Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Debt 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
March 31, 2026
Available-for-sale debt securities:


Residential mortgage-backed securities	$	3,723,642	$	25,241	$	(93,382)	$	3,655,501
Commercial mortgage-backed securities	245,890		2,114		(224)		247,780


Credit risk transfer securities	11,013		—		(439)		10,574
Total available-for-sale debt securities	3,980,545		27,355		(94,045)		3,913,855
Held-to-maturity debt securities:
Residential mortgage-backed securities	709,594		—		(71,010)		638,584
Total held-to-maturity debt securities	709,594		—		(71,010)		638,584
Equity securities							42,024
Trading debt securities							7,882
Total debt and equity securities(2)							$	4,673,355
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 securities	3,998,939		44,592		(92,076)		3,951,455
Held-to-maturity debt securities:
Residential mortgage-backed securities	725,722		—		(70,890)		654,832
Total held-to-maturity debt securities	725,722		—		(70,890)		654,832
Equity securities							41,998
Trading debt securities							3,924
Total debt and equity securities(2)							$	4,723,099

(1) Excludes accrued interest receivable of $16.0 million and $16.1 million at March 31, 2026 and December 31, 2025, respectively, related to available-for-sale debt securities and $1.1 million and $1.2 million at March 31, 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.

Summary of Amortized Cost, Estimated Fair Value, and Weighted Average Yields for Available-for-Sale Debt Securities

The amortized cost and estimated fair value as of March 31, 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-sale				Held-to-maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	—	$	—	$	—	$	—
Due after one year through five years	—		—		—		—
Due after five years through ten years	257,612		259,076		—		—
Due after ten years	3,722,933		3,654,779		709,594		638,584
Total	$	3,980,545	$	3,913,855	$	709,594	$	638,584

The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of March 31, 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		CRT securities
Due within one year	—	%	—	%	—	%
Due after one year through five years	—		—		—
Due after five years through ten years	3.91		4.84		3.79
Due after ten years	4.70		—		—
Total	4.70	%	4.84	%	3.79	%

Schedule of Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position

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 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2026


Residential mortgage-backed securities	$	613,940	$	(2,752)	$	741,764	$	(90,630)	$	1,355,704	$	(93,382)
Commercial mortgage-backed securities	57,003		(224)		—		—		57,003		(224)
Credit risk transfer securities	—		—		10,574		(439)		10,574		(439)
Total	$	670,943	$	(2,976)	$	752,338	$	(91,069)	$	1,423,281	$	(94,045)
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)

Summary of Unrealized and Realized Gains/(Losses) Recognized in Net Income on 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 March 31,
(in thousands)		2026		2025
Net gains/(losses) recognized during the period		$	1,646	$	(1,708)
Less: Realized net gains/(losses) recognized on securities sold		608		328
Unrealized net gains/(losses) recognized on securities still held		$	1,038	$	(2,036)