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Investment Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investment Securities

INVESTMENT SECURITIES     

Securities Available-for-Sale

The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:

			September 30, 2025
									Allowance												Gross						Gross
			Amortized						for Credit						Net Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	991,290					$	—					$	991,290					$	—					$	(147,135)					$	844,155
Agency commercial MBS			52,012						—						52,012						51						(1,181)						50,882
Agency residential CMOs			794,497						—						794,497						3,756						(16,271)						781,982
Corporate debt securities			276,498						(775)						275,723						640						(19,415)						256,948
Private label residential CMOs			286,280						—						286,280						526						(28,113)						258,693
Collateralized loan obligations			205,993						—						205,993						553						(72)						206,474
Private label commercial MBS			10,681						—						10,681						—						(407)						10,274
Asset-backed securities			13,875						—						13,875						7						—						13,882
SBA securities			3,635						—						3,635						—						(191)						3,444
Total (1)			$	2,634,761					$	(775)					$	2,633,986					$	5,533					$	(212,785)					$	2,426,734

_________________________

(1)    Excludes accrued interest receivable of $12.2 million at September 30, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.

			December 31, 2024
																					Gross						Gross
			Amortized																		Unrealized						Unrealized						Fair
Security Type			Cost																		Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	1,051,601																	$	—					$	(189,761)					$	861,840
Agency commercial MBS			52,610																		—						(1,046)						51,564
Agency residential CMOs			467,319																		223						(20,911)						446,631
Municipal securities			602																		—						(8)						594
Corporate debt securities			289,098																		—						(31,386)						257,712
Private label residential CMOs			352,615																		7						(35,712)						316,910
Collateralized loan obligations			278,976																		469						(29)						279,416
Private label commercial MBS			13,585																		—						(1,213)						12,372
Asset-backed securities			15,674																		—						(74)						15,600
SBA securities			4,564																		—						(364)						4,200
Total (1)			$	2,526,644																	$	699					$	(280,504)					$	2,246,839

_________________________

(1)    Excludes accrued interest receivable of $12.6 million at December 31, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.

As of September 30, 2025, AFS securities with a fair value of $3.4 million were pledged as collateral solely for public deposits.

Realized Gains and Losses on Securities Available-for-Sale

The following table presents the amortized cost of AFS securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
			(In thousands)
Amortized cost of securities sold			$	—					$	741,834					$	—					$	741,834
Gross realized losses			—						(59,946)						—						(59,946)

Unrealized Losses on Securities Available-for-Sale

The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:

			September 30, 2025
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	—					$	—					$	844,155					$	(147,135)					$	844,155					$	(147,135)
Agency commercial MBS			4,997						(3)						31,993						(1,178)						36,990						(1,181)
Agency residential CMOs			53,802						(181)						102,342						(16,090)						156,144						(16,271)
Corporate debt securities			3,747						(3)						230,586						(19,412)						234,333						(19,415)
Private label residential CMOs			—						—						127,824						(28,113)						127,824						(28,113)
Collateralized loan obligations			28,765						(72)						—						—						28,765						(72)
Private label commercial MBS			—						—						10,274						(407)						10,274						(407)
SBA securities			—						—						3,444						(191)						3,444						(191)
Total			$	91,311					$	(259)					$	1,350,618					$	(212,526)					$	1,441,929					$	(212,785)

			December 31, 2024
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	—					$	—					$	861,840					$	(189,761)					$	861,840					$	(189,761)
Agency commercial MBS			40,291						(87)						11,273						(959)						51,564						(1,046)
Agency residential CMOs			273,347						(1,994)						104,757						(18,917)						378,104						(20,911)
Municipal securities			—						—						594						(8)						594						(8)
Corporate debt securities			15,968						(32)						241,744						(31,354)						257,712						(31,386)
Private label residential CMOs			180,915						(1,031)						129,178						(34,681)						310,093						(35,712)
Collateralized loan obligations			38,771						(29)						—						—						38,771						(29)
Private label commercial MBS			—						—						12,372						(1,213)						12,372						(1,213)
Asset-backed securities			15,600						(74)						—						—						15,600						(74)
SBA securities			—						—						4,200						(364)						4,200						(364)
Total			$	564,892					$	(3,247)					$	1,365,958					$	(277,257)					$	1,930,850					$	(280,504)

The securities that were in an unrealized loss position at September 30, 2025, were considered impaired and required further review to determine if the unrealized losses were credit-related. As of September 30, 2025, the Company had recorded an allowance for credit losses on AFS securities of $0.8 million on one corporate debt security. Except for the one corporate debt security noted, we concluded the unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Further, we do not currently intend to sell any of the securities in an unrealized loss position and it is not more likely than not the Company will be required to sell these securities before their anticipated recovery. As such, we recognized the unrealized losses in "Accumulated other comprehensive loss, net" of "Stockholders' equity" on the condensed consolidated balance sheets.

Contractual Maturities of Securities Available-for-Sale

The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:

			September 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Amortized Cost:
Agency residential MBS			$	—					$	—					$	—					$	991,290					$	991,290
Agency commercial MBS			—						40,100						—						11,912						52,012
Agency residential CMOs			—						—						14,093						780,404						794,497
Corporate debt securities			6,750						32,215						237,533						—						276,498
Private label residential CMOs			—						—						—						286,280						286,280
Collateralized loan obligations			—						5,674						93,763						106,556						205,993
Private label commercial MBS			—						—						472						10,209						10,681
Asset-backed securities			—						—						—						13,875						13,875
SBA securities			—						—						3,635						—						3,635
Total			$	6,750					$	77,989					$	349,496					$	2,200,526					$	2,634,761

			September 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Fair Value:
Agency residential MBS			$	—					$	—					$	—					$	844,155					$	844,155
Agency commercial MBS			—						40,134						—						10,748						50,882
Agency residential CMOs			—						—						14,271						767,711						781,982
Corporate debt securities			6,750						31,655						218,543						—						256,948
Private label residential CMOs			—						—						—						258,693						258,693
Collateralized loan obligations			—						5,677						93,794						107,003						206,474
Private label commercial MBS			—						—						466						9,808						10,274
Asset-backed securities			—						—						—						13,882						13,882
SBA securities			—						—						3,444						—						3,444
Total			$	6,750					$	77,466					$	330,518					$	2,012,000					$	2,426,734

CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.

Securities Held-to-Maturity

The following tables present amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values of HTM securities as of the dates indicated:

			September 30, 2025
									Allowance
									for						Net						Gross						Gross
			Amortized						Credit						Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Municipal securities			$	1,236,645					$	(20)					$	1,236,625					$	1,285					$	(33,921)					$	1,203,989
Agency commercial MBS			445,605						—						445,605						—						(20,778)						424,827
Private label commercial MBS			359,091						—						359,091						—						(10,467)						348,624
U.S. Treasury securities			192,255						—						192,255						—						(8,719)						183,536
Corporate debt securities			70,756						(675)						70,081						—						(7,435)						62,646
Total (1)			$	2,304,352					$	(695)					$	2,303,657					$	1,285					$	(81,320)					$	2,223,622

__________________________

(1)    Excludes accrued interest receivable of $11.2 million at September 30, 2025 which is recorded in "Other assets" on the condensed consolidated balance sheets.

			December 31, 2024
									Allowance
									for						Net						Gross						Gross
			Amortized						Credit						Carrying						Unrealized						Unrealized						Fair
Security Type			Cost						Losses						Amount						Gains						Losses						Value
			(In thousands)
Municipal securities			$	1,251,364					$	(140)					$	1,251,224					$	35					$	(54,799)					$	1,196,460
Agency commercial MBS			440,476						—						440,476						—						(37,840)						402,636
Private label commercial MBS			355,342						—						355,342						—						(26,226)						329,116
U.S. Treasury securities			189,985						—						189,985						—						(16,702)						173,283
Corporate debt securities			70,482						(1,360)						69,122						—						(13,923)						55,199
Total (1)			$	2,307,649					$	(1,500)					$	2,306,149					$	35					$	(149,490)					$	2,156,694

__________________________

(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.

As of September 30, 2025, HTM securities with an amortized cost of $2.3 billion and a fair value of $2.2 billion were pledged as collateral primarily for the FRB secured line of credit and public deposits.

Allowance for Credit Losses on Securities Held-to-Maturity

Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as held-to-maturity. Credit losses on HTM securities are representative of current expected credit losses that may be incurred over the life of the investment. Accrued interest receivable on HTM securities, which is included in "Other assets" on the condensed consolidated balance sheets, is excluded from the estimate of expected credit losses. HTM U.S. treasury securities and agency-backed MBS securities are considered to have no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The change in fair value in the HTM private label CMBS portfolio is solely driven by changes in interest rates. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates and, thus, there is no related ACL for this portfolio. The underlying bonds in the Company’s HTM municipal securities and HTM corporate debt securities portfolios are evaluated for credit losses in conjunction with management’s estimate of the ACL based primarily on credit ratings, and as of September 30, 2025, the Company had recorded an allowance for credit losses on securities held-to-maturity of $0.7 million.

Securities Held-to-Maturity by Credit Quality Indicator

The Company uses S&P, Moody's, Fitch, Kroll, and Egan Jones ratings as the credit quality indicators for its HTM securities. The following tables present our HTM securities portfolio at amortized cost by the lowest available credit rating as of the dates indicated:

			September 30, 2025
Security Type			AAA						AA+						AA						AA-																								BBB						NR						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	566,931					$	363,584					$	220,246					$	84,175																							$	1,709					$	—					$	1,236,645
Agency commercial MBS			—						445,605						—						—																								—						—						445,605
Private label commercial MBS			359,091						—						—						—																								—						—						359,091
U.S. Treasury securities			—						192,255						—						—																								—						—						192,255
Corporate debt securities			—						—						—						—																								44,609						26,147						70,756
Total			$	926,022					$	1,001,444					$	220,246					$	84,175																							$	46,318					$	26,147					$	2,304,352

			December 31, 2024
Security Type			AAA						AA+						AA						AA-												A												BBB						NR						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	571,347					$	369,072					$	218,581					$	72,952											$	1,667											$	—					$	17,745					$	1,251,364
Agency commercial MBS			—						440,476						—						—												—												—						—						440,476
Private label commercial MBS			355,342						—						—						—												—												—						—						355,342
U.S. Treasury securities			—						189,985						—						—												—												—						—						189,985
Corporate debt securities			—						—						—						—												—												44,507						25,975						70,482
Total			$	926,689					$	999,533					$	218,581					$	72,952											$	1,667											$	44,507					$	43,720					$	2,307,649

Contractual Maturities of Securities Held-to-Maturity

The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:

			September 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Amortized Cost:
Municipal securities			$	—					$	104,005					$	411,923					$	720,717					$	1,236,645
Agency commercial MBS			—						68,991						376,614						—						445,605
Private label commercial MBS			—						—						37,186						321,905						359,091
U.S. Treasury securities			—						—						192,255						—						192,255
Corporate debt securities			—						—						44,811						25,945						70,756
Total			$	—					$	172,996					$	1,062,789					$	1,068,567					$	2,304,352

			September 30, 2025
									Due After						Due After
			Due						One Year						Five Years						Due
			Within						Through						Through						After
Security Type			One Year						Five Years						Ten Years						Ten Years						Total
			(In thousands)
Fair Value:
Municipal securities			$	—					$	103,176					$	406,416					$	694,397					$	1,203,989
Agency commercial MBS			—						66,670						358,157						—						424,827
Private label commercial MBS			—						—						36,229						312,395						348,624
U.S. Treasury securities			—						—						183,536						—						183,536
Corporate debt securities			—						—						41,321						21,325						62,646
Total			$	—					$	169,846					$	1,025,659					$	1,028,117					$	2,223,622

CMBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.

Interest Income on Investment Securities

The following table presents the composition of our interest income on investment securities for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
			(In thousands)
Taxable interest			$	31,608					$	28,576					$	93,821					$	83,241
Non-taxable interest			4,400						4,622						13,464						14,088
Dividend income			2,283						1,714						6,484						5,722
Total interest income on investment securities			$	38,291					$	34,912					$	113,769					$	103,051

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The entire disclosure for investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org/325/tableOfContent

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