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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
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:
December 31,
 20222021
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (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 securities771,145 — (101,075)670,070 973,555 1,641 (8,298)966,898 
Agency commercial MBS549,492 — (61,886)487,606 1,660,516 37,664 (9,213)1,688,967 
Agency residential CMOs517,174 — (60,111)457,063 1,021,716 22,288 (5,870)1,038,134 
Municipal securities399,724 — (60,398)339,326 2,248,749 75,192 (7,973)2,315,968 
Corporate debt securities344,767 6 (32,868)311,905 514,077 13,774 (757)527,094 
Private label residential CMOs207,123 — (40,399)166,724 265,851 1,857 (3,291)264,417 
Collateralized loan obligations109,159 — (6,898)102,261 385,410 396 (444)385,362 
Private label commercial MBS28,903 — (2,076)26,827 453,314 147 (3,244)450,217 
Asset-backed securities23,568 — (1,155)22,413 129,387 484 (324)129,547 
SBA securities18,524 — (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 
Schedule of Realized Gain (Loss)
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-Sale202220212020
(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 
Unrealized losses on investment securities
Unrealized Losses on 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:
December 31, 2022
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$52,556 $(6,193)$2,189,485 $(436,803)$2,242,041 $(442,996)
U.S. Treasury securities4,972 (26)665,098 (101,049)670,070 (101,075)
Agency commercial MBS316,892 (31,139)170,714 (30,747)487,606 (61,886)
Agency residential CMOs245,755 (22,748)211,309 (37,363)457,064 (60,111)
Municipal securities37,380 (3,129)298,266 (57,269)335,646 (60,398)
Corporate debt securities302,643 (32,124)4,256 (744)306,899 (32,868)
Private label residential CMOs19,261 (1,294)147,464 (39,105)166,725 (40,399)
Collateralized loan obligations27,704 (1,818)74,558 (5,080)102,262 (6,898)
Private label commercial MBS10,204 (508)16,623 (1,568)26,827 (2,076)
Asset-backed securities22,413 (1,155)— — 22,413 (1,155)
SBA securities17,250 (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 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$2,502,536 $(31,670)$57,329 $(979)$2,559,865 $(32,649)
U.S. Treasury securities628,767 (8,298)— — 628,767 (8,298)
Agency commercial MBS440,938 (5,066)106,745 (4,147)547,683 (9,213)
Agency residential CMOs216,445 (3,757)67,340 (2,113)283,785 (5,870)
Municipal securities505,080 (6,965)29,726 (1,008)534,806 (7,973)
Corporate debt securities32,761 (757)— — 32,761 (757)
Private label residential CMOs201,988 (3,291)— — 201,988 (3,291)
Collateralized loan obligations137,619 (374)43,730 (70)181,349 (444)
Private label commercial MBS397,619 (3,244)— — 397,619 (3,244)
Asset-backed securities38,742 (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)
Investment Income
The following table presents the composition of our interest income on investment securities for the years indicated:
Year Ended December 31,
202220212020
(In thousands)
Taxable interest$179,496 $118,561 $80,426 
Non-taxable interest28,936 33,916 24,771 
Dividend income1,319 991 1,573 
Total interest income on investment securities$209,751 $153,468 $106,770 
Debt Securities, Held-to-maturity
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:
 December 31, 2022
Allowance
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,243,443 $(140)$1,243,303 $8 $(77,526)$1,165,785 
Agency commercial MBS427,411 — 427,411 — (34,287)393,124 
Private label commercial MBS345,825 — 345,825 — (26,027)319,798 
U.S. Treasury securities184,162 — 184,162 — (12,462)171,700 
Corporate debt securities69,794 (1,360)68,434 — (8,369)60,065 
Total (1)
$2,270,635 $(1,500)$2,269,135 $8 $(158,671)$2,110,472 
__________________________
(1)    Excludes accrued interest receivable of $13.5 million at December 31, 2022 which is recorded in "Other assets" on the consolidated balance sheets.
Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table presents the changes by major security type in our allowance for credit losses on securities held-to-maturity for the year indicated:
Year Ended December 31, 2022
Allowance forProvision Allowance for
Credit Losses,for Credit Losses,
Beginning Credit End of
Security Typeof PeriodLossesCharge-offsRecoveriesPeriod
(In thousands)
Municipal securities$— $140 $— $— $140 
Corporate debt securities— 1,360 — — 1,360 
Total$— $1,500 $— $— $1,500 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The 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 TypeAAAAA+AAAA-AA-BBBNRTotal
(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
MBS345,825 — — — — — — — 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 $2,270,635 
Investments Classified by Contractual Maturity Date, Available-For-Sale
The following tables present the contractual maturities of our available-for-sale securities portfolio based on amortized cost and fair value as of the date indicated:
December 31, 2022
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$— $— $— $2,685,038 $2,685,038 
U.S. Treasury securities4,998 — 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 securities3,680 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 securities4,245 — — 14,279 18,524 
Total$12,923 $257,031 $2,006,912 $3,377,751 $5,654,617 

December 31, 2022
Due AfterDue After
DueOne YearFive YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Fair Value:
Agency residential MBS$— $— $— $2,242,042 $2,242,042 
U.S. Treasury securities4,972 — 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 securities3,680 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 securities3,965 — — 13,285 17,250 
Total$12,617 $235,295 $1,749,230 $2,846,345 $4,843,487 
Investment Securities Classified by Contractual Maturities Date - Held-to-Maturity The following table presents the contractual maturities of our securities held-to-maturity portfolio based on amortized cost and carrying value as of the date indicated:
December 31, 2022
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Municipal securities$— $— $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