v3.25.4

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Debt Securities

The following is a summary of the Company’s investment securities: 

(in thousands)			Amortized Cost(1)						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
December 31, 2025
Available-for-sale debt securities:
Residential mortgage-backed securities			$	3,743,234					$	41,037					$	(91,625)					$	3,692,646
Commercial mortgage-backed securities			244,457						3,555						—						248,012
CRT securities			11,248						—						(451)						10,797
Total available-for-sale debt securities			3,998,939						44,592						(92,076)						3,951,455
Held-to-maturity debt securities:
Residential mortgage-backed securities			725,722						—						(70,890)						654,832
Total held-to-maturity debt securities			725,722						—						(70,890)						654,832
Equity securities																					41,998
Trading securities																					3,924
Total investment securities(2)																					$	4,723,099
December 31, 2024
Available-for-sale debt securities:
U.S. Treasury securities			$	280,137					$	—					$	(2,852)					$	277,285
Residential mortgage-backed securities			3,195,145						7,200						(168,302)						3,034,043
Commercial mortgage-backed securities			206,830						—						(5,398)						201,432
CRT securities			12,466						—						(540)						11,926
Total available-for-sale debt securities			3,694,578						7,200						(177,092)						3,524,686
Held-to-maturity securities:
Residential mortgage-backed securities			796,168						—						(117,994)						678,174
Total held-to-maturity securities			796,168						—						(117,994)						678,174
Equity securities																					75,261
Total investment securities(2)																					$	4,396,115

(1)    Excludes accrued interest receivable of $16.1 million and $13.8 million at December 31, 2025 and December 31, 2024, respectively, related to available-for-sale debt securities and $1.2 million and $1.3 million at December 31, 2025 and December 31, 2024, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

(2)    Includes available-for-sale debt securities, equity securities and trading securities at estimated fair value and held-to-maturity debt securities at amortized cost.

Summary of Amortized Cost, Estimated Fair Value, and Weighted Average Yields for Available-for-Sale Debt Securities

The amortized cost and estimated fair value as of December 31, 2025, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

			Available-for-sale												Held-to-maturity
(in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due within one year			$	—					$	—					$	—					$	—
Due after one year through five years			—						—						—						—
Due after five years through ten years			256,438						259,558						—						—
Due after ten years			3,742,501						3,691,897						725,722						654,832
Total			$	3,998,939					$	3,951,455					$	725,722					$	654,832

The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of December 31, 2025. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.

															Residential mortgage-backed securities						Commercial mortgage-backed securities						CRT securities
Due within one year															—		%				—		%				—		%
Due after one year through five years															—						—						—
Due after five years through ten years															3.91						4.80						3.85
Due after ten years															4.68						—						—
Total															4.68		%				4.80		%				3.85		%

Schedule of Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position

The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months:

			Less Than 12 Months												12 Months or Longer												Total
(in thousands)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
December 31, 2025
Residential mortgage-backed securities			$	203,193					$	(97)					$	934,222					$	(91,528)					$	1,137,415					$	(91,625)
Commercial mortgage-backed securities			—						—						—						—						—						—
CRT securities			—						—						10,797						(451)						10,797						(451)
Total			$	203,193					$	(97)					$	945,019					$	(91,979)					$	1,148,212					$	(92,076)
December 31, 2024
U.S. Treasury securities			$	—					$	—					$	277,285					$	(2,852)					$	277,285					$	(2,852)
Residential mortgage-backed securities			1,338,801						(18,141)						1,323,180						(150,161)						2,661,981						(168,302)
Commercial mortgage-backed securities			201,432						(5,398)						—						—						201,432						(5,398)
CRT securities			—						—						11,926						(540)						11,926						(540)
Total			$	1,540,233					$	(23,539)					$	1,612,391					$	(153,553)					$	3,152,624					$	(177,092)

Summary of Unrealized and Realized Gains/(Losses) Recognized in Net Income on Equity Securities

The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:

									Year Ended December 31,
(in thousands)															2025						2024
Net gains/(losses) recognized during the period															$	1,170					$	6,619
Less: Realized net gains/(losses) recognized on securities sold															3,803						1,032
Unrealized net gains/(losses) recognized on securities still held															$	(2,633)					$	5,587

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- 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
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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