v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale securities
U.S. Treasury$5,000 $14 $— $5,014 
U.S. government agencies50,000 — (3,031)46,969 
Municipal175,440 1,145 (2,326)174,259 
Corporate notes:
Financial issuers79,000 — (2,403)76,597 
Other1,000 — — 1,000 
Mortgage-backed: (1)
Residential mortgage-backed securities6,420,181 9,567 (438,090)5,991,658 
Commercial (multi-family) mortgage-backed securities326,241 308 (8,052)318,497 
Collateralized mortgage obligations647,131 923 (17,766)630,288 
Total available-for-sale securities$7,703,993 $11,957 $(471,668)$7,244,282 
Held-to-maturity securities
U.S. government agencies$313,541 $— $(59,677)$253,864 
Municipal139,117 277 (2,561)136,833 
Mortgage-backed: (1)
Residential mortgage-backed securities2,613,914 3,964 (492,262)2,125,616 
Commercial (multi-family) mortgage-backed securities6,269 26 (91)6,204 
Collateralized mortgage obligations168,590 450 (17,551)151,489 
Corporate notes29,033 — (259)28,774 
Total held-to-maturity securities$3,270,464 $4,717 $(572,401)$2,702,780 
Less: Allowance for credit losses(257)
Held-to-maturity securities, net of allowance for credit losses$3,270,207 
Equity securities with readily determinable fair value $61,511 $6,174 $(3,899)$63,786 
(1)None of our mortgage-backed securities are subprime.
December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$6,999 $36 $— $7,035 
U.S. government agencies50,000 — (2,529)47,471 
Municipal162,373 1,643 (1,850)162,166 
Corporate notes:
Financial issuers79,000 — (2,704)76,296 
Other1,000 — (1)999 
Mortgage-backed: (1)
Residential mortgage-backed securities5,533,710 25,926 (402,953)5,156,683 
Commercial (multi-family) mortgage-backed securities280,969 570 (4,986)276,553 
Collateralized mortgage obligations521,430 2,305 (14,675)509,060 
Total available-for-sale securities$6,635,481 $30,480 $(429,698)$6,236,263 
Held-to-maturity securities
U.S. government agencies$313,541 $— $(57,269)$256,272 
Municipal144,192 451 (2,012)142,631 
Mortgage-backed: (1)
Residential Mortgage-backed securities2,667,371 7,503 (491,124)2,183,750 
Commercial (multi-family) mortgage-backed securities6,293 72 (92)6,273 
Collateralized mortgage obligations177,671 836 (16,989)161,518 
Corporate notes35,097 2 (396)34,703 
Total held-to-maturity securities$3,344,165 $8,864 $(567,882)$2,785,147 
Less: Allowance for credit losses(260)
Held-to-maturity securities, net of allowance for credit losses$3,343,905 
Equity securities with readily determinable fair value$61,211 $6,318 $(3,759)$63,770 
(1)None of our mortgage-backed securities are subprime.
March 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$12,943 $51 $— $12,994 
U.S. government agencies50,000 — (4,056)45,944 
Municipal190,670 1,063 (3,584)188,149 
Corporate notes:
Financial issuers83,997 — (3,562)80,435 
Other1,000 — (0)1,000 
Mortgage-backed: (1)
Residential mortgage-backed securities4,067,349 907 (482,256)3,586,000 
Commercial (multi-family) mortgage-backed securities58,205 118 (1,696)56,627 
Collateralized mortgage obligations265,070 1,250 (17,164)249,156 
Total available-for-sale securities$4,729,234 $3,389 $(512,318)$4,220,305 
Held-to-maturity securities
U.S. government agencies$313,539 $— $(62,627)$250,912 
Municipal158,307 303 (4,964)153,646 
Mortgage-backed: (1)
Residential mortgage-backed securities2,825,859 1,072 (555,525)2,271,406 
Commercial (multi-family) mortgage-backed securities6,351 20 (134)6,237 
Collateralized mortgage obligations204,199 763 (19,678)185,284 
Corporate notes56,681 14 (1,367)55,328 
Total held-to-maturity securities$3,564,936 $2,172 $(644,295)$2,922,813 
Less: Allowance for credit losses(446)
Held-to-maturity securities, net of allowance for credit losses$3,564,490 
Equity securities with readily determinable fair value$272,400 $5,254 $(7,212)$270,442 
(1)None of our mortgage-backed securities are subprime.
Schedule of Available-for-sale Investment Securities Portfolios
The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026:
Continuous unrealized
losses existing for
less than 12 months		Continuous unrealized
losses existing for
greater than 12 months		Total
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-sale securities
U.S. government agencies$— $— $46,969 $(3,031)$46,969 $(3,031)
Municipal63,183 (608)29,491 (1,718)92,674 (2,326)
Corporate notes:
Financial issuers— — 76,597 (2,403)76,597 (2,403)
Mortgage-backed: (1)
Residential mortgage-backed securities2,938,020 (35,434)2,097,732 (402,656)5,035,752 (438,090)
Commercial (multi-family) mortgage-backed securities232,695 (5,441)44,959 (2,611)277,654 (8,052)
Collateralized mortgage obligations401,355 (2,767)61,797 (14,999)463,152 (17,766)
Total available-for-sale securities$3,635,253 $(44,250)$2,357,545 $(427,418)$5,992,798 $(471,668)
(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 March 31,
(In thousands)20262025
Realized gains on investment securities$264 $189 
Realized losses on investment securities(11)(361)
Net realized gains (losses) on investment securities253 (172)
Unrealized gains on equity securities with readily determinable fair value206 3,445 
Unrealized losses on equity securities with readily determinable fair value(490)(57)
Net unrealized (losses) gains on equity securities with readily determinable fair value(284)3,388 
Downward adjustments of equity securities without readily determinable fair values— (20)
(Losses) gains on investment securities, net$(31)$3,196 
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 March 31, 2026, December 31, 2025 and March 31, 2025, 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:
March 31, 2026December 31, 2025March 31, 2025
(In thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale securities
Due in one year or less$52,659 $52,630 $47,978 $47,915 $61,653 $61,702 
Due in one to five years144,558 142,218 143,352 141,123 160,377 156,869 
Due in five to ten years83,262 81,813 80,561 79,672 89,444 85,935 
Due after ten years29,961 27,178 27,481 25,257 27,136 24,016 
Mortgage-backed7,393,553 6,940,443 6,336,109 5,942,296 4,390,624 3,891,783 
Total available-for-sale securities$7,703,993 $7,244,282 $6,635,481 $6,236,263 $4,729,234 $4,220,305 
Held-to-maturity securities
Due in one year or less$41,651 $41,412 $47,030 $46,630 $27,766 $27,436 
Due in one to five years77,489 77,218 76,452 76,366 103,583 101,546 
Due in five to ten years60,440 56,617 67,195 63,882 94,324 88,875 
Due after ten years302,111 244,224 302,153 246,728 302,854 242,029 
Mortgage-backed2,788,773 2,283,309 2,851,335 2,351,541 3,036,409 2,462,927 
Total held-to-maturity securities$3,270,464 $2,702,780 $3,344,165 $2,785,147 $3,564,936 $2,922,813 
Less: Allowance for credit losses(257)(260)(446)
Held-to-maturity securities, net of allowance for credit losses$3,270,207 $3,343,905 $3,564,490