Debt Securities Available for Sale (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Debt Securities, Available-for-Sale |
Debt securities available for sale at June 30, 2025 and December 31, 2024 are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized (Losses) | | | | Fair Value | | (In thousands) | | | | | | | | | | | | U.S. government and agency obligations | $ | 344,806 | | | $ | 3,812 | | | $ | (34) | | | | | $ | 348,584 | | | Mortgage-backed securities and collateralized mortgage obligations | 717,365 | | | 976 | | | (90,509) | | | | | 627,832 | | | Municipal obligations | 2,374 | | | 2 | | | (7) | | | | | 2,369 | | | Corporate debt securities | 86,218 | | | 178 | | | (8,231) | | | | | 78,165 | | | $ | 1,150,763 | | | $ | 4,968 | | | $ | (98,781) | | | | | $ | 1,056,950 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized (Losses) | | Fair Value | | | | (In thousands) | | | | | | | | | | | | U.S. government and agency obligations | $ | 314,494 | | | $ | 810 | | | $ | (602) | | | $ | 314,702 | | | Mortgage-backed securities and collateralized mortgage obligations | 729,488 | | | 173 | | | (106,704) | | | 622,957 | | | Municipal obligations | 2,378 | | | 3 | | | (22) | | | 2,359 | | | Corporate debt securities | 95,508 | | | 123 | | | (9,703) | | | 85,928 | | | | | | | | | | | $ | 1,141,868 | | | $ | 1,109 | | | $ | (117,031) | | | $ | 1,025,946 | |
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| Schedule of Securities by Contractual Maturity |
The amortized cost and fair value of debt securities available for sale at June 30, 2025, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Fair Value | | (In thousands) | | | | | | One year or less | $ | 121,532 | | | $ | 121,572 | | | More than one year to five years | 234,157 | | | 236,778 | | | More than five years to ten years | 77,709 | | | 70,768 | | | | | | | $ | 433,398 | | | $ | 429,118 | | | Mortgage-backed securities and collateralized mortgage obligations | 717,365 | | | 627,832 | | | $ | 1,150,763 | | | $ | 1,056,950 | |
The amortized cost and fair value of debt securities held to maturity at June 30, 2025, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Fair Value | | (In thousands) | | | | | | One year or less | $ | 14,875 | | | $ | 14,592 | | | More than one year to five years | 10,000 | | | 9,209 | | | More than five years to ten years | 9,997 | | | 9,086 | | | More than ten years | 10,000 | | | 7,882 | | | 44,872 | | | 40,769 | | | Mortgage-backed securities and collateralized mortgage obligations | 357,287 | | | 327,463 | | | $ | 402,159 | | | $ | 368,232 | |
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| Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2025 and December 31, 2024 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Less Than 12 Months | | 12 Months or Longer | | Total | | Fair Value | | Gross Unrealized (Losses) | | Fair Value | | Gross Unrealized (Losses) | | Fair Value | | Gross Unrealized (Losses) | | (In thousands) | | | | | | | | | | | | | | U.S. government and agency obligations | $ | 29,706 | | | $ | (34) | | | $ | — | | | $ | — | | | $ | 29,706 | | | $ | (34) | | | Mortgage-backed securities and collateralized mortgage obligations | 36,400 | | | (80) | | | 467,313 | | | (90,429) | | | 503,713 | | | (90,509) | | | Municipal obligations | — | | | — | | | 1,357 | | | (7) | | | 1,357 | | | (7) | | | Corporate debt securities | 1,987 | | | (12) | | | 70,250 | | | (8,219) | | | 72,237 | | | (8,231) | | | | | | | | | | | | | | | $ | 68,093 | | | $ | (126) | | | $ | 538,920 | | | $ | (98,655) | | | $ | 607,013 | | | $ | (98,781) | |
6. Debt Securities Available for Sale (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less Than 12 Months | | 12 Months or Longer | | Total | | Fair Value | | Gross Unrealized (Losses) | | Fair Value | | Gross Unrealized (Losses) | | Fair Value | | Gross Unrealized (Losses) | | (In thousands) | | | | | | | | | | | | | | U.S. government and agency obligations | $ | 126,197 | | | $ | (602) | | | $ | — | | | $ | — | | | $ | 126,197 | | | $ | (602) | | | Mortgage-backed securities and collateralized mortgage obligations | 93,763 | | | (475) | | | 476,559 | | | (106,229) | | | 570,322 | | | (106,704) | | | Municipal obligations | — | | | — | | | 1,346 | | | (22) | | | 1,346 | | | (22) | | | Corporate debt securities | — | | | — | | | 80,805 | | | (9,703) | | | 80,805 | | | (9,703) | | | | | | | | | | | | | | | $ | 219,960 | | | $ | (1,077) | | | $ | 558,710 | | | $ | (115,954) | | | $ | 778,670 | | | $ | (117,031) | |
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