| Summary of Available-for-Sale Debt Securities |
The following is a summary of the Company’s debt and equity securities: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Amortized
Cost(1) | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Estimated
Fair
Value | | June 30, 2026 | | | | | | | | | Available-for-sale debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | $ | 3,640,879 | | | $ | 23,945 | | | $ | (95,546) | | | $ | 3,569,278 | | Commercial mortgage-backed securities | 247,212 | | | 1,187 | | | (1,674) | | | 246,725 | | | | | | | | | | | | | | | | | | Credit risk transfer securities | 10,672 | | | — | | | (391) | | | 10,281 | | | Total available-for-sale debt securities | 3,898,763 | | | 25,132 | | | (97,611) | | | 3,826,284 | | | Held-to-maturity debt securities: | | | | | | | | | Residential mortgage-backed securities | 692,332 | | | — | | | (75,512) | | | 616,820 | | | Total held-to-maturity debt securities | 692,332 | | | — | | | (75,512) | | | 616,820 | | | Equity securities | | | | | | | 43,429 | | Trading debt securities | | | | | | | 2,539 | | Total debt and equity securities(2) | | | | | | | $ | 4,564,584 | | | December 31, 2025 | | | | | | | | | Available-for-sale debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | $ | 3,743,234 | | | $ | 41,037 | | | $ | (91,625) | | | $ | 3,692,646 | | Commercial mortgage-backed securities | 244,457 | | | 3,555 | | | — | | | 248,012 | | | | | | | | | | | | | | | | | | Credit risk transfer securities | 11,248 | | | — | | | (451) | | | 10,797 | | | Total available-for-sale debt securities | 3,998,939 | | | 44,592 | | | (92,076) | | | 3,951,455 | | Held-to-maturity debt securities: | | | | | | | | | Residential mortgage-backed securities | 725,722 | | | — | | | (70,890) | | | 654,832 | | Total held-to-maturity debt securities | 725,722 | | | — | | | (70,890) | | | 654,832 | | | Equity securities | | | | | | | 41,998 | | Trading debt securities | | | | | | | 3,924 | | Total debt and equity securities(2) | | | | | | | $ | 4,723,099 | |
(1) Excludes accrued interest receivable of $15.6 million and $16.1 million at June 30, 2026 and December 31, 2025, respectively, related to available-for-sale debt securities and $1.1 million and $1.2 million at June 30, 2026 and December 31, 2025, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets. (2) Includes available-for-sale debt securities, equity securities and trading debt securities at estimated fair value and held-to-maturity debt securities at amortized cost.
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| Summary of Amortized Cost, Estimated Fair Value, and Weighted Average Yields for Available-for-Sale Debt Securities |
The amortized cost and estimated fair value as of June 30, 2026, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | Available-for-sale | | Held-to-maturity | | (in thousands) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | | | | | | | | | Due within one year | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Due after one year through five years | — | | | — | | | — | | | — | | | Due after five years through ten years | 258,560 | | | 257,694 | | | — | | | — | | | Due after ten years | 3,640,203 | | | 3,568,590 | | | 692,332 | | | 616,820 | | | Total | $ | 3,898,763 | | | $ | 3,826,284 | | | $ | 692,332 | | | $ | 616,820 | |
The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of June 30, 2026. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable. | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | | Commercial mortgage-backed securities | | Credit risk transfer securities | | Due within one year | | | | | — | % | | — | % | | — | % | | Due after one year through five years | | | | | — | | | — | | | — | | | Due after five years through ten years | | | | | 3.91 | | | 4.83 | | | 3.75 | | | Due after ten years | | | | | 4.67 | | | — | | | — | | | Total | | | | | 4.67 | % | | 4.83 | % | | 3.75 | % |
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| Schedule of Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position |
The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Longer | | Total | | (in thousands) | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | June 30, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | $ | 681,674 | | | $ | (4,105) | | | $ | 718,376 | | | $ | (91,441) | | | $ | 1,400,050 | | | $ | (95,546) | | Commercial mortgage-backed securities | 159,830 | | | (1,674) | | | — | | | — | | | 159,830 | | | (1,674) | | Credit risk transfer securities | — | | | — | | | 10,281 | | | (391) | | | 10,281 | | | (391) | | | Total | $ | 841,504 | | | $ | (5,779) | | | $ | 728,657 | | | $ | (91,832) | | | $ | 1,570,161 | | | $ | (97,611) | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | $ | 203,193 | | | $ | (97) | | | $ | 934,222 | | | $ | (91,528) | | | $ | 1,137,415 | | | $ | (91,625) | | Commercial mortgage-backed securities | — | | | — | | | — | | | — | | | — | | | — | | Credit risk transfer securities | — | | | — | | | 10,797 | | | (451) | | | 10,797 | | | (451) | | | Total | $ | 203,193 | | | $ | (97) | | | $ | 945,019 | | | $ | (91,979) | | | $ | 1,148,212 | | | $ | (92,076) | |
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| Summary of Unrealized and Realized Gains/(Losses) Recognized in Net Income on Equity Securities |
The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Net gains/(losses) recognized during the period | $ | 1,875 | | | $ | 1,604 | | | $ | 3,521 | | | $ | (104) | | | Less: Realized net gains/(losses) recognized on securities sold | 1,244 | | | 703 | | | 1,852 | | | 1,031 | | | Unrealized net gains/(losses) recognized on securities still held | $ | 631 | | | $ | 901 | | | $ | 1,669 | | | $ | (1,135) | |
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