Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investment Securities |
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 CMO | 24,649 | | — | | (2,157) | | | 22,492 | | | Agency MBS | 5,431,524 | | 47,686 | | (166,829) | | | 5,312,381 | | | Agency CMBS | 4,136,207 | | 4,378 | | (398,389) | | | 3,742,196 | | | Municipal bonds and notes | 115,969 | | — | | (6,740) | | | 109,229 | | | CMBS | 879,080 | | 2,520 | | (1,047) | | | 880,553 | | | | | | | | | Corporate debt | 316,113 | | 493 | | (23,668) | | | 292,938 | | | Private label MBS | 39,619 | | — | | (3,680) | | | 35,939 | | | Other | 9,893 | | — | | (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 CMO | 26,816 | | — | | (1,960) | | | 24,856 | | Agency MBS | 5,125,433 | | 80,370 | | (148,530) | | | 5,057,273 | | Agency CMBS | 3,855,392 | | 9,057 | | (338,439) | | | 3,526,010 | | Municipal bonds and notes | 116,750 | | — | | (7,131) | | | 109,619 | | CMBS | 717,776 | | 1,531 | | (895) | | | 718,412 | | | | | | | | Corporate debt | 350,996 | | 584 | | (23,435) | | | 328,145 | | Private label MBS | 41,087 | | — | | (3,035) | | | 38,052 | | Other | 9,880 | | — | | (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.
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| Schedule of Gross Unrealized Losses and Fair Value of Available for Sale Securities |
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 Months | | 12 Months or More | | Total | | (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) | | | 25 | 22,492 | | (2,157) | | | Agency MBS | 1,303,779 | | (12,332) | | | 1,124,856 | | (154,497) | | | 345 | 2,428,635 | | (166,829) | | | Agency CMBS | 459,868 | | (6,198) | | | 2,682,961 | | (392,191) | | | 202 | 3,142,829 | | (398,389) | | | Municipal bonds and notes | 7,664 | | (126) | | | 100,780 | | (6,614) | | | 34 | 108,444 | | (6,740) | | | CMBS | 89,865 | | (36) | | | 60,202 | | (1,011) | | | 9 | 150,067 | | (1,047) | | | | | | | | | | | | | Corporate debt | 9,831 | | (169) | | | 272,613 | | (23,499) | | | 37 | 282,444 | | (23,668) | | | Private label MBS | — | | — | | | 35,939 | | (3,680) | | | 3 | 35,939 | | (3,680) | | | Other | 4,973 | | (27) | | | 4,456 | | (437) | | | 2 | 9,429 | | (464) | | | Total | $ | 1,890,466 | | $ | (19,284) | | | $ | 4,484,984 | | $ | (611,407) | | | 672 | $ | 6,375,450 | | $ | (630,691) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less Than 12 Months | | 12 Months or More | | Total | | (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) | | | 25 | 24,856 | | (1,960) | | | Agency MBS | 15,368 | | (22) | | | 1,197,592 | | (148,508) | | | 301 | 1,212,960 | | (148,530) | | | Agency CMBS | 542,126 | | (10,939) | | | 2,395,394 | | (327,500) | | | 184 | 2,937,520 | | (338,439) | | | Municipal bonds and notes | — | | — | | | 108,944 | | (7,131) | | | 36 | 108,944 | | (7,131) | | | CMBS | 151,663 | | (362) | | | 72,197 | | (533) | | | 16 | 223,860 | | (895) | | | | | | | | | | | | | Corporate debt | 14,948 | | (52) | | | 297,613 | | (23,383) | | | 41 | 312,561 | | (23,435) | | | Private label MBS | — | | — | | | 38,052 | | (3,035) | | | 3 | 38,052 | | (3,035) | | | Other | 4,994 | | (6) | | | 4,489 | | (391) | | | 2 | 9,483 | | (397) | | | Total | $ | 729,099 | | $ | (11,381) | | | $ | 4,336,787 | | $ | (537,639) | | | 623 | $ | 5,065,886 | | $ | (549,020) | |
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| Schedule of Available-for-Sales by Contractual Maturity |
The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity: | | | | | | | | | | | | | June 30, 2026 | | (In thousands) | Amortized Cost | | Fair Value | | Maturing within 1 year | $ | 5,303 | | | $ | 5,276 | | | After 1 year through 5 years | 300,737 | | | 292,835 | | | After 5 years through 10 years | 1,040,752 | | | 996,390 | | | After 10 years | 9,829,150 | | | 9,305,827 | | | Total available-for-sale | $ | 11,175,942 | | | $ | 10,600,328 | |
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| Schedule of Sales of Available-for-Sales 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) | 2026 | | 2025 | | 2026 | | 2025 | | Proceeds from sales | $ | — | | | $ | — | | | $ | — | | | $ | 14,880 | | | | | | | | | | | Gross realized gains | $ | — | | | $ | — | | | $ | — | | | $ | 332 | | | Gross realized losses | — | | | — | | | — | | | (112) | | | | | | | | | |
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| Schedule of Carrying Value of Available-for-Sale Securities |
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, 2026 | | December 31, 2025 | | Pledged for deposits | $ | 2,068,958 | | $ | 1,779,781 | | Pledged for borrowing capacity, repurchase agreements, and other | 6,228,609 | | 7,659,722 | | Total available-for-sale securities pledged | $ | 8,297,567 | | $ | 9,439,503 |
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| Schedule of Debt Securities 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 Value | | Allowance for Credit Losses | Net Carrying Value | | Agency CMO | $ | 15,063 | | $ | — | | $ | (1,141) | | $ | 13,922 | | | $ | — | | $ | 15,063 | | | Agency MBS | 2,569,979 | | 15,841 | | (236,162) | | 2,349,658 | | | — | | 2,569,979 | | | Agency CMBS | 4,253,522 | | — | | (635,039) | | 3,618,483 | | | — | | 4,253,522 | | | Municipal bonds and notes | 794,654 | | 842 | | (28,229) | | 767,267 | | | (70) | | 794,584 | | | CMBS | 61,831 | | — | | (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 Value | | Allowance for Credit Losses | Net Carrying Value | | Agency CMO | $ | 16,791 | | $ | — | | $ | (1,071) | | $ | 15,720 | | | $ | — | | $ | 16,791 | | | Agency MBS | 2,767,869 | | 24,073 | | (226,089) | | 2,565,853 | | | — | | 2,767,869 | | | Agency CMBS | 4,295,308 | | — | | (567,040) | | 3,728,268 | | | — | | 4,295,308 | | | Municipal bonds and notes | 824,734 | | 989 | | (30,461) | | 795,262 | | | (97) | | 824,637 | | | CMBS | 64,970 | | — | | (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. 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) | 2026 | | 2025 | | 2026 | | 2025 | | Balance, beginning of period | $ | 96 | | | $ | 109 | | | $ | 97 | | $ | 171 | | | | | | | | | | (Benefit) for credit losses | (26) | | | (7) | | | (27) | | (69) | | Balance, end of period | $ | 70 | | | $ | 102 | | | $ | 70 | | $ | 102 |
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, 2026 | | December 31, 2025 | | Pledged for deposits | $ | 1,733,451 | | $ | 1,926,373 | | Pledged for borrowing capacity, repurchase agreements, and other | 5,560,604 | | 5,934,352 | | Total held-to-maturity securities pledged | $ | 7,294,055 | | $ | 7,860,725 |
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| Schedule of Amortized Cost and Fair Value of Held-to-Maturity Securities |
The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity: | | | | | | | | | | | | | June 30, 2026 | | (In thousands) | Amortized Cost | | Fair Value | | Maturing within 1 year | $ | 101,253 | | | $ | 101,236 | | | After 1 year through 5 years | 148,447 | | | 143,527 | | | After 5 years through 10 years | 243,278 | | | 237,644 | | | After 10 years | 7,202,071 | | | 6,327,458 | | | Total held-to-maturity | $ | 7,695,049 | | | $ | 6,809,865 | |
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| Schedule of Amortized Cost of Held-to-Maturity Securities |
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) | Aaa | Aa1 | Aa2 | Aa3 | A1 | A2 | | | | Not Rated | | Agency CMO | $ | — | | $ | 15,063 | | $ | — | | $ | — | | $ | — | | $ | — | | | | | $ | — | | | Agency MBS | — | | 2,569,979 | | — | | — | | — | | — | | | | | — | | | Agency CMBS | — | | 4,253,522 | | — | | — | | — | | — | | | | | — | | | Municipal bonds and notes | 292,692 | | 143,686 | | 233,254 | | 82,711 | | 20,099 | | 7,053 | | | | | 15,159 | | | CMBS | 61,831 | | — | | — | | — | | — | | — | | | | | — | | | 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) | Aaa | Aa1 | Aa2 | Aa3 | A1 | A2 | | | | Not Rated | | Agency CMO | $ | — | | $ | 16,791 | | $ | — | | $ | — | | $ | — | | $ | — | | | | | $ | — | | | Agency MBS | — | | 2,767,869 | | — | | — | | — | | — | | | | | — | | | Agency CMBS | — | | 4,295,308 | | — | | — | | — | | — | | | | | — | | | Municipal bonds and notes | 298,666 | | 153,187 | | 234,269 | | 112,482 | | 9,539 | | 4,165 | | | | | 12,426 | | | CMBS | 64,970 | | — | | — | | — | | — | | — | | | | | — | | | Total held-to-maturity | $ | 363,636 | | $ | 7,233,155 | | $ | 234,269 | | $ | 112,482 | | $ | 9,539 | | $ | 4,165 | | | | | $ | 12,426 | |
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