v3.26.1
Marketable Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of the portfolio of investment securities available-for-sale
The following table shows the portfolio of marketable securities available-for-sale at June 30, 2026 (in thousands):

Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by the U.S government and agencies:
Due after ten years$39,877 — (7,237)32,640 
Municipal securities:
Due within one year1,250 1 — 1,251 
Due after one year through five years5,605 13 (22)5,596 
Due after five years through ten years20,303 160 (1,333)19,130 
Due after ten years48,105 182 (6,234)42,053 
Corporate debt issues:
Due after one year through five years16,405 15 (107)16,313 
Due after five years through ten years76,798 1,557 (635)77,720 
Due after ten years5,000 25 — 5,025 
Mortgage-backed securities:
Fixed rate pass-through531,344 1,762 (14,664)518,442 
Variable rate pass-through364 5 — 369 
Fixed rate agency CMOs1,192,715 664 (117,190)1,076,189 
Variable rate agency CMOs34,399 62 (10)34,451 
Total mortgage-backed securities1,758,822 2,493 (131,864)1,629,451 
Total marketable securities available-for-sale$1,972,165 4,446 (147,432)1,829,179 
The following table shows the portfolio of marketable securities available-for-sale at December 31, 2025 (in thousands):
Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by the U.S. government and agencies:
Due after one year through five years$1,631 11 (13)1,629 
Due after ten years41,673 — (7,390)34,283 
Debt issued by government-sponsored enterprises:
Due after one year through five years1,040 6 (2)1,044 
Due after five years through ten years996 7 — 1,003 
Municipal securities:
Due within one year1,810 9 — 1,819 
Due after one year through five years10,876 118 (7)10,987 
Due after five years through ten years25,111 393 (1,253)24,251 
Due after ten years52,342 342 (6,473)46,211 
Corporate debt issues:
Due in one year or less500 — — 500 
Due after one year through five years4,716 12 (22)4,706 
Due after five years through ten years46,436 1,429 (64)47,801 
Due after ten years4,000 27 — 4,027 
Mortgage-backed securities:
Fixed rate pass-through407,377 4,008 (10,685)400,700 
Variable rate pass-through3,015 66 (2)3,079 
Fixed rate agency CMOs1,063,820 3,170 (108,309)958,681 
Variable rate agency CMOs45,635 105 (79)45,661 
Total mortgage-backed securities1,519,847 7,349 (119,075)1,408,121 
Total marketable securities available-for-sale$1,710,978 9,703 (134,299)1,586,382 
Schedule of the portfolio of investment securities held-to-maturity
The following table shows the portfolio of marketable securities held-to-maturity at June 30, 2026 (in thousands):

Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by government-sponsored enterprises:
Due after one year through five years$107,990 — (8,338)99,652 
Mortgage-backed securities:
Fixed rate pass-through111,751 — (12,885)98,866 
Variable rate pass-through294 1 — 295 
Fixed rate agency CMOs410,239 — (59,164)351,075 
Variable rate agency CMOs528 — — 528 
Total mortgage-backed securities522,812 1 (72,049)450,764 
Total marketable securities held-to-maturity$630,802 1 (80,387)550,416 

The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2025 (in thousands): 

Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by government-sponsored enterprises:
Due after one year through five years$16,477 — (98)16,379 
Due after five years through ten years107,988 — (8,216)99,772 
Mortgage-backed securities:
Fixed rate pass-through118,614 1 (12,362)106,253 
Variable rate pass-through310 3 — 313 
Fixed rate agency CMOs439,452 — (56,766)382,686 
Variable rate agency CMOs528 — (2)526 
Total mortgage-backed securities558,904 4 (69,130)489,778 
Total marketable securities held-to-maturity$683,369 4 (77,444)605,929 
Schedule of contractual maturity of mortgage-backed securities
The following table shows the contractual maturity of our mortgage-backed securities available-for-sale at June 30, 2026 (in thousands):

Amortized
cost		Fair
value
Mortgage-backed securities:
Due within one year$34 35 
Due after one year through five years11,569 10,914 
Due after five years through ten years21,975 21,866 
Due after ten years1,725,244 1,596,636 
Total mortgage-backed securities$1,758,822 1,629,451 

The following table shows the contractual maturity of our mortgage-backed securities held-to-maturity at June 30, 2026 (in thousands):

Amortized
cost		Fair
value
Mortgage-backed securities:
Due after one year through five years$31,683 28,634 
Due after five years through ten years91,452 81,088 
Due after ten years399,677 341,042 
Total mortgage-backed securities$522,812 450,764 
Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position
The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2026 (in thousands):

Less than 12 months12 months or moreTotal
Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss
U.S. government-sponsored enterprises$— — 132,291 (15,575)132,291 (15,575)
Municipal securities2,675 (8)40,060 (7,581)42,735 (7,589)
Corporate issues49,204 (722)1,980 (20)51,184 (742)
Mortgage-backed securities - agency834,302 (9,626)953,968 (194,287)1,788,270 (203,913)
Total $886,181 (10,356)1,128,299 (217,463)2,014,480 (227,819)
The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2025 (in thousands):
Less than 12 months12 months or moreTotal
Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss
U.S. government-sponsored enterprises$1,055 (13)150,484 (15,706)151,539 (15,719)
Corporate debt issues4,914 (86)— — 4,914 (86)
Municipal securities5,627 (14)41,333 (7,719)46,960 (7,733)
Mortgage-backed securities - agency109,300 (170)1,105,007 (188,035)1,214,307 (188,205)
Total $120,896 (283)1,296,824 (211,460)1,417,720 (211,743)
Schedule of credit quality of held-to-maturity securities
The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of June 30, 2026 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of June 30, 2026.
AA+Total
Held-to-maturity securities (at amortized cost):
  Debt issued by the U.S. government-sponsored enterprises$107,990 107,990 
  Mortgage-backed securities522,812 522,812 
Total marketable securities held-to-maturity$630,802 630,802