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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2023
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:
 March 31, 2023December 31, 2022
GrossGrossGrossGross
AmortizedUnrealizedUnrealizedFairAmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValueCostGainsLossesValue
 (In thousands)
Agency residential MBS$2,645,975 $— $(396,895)$2,249,080 $2,685,038 $— $(442,996)$2,242,042 
U.S. Treasury securities771,208 — (85,772)685,436 771,145 — (101,075)670,070 
Agency commercial MBS545,480 — (53,799)491,681 549,492 — (61,886)487,606 
Agency residential CMOs509,303 — (53,621)455,682 517,174 — (60,111)457,063 
Municipal securities 395,709 — (50,070)345,639 399,724 — (60,398)339,326 
Corporate debt securities344,747 — (54,953)289,794 344,767 6 (32,868)311,905 
Private label residential CMOs203,088 — (38,685)164,403 207,123 — (40,399)166,724 
Collateralized loan obligations109,166 — (6,172)102,994 109,159 — (6,898)102,261 
Private label commercial MBS27,331 — (1,796)25,535 28,903 — (2,076)26,827 
Asset-backed securities22,864 — (407)22,457 23,568 — (1,155)22,413 
SBA securities16,895 — (989)15,906 18,524 — (1,274)17,250 
Total$5,591,766 $— $(743,159)$4,848,607 $5,654,617 $6 $(811,136)$4,843,487 
Schedule of 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:
Three Months Ended
March 31,
Sales of Securities Available-for-Sale20232022
(In thousands)
Amortized cost of securities sold $— $206,088 
Gross realized gains$— $1,190 
Gross realized losses— (1,086)
Net realized gains (losses) $— $104 
Unrealized losses on investment 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:
March 31, 2023
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$6,665 $(306)$2,242,415 $(396,589)$2,249,080 $(396,895)
U.S. Treasury securities4,993 (7)680,443 (85,765)685,436 (85,772)
Agency commercial MBS20,806 (977)470,875 (52,822)491,681 (53,799)
Agency residential CMOs35,116 (2,707)420,566 (50,914)455,682 (53,621)
Municipal securities 836 (44)344,803 (50,026)345,639 (50,070)
Corporate debt securities119,754 (18,667)170,040 (36,286)289,794 (54,953)
Private label residential CMOs1,226 (6)163,177 (38,679)164,403 (38,685)
Collateralized loan obligations18,690 (838)84,304 (5,334)102,994 (6,172)
Private label commercial MBS— — 25,534 (1,796)25,534 (1,796)
Asset-backed securities— — 22,457 (407)22,457 (407)
SBA securities— — 15,906 (989)15,906 (989)
Total$208,086 $(23,552)$4,640,520 $(719,607)$4,848,606 $(743,159)
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 securities 37,380 (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)
Schedule of held-to-maturity securities reconciliation
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:
 March 31, 2023
Allowance
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,244,441 $(140)$1,244,301 $814 $(41,203)$1,203,912 
Agency commercial MBS428,995 — 428,995 — (26,135)402,860 
Private label commercial MBS346,976 — 346,976 — (28,371)318,605 
U.S. Treasury securities184,862 — 184,862 — (8,233)176,629 
Corporate debt securities69,876 (1,360)68,516 — (13,466)55,050 
Total (1)
$2,275,150 $(1,500)$2,273,650 $814 $(117,408)$2,157,056 
__________________________
(1)    Excludes accrued interest receivable of $11.3 million at March 31, 2023 which is recorded in "Other assets" on the condensed consolidated balance sheets.
 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 condensed 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 periods indicated:
Allowance forProvision Allowance for
Credit Losses,for Credit Losses,
Beginning Credit End of
Security Typeof PeriodLossesCharge-offsRecoveriesPeriod
(In thousands)
Three Months Ended March 31, 2023
Municipal securities$140 $— $— $— $140 
Corporate debt securities1,360 — — — 1,360 
Total$1,500 $— $— $— $1,500 
Debt Securities, Held-to-maturity, Credit Quality Indicator The following table presents our securities held-to-maturity portfolio at amortized cost by the lowest available credit rating as of the dates indicated:
March 31, 2023
Security TypeAAAAA+AAAA-AA-BBBNRTotal
(In thousands)
Amortized Cost:
Municipal securities$551,978 $397,018 $174,273 $95,566 $1,898 $— $— $23,708 $1,244,441 
Agency commercial MBS— 428,995 — — — — — — 428,995 
Private label commercial
MBS346,976 — — — — — — — 346,976 
U.S. Treasury securities— 184,862 — — — — — — 184,862 
Corporate debt securities— — — — — 23,268 21,007 25,601 69,876 
Total$898,954 $1,010,875 $174,273 $95,566 $1,898 $23,268 $21,007 $49,309 $2,275,150 
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 
Investment income
The following table presents the composition of our interest income on investment securities, including available-for-sale and held-to-maturity, for the periods indicated:
Three Months Ended
March 31,
20232022
(In thousands)
Taxable interest$38,692 $44,642 
Non-taxable interest4,903 8,519 
Dividend income642 261 
Total interest income on investment securities$44,237 $53,422 
Available-for-sale Investments Classified by Contractual Maturity Date
The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:
March 31, 2023
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$— $— $— $2,645,975 $2,645,975 
U.S. Treasury securities4,999 503,869 262,340 — 771,208 
Agency commercial MBS— 205,442 321,502 18,536 545,480 
Agency residential CMOs— — 175,473 333,830 509,303 
Municipal securities— 53,855 319,463 22,391 395,709 
Corporate debt securities— 5,000 339,747 — 344,747 
Private label residential CMOs— — — 203,088 203,088 
Collateralized loan obligations— — 70,329 38,837 109,166 
Private label commercial MBS— — — 27,331 27,331 
Asset-backed securities— — — 22,864 22,864 
SBA securities— 3,409 — 13,486 16,895 
Total$4,999 $771,575 $1,488,854 $3,326,338 $5,591,766 
Fair Value:
Agency residential MBS$— $— $— $2,249,080 $2,249,080 
U.S. Treasury securities4,993 448,478 231,965 — 685,436 
Agency commercial MBS— 191,319 282,520 17,842 491,681 
Agency residential CMOs— — 154,603 301,079 455,682 
Municipal securities— 48,293 276,487 20,859 345,639 
Corporate debt securities— 4,957 284,837 — 289,794 
Private label residential CMOs— — — 164,403 164,403 
Collateralized loan obligations— — 67,321 35,673 102,994 
Private label commercial MBS— — — 25,535 25,535 
Asset-backed securities— — — 22,457 22,457 
SBA securities— 3,279 — 12,627 15,906 
Total$4,993 $696,326 $1,297,733 $2,849,555 $4,848,607 
Held-to-Maturity Investments Classified by Contractual Maturity Date The following table presents the contractual maturities of our securities held-to-maturity portfolio based on amortized cost and fair value as of the date indicated:
March 31, 2023
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Municipal securities$— $— $350,751 $893,690 $1,244,441 
Agency commercial MBS— — 407,855 21,140 428,995 
Private label commercial MBS— — 36,089 310,887 346,976 
U.S. Treasury securities— — 184,862 — 184,862 
Corporate debt securities— — — 69,876 69,876 
Total$— $— $979,557 $1,295,593 $2,275,150 
Fair Value:
Municipal securities$— $— $335,601 $868,311 $1,203,912 
Agency commercial MBS— — 382,601 20,259 402,860 
Private label commercial MBS— — 33,282 285,323 318,605 
U.S. Treasury securities— — 176,629 — 176,629 
Corporate debt securities— — — 55,050 55,050 
Total$— $— $928,113 $1,228,943 $2,157,056