XML 56 R40.htm IDEA: XBRL DOCUMENT v3.25.4

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

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.

Schedule of Available-for-sale Investment Securities Portfolios

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.

Schedule of Gross Gains and Gross Losses Realized and Proceeds For 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:

						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

Schedule of Contractual Maturities of Investment Securities

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

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Name:	us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

Name:	us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration