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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
| March 31, 2025
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale securities |  |  |  |  |  |  |
U.S. Treasury | $ | 12,943 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 12,994 |
U.S. government agencies | 50,000 |  |  | — |  |  | (4,056) |  |  | 45,944 |
Municipal | 190,670 |  |  | 1,063 |  |  | (3,584) |  |  | 188,149 |
Corporate notes: |  |  |  |  |  |  |
Financial issuers | 83,997 |  |  | — |  |  | (3,562) |  |  | 80,435 |
Other | 1,000 |  |  | — |  |  | (0) |  |  | 1,000 |
Mortgage-backed: (1) |  |  |  |  |  |  |
Residential mortgage-backed securities | 4,067,349 |  |  | 907 |  |  | (482,256) |  |  | 3,586,000 |
Commercial (multi-family) mortgage-backed securities | 58,205 |  |  | 118 |  |  | (1,696) |  |  | 56,627 |
Collateralized mortgage obligations | 265,070 |  |  | 1,250 |  |  | (17,164) |  |  | 249,156 |
Total available-for-sale securities | $ | 4,729,234 |  |  | $ | 3,389 |  |  | $ | (512,318) |  |  | $ | 4,220,305 |
Held-to-maturity securities |  |  |  |  |  |  |
U.S. government agencies | $ | 313,539 |  |  | $ | 0 |  |  | $ | (62,627) |  |  | $ | 250,912 |
Municipal | 158,307 |  |  | 303 |  |  | (4,964) |  |  | 153,646 |
Mortgage-backed: (1) |  |  |  |  |  |  |
Residential mortgage-backed securities | 2,825,859 |  |  | 1,072 |  |  | (555,525) |  |  | 2,271,406 |
Commercial (multi-family) mortgage-backed securities | 6,351 |  |  | 20 |  |  | (134) |  |  | 6,237 |
Collateralized mortgage obligations | 204,199 |  |  | 763 |  |  | (19,678) |  |  | 185,284 |
Corporate notes | 56,681 |  |  | 14 |  |  | (1,367) |  |  | 55,328 |
Total held-to-maturity securities | $ | 3,564,936 |  |  | $ | 2,172 |  |  | $ | (644,295) |  |  | $ | 2,922,813 |
Less: Allowance for credit losses | (446) |  |  |  |  |  |  |
Held-to-maturity securities, net of allowance for credit losses | $ | 3,564,490 |  |  |  |  |  |  |
Equity securities with readily determinable fair value | $ | 272,400 |  |  | $ | 5,254 |  |  | $ | (7,212) |  |  | $ | 270,442 |
(1)None of our mortgage-backed securities are subprime.
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
(In thousands) |  |  |
Available-for-sale securities |  |  |  |  |  |  |
U.S. Treasury | $ | 37,858 |  |  | $ | 49 |  |  | $ | — |  |  | $ | 37,907 |
U.S. government agencies | 50,000 |  |  | — |  |  | (5,055) |  |  | 44,945 |
Municipal | 188,405 |  |  | 528 |  |  | (4,340) |  |  | 184,593 |
Corporate notes: |  |  |  |  |  |  |
Financial issuers | 83,997 |  |  | — |  |  | (3,828) |  |  | 80,169 |
Other | 1,000 |  |  | — |  |  | (7) |  |  | 993 |
Mortgage-backed: (1) |  |  |  |  |  |  |
Residential Mortgage-backed securities | 4,106,641 |  |  | 284 |  |  | (553,287) |  |  | 3,553,638 |
Commercial (multi-family) mortgage-backed securities | 19,064 |  |  | 23 |  |  | (755) |  |  | 18,332 |
Collateralized mortgage obligations | 238,574 |  |  | 1,187 |  |  | (18,856) |  |  | 220,905 |
Total available-for-sale securities | $ | 4,725,539 |  |  | $ | 2,071 |  |  | $ | (586,128) |  |  | $ | 4,141,482 |
Held-to-maturity securities |  |  |  |  |  |  |
U.S. government agencies | $ | 313,539 |  |  | $ | — |  |  | $ | (69,127) |  |  | $ | 244,412 |
Municipal | 161,016 |  |  | 243 |  |  | (5,290) |  |  | 155,969 |
Mortgage-backed: (1) |  |  |  |  |  |  |
Residential Mortgage-backed securities | 2,864,927 |  |  | — |  |  | (605,014) |  |  | 2,259,913 |
Commercial (multi-family) mortgage-backed securities | 6,364 |  |  | — |  |  | (252) |  |  | 6,112 |
Collateralized mortgage obligations | 211,023 |  |  | 815 |  |  | (22,683) |  |  | 189,155 |
Corporate notes | 56,851 |  |  | 8 |  |  | (1,870) |  |  | 54,989 |
Total held-to-maturity securities | $ | 3,613,720 |  |  | $ | 1,066 |  |  | $ | (704,236) |  |  | $ | 2,910,550 |
Less: Allowance for credit losses | (457) |  |  |  |  |  |  |
Held-to-maturity securities, net of allowance for credit losses | $ | 3,613,263 |  |  |  |  |  |  |
Equity securities with readily determinable fair value | $ | 220,758 |  |  | $ | 2,905 |  |  | $ | (8,251) |  |  | $ | 215,412 |
(1)None of our mortgage-backed securities are subprime.
| March 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
(In thousands) |  |  |
Available-for-sale securities |  |  |  |  |  |  |
U.S. Treasury | $ | 61,185 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 61,175 |
U.S. government agencies | 50,000 |  |  | — |  |  | (4,285) |  |  | 45,715 |
Municipal | 144,752 |  |  | 569 |  |  | (4,731) |  |  | 140,590 |
Corporate notes: |  |  |  |  |  |  |
Financial issuers | 83,996 |  |  | — |  |  | (8,264) |  |  | 75,732 |
Other | 1,000 |  |  | — |  |  | (7) |  |  | 993 |
Mortgage-backed: (1) |  |  |  |  |  |  |
Mortgage-backed securities | 4,396,962 |  |  | 480 |  |  | (520,719) |  |  | 3,876,723 |
Commercial (multi-family) mortgage-backed securities | 16,225 |  |  | 28 |  |  | (577) |  |  | 15,676 |
Collateralized mortgage obligations | 188,240 |  |  | 924 |  |  | (18,170) |  |  | 170,994 |
Total available-for-sale securities | $ | 4,942,360 |  |  | $ | 2,001 |  |  | $ | (556,763) |  |  | $ | 4,387,598 |
Held-to-maturity securities |  |  |  |  |  |  |
U.S. government agencies | $ | 336,463 |  |  | $ | — |  |  | $ | (69,998) |  |  | $ | 266,465 |
Municipal | 168,490 |  |  | 258 |  |  | (4,709) |  |  | 164,039 |
Mortgage-backed: (1) |  |  |  |  |  |  |
Residential mortgage-backed securities | 3,007,304 |  |  | — |  |  | (597,758) |  |  | 2,409,546 |
Commercial (multi-family) mortgage-backed securities | 6,401 |  |  | — |  |  | (281) |  |  | 6,120 |
Collateralized mortgage obligations | 234,314 |  |  | 431 |  |  | (22,983) |  |  | 211,762 |
Corporate notes | 57,372 |  |  | 8 |  |  | (3,358) |  |  | 54,022 |
Total held-to-maturity securities | $ | 3,810,344 |  |  | $ | 697 |  |  | $ | (699,087) |  |  | $ | 3,111,954 |
Less: Allowance for credit losses | (329) |  |  |  |  |  |  |
Held-to-maturity securities, net of allowance for credit losses | $ | 3,810,015 |  |  |  |  |  |  |
Equity securities with readily determinable fair value | $ | 123,421 |  |  | $ | 4,480 |  |  | $ | (8,124) |  |  | $ | 119,777 |
(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 March 31, 2025:
| Continuous unrealized losses existing for less than 12 months |  | Continuous unrealized losses existing for greater than 12 months |  | Total
(In thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government agencies | — |  |  | — |  |  | 45,944 |  |  | (4,056) |  |  | 45,944 |  |  | (4,056) |
Municipal | 45,437 |  |  | (717) |  |  | 50,975 |  |  | (2,867) |  |  | 96,412 |  |  | (3,584) |
Corporate notes: |  |  |  |  |  |  |  |  |  |  |
Financial issuers | — |  |  | — |  |  | 80,435 |  |  | (3,562) |  |  | 80,435 |  |  | (3,562) |
Other | — |  |  | — |  |  | 1,000 |  |  | (0) |  |  | 1,000 |  |  | — |
Mortgage-backed: (1) |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | 1,279,995 |  |  | (15,142) |  |  | 2,224,823 |  |  | (467,114) |  |  | 3,504,818 |  |  | (482,256) |
Commercial (multi-family) mortgage-backed securities | 39,068 |  |  | (1,312) |  |  | 6,134 |  |  | (384) |  |  | 45,202 |  |  | (1,696) |
Collateralized mortgage obligations | 16,914 |  |  | (14) |  |  | 66,087 |  |  | (17,150) |  |  | 83,001 |  |  | (17,164) |
Total available-for-sale securities | $ | 1,381,414 |  |  | $ | (17,185) |  |  | $ | 2,475,398 |  |  | $ | (495,133) |  |  | $ | 3,856,812 |  |  | $ | (512,318) |
(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 March 31, |  |
(In thousands) | 2025 |  | 2024 |  |  |  |
Realized gains on investment securities | $ | 189 |  |  | $ | 1,035 |  |  |  |  |
Realized losses on investment securities | (361) |  |  | (108) |  |  |  |  |
Net realized (losses) gains on investment securities | (172) |  |  | 927 |  |  |  |  |
Unrealized gains on equity securities with readily determinable fair value | 3,445 |  |  | 1,034 |  |  |  |  |
Unrealized losses on equity securities with readily determinable fair value | (57) |  |  | (633) |  |  |  |  |
Net unrealized gains on equity securities with readily determinable fair value | 3,388 |  |  | 401 |  |  |  |  |
Upward adjustments of equity securities without readily determinable fair values | — |  |  | — |  |  |  |  |
Downward adjustments of equity securities without readily determinable fair values | (20) |  |  | — |  |  |  |  |
Impairment of equity securities without readily determinable fair values | — |  |  | (2) |  |  |  |  |
Adjustment and impairment, net, of equity securities without readily determinable fair values | (20) |  |  | (2) |  |  |  |  |
Gains on investment securities, net | $ | 3,196 |  |  | $ | 1,326 |  |  |  |  |
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 March 31, 2025, December 31, 2024 and March 31, 2024, 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:
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
(In thousands) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 61,653 |  |  | $ | 61,702 |  |  | $ | 89,578 |  |  | $ | 89,392 |  |  | $ | 107,680 |  |  | $ | 107,285 |
Due in one to five years | 160,377 |  |  | 156,869 |  |  | 157,883 |  |  | 153,325 |  |  | 130,137 |  |  | 121,417 |
Due in five to ten years | 89,444 |  |  | 85,935 |  |  | 89,125 |  |  | 84,240 |  |  | 85,212 |  |  | 80,234 |
Due after ten years | 27,136 |  |  | 24,016 |  |  | 24,674 |  |  | 21,650 |  |  | 17,904 |  |  | 15,269 |
Mortgage-backed | 4,390,624 |  |  | 3,891,783 |  |  | 4,364,279 |  |  | 3,792,875 |  |  | 4,601,427 |  |  | 4,063,393 |
Total available-for-sale securities | $ | 4,729,234 |  |  | $ | 4,220,305 |  |  | $ | 4,725,539 |  |  | $ | 4,141,482 |  |  | $ | 4,942,360 |  |  | $ | 4,387,598 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 27,766 |  |  | $ | 27,436 |  |  | $ | 18,929 |  |  | $ | 18,658 |  |  | $ | 4,652 |  |  | $ | 4,616 |
Due in one to five years | 103,583 |  |  | 101,546 |  |  | 110,897 |  |  | 108,056 |  |  | 115,707 |  |  | 111,324 |
Due in five to ten years | 94,324 |  |  | 88,875 |  |  | 71,846 |  |  | 70,277 |  |  | 89,538 |  |  | 88,050 |
Due after ten years | 302,854 |  |  | 242,029 |  |  | 329,734 |  |  | 258,379 |  |  | 352,428 |  |  | 280,536 |
Mortgage-backed | 3,036,409 |  |  | 2,462,927 |  |  | 3,082,314 |  |  | 2,455,180 |  |  | 3,248,019 |  |  | 2,627,428 |
Total held-to-maturity securities | $ | 3,564,936 |  |  | $ | 2,922,813 |  |  | $ | 3,613,720 |  |  | $ | 2,910,550 |  |  | $ | 3,810,344 |  |  | $ | 3,111,954 |
Less: Allowance for credit losses | (446) |  |  |  |  | (457) |  |  |  |  | (329) |  |  |
Held-to-maturity securities, net of allowance for credit losses | $ | 3,564,490 |  |  |  |  | $ | 3,613,263 |  |  |  |  | $ | 3,810,015 |  |  |

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