v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
The following tables are a summary of the investment securities portfolios as of the dates shown:
June 30, 2025
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale securities
U.S. Treasury$12,979 $39 $— $13,018 
U.S. government agencies50,000 — (4,176)45,824 
Municipal182,761 1,120 (3,237)180,644 
Corporate notes:
Financial issuers82,000 — (3,199)78,801 
Other1,000 — (2)998 
Mortgage-backed: (1)
Residential mortgage-backed securities4,618,492 3,960 (478,768)4,143,684 
Commercial (multi-family) mortgage-backed securities130,464 115 (3,634)126,945 
Collateralized mortgage obligations311,497 1,863 (17,559)295,801 
Total available-for-sale securities$5,389,193 $7,097 $(510,575)$4,885,715 
Held-to-maturity securities
U.S. government agencies$313,540 $— $(64,071)$249,469 
Municipal156,753 296 (4,030)153,019 
Mortgage-backed: (1)
Residential mortgage-backed securities2,775,981 1,637 (548,063)2,229,555 
Commercial (multi-family) mortgage-backed securities6,333 51 (113)6,271 
Collateralized mortgage obligations196,446 982 (18,933)178,495 
Corporate notes53,531 75 (1,000)52,606 
Total held-to-maturity securities$3,502,584 $3,041 $(636,210)$2,869,415 
Less: Allowance for credit losses(398)
Held-to-maturity securities, net of allowance for credit losses$3,502,186 
Equity securities with readily determinable fair value $273,789 $7,047 $(7,114)$273,722 
(1)None of our mortgage-backed securities are subprime.
December 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$37,858 $49 $— $37,907 
U.S. government agencies50,000 — (5,055)44,945 
Municipal188,405 528 (4,340)184,593 
Corporate notes:
Financial issuers83,997 — (3,828)80,169 
Other1,000 — (7)993 
Mortgage-backed: (1)
Residential Mortgage-backed securities4,106,641 284 (553,287)3,553,638 
Commercial (multi-family) mortgage-backed securities19,064 23 (755)18,332 
Collateralized mortgage obligations238,574 1,187 (18,856)220,905 
Total available-for-sale securities$4,725,539 $2,071 $(586,128)$4,141,482 
Held-to-maturity securities
U.S. government agencies$313,539 $— $(69,127)$244,412 
Municipal161,016 243 (5,290)155,969 
Mortgage-backed: (1)
Residential Mortgage-backed securities2,864,927 — (605,014)2,259,913 
Commercial (multi-family) mortgage-backed securities6,364 — (252)6,112 
Collateralized mortgage obligations211,023 815 (22,683)189,155 
Corporate notes56,851 8 (1,870)54,989 
Total held-to-maturity securities$3,613,720 $1,066 $(704,236)$2,910,550 
Less: Allowance for credit losses(457)
Held-to-maturity securities, net of allowance for credit losses$3,613,263 
Equity securities with readily determinable fair value$220,758 $2,905 $(8,251)$215,412 
(1)None of our mortgage-backed securities are subprime.
June 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$102,721 $5 $(14)$102,712 
U.S. government agencies50,000 — (4,808)45,192 
Municipal151,347 390 (5,129)146,608 
Corporate notes:
Financial issuers83,996 — (7,011)76,985 
Other1,000 — (10)990 
Mortgage-backed: (1)
Mortgage-backed securities4,320,215 361 (541,742)3,778,834 
Commercial (multi-family) mortgage-backed securities18,096 8 (626)17,478 
Collateralized mortgage obligations179,315 629 (18,786)161,158 
Total available-for-sale securities$4,906,690 $1,393 $(578,126)$4,329,957 
Held-to-maturity securities
U.S. government agencies$336,458 $— $(70,928)$265,530 
Municipal166,400 155 (6,789)159,766 
Mortgage-backed: (1)
Residential mortgage-backed securities2,962,721 — (591,601)2,371,120 
Commercial (multi-family) mortgage-backed securities6,390 — (300)6,090 
Collateralized mortgage obligations227,247 362 (23,636)203,973 
Corporate notes57,199 — (3,211)53,988 
Total held-to-maturity securities$3,756,415 $517 $(696,465)$3,060,467 
Less: Allowance for credit losses(491)
Held-to-maturity securities, net of allowance for credit losses$3,755,924 
Equity securities with readily determinable fair value$117,674 $2,882 $(8,383)$112,173 
(1)None of our mortgage-backed securities are subprime.
Schedule of Available-for-sale Investment Securities Portfolios
The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at June 30, 2025:
Continuous unrealized
losses existing for
less than 12 months		Continuous unrealized
losses existing for
greater than 12 months		Total
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-sale securities
U.S. Treasury$— $— $— $— $— $— 
U.S. government agencies— — 45,824 (4,176)45,824 (4,176)
Municipal46,160 (720)50,763 (2,517)96,923 (3,237)
Corporate notes:
Financial issuers— — 78,801 (3,199)78,801 (3,199)
Other— — 998 (2)998 (2)
Mortgage-backed: (1)
Residential mortgage-backed securities1,037,618 (12,905)2,177,836 (465,863)3,215,454 (478,768)
Commercial (multi-family) mortgage-backed securities92,662 (3,238)6,107 (396)98,769 (3,634)
Collateralized mortgage obligations— — 64,098 (17,559)64,098 (17,559)
Total available-for-sale securities$1,176,440 $(16,863)$2,424,427 $(493,712)$3,600,867 $(510,575)
(1)None of our mortgage-backed securities are subprime.
Schedule of Gross Gains and Gross Losses Realized and Impairment on Investment Securities
The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities:
Three months ended June 30,Six months ended June 30,
(In thousands)2025202420252024
Realized gains on investment securities$94 $1,325 $283 $2,360 
Realized losses on investment securities(263)(21)(624)(129)
Net realized (losses) gains on investment securities(169)1,304 (341)2,231 
Unrealized gains on equity securities with readily determinable fair value1,892 74 5,337 1,108 
Unrealized losses on equity securities with readily determinable fair value— (1,931)(57)(2,564)
Net unrealized gains on equity securities with readily determinable fair value1,892 (1,857)5,280 (1,456)
Downward adjustments of equity securities without readily determinable fair values— — (20)— 
Impairment of equity securities without readily determinable fair values(1,073)(3,729)(1,073)(3,731)
Adjustment and impairment, net, of equity securities without readily determinable fair values(1,073)(3,729)(1,093)(3,731)
Gains (losses) on investment securities, net$650 $(4,282)$3,846 $(2,956)
Schedule of Contractual Maturities of Investment Securities
The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of June 30, 2025, December 31, 2024 and June 30, 2024, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
June 30, 2025December 31, 2024June 30, 2024
(In thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale securities
Due in one year or less$62,253 $62,243 $89,578 $89,392 $145,856 $145,599 
Due in one to five years151,056 148,424 157,883 153,325 139,409 131,506 
Due in five to ten years88,408 84,792 89,125 84,240 84,756 79,216 
Due after ten years27,023 23,826 24,674 21,650 19,043 16,166 
Mortgage-backed5,060,453 4,566,430 4,364,279 3,792,875 4,517,626 3,957,470 
Total available-for-sale securities$5,389,193 $4,885,715 $4,725,539 $4,141,482 $4,906,690 $4,329,957 
Held-to-maturity securities
Due in one year or less$30,097 $29,819 $18,929 $18,658 $8,356 $8,213 
Due in one to five years99,929 98,644 110,897 108,056 114,457 109,845 
Due in five to ten years91,099 86,363 71,846 70,277 85,507 82,499 
Due after ten years302,699 240,268 329,734 258,379 351,737 278,727 
Mortgage-backed2,978,760 2,414,321 3,082,314 2,455,180 3,196,358 2,581,183 
Total held-to-maturity securities$3,502,584 $2,869,415 $3,613,720 $2,910,550 $3,756,415 $3,060,467 
Less: Allowance for credit losses(398)(457)(491)
Held-to-maturity securities, net of allowance for credit losses$3,502,186 $3,613,263 $3,755,924