v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities Available for Sale
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
U.S. Treasury obligations$274,883 106 (7,629)267,360 
Government-agency obligations29,942 709 (7)30,644 
Mortgage-backed securities2,798,914 12,922 (121,783)2,690,053 
Asset-backed securities40,193 433 (302)40,324 
State and municipal obligations119,072 802 (8,182)111,692 
Corporate obligations96,749 5,113 (1,868)99,994 
$3,359,753 20,085 (139,771)3,240,067 
December 31, 2025
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
U.S. Treasury obligations$274,500 190 (7,946)266,744 
Government-agency obligations32,693 877 (31)33,539 
Mortgage-backed securities2,705,346 23,454 (116,453)2,612,347 
Asset-backed securities41,619 409 (267)41,761 
State and municipal obligations119,173 1,249 (7,423)112,999 
Corporate obligations93,498 5,429 (1,561)97,366 
$3,266,829 31,608 (133,681)3,164,756 
Schedule of Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities as of March 31, 2026, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2026
Amortized
cost		Fair
value
Due in one year or less$140,509 139,735 
Due after one year through five years166,889 160,626 
Due after five years through ten years116,601 117,600 
Due after ten years66,705 61,085 
Securities without a contractual maturity (1)
2,869,049 2,761,021 
$3,359,753 3,240,067 
(1) Residential mortgage-backed securities, other asset-backed securities and government-agency obligations are not included in the maturity categories as actual maturities may differ from contractual maturities because the underlying loans may be called or prepaid without penalties.
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of March 31, 2026 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
The amortized cost and fair value of held to maturity debt securities as of March 31, 2026 by contractual maturity, excluding allowances for credit losses of $15,000 as of March 31, 2026 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2026
Amortized
cost		Fair
value
Due in one year or less$45,294 45,227 
Due after one year through five years147,661 146,533 
Due after five years through ten years71,626 65,663 
Due after ten years3,087 2,452 
$267,668 259,875 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table shows gross unrealized losses and estimated fair value of available for sale debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Less Than 12 months12 Months or MoreTotal
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Available-for-sale:
U.S. Treasury obligations$— — 246,199 (7,629)246,199 (7,629)
Government-agency obligations— — 2,154 (7)2,154 (7)
Mortgage-backed securities641,639 (4,860)980,474 (116,923)1,622,113 (121,783)
Asset-backed securities 12,539 (98)8,800 (204)21,339 (302)
State and municipal obligations19,101 (442)63,936 (7,740)83,037 (8,182)
Corporate obligations11,768 (232)18,635 (1,636)30,403 (1,868)
Total$685,047 (5,632)1,320,198 (134,139)2,005,245 (139,771)
December 31, 2025
Less Than 12 months12 Months or MoreTotal
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Available-for-sale:
U.S. Treasury obligations$— — 245,675 (7,946)245,675 (7,946)
Government-agency obligations8,541 (31)— — 8,541 (31)
Mortgage-backed securities133,316 (4,119)984,261 (112,334)1,117,577 (116,453)
Asset-backed securities 20,493 (129)1,605 (138)22,098 (267)
State and municipal obligations21,613 (665)53,173 (6,758)74,786 (7,423)
Corporate obligations8,994 (6)18,742 (1,555)27,736 (1,561)
Total$192,957 (4,949)1,303,456 (128,732)1,496,412 (133,681)
Schedule of Investment Securities Held to Maturity
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities excluding allowances for credit losses of $15,000 and $16,000, as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Amortized
cost		Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations$1,000 — (11)989 
State and municipal obligations265,726 72 (7,847)257,951 
Corporate obligations942 — (7)935 
$267,668 72 (7,865)259,875 
December 31, 2025
Amortized
cost		Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations$3,400 — (22)3,378 
State and municipal obligations276,600 156 (7,045)269,711 
Corporate obligations2,143 — (14)2,129 
$282,143 156 (7,081)275,218 
Schedule of Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations$1,000 — — — — 1,000 
State and municipal obligations43,957 191,635 17,995 — 12,139 265,726 
Corporate obligations— 572 370 — — 942 
$44,957 192,207 18,365 — 12,139 267,668 
December 31, 2025
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations$3,400 — — — — 3,400 
State and municipal obligations44,930 199,977 20,896 — 10,797 276,600 
Corporate obligations— 573 1,570 — — 2,143 
$48,330 200,550 22,466 — 10,797 282,143 
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value
The following table shows gross unrealized losses and estimated fair value of held to maturity debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Less Than 12 months12 Months or MoreTotal
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Held-to-maturity:
Government-agency obligations$— — 989 (11)989 (11)
State and municipal obligations42,144 (177)87,830 (7,670)129,974 (7,847)
Corporate obligations— — 934 (7)934 (7)
Total$42,144 (177)89,753 (7,688)131,897 (7,865)
December 31, 2025
Less Than 12 months12 Months or MoreTotal
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Held-to-maturity:
Government-agency obligations$— — 3,388 (22)3,388 (22)
State and municipal obligations3,353 (1)127,012 (7,044)130,365 (7,045)
Corporate obligations— — 2,129 (14)2,129 (14)
Total$3,353 (1)132,529 (7,080)135,882 (7,081)