v3.26.1
Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of available for sale (“AFS”) securities as of the dates indicated were as follows:
As of June 30, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$3,043,549 $7,498 $(256,210)$— $2,794,837 
Government-sponsored commercial mortgage-backed securities1,120,536 3,061 (99,087)— 1,024,510 
U.S. Treasury securities50,015 51 — — 50,066 
State and municipal bonds and obligations186,398 32 (8,015)— 178,415 
$4,400,498 $10,642 $(363,312)$— $4,047,828 
As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$2,753,311 $19,846 $(239,848)$— $2,533,309 
Government-sponsored commercial mortgage-backed securities1,148,394 9,388 (97,451)— 1,060,331 
U.S. Treasury securities50,030 320 — — 50,350 
State and municipal bonds and obligations191,428 55 (9,904)— 181,579 
$4,143,163 $29,609 $(347,203)$— $3,825,569 
Schedule of Realized Gain (Loss)
The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Gross realized gains from sales of AFS securities$— $— $— $— 
Gross realized losses from sales of AFS securities— — — (269,638)
Net losses from sales of AFS securities$— $— $— $(269,638)
Schedule of Government-Sponsored Residential Mortgage-Backed Securities with Gross Unrealized Losses
Information pertaining to AFS securities with gross unrealized losses as of June 30, 2026 and December 31, 2025, for which the Company did not recognize a provision for credit losses under the current expected credit loss methodology (“CECL”), aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows:
As of June 30, 2026
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities303$7,483 $575,820 $248,727 $1,402,448 $256,210 $1,978,268 
Government-sponsored commercial mortgage-backed securities148267 102,613 98,820 577,654 99,087 680,267 
State and municipal bonds and obligations205515 50,321 7,500 116,669 8,015 166,990 
656$8,265 $728,754 $355,047 $2,096,771 $363,312 $2,825,525 
As of December 31, 2025
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities292$317 $74,415 $239,531 $1,511,918 $239,848 $1,586,333 
Government-sponsored commercial mortgage-backed securities148— — 97,451 608,386 97,451 608,386 
State and municipal bonds and obligations1998 3,816 9,896 156,973 9,904 160,789 
639$325 $78,231 $346,878 $2,277,277 $347,203 $2,355,508 
Schedule of Debt Securities, Held-to-Maturity
The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of held to maturity (“HTM”) securities as of the dates indicated were as follows:
As of June 30, 2026
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$199,766 $— $(17,366)$— $182,400 
Government-sponsored commercial mortgage-backed securities181,682 — (12,623)— 169,059 
State and municipal bonds and obligations329,860 5,774 (404)— 335,230 
Corporate bonds52,886 1,444 (28)— 54,302 
$764,194 $7,218 $(30,421)$— $740,991 
As of December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$210,142 $— $(15,595)$— $194,547 
Government-sponsored commercial mortgage-backed securities185,185 — (11,601)— 173,584 
State and municipal bonds and obligations167,346 2,914 (399)— 169,861 
Corporate bonds36,884 1,098 — — 37,982 
$599,557 $4,012 $(27,595)$— $575,974 
Schedule of Fair Value of Available for Sale Securities by Contractual Maturities The scheduled contractual maturities of AFS and HTM securities as of the dates indicated were as follows:
As of June 30, 2026
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$702 $698 $7,047 $6,933 $19,708 $18,467 $3,016,092 $2,768,739 $3,043,549 $2,794,837 
Government-sponsored commercial mortgage-backed securities97,081 96,503 521,777 517,685 36,120 32,156 465,558 378,166 1,120,536 1,024,510 
U.S. Treasury securities50,015 50,066 — — — — — — 50,015 50,066 
State and municipal bonds and obligations7,279 7,242 34,771 34,267 54,139 53,270 90,209 83,636 186,398 178,415 
Total available for sale securities155,077 154,509 563,595 558,885 109,967 103,893 3,571,859 3,230,541 4,400,498 4,047,828 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 199,766 182,400 199,766 182,400 
Government-sponsored commercial mortgage-backed securities— — 128,418 121,697 53,264 47,362 — — 181,682 169,059 
State and municipal bond obligations— — — — 1,190 1,262 328,670 333,968 329,860 335,230 
Corporate bonds1,006 1,008 — — 46,880 48,308 5,000 4,986 52,886 54,302 
Total held to maturity securities1,006 1,008 128,418 121,697 101,334 96,932 533,436 521,354 764,194 740,991 
Total$156,083 $155,517 $692,013 $680,582 $211,301 $200,825 $4,105,295 $3,751,895 $5,164,692 $4,788,819 
As of December 31, 2025
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$661 $657 $10,753 $10,602 $22,179 $21,006 $2,719,718 $2,501,044 $2,753,311 $2,533,309 
Government-sponsored commercial mortgage-backed securities10,528 10,368 601,026 604,330 48,278 43,673 488,562 401,960 1,148,394 1,060,331 
U.S. Treasury securities50,030 50,350 — — — — — — 50,030 50,350 
State and municipal bonds and obligations7,040 7,011 35,647 35,181 52,939 52,451 95,802 86,936 191,428 181,579 
Total available for sale securities68,259 68,386 647,426 650,113 123,396 117,130 3,304,082 2,989,940 4,143,163 3,825,569 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 210,142 194,547 210,142 194,547 
Government-sponsored commercial mortgage-backed securities— — 130,301 124,033 54,884 49,551 — — 185,185 173,584 
State and municipal bonds and obligations— — — — — — 167,346 169,861 167,346 169,861 
Corporate bonds— — 1,012 1,014 35,872 36,968 — — 36,884 37,982 
Total held to maturity securities— — 131,313 125,047 90,756 86,519 377,488 364,408 599,557 575,974 
Total$68,259 $68,386 $778,739 $775,160 $214,152 $203,649 $3,681,570 $3,354,348 $4,742,720 $4,401,543