v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 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:
June 30, 2026
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale securities
U.S. Treasury$5,000 $5 $— $5,005 
U.S. government agencies50,000 — (3,498)46,502 
Municipal171,880 1,154 (1,886)171,148 
Corporate notes:
Financial issuers75,000 — (1,973)73,027 
Other1,000 18 — 1,018 
Mortgage-backed: (1)
Residential mortgage-backed securities6,602,806 9,694 (454,231)6,158,269 
Commercial (multi-family) mortgage-backed securities344,436 27 (10,474)333,989 
Collateralized mortgage obligations818,989 487 (20,889)798,587 
Total available-for-sale securities$8,069,111 $11,385 $(492,951)$7,587,545 
Held-to-maturity securities
U.S. government agencies$313,542 $— $(60,052)$253,490 
Municipal134,234 248 (1,946)132,536 
Mortgage-backed: (1)
Residential mortgage-backed securities2,557,267 4,665 (487,151)2,074,781 
Commercial (multi-family) mortgage-backed securities6,210 — (115)6,095 
Collateralized mortgage obligations159,437 271 (17,498)142,210 
Corporate notes25,982 — (133)25,849 
Total held-to-maturity securities$3,196,672 $5,184 $(566,895)$2,634,961 
Less: Allowance for credit losses(220)
Held-to-maturity securities, net of allowance for credit losses$3,196,452 
Equity securities with readily determinable fair value $61,989 $7,836 $(4,010)$65,815 
(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.
June 30, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(In thousands)
Available-for-sale securities
U.S. Treasury$12,979 $39 $— $13,018 
U.S. government agencies50,000 — (4,176)45,824 
Municipal182,761 1,120 (3,237)180,644 
Corporate notes:
Financial issuers82,000 — (3,199)78,801 
Other1,000 — (2)998 
Mortgage-backed: (1)
Residential mortgage-backed securities4,618,492 3,960 (478,768)4,143,684 
Commercial (multi-family) mortgage-backed securities130,464 115 (3,634)126,945 
Collateralized mortgage obligations311,497 1,863 (17,559)295,801 
Total available-for-sale securities$5,389,193 $7,097 $(510,575)$4,885,715 
Held-to-maturity securities
U.S. government agencies$313,540 $— $(64,071)$249,469 
Municipal156,753 296 (4,030)153,019 
Mortgage-backed: (1)
Residential mortgage-backed securities2,775,981 1,637 (548,063)2,229,555 
Commercial (multi-family) mortgage-backed securities6,333 51 (113)6,271 
Collateralized mortgage obligations196,446 982 (18,933)178,495 
Corporate notes53,531 75 (1,000)52,606 
Total held-to-maturity securities$3,502,584 $3,041 $(636,210)$2,869,415 
Less: Allowance for credit losses(398)
Held-to-maturity securities, net of allowance for credit losses$3,502,186 
Equity securities with readily determinable fair value$273,789 $7,047 $(7,114)$273,722 
(1)None of our mortgage-backed securities are subprime.
Schedule of Available-for-sale Investment Securities Portfolios
The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026:
Continuous unrealized
losses existing for
less than 12 months		Continuous unrealized
losses existing for
greater than 12 months		Total
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-sale securities
U.S. government agencies$— $— $46,502 $(3,498)$46,502 $(3,498)
Municipal61,216 (362)25,384 (1,524)86,600 (1,886)
Corporate notes:
Financial issuers— — 73,027 (1,973)73,027 (1,973)
Mortgage-backed: (1)
Residential mortgage-backed securities3,329,857 (47,898)2,042,063 (406,333)5,371,920 (454,231)
Commercial (multi-family) mortgage-backed securities232,076 (5,790)97,055 (4,684)329,131 (10,474)
Collateralized mortgage obligations625,750 (5,920)65,979 (14,969)691,729 (20,889)
Total available-for-sale securities$4,248,899 $(59,970)$2,350,010 $(432,981)$6,598,909 $(492,951)
(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 June 30,Six months ended June 30,
(In thousands)2026202520262025
Realized gains on investment securities$399 $94 $663 $283 
Realized losses on investment securities(105)(263)(116)(624)
Net realized gains (losses) on investment securities294 (169)547 (341)
Unrealized gains on equity securities with readily determinable fair value1,680 1,892 1,886 5,337 
Unrealized losses on equity securities with readily determinable fair value(129)— (619)(57)
Net unrealized gains on equity securities with readily determinable fair value1,551 1,892 1,267 5,280 
Downward adjustments of equity securities without readily determinable fair values— — — (20)
Impairment of equity securities without readily determinable fair values— (1,073)— (1,073)
Adjustment and impairment, net, of equity securities without readily determinable fair values— (1,073)— (1,093)
Gains on investment securities, net$1,845 $650 $1,814 $3,846 
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 June 30, 2026, December 31, 2025 and June 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:
June 30, 2026December 31, 2025June 30, 2025
(In thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale securities
Due in one year or less$50,797 $50,770 $47,978 $47,915 $62,253 $62,243 
Due in one to five years147,762 145,769 143,352 141,123 151,056 148,424 
Due in five to ten years75,168 73,431 80,561 79,672 88,408 84,792 
Due after ten years29,153 26,730 27,481 25,257 27,023 23,826 
Mortgage-backed7,766,231 7,290,845 6,336,109 5,942,296 5,060,453 4,566,430 
Total available-for-sale securities$8,069,111 $7,587,545 $6,635,481 $6,236,263 $5,389,193 $4,885,715 
Held-to-maturity securities
Due in one year or less$37,765 $37,664 $47,030 $46,630 $30,097 $29,819 
Due in one to five years74,802 74,609 76,452 76,366 99,929 98,644 
Due in five to ten years59,807 56,219 67,195 63,882 91,099 86,363 
Due after ten years301,384 243,383 302,153 246,728 302,699 240,268 
Mortgage-backed2,722,914 2,223,086 2,851,335 2,351,541 2,978,760 2,414,321 
Total held-to-maturity securities$3,196,672 $2,634,961 $3,344,165 $2,785,147 $3,502,584 $2,869,415 
Less: Allowance for credit losses(220)(260)(398)
Held-to-maturity securities, net of allowance for credit losses$3,196,452 $3,343,905 $3,502,186