Investment Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

Investment securities include investment securities available for sale and marketable equity securities. The investment securities portfolio consisted of the following at the dates indicated (in thousands):



	June 30, 2026
	Amortized Cost		Gross Unrealized				Carrying Value
			Gains		Losses
Investment securities available for sale:
U.S. Treasury securities	$	318,809	$	183	$	(11,315)	$	307,677
U.S. Government agency and sponsored enterprise residential MBS	2,227,612		14,691		(12,928)		2,229,375
U.S. Government agency and sponsored enterprise commercial MBS	796,610		623		(46,533)		750,700
Private label residential MBS and CMOs	2,727,024		1,393		(202,253)		2,526,164
Private label commercial MBS	2,380,423		4,858		(20,921)		2,364,360
Single family real estate-backed securities	184,725		—		(1,930)		182,795
Collateralized loan obligations	773,119		203		(1,266)		772,056
Non-mortgage asset-backed securities	57,483		—		(985)		56,498
State and municipal obligations	74,326		166		(4,789)		69,703
SBA securities	54,008		32		(1,506)		52,534

	$	9,594,139	$	22,149	$	(304,426)	$	9,311,862


Marketable equity securities							5,752
							$	9,317,614



	December 31, 2025
	Amortized Cost		Gross Unrealized				Carrying Value
			Gains		Losses
Investment securities available for sale:
U.S. Treasury securities	$	275,966	$	530	$	(7,843)	$	268,653
U.S. Government agency and sponsored enterprise residential MBS	2,562,702		16,003		(15,678)		2,563,027
U.S. Government agency and sponsored enterprise commercial MBS	576,295		975		(42,907)		534,363
Private label residential MBS and CMOs	2,683,881		2,505		(195,558)		2,490,828
Private label commercial MBS	2,182,983		5,018		(19,891)		2,168,110
Single family real estate-backed securities	227,711		158		(1,977)		225,892
Collateralized loan obligations	780,847		1,315		(1,218)		780,944
Non-mortgage asset-backed securities	59,942		—		(1,177)		58,765
State and municipal obligations	115,193		192		(5,865)		109,520
SBA securities	59,526		26		(1,737)		57,815

	$	9,525,046	$	26,722	$	(293,851)	$	9,257,917


Marketable equity securities							5,734
							$	9,263,651

Investments Classified by Contractual Maturity Date

At June 30, 2026, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	871,303	$	852,397
Due after one year through five years	5,324,152		5,235,202
Due after five years through ten years	2,181,245		2,083,661
Due after ten years	1,217,439		1,140,602
	$	9,594,139	$	9,311,862

Gain on Investment Securities, net

The following table provides information about gains (losses) on investment securities for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Gross realized gains on investment securities AFS	$	1,031	$	731	$	4,643	$	1,593
Gross realized losses on investment securities AFS	(217)		(118)		(430)		(155)
Net realized gain	814		613		4,213		1,438

Net gain (loss) on marketable equity securities recognized in earnings	127		(266)		18		(147)

Gain on investment securities, net	$	941	$	347	$	4,231	$	1,291

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands):


	June 30, 2026

	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	170,101	$	(3,908)	$	67,520	$	(7,407)	$	237,621	$	(11,315)
U.S. Government agency and sponsored enterprise residential MBS	252,831		(2,302)		445,933		(10,626)		698,764		(12,928)
U.S. Government agency and sponsored enterprise commercial MBS	289,921		(3,351)		346,875		(43,182)		636,796		(46,533)

Private label residential MBS and CMOs	535,506		(3,309)		1,771,680		(198,944)		2,307,186		(202,253)
Private label commercial MBS	203,597		(1,128)		232,470		(19,793)		436,067		(20,921)
Single family real estate-backed securities	19,968		(19)		137,882		(1,911)		157,850		(1,930)
Collateralized loan obligations	461,288		(710)		64,648		(556)		525,936		(1,266)
Non-mortgage asset-backed securities	44,120		(351)		12,378		(634)		56,498		(985)
State and municipal obligations	4,492		(131)		47,598		(4,658)		52,090		(4,789)
SBA securities	—		—		46,918		(1,506)		46,918		(1,506)

	$	1,981,824	$	(15,209)	$	3,173,902	$	(289,217)	$	5,155,726	$	(304,426)


	December 31, 2025
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	125,467	$	(825)	$	97,812	$	(7,018)	$	223,279	$	(7,843)
U.S. Government agency and sponsored enterprise residential MBS	128,974		(471)		637,536		(15,207)		766,510		(15,678)
U.S. Government agency and sponsored enterprise commercial MBS	36,046		(140)		384,952		(42,767)		420,998		(42,907)

Private label residential MBS and CMOs	83,348		(101)		1,897,018		(195,457)		1,980,366		(195,558)
Private label commercial MBS	134,630		(134)		424,672		(19,757)		559,302		(19,891)
Single family real estate-backed securities	—		—		151,818		(1,977)		151,818		(1,977)
Collateralized loan obligations	37,511		(305)		60,791		(913)		98,302		(1,218)
Non-mortgage asset-backed securities	44,173		(298)		14,592		(879)		58,765		(1,177)
State and municipal obligations	12,125		(189)		47,255		(5,676)		59,380		(5,865)
SBA securities	—		—		54,222		(1,737)		54,222		(1,737)

	$	602,274	$	(2,463)	$	3,770,668	$	(291,388)	$	4,372,942	$	(293,851)