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Investment Securities (Tables)

3 Months Ended

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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