v3.26.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of available for sale (“AFS”) securities as of the dates indicated were as follows:
As of March 31, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$2,830,011 $12,734 $(248,238)$— $2,594,507 
Government-sponsored commercial mortgage-backed securities1,132,808 5,927 (98,881)— 1,039,854 
U.S. Treasury securities50,020 155 — — 50,175 
State and municipal bonds and obligations188,600 — (12,872)— 175,728 
$4,201,439 $18,816 $(359,991)$— $3,860,264 
As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$2,753,311 $19,846 $(239,848)$— $2,533,309 
Government-sponsored commercial mortgage-backed securities1,148,394 9,388 (97,451)— 1,060,331 
U.S. Treasury securities50,030 320 — — 50,350 
State and municipal bonds and obligations191,428 55 (9,904)— 181,579 
$4,143,163 $29,609 $(347,203)$— $3,825,569 
Schedule of Realized Gain (Loss)
The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated:
Three Months Ended March 31,
20262025
(In thousands)
Gross realized gains from sales of AFS securities$— $— 
Gross realized losses from sales of AFS securities— (269,638)
Net losses from sales of AFS securities$— $(269,638)
Schedule of Government-Sponsored Residential Mortgage-Backed Securities with Gross Unrealized Losses
Information pertaining to AFS securities with gross unrealized losses as of March 31, 2026 and December 31, 2025, for which the Company did not recognize a provision for credit losses under the current expected credit loss methodology (“CECL”), aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows:
As of March 31, 2026
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities294$2,923 $260,841 $245,315 $1,457,958 $248,238 $1,718,799 
Government-sponsored commercial mortgage-backed securities146— — 98,881 590,634 98,881 590,634 
State and municipal bonds and obligations2241,539 60,122 11,333 114,786 12,872 174,908 
664$4,462 $320,963 $355,529 $2,163,378 $359,991 $2,484,341 
As of December 31, 2025
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities292$317 $74,415 $239,531 $1,511,918 $239,848 $1,586,333 
Government-sponsored commercial mortgage-backed securities148— — 97,451 608,386 97,451 608,386 
State and municipal bonds and obligations1998 3,816 9,896 156,973 9,904 160,789 
639$325 $78,231 $346,878 $2,277,277 $347,203 $2,355,508 
Schedule of Debt Securities, Held-to-Maturity
The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of held to maturity (“HTM”) securities as of the dates indicated were as follows:
As of March 31, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$205,168 $— $(16,780)$— $188,388 
Government-sponsored commercial mortgage-backed securities183,047 — (12,003)— 171,044 
State and municipal bonds and obligations282,454 1,471 (4,594)— 279,331 
Corporate bonds41,886 1,340 (54)— 43,172 
$712,555 $2,811 $(33,431)$— $681,935 
As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$210,142 $— $(15,595)$— $194,547 
Government-sponsored commercial mortgage-backed securities185,185 — (11,601)— 173,584 
State and municipal bonds and obligations167,346 2,914 (399)— 169,861 
Corporate bonds36,884 1,098 — — 37,982 
$599,557 $4,012 $(27,595)$— $575,974 
Schedule of Fair Value of Available for Sale Securities by Contractual Maturities The scheduled contractual maturities of AFS and HTM securities as of the dates indicated were as follows:
As of March 31, 2026
Due in one year or lessDue after one year 
to five years		Due after five years
to ten years		Due after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$1,148 $1,141 $8,329 $8,201 $20,932 $19,730 $2,799,602 $2,565,435 $2,830,011 $2,594,507 
Government-sponsored commercial mortgage-backed securities38,420 37,896 580,309 579,623 37,961 34,000 476,118 388,335 1,132,808 1,039,854 
U.S. Treasury securities50,020 50,175 — — — — — — 50,020 50,175 
State and municipal bonds and obligations6,750 6,719 35,166 34,510 52,627 50,905 94,057 83,594 188,600 175,728 
Total available for sale securities96,338 95,931 623,804 622,334 111,520 104,635 3,369,777 3,037,364 4,201,439 3,860,264 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 205,168 188,388 205,168 188,388 
Government-sponsored commercial mortgage-backed securities— — 129,544 123,123 53,503 47,921 — — 183,047 171,044 
State and municipal bond obligations— — — — — — 282,454 279,331 282,454 279,331 
Corporate bonds1,010 1,018 — — 40,876 42,154 — — 41,886 43,172 
Total held to maturity securities1,010 1,018 129,544 123,123 94,379 90,075 487,622 467,719 712,555 681,935 
Total$97,348 $96,949 $753,348 $745,457 $205,899 $194,710 $3,857,399 $3,505,083 $4,913,994 $4,542,199 
As of December 31, 2025
Due in one year or lessDue after one year
 to five years		Due after five years
to ten years		Due after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$661 $657 $10,753 $10,602 $22,179 $21,006 $2,719,718 $2,501,044 $2,753,311 $2,533,309 
Government-sponsored commercial mortgage-backed securities10,528 10,368 601,026 604,330 48,278 43,673 488,562 401,960 1,148,394 1,060,331 
U.S. Treasury securities50,030 50,350 — — — — — — 50,030 50,350 
State and municipal bonds and obligations7,040 7,011 35,647 35,181 52,939 52,451 95,802 86,936 191,428 181,579 
Total available for sale securities68,259 68,386 647,426 650,113 123,396 117,130 3,304,082 2,989,940 4,143,163 3,825,569 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 210,142 194,547 210,142 194,547 
Government-sponsored commercial mortgage-backed securities— — 130,301 124,033 54,884 49,551 — — 185,185 173,584 
State and municipal bond obligations— — — — — — 167,346 169,861 167,346 169,861 
Corporate bonds— — 1,012 1,014 35,872 36,968 — — 36,884 37,982 
Total held to maturity securities— — 131,313 125,047 90,756 86,519 377,488 364,408 599,557 575,974 
Total$68,259 $68,386 $778,739 $775,160 $214,152 $203,649 $3,681,570 $3,354,348 $4,742,720 $4,401,543