v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:
June 30, 2026
AllowanceGrossGross
Amortizedfor CreditNet CarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
(In thousands)
Agency residential MBS$928,717 $— $928,717 $— $(140,077)$788,640 
U.S. Treasury securities223,509 — 223,509 65 (99)223,475 
Agency commercial MBS151,059 — 151,059 — (1,487)149,572 
Agency residential CMOs2,625,289 — 2,625,289 1,891 (27,968)2,599,212 
Corporate debt securities254,753 (3,250)251,503 802 (14,441)237,864 
Private label residential CMOs289,337 — 289,337 46 (27,355)262,028 
Collateralized loan obligations200,307 — 200,307 213 (20)200,500 
Private label commercial MBS7,946 — 7,946 — (435)7,511 
Asset-backed securities12,114 — 12,114 67 — 12,181 
SBA securities3,220 — 3,220 — (182)3,038 
Total (1)
$4,696,251 $(3,250)$4,693,001 $3,084 $(212,064)$4,484,021 
_________________________
(1)    Excludes accrued interest receivable of $19.4 million at June 30, 2026 which is recorded in "Other assets" on the consolidated balance sheets.
December 31, 2025
AllowanceGrossGross
Amortizedfor CreditNet CarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
(In thousands)
Agency residential MBS$972,161 $— $972,161 $— $(138,076)$834,085 
Agency commercial MBS52,022 — 52,022 44 (1,100)50,966 
Agency residential CMOs883,067 — 883,067 3,857 (15,300)871,624 
Corporate debt securities257,236 (775)256,461 576 (15,441)241,596 
Private label residential CMOs254,787 — 254,787 522 (26,334)228,975 
Collateralized loan obligations200,519 — 200,519 303 — 200,822 
Private label commercial MBS9,746 — 9,746 — (467)9,279 
Asset-backed securities13,242 — 13,242 7 — 13,249 
SBA securities3,634 — 3,634 — (172)3,462 
Total (1)
$2,646,414 $(775)$2,645,639 $5,309 $(196,890)$2,454,058 
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(1)    Excludes accrued interest receivable of $11.4 million at December 31, 2025 which is recorded in "Other assets" on the consolidated balance sheets.
Schedule of Realized Gain (Loss)
The following table presents the amortized cost of AFS securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Amortized cost of securities sold$2,294,702 $— $2,294,702 $— 
Gross realized gains$1,893 $— $1,893 $— 
Gross realized losses(253,193)— (253,193)— 
Net loss on sale of securities(251,300)— (251,300)— 
Schedule of Unrealized Losses on Investment Securities Available-for-sale
The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:
June 30, 2026
Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
(In thousands)
Agency residential MBS$— $— $788,640 $(140,077)$788,640 $(140,077)
U.S. Treasury securities124,513 (99)— — 124,513 (99)
Agency commercial MBS117,322 (794)32,250 (693)149,572 (1,487)
Agency residential CMOs1,757,288 (12,802)86,876 (15,166)1,844,164 (27,968)
Corporate debt securities35,659 (5,841)173,652 (8,600)209,311 (14,441)
Private label residential CMOs99,584 (598)121,078 (26,757)220,662 (27,355)
Collateralized loan obligations17,880 (20)— — 17,880 (20)
Private label commercial MBS— — 7,511 (435)7,511 (435)
SBA securities— — 3,038 (182)3,038 (182)
Total$2,152,246 $(20,154)$1,213,045 $(191,910)$3,365,291 $(212,064)

December 31, 2025
Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
(In thousands)
Agency residential MBS$— $— $834,085 $(138,076)$834,085 $(138,076)
Agency commercial MBS4,994 (6)32,006 (1,094)37,000 (1,100)
Agency residential CMOs70,270 (117)101,501 (15,183)171,771 (15,300)
Corporate debt securities— — 188,545 (15,441)188,545 (15,441)
Private label residential CMOs19,672 (8)127,020 (26,326)146,692 (26,334)
Private label commercial MBS— — 9,279 (467)9,279 (467)
SBA securities— — 3,462 (172)3,462 (172)
Total$94,936 $(131)$1,295,898 $(196,759)$1,390,834 $(196,890)
Schedule of Available-for-sale Investments Classified by Contractual Maturity Date
The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:
June 30, 2026
Due WithinDue after One YearDue After Five YearsDue After
Security TypeOne YearThrough Five YearsThrough Ten YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$— $— $— $928,717 $928,717 
U.S. Treasury securities— 223,509 — — 223,509 
Agency commercial MBS— 40,179 — 110,880 151,059 
Agency residential CMOs— — 13,028 2,612,261 2,625,289 
Corporate debt securities— 130,139 124,614 — 254,753 
Private label residential CMOs— — — 289,337 289,337 
Collateralized loan obligations— — 93,763 106,544 200,307 
Private label commercial MBS— — 4,870 3,076 7,946 
Asset-backed securities— — — 12,114 12,114 
SBA securities— — 3,220 — 3,220 
Total amortized cost$— $393,827 $239,495 $4,062,929 $4,696,251 
Fair Value:
Agency residential MBS$— $— $— $788,640 $788,640 
U.S. Treasury securities— 223,475 — — 223,475 
Agency commercial MBS— 40,031 — 109,541 149,572 
Agency residential CMOs— — 13,207 2,586,005 2,599,212 
Corporate debt securities— 123,070 114,794 — 237,864 
Private label residential CMOs— — — 262,028 262,028 
Collateralized loan obligations— — 93,775 106,725 200,500 
Private label commercial MBS— — 4,573 2,938 7,511 
Asset-backed securities— — — 12,181 12,181 
SBA securities— — 3,038 — 3,038 
Total fair value$— $386,576 $229,387 $3,868,058 $4,484,021 
Schedule of Held-to-maturity Securities The amortized cost, ACL, gross unrealized gains and losses, and fair values of HTM securities as of December 31, 2025 are as follows:
December 31, 2025
AmortizedAllowance forNet CarryingGross UnrealizedGross UnrealizedFair
Security TypeCostCredit LossesAmountGainsLossesValue
(In thousands)
Municipal securities $1,237,792 $(20)$1,237,772 $2,052 $(20,713)$1,219,111 
Agency commercial MBS447,283 — 447,283 — (19,645)427,638 
Private label commercial MBS360,382 — 360,382 — (9,606)350,776 
U.S. Treasury securities193,022 — 193,022 — (7,934)185,088 
Corporate debt securities70,852 (675)70,177 — (6,264)63,913 
Total (1)
$2,309,331 $(695)$2,308,636 $2,052 $(64,162)$2,246,526 
__________________________
(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2025 which is recorded in "Other assets" on the consolidated balance sheets.
Schedule of Securities Held-to-Maturity by Credit Quality Indicator
The Company uses Standard & Poor's, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its HTM securities. The following tables present our HTM securities portfolio by the lowest available credit rating as of December 31, 2025:
December 31, 2025
Security TypeAAAAA+AAAA-BBBNRTotal
(In thousands)
Amortized Cost:
Municipal securities$567,140 $363,823 $220,823 $84,302 $1,704 $— $1,237,792 
Agency commercial MBS— 447,283 — — — — 447,283 
Private label commercial MBS360,382 — — — — — 360,382 
U.S. Treasury securities— 193,022 — — — — 193,022 
Corporate debt securities— — — — 44,646 26,206 70,852 
Total$927,522 $1,004,128 $220,823 $84,302 $46,350 $26,206 $2,309,331 
Schedule of Investment Income
The following table presents the composition of our interest income on investment securities for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Taxable interest$35,858 $30,766 $69,826 $62,213 
Non-taxable interest3,527 4,547 7,890 9,064 
Dividend income3,022 2,303 6,564 4,201 
Total interest income on investment securities$42,407 $37,616 $84,280 $75,478