v3.26.1
Investment Securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Available-for-Sale
The following tables summarize the amortized cost and fair value of available-for-sale securities by major type:
 June 30, 2026
(In thousands)
Amortized
Cost (1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
Government agency debentures$222,888 $— $(27,717)$195,171 
Agency CMO24,649 — (2,157)22,492 
Agency MBS5,431,524 47,686 (166,829)5,312,381 
Agency CMBS4,136,207 4,378 (398,389)3,742,196 
Municipal bonds and notes115,969 — (6,740)109,229 
CMBS879,080 2,520 (1,047)880,553 
Corporate debt316,113 493 (23,668)292,938 
Private label MBS39,619 — (3,680)35,939 
Other9,893 — (464)9,429 
Total available-for-sale$11,175,942 $55,077 $(630,691)$10,600,328 
December 31, 2025
(In thousands)
Amortized
Cost (1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
Government agency debentures$222,848 $— $(25,198)$197,650
Agency CMO26,816 — (1,960)24,856
Agency MBS5,125,433 80,370 (148,530)5,057,273
Agency CMBS3,855,392 9,057 (338,439)3,526,010
Municipal bonds and notes116,750 — (7,131)109,619
CMBS717,776 1,531 (895)718,412
Corporate debt350,996 584 (23,435)328,145
Private label MBS 41,087 — (3,035)38,052
Other9,880 — (397)9,483
Total available-for-sale$10,466,978 $91,542 $(549,020)$10,009,500 
(1)Accrued interest receivable on available-for-sale securities of $39.3 million at June 30, 2026, and $37.5 million at December 31, 2025, is excluded from amortized cost and included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.
Unrealized Losses
The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position:
 June 30, 2026
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Number of
Holdings		Fair
Value		Gross Unrealized
Losses
Government agency debentures$14,486 $(396)$180,685 $(27,321)15$195,171 $(27,717)
Agency CMO— — 22,492 (2,157)2522,492 (2,157)
Agency MBS1,303,779 (12,332)1,124,856 (154,497)3452,428,635 (166,829)
Agency CMBS459,868 (6,198)2,682,961 (392,191)2023,142,829 (398,389)
Municipal bonds and notes7,664 (126)100,780 (6,614)34108,444 (6,740)
CMBS89,865 (36)60,202 (1,011)9150,067 (1,047)
Corporate debt9,831 (169)272,613 (23,499)37282,444 (23,668)
Private label MBS— — 35,939 (3,680)335,939 (3,680)
Other4,973 (27)4,456 (437)29,429 (464)
Total$1,890,466 $(19,284)$4,484,984 $(611,407)672$6,375,450 $(630,691)
 December 31, 2025
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Number of
Holdings		Fair
Value		Gross Unrealized
Losses
Government agency debentures$— $— $197,650 $(25,198)15$197,650 $(25,198)
Agency CMO— — 24,856 (1,960)2524,856 (1,960)
Agency MBS15,368 (22)1,197,592 (148,508)3011,212,960 (148,530)
Agency CMBS542,126 (10,939)2,395,394 (327,500)1842,937,520 (338,439)
Municipal bonds and notes — — 108,944 (7,131)36108,944 (7,131)
CMBS151,663 (362)72,197 (533)16223,860 (895)
Corporate debt14,948 (52)297,613 (23,383)41312,561 (23,435)
Private label MBS— — 38,052 (3,035)338,052 (3,035)
Other4,994 (6)4,489 (391)29,483 (397)
Total$729,099 $(11,381)$4,336,787 $(537,639)623$5,065,886 $(549,020)
The $81.7 million increase in gross unrealized losses of available-for-sale securities from December 31, 2025, to
June 30, 2026, was primarily due to higher market interest rates and wider securities spreads. The Company assesses each available-for-sale security that is in an unrealized loss position on a quarterly basis to determine whether the decline in fair value below the amortized cost basis is a result of any credit related factors. There was no ACL recorded on available-for-sale securities at June 30, 2026, and at December 31, 2025. Each of the Company’s available-for-sale securities in an unrealized loss position at June 30, 2026, is investment grade, current as to principal and interest, and has had price changes that are consistent with interest and credit spreads when adjusting for duration, convexity, rating, and industry differences.
Based on current market conditions and the Company’s targeted balance sheet composition strategy, the Company intends to hold its available-for-sale securities in unrealized loss positions through the anticipated recovery period. The issuers of these available-for-sale securities have not, to the Company’s knowledge, established any cause for default. Market prices are expected to approach par as the securities approach maturity.
Contractual Maturities
The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity:
June 30, 2026
(In thousands)Amortized CostFair Value
Maturing within 1 year$5,303 $5,276 
After 1 year through 5 years300,737 292,835 
After 5 years through 10 years1,040,752 996,390 
After 10 years9,829,150 9,305,827 
Total available-for-sale$11,175,942 $10,600,328 
Available-for-sale securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to prepay their obligations with or without prepayment penalties.
Sales of Available-for Sale Securities
The following table summarizes information related to sales of available-for-sales securities:
Three months ended June 30,Six months ended June 30,
(In thousands)2026202520262025
Proceeds from sales$— $— $— $14,880 
Gross realized gains$— $— $— $332 
Gross realized losses— — — (112)
Other Information
The following table summarizes the carrying value of available-for-sale securities that are pledged for deposits, borrowings, and other purposes:
(In thousands)June 30, 2026December 31, 2025
Pledged for deposits$2,068,958$1,779,781
Pledged for borrowing capacity, repurchase agreements, and other6,228,6097,659,722
Total available-for-sale securities pledged$8,297,567$9,439,503
Held-to-Maturity
The following tables summarize the amortized cost, fair value, and ACL on held-to-maturity securities by major type:
June 30, 2026
(In thousands)
Amortized
Cost (1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair ValueAllowance for Credit LossesNet Carrying Value
Agency CMO$15,063 $— $(1,141)$13,922 $— $15,063 
Agency MBS2,569,979 15,841 (236,162)2,349,658 — 2,569,979 
Agency CMBS4,253,522 — (635,039)3,618,483 — 4,253,522 
Municipal bonds and notes794,654 842 (28,229)767,267 (70)794,584 
CMBS61,831 — (1,296)60,535 — 61,831 
Total held-to-maturity$7,695,049 $16,683 $(901,867)$6,809,865 $(70)$7,694,979 
December 31, 2025
(In thousands)
Amortized
Cost (1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair ValueAllowance for Credit LossesNet Carrying Value
Agency CMO$16,791 $— $(1,071)$15,720 $— $16,791 
Agency MBS2,767,869 24,073 (226,089)2,565,853 — 2,767,869 
Agency CMBS4,295,308 — (567,040)3,728,268 — 4,295,308 
Municipal bonds and notes824,734 989 (30,461)795,262 (97)824,637 
CMBS64,970 — (1,490)63,480 — 64,970 
Total held-to-maturity$7,969,672 $25,062 $(826,151)$7,168,583 $(97)$7,969,575 
(1)Accrued interest receivable on held-to-maturity securities of $27.1 million at June 30, 2026, and $28.1 million at December 31, 2025, is excluded from amortized cost and included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets.
An ACL on held-to-maturity securities is recorded for certain Municipal bonds and notes to account for expected lifetime credit losses. Agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federally related entity and are either explicitly or implicitly guaranteed and, therefore, assumed to be zero loss. Held-to-maturity securities with gross unrealized losses and no ACL are considered to be high credit quality and, therefore, zero credit loss has been recorded.
The following table summarizes the activity in the ACL on held-to-maturity securities:
Three months ended June 30,Six months ended June 30,
(In thousands)2026202520262025
Balance, beginning of period$96 $109 $97$171
(Benefit) for credit losses(26)(7)(27)(69)
Balance, end of period$70 $102 $70$102
Contractual Maturities
The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity:
June 30, 2026
(In thousands)Amortized CostFair Value
Maturing within 1 year$101,253 $101,236 
After 1 year through 5 years148,447 143,527 
After 5 years through 10 years243,278 237,644 
After 10 years7,202,071 6,327,458 
Total held-to-maturity$7,695,049 $6,809,865 
Held-to-maturity securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to prepay their obligations with or without prepayment penalties.
Credit Quality Information
The Company monitors the credit quality of held-to-maturity securities through credit ratings provided by S&P, Moody’s, Fitch Ratings, Inc., Kroll Bond Rating Agency, or DBRS Inc. Credit ratings express opinions about the credit quality of a security and are updated on a quarterly basis. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by both the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade, which are labeled as speculative grade by the rating agencies, are considered to have distinctively higher credit risk than investment grade securities. The Company did not hold any speculative grade held-to-maturity securities at June 30, 2026, and at December 31, 2025.
The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating:
June 30, 2026
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2Not Rated
Agency CMO$— $15,063 $— $— $— $— $— 
Agency MBS— 2,569,979 — — — — — 
Agency CMBS— 4,253,522 — — — — — 
Municipal bonds and notes292,692 143,686 233,254 82,711 20,099 7,053 15,159 
CMBS61,831 — — — — — — 
Total held-to-maturity$354,523 $6,982,250 $233,254 $82,711 $20,099 $7,053 $15,159 
December 31, 2025
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2Not Rated
Agency CMO$— $16,791 $— $— $— $— $— 
Agency MBS— 2,767,869 — — — — — 
Agency CMBS— 4,295,308 — — — — — 
Municipal bonds and notes298,666 153,187 234,269 112,482 9,539 4,165 12,426 
CMBS64,970 — — — — — — 
Total held-to-maturity$363,636 $7,233,155 $234,269 $112,482 $9,539 $4,165 $12,426 
There were no held-to-maturity securities past due under the terms of their agreements or in non-accrual status at June 30, 2026, and at December 31, 2025.
Other Information
The following table summarizes the carrying value of held-to-maturity securities that are pledged for deposits, borrowings, and other purposes:
(In thousands)June 30, 2026December 31, 2025
Pledged for deposits$1,733,451$1,926,373
Pledged for borrowing capacity, repurchase agreements, and other5,560,6045,934,352
Total held-to-maturity securities pledged$7,294,055$7,860,725