v3.26.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
The following tables are a summary of the investment securities portfolios as of the dates shown:
September 30, 2026
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale securities
U.S. Treasury$3,000 $— $— $3,000 
U.S. government agencies50,000 — (6,169)43,831 
Municipal171,215 30 (6,921)164,324 
Corporate notes:
Financial issuers75,000 — (1,944)73,056 
Other1,000 — (38)962 
Mortgage-backed: (1)
Residential mortgage-backed securities6,928,051 15 (850,890)6,077,176 
Commercial (multi-family) mortgage-backed securities388,399 — (28,242)360,157 
Collateralized mortgage obligations890,442 25 (43,475)846,992 
Total available-for-sale securities$8,507,107 $70 $(937,679)$7,569,498 
Held-to-maturity securities
U.S. government agencies$313,542 $— $(79,946)$233,596 
Municipal133,408 57 (6,709)126,756 
Mortgage-backed: (1)
Residential mortgage-backed securities2,475,956 — (611,175)1,864,781 
Commercial (multi-family) mortgage-backed securities35,838 — (5,135)30,703 
Collateralized mortgage obligations153,997 3 (23,998)130,002 
Corporate notes7,975 — (293)7,682 
Total held-to-maturity securities$3,120,716 $60 $(727,256)$2,393,520 
Less: Allowance for credit losses(213)
Held-to-maturity securities, net of allowance for credit losses$3,120,503 
Equity securities with readily determinable fair value $62,242 $7,960 $(5,391)$64,811 
(1)None of our mortgage-backed securities are subprime.
December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$6,999 $36 $— $7,035 
U.S. government agencies50,000 — (2,529)47,471 
Municipal162,373 1,643 (1,850)162,166 
Corporate notes:
Financial issuers79,000 — (2,704)76,296 
Other1,000 — (1)999 
Mortgage-backed: (1)
Residential mortgage-backed securities5,533,710 25,926 (402,953)5,156,683 
Commercial (multi-family) mortgage-backed securities280,969 570 (4,986)276,553 
Collateralized mortgage obligations521,430 2,305 (14,675)509,060 
Total available-for-sale securities$6,635,481 $30,480 $(429,698)$6,236,263 
Held-to-maturity securities
U.S. government agencies$313,541 $— $(57,269)$256,272 
Municipal144,192 451 (2,012)142,631 
Mortgage-backed: (1)
Residential Mortgage-backed securities2,667,371 7,503 (491,124)2,183,750 
Commercial (multi-family) mortgage-backed securities6,293 72 (92)6,273 
Collateralized mortgage obligations177,671 836 (16,989)161,518 
Corporate notes35,097 2 (396)34,703 
Total held-to-maturity securities$3,344,165 $8,864 $(567,882)$2,785,147 
Less: Allowance for credit losses(260)
Held-to-maturity securities, net of allowance for credit losses$3,343,905 
Equity securities with readily determinable fair value$61,211 $6,318 $(3,759)$63,770 
(1)None of our mortgage-backed securities are subprime.
September 30, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$7,997 $39 $— $8,036 
U.S. government agencies50,000 — (3,489)46,511 
Municipal194,723 1,673 (2,152)194,244 
Corporate notes:
Financial issuers82,000 — (2,628)79,372 
Other1,000 — — 1,000 
Mortgage-backed: (1)
Residential mortgage-backed securities4,761,918 17,519 (419,975)4,359,462 
Commercial (multi-family) mortgage-backed securities233,127 347 (5,136)228,338 
Collateralized mortgage obligations371,584 2,373 (16,796)357,161 
Total available-for-sale securities$5,702,349 $21,951 $(450,176)$5,274,124 
Held-to-maturity securities
U.S. government agencies$313,540 $— $(59,178)$254,362 
Municipal155,770 458 (2,283)153,945 
Mortgage-backed: (1)
Residential mortgage-backed securities2,724,442 5,421 (505,165)2,224,698 
Commercial (multi-family) mortgage-backed securities6,315 65 (102)6,278 
Collateralized mortgage obligations188,223 980 (17,400)171,803 
Corporate notes50,511 26 (653)49,884 
Total held-to-maturity securities$3,438,801 $6,950 $(584,781)$2,860,970 
Less: Allowance for credit losses(395)
Held-to-maturity securities, net of allowance for credit losses$3,438,406 
Equity securities with readily determinable fair value$60,843 $6,520 $(3,918)$63,445 
(1)None of our mortgage-backed securities are subprime.
Schedule of Available-for-sale Investment Securities Portfolios
The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at September 30, 2026:
Continuous unrealized
losses existing for
less than 12 months		Continuous unrealized
losses existing for
greater than 12 months		Total
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-sale securities
U.S. government agencies$— $— $43,831 $(6,169)$43,831 $(6,169)
Municipal127,329 (4,295)27,222 (2,626)154,551 (6,921)
Corporate notes:
Financial issuers— — 73,056 (1,944)73,056 (1,944)
Other962 (38)— — 962 (38)
Mortgage-backed: (1)
Residential mortgage-backed securities4,185,360 (311,685)1,885,320 (539,205)6,070,680 (850,890)
Commercial (multi-family) mortgage-backed securities199,929 (14,351)160,228 (13,891)360,157 (28,242)
Collateralized mortgage obligations776,860 (25,500)60,644 (17,975)837,504 (43,475)
Total available-for-sale securities$5,290,440 $(355,869)$2,250,301 $(581,810)$7,540,741 $(937,679)
(1)None of our mortgage-backed securities are subprime.
Schedule of Gross Gains and Gross Losses Realized and Impairment on Investment Securities
The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities:
Three months ended September 30,Nine months ended September 30,
(In thousands)2026202520262025
Realized gains on investment securities$263 $3,563 $926 $3,846 
Realized losses on investment securities(69)(2,689)(185)(3,313)
Net realized gains on investment securities194 874 741 533 
Unrealized gains on equity securities with readily determinable fair value436 3,352 2,322 8,689 
Unrealized losses on equity securities with readily determinable fair value(1,693)(684)(2,312)(741)
Net unrealized (losses) gains on equity securities with readily determinable fair value(1,257)2,668 10 7,948 
Downward adjustments of equity securities without readily determinable fair values— — — (20)
Impairment of equity securities without readily determinable fair values(558)(570)(558)(1,643)
Adjustment and impairment, net, of equity securities without readily determinable fair values(558)(570)(558)(1,663)
(Losses) gains on investment securities, net$(1,621)$2,972 $193 $6,818 
Schedule of Contractual Maturities of Investment Securities
The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of September 30, 2026, December 31, 2025 and September 30, 2025, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
September 30, 2026December 31, 2025September 30, 2025
(In thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale securities
Due in one year or less$48,833 $48,700 $47,978 $47,915 $58,284 $58,315 
Due in one to five years146,758 142,968 143,352 141,123 160,939 159,081 
Due in five to ten years75,361 69,334 80,561 79,672 89,505 87,359 
Due after ten years29,263 24,171 27,481 25,257 26,992 24,408 
Mortgage-backed8,206,892 7,284,325 6,336,109 5,942,296 5,366,629 4,944,961 
Total available-for-sale securities$8,507,107 $7,569,498 $6,635,481 $6,236,263 $5,702,349 $5,274,124 
Held-to-maturity securities
Due in one year or less$20,949 $20,888 $47,030 $46,630 $44,853 $44,288 
Due in one to five years73,196 71,002 76,452 76,366 81,277 81,174 
Due in five to ten years60,751 53,836 67,195 63,882 91,067 87,541 
Due after ten years300,029 222,308 302,153 246,728 302,624 245,188 
Mortgage-backed2,665,791 2,025,486 2,851,335 2,351,541 2,918,980 2,402,779 
Total held-to-maturity securities$3,120,716 $2,393,520 $3,344,165 $2,785,147 $3,438,801 $2,860,970 
Less: Allowance for credit losses(213)(260)(395)
Held-to-maturity securities, net of allowance for credit losses$3,120,503 $3,343,905 $3,438,406