The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,448	$	3	$	(65	)	$	2,386
State and municipal securities		2,325		1		—			2,326
Mortgage-backed securities:
Agency		1,238,073		3,026		(89,968	)		1,151,131
Commercial		1,342		—		(24	)		1,318
Non-agency		142		—		(4	)		138
Corporate fixed income securities		361,238		59		(26,592	)		334,705
Asset-backed securities		96,771		56		(282	)		96,545
Total available-for-sale securities	$	1,702,339	$	3,145	$	(116,935	)	$	1,588,549
Held-to-maturity securities (2)
Asset-backed securities	$	6,861,227	$	2,229	$	(12,522	)	$	6,850,934


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,440	$	6	$	(65	)	$	2,381
State and municipal securities		2,325		1		—			2,326
Mortgage-backed securities:
Agency		1,181,888		4,652		(85,128	)		1,101,412
Commercial		2,136		—		(23	)		2,113
Non-agency		156		—		(4	)		152
Corporate fixed income securities		400,053		94		(24,397	)		375,750
Asset-backed securities		109,591		108		(443	)		109,256
Total available-for-sale securities	$	1,698,589	$	4,861	$	(110,060	)	$	1,593,390
Held-to-maturity securities (2)
Asset-backed securities	$	6,549,054	$	18,943	$	(2,513	)	$	6,565,484

(1)

Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income.

(2)

Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements.

We are required to evaluate our available-for-sale and held-to-maturity debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. At March 31, 2026, we did not have an allowance for credit losses recorded on our investment portfolio.

Accrued interest receivable for our investment portfolio at March 31, 2026 and December 31, 2025 was $83.8 million and $84.1 million, respectively, and is reported in other assets in the consolidated statements of financial condition. We do not include reserves for interest receivable in the measurement of the allowance for credit losses.

There were no sales of available-for-sale securities during the three months ended March 31, 2026 and 2025.

The table below summarizes the amortized cost and fair values of our securities by contractual maturity at March 31, 2026 and December 31, 2025 (in thousands). Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Within one year	$	97,972	$	97,018	$	104,503	$	103,686
After one year through three years		25,993		24,608		38,192		36,763
After three years through five years		178,833		161,046		105,181		98,421
After five years through ten years		157,735		147,558		260,454		241,770
After ten years		1,241,806		1,158,319		1,190,259		1,112,750
Total available-for-sale securities	$	1,702,339	$	1,588,549	$	1,698,589	$	1,593,390
Held-to-maturity securities
After three years through five years		176,249		175,916		157,770		157,868
After five years through ten years		1,145,693		1,145,001		1,494,530		1,495,893
After ten years		5,539,285		5,530,017		4,896,754		4,911,723
Total held-to-maturity securities	$	6,861,227	$	6,850,934	$	6,549,054	$	6,565,484

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2026, are as follows (in thousands):


	Within 1 Year		1-5 Years		5-10 Years		After 10 Years		Total
Available-for-sale securities
U.S. government agency securities	$	—	$	2,386	$	—	$	—	$	2,386
State and municipal securities		—		2,326		—		—		2,326
Mortgage-backed securities:
Agency		6		17,317		56,656		1,077,152		1,151,131
Commercial		—		—		—		1,318		1,318
Non-agency		—		—		138		—		138
Corporate fixed income securities		97,012		163,625		74,068		—		334,705
Asset-backed securities		—		—		16,696		79,849		96,545
Total available-for-sale securities	$	97,018	$	185,654	$	147,558	$	1,158,319	$	1,588,549
Held-to-maturity securities
Asset-backed securities	$	—	$	176,249	$	1,145,693	$	5,539,285	$	6,861,227

At March 31, 2026 and December 31, 2025, securities of $943.1 million and $880.5 million, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. At March 31, 2026 and December 31, 2025, securities of $3.5 billion and $3.3 billion, respectively, were pledged with the Federal Reserve discount window.

The following tables show the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Available-for-sale securities
U.S. government agency securities	$	—		$	—	$	(65	)	$	1,909	$	(65	)	$	1,909
Mortgage-backed securities:
Agency		(3,793	)		326,871		(86,175	)		576,777		(89,968	)		903,648
Commercial		—			—		(24	)		1,318		(24	)		1,318
Non-agency		—			—		(4	)		138		(4	)		138
Corporate fixed income securities		(1,306	)		13,108		(25,286	)		316,538		(26,592	)		329,646
Asset-backed securities		(9	)		21,691		(273	)		50,996		(282	)		72,687
Total available-for-sale securities	$	(5,108	)	$	361,670	$	(111,827	)	$	947,676	$	(116,935	)	$	1,309,346

At March 31, 2026, the amortized cost of 217 securities classified as available for sale exceeded their fair value by $116.9 million, of which $111.8 million related to investment securities that had been in a loss position for 12 months or longer. The total fair value of these investments at March 31, 2026, was $1.3 billion, which was 82.4% of our available-for-sale portfolio.


	December 31, 2025
	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Available-for-sale securities
U.S. government agency securities	$	—		$	—	$	(65	)	$	1,905	$	(65	)	$	1,905
Mortgage-backed securities:
Agency		(178	)		132,279		(84,950	)		599,689		(85,128	)		731,968
Commercial		—			—		(23	)		2,113		(23	)		2,113
Non-agency		—			—		(4	)		152		(4	)		152
Corporate fixed income securities		(1,201	)		23,252		(23,196	)		333,905		(24,397	)		357,157
Asset-backed securities		—			—		(443	)		61,717		(443	)		61,717
Total available-for-sale securities	$	(1,379	)	$	155,531	$	(108,681	)	$	999,481	$	(110,060	)	$	1,155,012

At December 31, 2025, the amortized cost of 204 securities classified as available for sale exceeded their fair value by $110.1 million, of which $108.7 million related to investment securities that had been in a loss position for 12 months or longer. The total fair value of these investments at December 31, 2025, was $1.2 billion, which was 72.5% of our available-for-sale portfolio.

The Company uses ratings assigned by nationally recognized rating agencies, which primarily includes S&P, Moody’s, and Fitch Ratings Inc., as the primary credit quality indicator for its investment portfolio. Each security is evaluated at least quarterly. The indicators represent the rating for debt securities, as of the date presented, based on the most recent assessment performed.

At March 31, 2026, approximately 88% of our available-for-sale securities were backed by the United States government or rated A or higher by nationally recognized rating agencies.