Investment Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

A summary of the available-for-sale and held-to-maturity investment securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2025 and 2024 is as follows:


	December 31, 2025								December 31, 2024
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value		Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Available-for-sale securities
U.S. Treasury	$	6,999	$	36	$	—	$	7,035	$	37,858	$	49	$	—	$	37,907
U.S. government agencies	50,000		—		(2,529)		47,471		50,000		—		(5,055)		44,945
Municipal	162,373		1,643		(1,850)		162,166		188,405		528		(4,340)		184,593
Corporate notes:
Financial issuers	79,000		—		(2,704)		76,296		83,997		—		(3,828)		80,169
Other	1,000		—		(1)		999		1,000		—		(7)		993
Mortgage-backed: (1)
Residential mortgage-backed securities	5,533,710		25,926		(402,953)		5,156,683		4,106,641		284		(553,287)		3,553,638
Commercial (multi-family) mortgage-baked securities	280,969		570		(4,986)		276,553		19,064		23		(755)		18,332
Collateralized mortgage obligations	521,430		2,305		(14,675)		509,060		238,574		1,187		(18,856)		220,905
Total available-for-sale securities	$	6,635,481	$	30,480	$	(429,698)	$	6,236,263	$	4,725,539	$	2,071	$	(586,128)	$	4,141,482
Held-to-maturity securities
U.S. government agencies	$	313,541	$	—	$	(57,269)	$	256,272	$	313,539	$	—	$	(69,127)	$	244,412
Municipal	144,192		451		(2,012)		142,631		161,016		243		(5,290)		155,969
Mortgage-backed: (1)
Residential mortgage-backed securities	2,667,371		7,503		(491,124)		2,183,750		2,864,927		—		(605,014)		2,259,913
Commercial (multi-family) mortgage-backed securities	6,293		72		(92)		6,273		6,364		—		(252)		6,112
Collateralized mortgage obligations	177,671		836		(16,989)		161,518		211,023		815		(22,683)		189,155
Corporate notes	35,097		2		(396)		34,703		56,851		8		(1,870)		54,989
Total held-to-maturity securities	$	3,344,165	$	8,864	$	(567,882)	$	2,785,147	$	3,613,720	$	1,066	$	(704,236)	$	2,910,550
Less: Allowance for credit losses	(260)								(457)
Held-to-maturity securities, net of allowance for credit losses	$	3,343,905							$	3,613,263
Equity securities with readily determinable fair value	$	61,211	$	6,318	$	(3,759)	$	63,770	$	220,758	$	2,905	$	(8,251)	$	215,412

(1)None of our mortgage-backed securities are subprime.

Equity securities without readily determinable fair values totaled $68.5 million as of December 31, 2025 and $65.1 million as of December 31, 2024. Equity securities without readily determinable fair values are included as part of accrued interest receivable and other assets in the Company’s Consolidated Statements of Condition. The Company monitors its equity investments without readily determinable fair values to identify potential transactions that may indicate an observable price change in orderly transactions for the identical or a similar investment of the same issuer, requiring adjustment to its carrying amount. The Company recorded no upward adjustment and a downward adjustment of $20,000 related to such observable price changes in 2025. The Company recorded no adjustments related to such observable price changes in 2024. The Company conducts a quarterly assessment of its equity securities without readily determinable fair values to determine whether impairment exists in such equity securities, considering, among other factors, the nature of the securities, financial condition of the issuer and expected future cash flows. During the years ended December 31, 2025 and December 31, 2024, the Company recorded $2.1 million and $3.7 million, respectively, of impairment of equity securities without readily determinable fair values.

The following tables present the portion of the Company’s available-for-sale investment securities portfolios which had gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025 and 2024, respectively:


As of December 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. government agencies	$	—	$	—	$	47,471	$	(2,529)	$	47,471	$	(2,529)
Municipal	36,516		(142)		37,288		(1,708)		73,804		(1,850)
Corporate notes:
Financial issuers	—		—		76,296		(2,704)		76,296		(2,704)
Other	999		(1)		—		—		999		(1)
Mortgage-backed: (1)
Residential mortgage-backed securities	378,503		(5,976)		2,145,980		(396,977)		2,524,483		(402,953)
Commercial (multi-family) mortgage backed securities	215,561		(4,420)		6,094		(566)		221,655		(4,986)
Collateralized mortgage obligations	91,601		(123)		63,696		(14,552)		155,297		(14,675)

Total available-for-sale securities	$	723,180	$	(10,662)	$	2,376,825	$	(419,036)	$	3,100,005	$	(429,698)

(1)None of our mortgage-backed securities are subprime.


As of December 31, 2024	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. government agencies	$	44,945	$	(5,055)	$	—	$	—	$	44,945	$	(5,055)
Municipal	52,344		(3,536)		83,517		(804)		135,861		(4,340)
Corporate notes:
Financial issuers	80,169		(3,828)		—		—		80,169		(3,828)
Other	993		(7)		—		—		993		(7)
Mortgage-backed: (1)
Mortgage-backed securities	2,212,780		(519,164)		1,327,534		(34,123)		3,540,314		(553,287)
Commercial (multi-family) mortgage backed securities	3,134		(390)		12,204		(365)		15,338		(755)
Collateralized mortgage obligations	65,874		(18,841)		7,428		(15)		73,302		(18,856)

Total available-for-sale securities	$	2,460,239	$	(550,821)	$	1,430,683	$	(35,307)	$	3,890,922	$	(586,128)

(1)None of our mortgage-backed securities are subprime.

The Company conducts a regular assessment of its investment securities to determine whether securities are experiencing credit losses. Factors for consideration include the nature of the securities, credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period.

The Company does not consider available-for-sale securities with unrealized losses at December 31, 2025 to be experiencing credit losses and recognized no resulting allowance for credit losses for such individually assessed credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Available-for-sale securities with continuous unrealized losses existing for more than twelve months at December 31, 2025 were primarily mortgage-backed securities with unrealized losses due to increased market rates subsequent to the date the securities were purchased.

See Note (5) “Allowance for Credit Losses” for further discussion regarding any credit losses associated with held-to-maturity securities at December 31, 2025.

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:


	Years Ended December 31,
(In thousands)	2025		2024		2023
Realized gains on investment securities	$	5,852	$	2,704	$	1,136
Realized losses on investment securities	(3,316)		(276)		(71)
Net realized gains on investment securities	2,536		2,428		1,065

Unrealized gains on equity securities with readily determinable fair value	9,510		4,451		5,428
Unrealized losses on equity securities with readily determinable fair value	(1,605)		(5,751)		(4,280)
Net unrealized gains (losses) on equity securities with readily determinable fair value	7,905		(1,300)		1,148


Downward adjustments of equity securities without readily determinable fair values	(20)		—		—
Impairment of equity securities without readily determinable fair values	(2,098)		(3,730)		(688)
Adjustment and impairment, net, of equity securities without readily determinable fair values	(2,118)		(3,730)		(688)

Gains (losses) on investment securities, net	$	8,323	$	(2,602)	$	1,525


Proceeds from sales of equity securities with readily determinable fair value	$	226,542	$	51,792	$	23,592
Proceeds from sales and capital distributions of equity securities without readily determinable fair value	1,421		2,226		67

Net gains/losses on investment securities resulted in income tax expense (benefit) of $2.2 million, $(676,520) and $403,000 in 2025, 2024 and 2023, respectively.

The amortized cost and fair value of investment securities as of December 31, 2025 and December 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:


	December 31, 2025				December 31, 2024
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Due in one year or less	$	47,978	$	47,915	$	89,578	$	89,392
Due in one to five years	143,352		141,123		157,883		153,325
Due in five to ten years	80,561		79,672		89,125		84,240
Due after ten years	27,481		25,257		24,674		21,650
Mortgage-backed	6,336,109		5,942,296		4,364,279		3,792,875

Total available-for-sale securities	$	6,635,481	$	6,236,263	$	4,725,539	$	4,141,482
Held-to-maturity securities
Due in one year or less	$	47,030	$	46,630	$	18,929	$	18,658
Due in one to five years	76,452		76,366		110,897		108,056
Due in five to ten years	67,195		63,882		71,846		70,277
Due after ten years	302,153		246,728		329,734		258,379
Mortgage-backed	2,851,335		2,351,541		3,082,314		2,455,180
Total held-to-maturity securities	$	3,344,165	$	2,785,147	$	3,613,720	$	2,910,550
Less: Allowance for credit losses	(260)				(457)
Held-to-maturity securities, net of allowance for credit losses	$	3,343,905			$	3,613,263

At December 31, 2025 and December 31, 2024, securities having a carrying value of $8.6 billion and $6.9 billion, respectively, were pledged as collateral for public deposits, trust deposits, FHLB advances, FRB discount window, securities sold under repurchase agreements, and derivatives. At December 31, 2025, there were no securities of a single issuer, other than U.S. government-sponsored agency securities, which exceeded 10% of shareholders’ equity.