Investment Securities (Tables)

9 Months Ended

Sep. 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):



	September 30, 2026
	Amortized Cost		Gross Unrealized				Carrying Value
			Gains		Losses
Investment securities available for sale:
U.S. Treasury securities	$	328,030	$	—	$	(27,365)	$	300,665
U.S. Government agency and sponsored enterprise residential MBS	1,986,003		2,071		(47,359)		1,940,715
U.S. Government agency and sponsored enterprise commercial MBS	862,700		441		(72,780)		790,361
Private label residential MBS and CMOs	2,972,258		469		(270,772)		2,701,955
Private label commercial MBS	2,258,945		4,505		(29,254)		2,234,196
Single family real estate-backed securities	54,808		—		(25)		54,783
Collateralized loan obligations	709,787		169		(890)		709,066
Non-mortgage asset-backed securities	56,306		—		(973)		55,333
State and municipal obligations	74,054		—		(10,338)		63,716
SBA securities	49,869		64		(1,064)		48,869

	$	9,352,760	$	7,719	$	(460,820)	$	8,899,659


Marketable equity securities							5,698
							$	8,905,357



	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 September 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	$	673,947	$	644,620
Due after one year through five years	5,013,402		4,861,891
Due after five years through ten years	2,040,491		1,887,790
Due after ten years	1,624,920		1,505,358
	$	9,352,760	$	8,899,659

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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Gross realized gains on investment securities AFS	$	1,651	$	674	$	6,282	$	2,267
Gross realized losses on investment securities AFS	(3,902)		(15)		(4,320)		(170)
Net realized gain (loss)	(2,251)		659		1,962		2,097

Net gain (loss) on marketable equity securities recognized in earnings	(54)		(11)		(36)		(157)

Gain (loss) on investment securities, net	$	(2,305)	$	648	$	1,926	$	1,940

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):


	September 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	$	235,503	$	(17,590)	$	65,162	$	(9,775)	$	300,665	$	(27,365)
U.S. Government agency and sponsored enterprise residential MBS	1,470,764		(38,142)		190,194		(9,217)		1,660,958		(47,359)
U.S. Government agency and sponsored enterprise commercial MBS	377,295		(20,256)		331,365		(52,524)		708,660		(72,780)

Private label residential MBS and CMOs	894,147		(19,226)		1,664,295		(251,546)		2,558,442		(270,772)
Private label commercial MBS	227,492		(6,797)		206,467		(22,457)		433,959		(29,254)
Single family real estate-backed securities	29,839		(25)		—		—		29,839		(25)
Collateralized loan obligations	413,289		(376)		64,689		(514)		477,978		(890)
Non-mortgage asset-backed securities	44,049		(422)		11,285		(551)		55,334		(973)
State and municipal obligations	17,000		(462)		46,715		(9,876)		63,715		(10,338)
SBA securities	—		—		41,183		(1,064)		41,183		(1,064)

	$	3,709,378	$	(103,296)	$	2,621,355	$	(357,524)	$	6,330,733	$	(460,820)


	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)