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Investment Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Available-for-Sale
The following tables summarize the amortized cost and fair value of available-for-sale securities by major type:
December 31, 2025
(In thousands)
Amortized
Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized Losses		Allowance for Credit LossesFair Value
Government agency debentures $222,848 $— $(25,198)$— $197,650 
Municipal bonds and notes 116,750 — (7,131)— 109,619 
Agency CMO26,816 — (1,960)— 24,856 
Agency MBS5,125,433 80,370 (148,530)— 5,057,273 
Agency CMBS3,855,392 9,057 (338,439)— 3,526,010 
CMBS717,776 1,531 (895)— 718,412 
Corporate debt350,996 584 (23,435)— 328,145 
Private label MBS41,087 — (3,035)— 38,052 
Other9,880 — (397)— 9,483 
Total available-for-sale$10,466,978 $91,542 $(549,020)$— $10,009,500 
December 31, 2024
(In thousands)
Amortized
Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized Losses		Allowance for Credit LossesFair Value
Government agency debentures$222,767 $— $(36,341)$— $186,426 
Municipal bonds and notes123,885 2 (13,011)— 110,876 
Agency CMO32,193 — (3,150)— 29,043 
Agency MBS4,760,541 11,654 (252,410)— 4,519,785 
Agency CMBS3,400,021 84 (365,713)— 3,034,392 
CMBS630,985 411 (6,008)— 625,388 
Corporate debt496,087 801 (43,755)(867)452,266 
Private label MBS44,081 — (4,862)— 39,219 
Other9,855 — (650)— 9,205 
Total available-for-sale$9,720,415 $12,952 $(725,900)$(867)$9,006,600 
(1)Accrued interest receivable on available-for-sale securities of $37.5 million and $35.2 million at December 31, 2025, and 2024, respectively, is excluded from amortized cost and included in accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets.
Unrealized Losses
The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position:
 December 31, 2025
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Number of
Holdings		Fair ValueGross Unrealized
Losses
Government agency debentures$— $— $197,650 $(25,198)15$197,650 $(25,198)
Municipal bonds and notes— — 108,944 (7,131)36108,944 (7,131)
Agency CMO— — 24,856 (1,960)2524,856 (1,960)
Agency MBS15,368 (22)1,197,592 (148,508)3011,212,960 (148,530)
Agency CMBS542,126 (10,939)2,395,394 (327,500)1842,937,520 (338,439)
CMBS151,663 (362)72,197 (533)16223,860 (895)
Corporate debt14,948 (52)297,613 (23,383)41312,561 (23,435)
Private label MBS— — 38,052 (3,035)338,052 (3,035)
Other4,994 (6)4,489 (391)29,483 (397)
Total$729,099 $(11,381)$4,336,787 $(537,639)623$5,065,886 $(549,020)
 December 31, 2024
 Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Number of
Holdings		Fair ValueGross Unrealized
Losses
Government agency debentures$— $— $186,427 $(36,341)15$186,427 $(36,341)
Municipal bonds and notes859 (1)108,013 (13,010)57108,872 (13,011)
Agency CMO— — 29,043 (3,150)2829,043 (3,150)
Agency MBS2,624,722 (31,539)1,246,818 (220,871)3703,871,540 (252,410)
Agency CMBS1,468,615 (32,528)1,540,263 (333,185)1853,008,878 (365,713)
CMBS— — 457,423 (6,008)32457,423 (6,008)
Corporate debt— — 426,805 (43,755)59426,805 (43,755)
Private label MBS— — 39,219 (4,862)339,219 (4,862)
Other— — 9,205 (650)29,205 (650)
Total$4,094,196 $(64,068)$4,043,216 $(661,832)751$8,137,412 $(725,900)
The $176.9 million decrease in gross unrealized losses of available-for-sale securities from December 31, 2024, to December 31, 2025, is primarily due to lower market interest rates and lower securities’ spreads. The Company assesses each available-for-sale security that is in an unrealized loss position on a quarterly basis to determine whether the decline in fair value below the amortized cost basis is a result of any credit related factors. There was no ACL recorded on available-for-sale securities at December 31, 2025. At December 31, 2024, the ACL on available-for-sale securities was $0.9 million, which related to a single Corporate debt security. Each of the Company’s available-for-sale securities in an unrealized loss position at December 31, 2025, is investment grade, current as to principal and interest, and their price changes are consistent with interest and credit spreads when adjusting for duration, convexity, rating, and industry differences.
Based on current market conditions and the Company’s targeted balance sheet composition strategy, the Company intends to hold its available-for-sale securities in unrealized loss positions through the anticipated recovery period. The issuers of these available-for-sale securities have not, to the Company’s knowledge, established any cause for default. Market prices are expected to approach par as the securities approach maturity.
Contractual Maturities
The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity:
December 31, 2025
(In thousands)Amortized CostFair Value
Maturing within 1 year$12,514 $12,495 
After 1 year through 5 years269,131 265,399 
After 5 years through 10 years880,536 851,880 
After 10 years9,304,797 8,879,726 
Total available-for-sale
$10,466,978 $10,009,500 
Available-for-sale securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to prepay their obligations with or without prepayment penalties.
Sales of Available-for Sale Securities
The following table summarizes information related to sales of available-for-sales securities:
Years ended December 31,
(In thousands)202520242023
Proceeds from sales$14,880 $2,142,462 $789,603 
Gross realized gains$332 $2,240 $— 
Gross realized losses (1)
(112)(141,034)(37,356)
(1)There were no gross losses realized on sale of available-for-sale securities due to credit related factors for the year ended December 31, 2025. For the years ended December 31, 2024, and 2023, respectively, $2.6 million and $3.8 million of the gross losses realized on sale of available-for-sale securities were due to credit related factors and, therefore, was included in the Provision for credit losses on the accompanying Consolidated Statements of Income. The net amounts presented as a component of non-interest income for the years ended December 31, 2025, 2024, and 2023, respectively, include the portion of any gross losses that were not due to credit related factors.
Other Information
The following table summarizes the carrying value of available-for-sale securities that are pledged for deposits, borrowings, and other purposes:
December 31,
(In thousands)20252024
Pledged for deposits$1,779,781$1,596,378
Pledged for borrowings and other7,659,7226,863,183
Total available-for-sale securities pledged
$9,439,503$8,459,561
Held-to-Maturity
The following tables summarizes the amortized cost, fair value, and ACL on held-to-maturity securities by major type:
December 31, 2025
(In thousands)
Amortized
Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit LossesNet Carrying Value
Agency CMO$16,791 $— $(1,071)$15,720 $— $16,791 
Agency MBS2,767,869 24,073 (226,089)2,565,853 — 2,767,869 
Agency CMBS4,295,308 — (567,040)3,728,268 — 4,295,308 
Municipal bonds and notes824,734 989 (30,461)795,262 (97)824,637 
CMBS64,970 — (1,490)63,480 — 64,970 
Total held-to-maturity$7,969,672 $25,062 $(826,151)$7,168,583 $(97)$7,969,575 
December 31, 2024
(In thousands)
Amortized
Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit LossesNet Carrying Value
Agency CMO$19,847 $— $(1,671)$18,176 $— $19,847 
Agency MBS3,109,411 771 (333,039)2,777,143 — 3,109,411 
Agency CMBS4,357,505 414 (613,914)3,744,005 — 4,357,505 
Municipal bonds and notes891,909 317 (40,266)851,960 (171)891,738 
CMBS65,690 — (3,851)61,839 — 65,690 
Total held-to-maturity$8,444,362 $1,502 $(992,741)$7,453,123 $(171)$8,444,191 
(1)Accrued interest receivable on held-to-maturity securities of $28.1 million and $30.5 million at December 31, 2025, and 2024, respectively, is excluded from amortized cost and is included in accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets.
An ACL on held-to-maturity securities is recorded for certain Municipal bonds and notes to account for expected lifetime credit losses. Agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federally related entity and are either explicitly or implicitly guaranteed, and therefore, assumed to be zero loss. Held-to-maturity securities with gross unrealized losses and no ACL are considered to be high credit quality, and therefore, zero credit loss has been recorded.
The following table summarizes the activity in the ACL on held-to-maturity securities:
Years ended December 31,
(In thousands)202520242023
Balance, beginning of period$171$209$182
(Benefit) provision for credit losses(74)(38)27
Balance, end of period$97$171$209
Contractual Maturities
The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity:
December 31, 2025
(In thousands)Amortized CostFair Value
Maturing within 1 year$10,463 $10,465 
After 1 year through 5 years169,137 164,773 
After 5 years through 10 years273,639 269,539 
After 10 years7,516,433 6,723,806 
Total held-to-maturity$7,969,672 $7,168,583 
Held-to-maturity securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to prepay their obligations with or without prepayment penalties.
Credit Quality Information
The Company monitors the credit quality of held-to-maturity securities through credit ratings provided by S&P, Moody’s, Fitch Ratings, Inc., Kroll Bond Rating Agency, or DBRS Inc. Credit ratings express opinions about the credit quality of a security and are updated at each quarter end. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade, which are labeled as speculative grade by the rating agencies, are considered to have distinctively higher credit risk than investment grade securities. At December 31, 2025, and 2024, there were no speculative grade held-to-maturity securities. Held-to-maturity securities that are not rated are collateralized with U.S. Treasury obligations.
The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating:
December 31, 2025
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Not Rated
Agency CMO$— $16,791 $— $— $— $— $— $— 
Agency MBS— 2,767,869 — — — — — — 
Agency CMBS— 4,295,308 — — — — — — 
Municipal bonds and notes298,666 153,187 234,269 112,482 9,539 4,165 — 12,426 
CMBS64,970 — — — — — — — 
Total held-to-maturity$363,636 $7,233,155 $234,269 $112,482 $9,539 $4,165 $— $12,426 
December 31, 2024
Investment Grade
(In thousands)AaaAa1Aa2Aa3A1A2A3Not Rated
Agency CMO$— $19,847 $— $— $— $— $— $— 
Agency MBS— 3,109,411 — — — — — — 
Agency CMBS— 4,357,505 — — — — — — 
Municipal bonds and notes341,187 158,327 230,986 128,692 13,761 — 4,165 14,791 
CMBS65,690 — — — — — — — 
Total held-to-maturity$406,877 $7,645,090 $230,986 $128,692 $13,761 $— $4,165 $14,791 
At December 31, 2025, and 2024, there were no held-to-maturity securities past due under the terms of their agreements or in non-accrual status.
Other Information
The following table summarizes the carrying value of held-to-maturity securities that are pledged for deposits, borrowings, and other purposes:
December 31,
(In thousands)20252024
Pledged for deposits$1,926,373$1,978,445
Pledged for borrowings and other5,934,3526,258,828
Total held-to-maturity securities pledged$7,860,725$8,237,273