v3.26.3
Debt and Equity Securities
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Debt and Equity Securities Debt and Equity Securities
The following is a summary of the Company’s debt and equity securities: 
(in thousands)Amortized
Cost(1)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
September 30, 2026
Available-for-sale debt securities:
Residential mortgage-backed securities$4,084,245 $193 $(234,221)$3,850,217 
Commercial mortgage-backed securities
248,437 — (12,918)235,519 
Credit risk transfer securities
10,452 — (333)10,119 
Total available-for-sale debt securities4,343,134 193 (247,472)4,095,855 
Held-to-maturity debt securities:
Residential mortgage-backed securities672,881 — (97,497)575,384 
Total held-to-maturity debt securities672,881 — (97,497)575,384 
Equity securities42,007 
Trading debt securities
— 
Total debt and equity securities(2)
$4,810,743 
December 31, 2025
Available-for-sale debt securities:
Residential mortgage-backed securities$3,743,234 $41,037 $(91,625)$3,692,646 
Commercial mortgage-backed securities
244,457 3,555 — 248,012 
Credit risk transfer securities
11,248 — (451)10,797 
Total available-for-sale debt securities3,998,939 44,592 (92,076)3,951,455 
Held-to-maturity debt securities:
Residential mortgage-backed securities725,722 — (70,890)654,832 
Total held-to-maturity debt securities
725,722 — (70,890)654,832 
Equity securities41,998 
Trading debt securities
3,924 
Total debt and equity securities(2)
$4,723,099 
(1)    Excludes accrued interest receivable of $17.6 million and $16.1 million at September 30, 2026 and December 31, 2025, respectively, related to available-for-sale debt securities and $1.1 million and $1.2 million at September 30, 2026 and December 31, 2025, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
(2)    Includes available-for-sale debt securities, equity securities and trading debt securities at estimated fair value and held-to-maturity debt securities at amortized cost.
Debt Securities
The amortized cost and estimated fair value as of September 30, 2026, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
Available-for-saleHeld-to-maturity
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$— $— $— $— 
Due after one year through five years10,452 10,119 — — 
Due after five years through ten years249,090 236,181 — — 
Due after ten years4,083,592 3,849,555 672,881 575,384 
Total$4,343,134 $4,095,855 $672,881 $575,384 
The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of September 30, 2026. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.
Residential mortgage-backed securities
Commercial mortgage-backed securities
Credit risk transfer securities
Due within one year— %— %— %
Due after one year through five years— — 4.01 
Due after five years through ten years3.91 4.80 — 
Due after ten years4.81 — — 
Total4.81 %4.80 %4.01 %
The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months:
Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
September 30, 2026
Residential mortgage-backed securities$2,912,259 $(114,687)$667,046 $(119,534)$3,579,305 $(234,221)
Commercial mortgage-backed securities
235,519 (12,918)— — 235,519 (12,918)
Credit risk transfer securities
— — 10,119 (333)10,119 (333)
Total$3,147,778 $(127,605)$677,165 $(119,867)$3,824,943 $(247,472)
December 31, 2025
Residential mortgage-backed securities$203,193 $(97)$934,222 $(91,528)$1,137,415 $(91,625)
Commercial mortgage-backed securities
— — — — — — 
Credit risk transfer securities
— — 10,797 (451)10,797 (451)
Total$203,193 $(97)$945,019 $(91,979)$1,148,212 $(92,076)
At September 30, 2026, the Company had 92 available-for-sale debt securities in an unrealized loss position, comprised of 83 residential mortgage-backed securities, seven commercial mortgage-backed securities and two credit risk transfer securities. The unrealized losses on the available-for-sale debt securities were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not currently intend to sell and based on current conditions it does not believe it is likely that the Company will be required to sell these available-for-sale debt securities before recovery of the amortized cost of such securities in an unrealized loss position and has therefore recorded the unrealized losses related to this portfolio in accumulated other comprehensive income (“AOCI”). Held-to-maturity debt securities consist of government guaranteed securities for which no loss is expected. At September 30, 2026 and December 31, 2025, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.
At September 30, 2026 and December 31, 2025, debt securities with carrying values of approximately $820,000 and $937,000, respectively, were pledged to secure certain customer deposits.
Equity Securities
The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2026202520262025
Net gains/(losses) recognized during the period$1,252 $2,369 $4,773 $2,265 
Less: Realized net gains/(losses) recognized on securities sold2,414 831 4,266 1,862 
Unrealized net gains/(losses) recognized on securities still held$(1,162)$1,538 $507 $403