,760,670	$	2,760,670
Agency commercial MBS	—		500,086		358,770		28,925		887,781
Agency residential CMOs	—		—		201,260		603,301		804,561
U.S. Treasury securities	4,997		—		766,085		—		771,082
Municipal securities	7,557		44,019		338,647		89,908		480,131
Collateralized loan obligations	—		—		101,156		264,188		365,344
Corporate debt securities	—		20,500		353,946		—		374,446
Private label residential CMOs	—		—		—		241,779		241,779
Asset-backed securities	—		—		1,218		31,302		32,520
Private label commercial MBS	—		—		—		31,634		31,634
SBA securities	19		4,551		—		15,423		19,993
Total	$	12,573	$	569,156	$	2,121,082	$	4,067,130	$	6,769,941

Fair Value:
Agency residential MBS	$	—	$	—	$	—	$	2,291,234	$	2,291,234
Agency commercial MBS	—		469,960		310,816		27,144		807,920
Agency residential CMOs	—		—		178,062		558,420		736,482
U.S. Treasury securities	4,965		—		658,424		—		663,389
Municipal securities	7,536		38,940		284,872		83,851		415,199
Collateralized loan obligations	—		—		98,676		255,086		353,762
Corporate debt securities	—		19,475		326,067		—		345,542
Private label residential CMOs	—		—		—		197,955		197,955
Asset-backed securities	—		—		1,208		30,814		32,022
Private label commercial MBS	—		—		—		29,178		29,178
SBA securities	18		4,289		—		14,338		18,645
Total	$	12,519	$	532,664	$	1,858,125	$	3,488,020	$	5,891,328

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.


	September 30, 2022
			Allowance
			for		Net		Gross		Gross
	Amortized		Credit		Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,242,427	$	(140)	$	1,242,287	$	—	$	(119,417)	$	1,122,870
Agency commercial MBS	425,831		—		425,831		—		(35,662)		390,169
Private label commercial MBS	344,673		—		344,673		—		(29,030)		315,643
U.S. Treasury securities	183,457		—		183,457		—		(13,447)		170,010
Corporate debt securities	69,713		(1,360)		68,353		—		(6,199)		62,154





Total (1)	$	2,266,101	$	(1,500)	$	2,264,601	$	—	$	(203,755)	$	2,060,846

__________________________

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 September 30, 2022
Municipal securities	$	140	$	—	$	—	$	—	$	140
Corporate debt securities	1,360		—		—		—		1,360
Total	$	1,500	$	—	$	—	$	—	$	1,500

Nine Months Ended September 30, 2022
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.


	September 30, 2022
Security Type	AAA		AA+		AA		AA-		A		A-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	568,454	$	385,823	$	173,226	$	95,374	$	1,905	$	—	$	—	$	17,645	$	1,242,427
Agency commercial MBS	—		425,831		—		—		—		—		—		—		425,831
Private label commercial
MBS	344,673		—		—		—		—		—		—		—		344,673
U.S. Treasury securities	—		183,457		—		—		—		—		—		—		183,457
Corporate debt securities	—		—		—		—		—		23,220		20,993		25,500		69,713
Total	$	913,127	$	995,111	$	173,226	$	95,374	$	1,905	$	23,220	$	20,993	$	43,145	$	2,266,101

The following table presents the contractual maturities of our securities held-to-maturity portfolio based on amortized cost and carrying value as of the date indicated:


	September 30, 2022
			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	$	—	$	—	$	334,877	$	907,550	$	1,242,427
Agency commercial MBS	—		—		402,141		23,690		425,831
Private label commercial MBS	—		—		35,882		308,791		344,673
U.S. Treasury securities	—		—		183,457		—		183,457
Corporate debt securities	—		—		—		69,713		69,713





Total	$	—	$	—	$	956,357	$	1,309,744	$	2,266,101

Fair Value:

Municipal securities	$	—	$	—	$	310,064	$	812,806	$	1,122,870
Agency commercial MBS	—		—		368,418		21,751		390,169
Private label commercial MBS	—		—		33,115		282,528		315,643
U.S. Treasury securities	—		—		170,010		—		170,010
Corporate debt securities	—		—		—		62,154		62,154





Total	$	—	$	—	$	881,607	$	1,179,239	$	2,060,846


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)
Taxable interest	$	45,772	$	31,980	$	134,881	$	79,156
Non-taxable interest	6,872		8,542		23,571		25,113
Dividend income	491		258		1,007		730
Total interest income on investment securities	$	53,135	$	40,780	$	159,459	$	104,999