
	March 31, 2026
			Allowance				Gross		Gross
	Amortized		for Credit		Net Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	951,650	$	—	$	951,650	$	—	$	(139,989)	$	811,661

Agency commercial MBS	52,030		—		52,030		—		(1,049)		50,981
Agency residential CMOs	1,122,858		—		1,122,858		1,423		(20,098)		1,104,183

Corporate debt securities	246,475		(775)		245,700		880		(14,622)		231,958
Private label residential CMOs	259,984		—		259,984		157		(26,957)		233,184
Collateralized loan obligations	200,306		—		200,306		155		(87)		200,374
Private label commercial MBS	8,742		—		8,742		—		(472)		8,270
Asset-backed securities	12,637		—		12,637		24		—		12,661
SBA securities	3,221		—		3,221		—		(161)		3,060
Total (1)	$	2,857,903	$	(775)	$	2,857,128	$	2,639	$	(203,435)	$	2,656,332

_________________________


	December 31, 2025
			Allowance				Gross		Gross
	Amortized		for Credit		Net Carrying		Unrealized		Unrealized		Fair
Security Type	Cost		Losses		Amount		Gains		Losses		Value
	(In thousands)
Agency residential MBS	$	972,161	$	—	$	972,161	$	—	$	(138,076)	$	834,085

Agency commercial MBS	52,022		—		52,022		44		(1,100)		50,966
Agency residential CMOs	883,067		—		883,067		3,857		(15,300)		871,624

Corporate debt securities	257,236		(775)		256,461		576		(15,441)		241,596
Private label residential CMOs	254,787		—		254,787		522		(26,334)		228,975
Collateralized loan obligations	200,519		—		200,519		303		—		200,822
Private label commercial MBS	9,746		—		9,746		—		(467)		9,279
Asset-backed securities	13,242		—		13,242		7		—		13,249
SBA securities	3,634		—		3,634		—		(172)		3,462
Total (1)	$	2,646,414	$	(775)	$	2,645,639	$	5,309	$	(196,890)	$	2,454,058


	March 31, 2026
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	—	$	—	$	811,661	$	(139,989)	$	811,661	$	(139,989)

Agency commercial MBS	18,951		(51)		32,030		(998)		50,981		(1,049)
Agency residential CMOs	748,392		(5,689)		83,847		(14,409)		832,239		(20,098)

Corporate debt securities	16,319		(181)		189,534		(14,441)		205,853		(14,622)
Private label residential CMOs	42,560		(286)		123,921		(26,671)		166,481		(26,957)
Collateralized loan obligations	24,913		(87)		—		—		24,913		(87)
Private label commercial MBS	—		—		8,270		(472)		8,270		(472)

SBA securities	—		—		3,060		(161)		3,060		(161)
Total	$	851,135	$	(6,294)	$	1,252,323	$	(197,141)	$	2,103,458	$	(203,435)


	December 31, 2025
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Security Type	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Agency residential MBS	$	—	$	—	$	834,085	$	(138,076)	$	834,085	$	(138,076)

Agency commercial MBS	4,994		(6)		32,006		(1,094)		37,000		(1,100)
Agency residential CMOs	70,270		(117)		101,501		(15,183)		171,771		(15,300)

Corporate debt securities	—		—		188,545		(15,441)		188,545		(15,441)
Private label residential CMOs	19,672		(8)		127,020		(26,326)		146,692		(26,334)

Private label commercial MBS	—		—		9,279		(467)		9,279		(467)

SBA securities	—		—		3,462		(172)		3,462		(172)
Total	$	94,936	$	(131)	$	1,295,898	$	(196,759)	$	1,390,834	$	(196,890)

At March 31, 2026, the Company evaluated all securities in an unrealized loss position to determine whether any portion of the unrealized losses were attributable to credit related factors. As a result of this assessment, an ACL of $0.8 million was recorded on one corporate debt security classified as AFS. For all other securities in unrealized loss position, the loss was attributable to changes in market interest rates and other market conditions, rather than credit deterioration of the underlying issuers. In making this determination, we considered several factors, including credit ratings and financial condition of the issuers, the seniority of the tranches, and any U.S. government agency guarantees. We do not intend to sell these securities, and it is not more likely than not that we will be required to sell them before recovery of their amortized cost basis. Therefore, no write-down to fair value through earnings was necessary. Except for the credit loss recognized above, the remaining unrealized losses continue to be recorded in accumulated other comprehensive loss within stockholders’ equity.


	March 31, 2026
	Due Within		Due after One Year		Due After Five Years		Due After
Security Type	One Year		Through Five Years		Through Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:
Agency residential MBS	$	—	$	—	$	—	$	951,650	$	951,650

Agency commercial MBS	—		40,235		—		11,795		52,030
Agency residential CMOs	—		—		13,353		1,109,505		1,122,858

Corporate debt securities	—		69,888		176,587		—		246,475
Private label residential CMOs	—		—		—		259,984		259,984
Collateralized loan obligations	—		—		93,763		106,543		200,306
Private label commercial MBS	—		—		5,272		3,470		8,742
Asset-backed securities	—		—		—		12,637		12,637
SBA securities	—		—		3,221		—		3,221
Total Amortized Cost:	$	—	$	110,123	$	292,196	$	2,455,584	$	2,857,903
Fair Value:
Agency residential MBS	$	—	$	—	$	—	$	811,661	$	811,661

Agency commercial MBS	—		40,150		—		10,831		50,981
Agency residential CMOs	—		—		13,555		1,090,628		1,104,183

Corporate debt securities	—		67,935		164,023		—		231,958
Private label residential CMOs	—		—		—		233,184		233,184
Collateralized loan obligations	—		—		93,744		106,630		200,374
Private label commercial MBS	—		—		4,954		3,316		8,270
Asset-backed securities	—		—		—		12,661		12,661
SBA securities	—		—		3,060		—		3,060
Total Fair Value:	$	—	$	108,085	$	279,336	$	2,268,911	$	2,656,332

CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.


	March 31, 2026
	Amortized		Allowance for		Net Carrying		Gross Unrealized		Gross Unrealized		Fair
Security Type	Cost		Credit Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,238,920	$	(20)	$	1,238,900	$	248	$	(35,299)	$	1,203,849
Agency commercial MBS	448,918		—		448,918		—		(21,671)		427,247
Private label commercial MBS	361,672		—		361,672		—		(13,197)		348,475
U.S. Treasury securities	193,784		—		193,784		—		(9,673)		184,111
Corporate debt securities	70,949		(675)		70,274		—		(6,956)		63,318





Total (1)	$	2,314,243	$	(695)	$	2,313,548	$	248	$	(86,796)	$	2,227,000

__________________________


	December 31, 2025
	Amortized		Allowance for		Net Carrying		Gross Unrealized		Gross Unrealized		Fair
Security Type	Cost		Credit Losses		Amount		Gains		Losses		Value
	(In thousands)

Municipal securities	$	1,237,792	$	(20)	$	1,237,772	$	2,052	$	(20,713)	$	1,219,111
Agency commercial MBS	447,283		—		447,283		—		(19,645)		427,638
Private label commercial MBS	360,382		—		360,382		—		(9,606)		350,776
U.S. Treasury securities	193,022		—		193,022		—		(7,934)		185,088
Corporate debt securities	70,852		(675)		70,177		—		(6,264)		63,913





Total (1)	$	2,309,331	$	(695)	$	2,308,636	$	2,052	$	(64,162)	$	2,246,526

__________________________

Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as HTM. The ACL on HTM securities is represents CECL that may be incurred over the life of the investment. Accrued interest receivable on HTM securities, which is included in "Other assets" on the consolidated balance sheets, is excluded from the estimate of expected credit losses. HTM U.S. Treasury securities and agency-backed MBS securities are considered to have no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The change in fair value in the HTM private label CMBS portfolio is solely driven by changes in interest rates. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates and, thus, there is no related ACL for this portfolio. The underlying bonds in the Company’s HTM municipal securities and HTM corporate debt securities portfolios are evaluated for credit losses in conjunction with management’s estimate of the ACL based primarily on credit ratings.


	March 31, 2026
Security Type	AAA		AA+		AA		AA-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	567,345	$	364,053	$	221,393	$	84,429	$	1,700	$	—	$	1,238,920
Agency commercial MBS	—		448,918		—		—		—		—		448,918
Private label commercial MBS	361,672		—		—		—		—		—		361,672
U.S. Treasury securities	—		193,784		—		—		—		—		193,784
Corporate debt securities	—		—		—		—		44,683		26,266		70,949
Total	$	929,017	$	1,006,755	$	221,393	$	84,429	$	46,383	$	26,266	$	2,314,243


	December 31, 2025
Security Type	AAA		AA+		AA		AA-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	567,140	$	363,823	$	220,823	$	84,302	$	1,704	$	—	$	1,237,792
Agency commercial MBS	—		447,283		—		—		—		—		447,283
Private label commercial MBS	360,382		—		—		—		—		—		360,382
U.S. Treasury securities	—		193,022		—		—		—		—		193,022
Corporate debt securities	—		—		—		—		44,646		26,206		70,852
Total	$	927,522	$	1,004,128	$	220,823	$	84,302	$	46,350	$	26,206	$	2,309,331

The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:


	March 31, 2026
	Due Within		Due after One Year		Due After Five Years		Due After
Security Type	One Year		Through Five Years		Through Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:

Municipal securities	$	—	$	160,750	$	404,033	$	674,137	$	1,238,920
Agency commercial MBS	—		69,620		379,298		—		448,918
Private label commercial MBS	—		—		37,421		324,251		361,672
U.S. Treasury securities	—		—		193,784		—		193,784
Corporate debt securities	—		—		53,775		17,174		70,949





Total Amortized Cost:	$	—	$	230,370	$	1,068,311	$	1,015,562	$	2,314,243
Fair Value:

Municipal securities	$	—	$	158,795	$	394,729	$	650,325	$	1,203,849
Agency commercial MBS	—		67,053		360,194		—		427,247
Private label commercial MBS	—		—		36,235		312,240		348,475
U.S. Treasury securities	—		—		184,111		—		184,111
Corporate debt securities	—		—		48,945		14,373		63,318





Total Fair Value:	$	—	$	225,848	$	1,024,214	$	976,938	$	2,227,000

CMBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.