v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of available-for-sale securities reconciliation
The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:
 March 31, 2026
AllowanceGrossGross
Amortizedfor CreditNet CarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Agency residential MBS$951,650 $— $951,650 $— $(139,989)$811,661 
Agency commercial MBS52,030 — 52,030 — (1,049)50,981 
Agency residential CMOs1,122,858 — 1,122,858 1,423 (20,098)1,104,183 
Corporate debt securities246,475 (775)245,700 880 (14,622)231,958 
Private label residential CMOs259,984 — 259,984 157 (26,957)233,184 
Collateralized loan obligations200,306 — 200,306 155 (87)200,374 
Private label commercial MBS8,742 — 8,742 — (472)8,270 
Asset-backed securities12,637 — 12,637 24 — 12,661 
SBA securities3,221 — 3,221 — (161)3,060 
Total (1)
$2,857,903 $(775)$2,857,128 $2,639 $(203,435)$2,656,332 
_________________________
(1)    Excludes accrued interest receivable of $12.3 million at March 31, 2026 which is recorded in "Other assets" on the consolidated balance sheets.
 December 31, 2025
AllowanceGrossGross
Amortizedfor CreditNet CarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Agency residential MBS$972,161 $— $972,161 $— $(138,076)$834,085 
Agency commercial MBS52,022 — 52,022 44 (1,100)50,966 
Agency residential CMOs883,067 — 883,067 3,857 (15,300)871,624 
Corporate debt securities257,236 (775)256,461 576 (15,441)241,596 
Private label residential CMOs254,787 — 254,787 522 (26,334)228,975 
Collateralized loan obligations200,519 — 200,519 303 — 200,822 
Private label commercial MBS9,746 — 9,746 — (467)9,279 
Asset-backed securities13,242 — 13,242 7 — 13,249 
SBA securities3,634 — 3,634 — (172)3,462 
Total (1)
$2,646,414 $(775)$2,645,639 $5,309 $(196,890)$2,454,058 
_________________________
(1)    Excludes accrued interest receivable of $11.4 million at December 31, 2025 which is recorded in "Other assets" on the consolidated balance sheets.
Unrealized losses on investment securities available-for-sale
The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:
March 31, 2026
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$— $— $811,661 $(139,989)$811,661 $(139,989)
Agency commercial MBS18,951 (51)32,030 (998)50,981 (1,049)
Agency residential CMOs748,392 (5,689)83,847 (14,409)832,239 (20,098)
Corporate debt securities16,319 (181)189,534 (14,441)205,853 (14,622)
Private label residential CMOs42,560 (286)123,921 (26,671)166,481 (26,957)
Collateralized loan obligations24,913 (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 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$— $— $834,085 $(138,076)$834,085 $(138,076)
Agency commercial MBS4,994 (6)32,006 (1,094)37,000 (1,100)
Agency residential CMOs70,270 (117)101,501 (15,183)171,771 (15,300)
Corporate debt securities— — 188,545 (15,441)188,545 (15,441)
Private label residential CMOs19,672 (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 $(196,890)
Available-for-sale Investments Classified by Contractual Maturity Date
The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:
March 31, 2026
Due WithinDue after One YearDue After Five YearsDue After
Security TypeOne YearThrough Five YearsThrough Ten YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$— $— $— $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 
Schedule of held-to-maturity securities reconciliation
The following tables present amortized cost, ACL, gross unrealized gains and losses, and fair values of HTM securities as of the dates indicated:
 March 31, 2026
AmortizedAllowance forNet CarryingGross UnrealizedGross UnrealizedFair
Security TypeCostCredit LossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,238,920 $(20)$1,238,900 $248 $(35,299)$1,203,849 
Agency commercial MBS448,918 — 448,918 — (21,671)427,247 
Private label commercial MBS361,672 — 361,672 — (13,197)348,475 
U.S. Treasury securities193,784 — 193,784 — (9,673)184,111 
Corporate debt securities70,949 (675)70,274 — (6,956)63,318 
Total (1)
$2,314,243 $(695)$2,313,548 $248 $(86,796)$2,227,000 
__________________________
(1)    Excludes accrued interest receivable of $11.2 million at March 31, 2026 which is recorded in "Other assets" on the consolidated balance sheet
 December 31, 2025
AmortizedAllowance forNet CarryingGross UnrealizedGross UnrealizedFair
Security TypeCostCredit LossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,237,792 $(20)$1,237,772 $2,052 $(20,713)$1,219,111 
Agency commercial MBS447,283 — 447,283 — (19,645)427,638 
Private label commercial MBS360,382 — 360,382 — (9,606)350,776 
U.S. Treasury securities193,022 — 193,022 — (7,934)185,088 
Corporate debt securities70,852 (675)70,177 — (6,264)63,913 
Total (1)
$2,309,331 $(695)$2,308,636 $2,052 $(64,162)$2,246,526 
__________________________
(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2025 which is recorded in "Other assets" on the consolidated balance sheets.
Debt Securities, Held-to-maturity, Credit Quality Indicator The following tables present our HTM securities portfolio by the lowest available credit rating as of the dates indicated:
March 31, 2026
Security TypeAAAAA+AAAA-BBBNRTotal
(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 MBS361,672 — — — — — 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 TypeAAAAA+AAAA-BBBNRTotal
(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 MBS360,382 — — — — — 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 $2,309,331 
Held-to-Maturity Investments Classified by Contractual Maturity Date
The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:
March 31, 2026
Due WithinDue after One YearDue After Five YearsDue After
Security TypeOne YearThrough Five YearsThrough Ten YearsTen YearsTotal
(In thousands)
Amortized Cost:
Municipal securities$— $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 
Investment income
The following table presents the composition of our interest income on investment securities for the periods indicated:
Three Months Ended March 31,
20262025
(In thousands)
Taxable interest$33,969 $31,447 
Non-taxable interest4,362 4,517 
Dividend income3,542 1,898 
Total interest income on investment securities$41,873 $37,862