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 (loss) income" on the consolidated balance sheets.


	December 31,
	2022								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	$	2,685,038	$	—	$	(442,996)	$	2,242,042	$	2,921,993	$	8,866	$	(32,649)	$	2,898,210
U.S. Treasury securities	771,145		—		(101,075)		670,070		973,555		1,641		(8,298)		966,898
Agency commercial MBS	549,492		—		(61,886)		487,606		1,660,516		37,664		(9,213)		1,688,967
Agency residential CMOs	517,174		—		(60,111)		457,063		1,021,716		22,288		(5,870)		1,038,134
Municipal securities	399,724		—		(60,398)		339,326		2,248,749		75,192		(7,973)		2,315,968
Corporate debt securities	344,767		6		(32,868)		311,905		514,077		13,774		(757)		527,094
Private label residential CMOs	207,123		—		(40,399)		166,724		265,851		1,857		(3,291)		264,417
Collateralized loan obligations	109,159		—		(6,898)		102,261		385,410		396		(444)		385,362
Private label commercial MBS	28,903		—		(2,076)		26,827		453,314		147		(3,244)		450,217
Asset-backed securities	23,568		—		(1,155)		22,413		129,387		484		(324)		129,547
SBA securities	18,524		—		(1,274)		17,250		28,950		726		(32)		29,644
Total	$	5,654,617	$	6	$	(811,136)	$	4,843,487	$	10,603,518	$	163,035	$	(72,095)	$	10,694,458

As of December 31, 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.


	Year Ended December 31,
Sales of Securities Available-for-Sale	2022		2021		2020
	(In thousands)
Amortized cost of securities sold	$	2,063,415	$	365,733	$	160,254

Gross realized gains	$	6,032	$	1,680	$	13,222
Gross realized losses	(56,353)		(65)		(51)
Net realized (losses) gains	$	(50,321)	$	1,615	$	13,171


	December 31, 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	$	52,556	$	(6,193)	$	2,189,485	$	(436,803)	$	2,242,041	$	(442,996)
U.S. Treasury securities	4,972		(26)		665,098		(101,049)		670,070		(101,075)
Agency commercial MBS	316,892		(31,139)		170,714		(30,747)		487,606		(61,886)
Agency residential CMOs	245,755		(22,748)		211,309		(37,363)		457,064		(60,111)
Municipal securities	37,380		(3,129)		298,266		(57,269)		335,646		(60,398)
Corporate debt securities	302,643		(32,124)		4,256		(744)		306,899		(32,868)
Private label residential CMOs	19,261		(1,294)		147,464		(39,105)		166,725		(40,399)
Collateralized loan obligations	27,704		(1,818)		74,558		(5,080)		102,262		(6,898)
Private label commercial MBS	10,204		(508)		16,623		(1,568)		26,827		(2,076)
Asset-backed securities	22,413		(1,155)		—		—		22,413		(1,155)
SBA securities	17,250		(1,274)		—		—		17,250		(1,274)
Total	$	1,057,030	$	(101,408)	$	3,777,773	$	(709,728)	$	4,834,803	$	(811,136)


	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)
U.S. Treasury securities	628,767		(8,298)		—		—		628,767		(8,298)
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)
Municipal securities	505,080		(6,965)		29,726		(1,008)		534,806		(7,973)
Corporate debt securities	32,761		(757)		—		—		32,761		(757)
Private label residential CMOs	201,988		(3,291)		—		—		201,988		(3,291)
Collateralized loan obligations	137,619		(374)		43,730		(70)		181,349		(444)
Private label commercial MBS	397,619		(3,244)		—		—		397,619		(3,244)
Asset-backed securities	38,742		(137)		15,762		(187)		54,504		(324)
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 December 31, 2022, 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) income" of "Stockholders' equity" on the 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.


	December 31, 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	$	—	$	—	$	—	$	2,685,038	$	2,685,038
U.S. Treasury securities	4,998		—		766,147		—		771,145
Agency commercial MBS	—		208,626		322,213		18,653		549,492
Agency residential CMOs	—		—		178,348		338,826		517,174
Municipal securities	3,680		43,405		330,116		22,523		399,724
Corporate debt securities	—		5,000		339,767		—		344,767
Private label residential CMOs	—		—		—		207,123		207,123
Collateralized loan obligations	—		—		70,321		38,838		109,159
Private label commercial MBS	—		—		—		28,903		28,903
Asset-backed securities	—		—		—		23,568		23,568
SBA securities	4,245		—		—		14,279		18,524
Total	$	12,923	$	257,031	$	2,006,912	$	3,377,751	$	5,654,617


	December 31, 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)
Fair Value:
Agency residential MBS	$	—	$	—	$	—	$	2,242,042	$	2,242,042
U.S. Treasury securities	4,972		—		665,098		—		670,070
Agency commercial MBS	—		192,142		277,940		17,524		487,606
Agency residential CMOs	—		—		155,835		301,228		457,063
Municipal securities	3,680		38,147		276,878		20,621		339,326
Corporate debt securities	—		5,006		306,899		—		311,905
Private label residential CMOs	—		—		—		166,724		166,724
Collateralized loan obligations	—		—		66,580		35,681		102,261
Private label commercial MBS	—		—		—		26,827		26,827
Asset-backed securities	—		—		—		22,413		22,413
SBA securities	3,965		—		—		13,285		17,250
Total	$	12,617	$	235,295	$	1,749,230	$	2,846,345	$	4,843,487

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.


	December 31, 2022
			Allowance
			for		Net		Gross		Gross
	Amortized		Credit		Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,243,443	$	(140)	$	1,243,303	$	8	$	(77,526)	$	1,165,785
Agency commercial MBS	427,411		—		427,411		—		(34,287)		393,124
Private label commercial MBS	345,825		—		345,825		—		(26,027)		319,798
U.S. Treasury securities	184,162		—		184,162		—		(12,462)		171,700
Corporate debt securities	69,794		(1,360)		68,434		—		(8,369)		60,065





Total (1)	$	2,270,635	$	(1,500)	$	2,269,135	$	8	$	(158,671)	$	2,110,472

__________________________


	Year Ended December 31, 2022
	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 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 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 by the lowest available credit rating as of the date indicated:


	December 31, 2022
Security Type	AAA		AA+		AA		AA-		A		A-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	568,674	$	385,990	$	173,751	$	95,471	$	1,901	$	—	$	—	$	17,656	$	1,243,443
Agency commercial MBS	—		427,411		—		—		—		—		—		—		427,411
Private label commercial
MBS	345,825		—		—		—		—		—		—		—		345,825
U.S. Treasury securities	—		184,162		—		—		—		—		—		—		184,162
Corporate debt securities	—		—		—		—		—		23,244		20,999		25,551		69,794
Total	$	914,499	$	997,563	$	173,751	$	95,471	$	1,901	$	23,244	$	20,999	$	43,207	$	2,270,635

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:


	December 31, 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	$	—	$	—	$	336,321	$	907,122	$	1,243,443
Agency commercial MBS	—		—		406,193		21,218		427,411
Private label commercial MBS	—		—		35,985		309,840		345,825
U.S. Treasury securities	—		—		184,162		—		184,162
Corporate debt securities	—		—		—		69,794		69,794





Total	$	—	$	—	$	962,661	$	1,307,974	$	2,270,635

Fair Value:

Municipal securities	$	—	$	—	$	310,221	$	855,564	$	1,165,785
Agency commercial MBS	—		—		373,916		19,208		393,124
Private label commercial MBS	—		—		33,374		286,424		319,798
U.S. Treasury securities	—		—		171,700		—		171,700
Corporate debt securities	—		—		—		60,065		60,065





Total	$	—	$	—	$	889,211	$	1,221,261	$	2,110,472

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.

In connection with outstanding FHLB advances, the Bank owned FHLB stock carried at cost of $34.3 million and $17.3 million at December 31, 2022 and 2021. At December 31, 2022 and 2021, the Bank was required to own FHLB stock equal to a percentage of outstanding FHLB advances. We evaluated the carrying value of our FHLB stock investment at December 31, 2022 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 FHLB, repurchase activity of excess stock by the 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.


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Taxable interest	$	179,496	$	118,561	$	80,426
Non-taxable interest	28,936		33,916		24,771
Dividend income	1,319		991		1,573
Total interest income on investment securities	$	209,751	$	153,468	$	106,770