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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of available-for-sale securities reconciliation
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
AllowanceGrossGross
Amortizedfor CreditNet CarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Agency residential MBS$991,290 $— $991,290 $— $(147,135)$844,155 
Agency commercial MBS52,012 — 52,012 51 (1,181)50,882 
Agency residential CMOs794,497 — 794,497 3,756 (16,271)781,982 
Corporate debt securities276,498 (775)275,723 640 (19,415)256,948 
Private label residential CMOs286,280 — 286,280 526 (28,113)258,693 
Collateralized loan obligations205,993 — 205,993 553 (72)206,474 
Private label commercial MBS10,681 — 10,681 — (407)10,274 
Asset-backed securities13,875 — 13,875 — 13,882 
SBA securities3,635 — 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
GrossGross
AmortizedUnrealizedUnrealizedFair
Security TypeCostGainsLossesValue
 (In thousands)
Agency residential MBS$1,051,601 $— $(189,761)$861,840 
Agency commercial MBS52,610 — (1,046)51,564 
Agency residential CMOs467,319 223 (20,911)446,631 
Municipal securities602 — (8)594 
Corporate debt securities289,098 — (31,386)257,712 
Private label residential CMOs352,615 (35,712)316,910 
Collateralized loan obligations278,976 469 (29)279,416 
Private label commercial MBS13,585 — (1,213)12,372 
Asset-backed securities15,674 — (74)15,600 
SBA securities4,564 — (364)4,200 
Total (1)
$2,526,644 $699 $(280,504)$2,246,839 
_________________________
(1)    Excludes accrued interest receivable of $12.6 million at December 31, 2024 which is recorded in "Other assets" on the condensed consolidated balance sheets.
Schedule of Realized Gain (Loss)
The following table presents the amortized cost of AFS securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the periods indicated:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In thousands)
Amortized cost of securities sold$— $741,834 $— $741,834 
Gross realized losses— (59,946)— (59,946)
Unrealized losses on investment securities available-for-sale
The following tables present the gross unrealized losses and fair values of AFS securities that were in unrealized loss positions as of the dates indicated:
September 30, 2025
 Less Than 12 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$— $— $844,155 $(147,135)$844,155 $(147,135)
Agency commercial MBS4,997 (3)31,993 (1,178)36,990 (1,181)
Agency residential CMOs53,802 (181)102,342 (16,090)156,144 (16,271)
Corporate debt securities3,747 (3)230,586 (19,412)234,333 (19,415)
Private label residential CMOs— — 127,824 (28,113)127,824 (28,113)
Collateralized loan obligations28,765 (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 Months12 Months or MoreTotal
GrossGrossGross
FairUnrealizedFairUnrealizedFairUnrealized
Security TypeValueLossesValueLossesValueLosses
 (In thousands)
Agency residential MBS$— $— $861,840 $(189,761)$861,840 $(189,761)
Agency commercial MBS40,291 (87)11,273 (959)51,564 (1,046)
Agency residential CMOs273,347 (1,994)104,757 (18,917)378,104 (20,911)
Municipal securities — — 594 (8)594 (8)
Corporate debt securities15,968 (32)241,744 (31,354)257,712 (31,386)
Private label residential CMOs180,915 (1,031)129,178 (34,681)310,093 (35,712)
Collateralized loan obligations38,771 (29)— — 38,771 (29)
Private label commercial MBS— — 12,372 (1,213)12,372 (1,213)
Asset-backed securities15,600 (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 $(280,504)
Available-for-sale Investments Classified by Contractual Maturity Date
The following tables present the contractual maturities of our AFS securities portfolio based on amortized cost and fair value as of the dates indicated:
September 30, 2025
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Agency residential MBS$— $— $— $991,290 $991,290 
Agency commercial MBS— 40,100 — 11,912 52,012 
Agency residential CMOs— — 14,093 780,404 794,497 
Corporate debt securities6,750 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 $2,634,761 
September 30, 2025
Due AfterDue After
DueOne YearFive YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Fair Value:
Agency residential MBS$— $— $— $844,155 $844,155 
Agency commercial MBS— 40,134 — 10,748 50,882 
Agency residential CMOs— — 14,271 767,711 781,982 
Corporate debt securities6,750 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 
Schedule of held-to-maturity securities reconciliation
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
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,236,645 $(20)$1,236,625 $1,285 $(33,921)$1,203,989 
Agency commercial MBS445,605 — 445,605 — (20,778)424,827 
Private label commercial MBS359,091 — 359,091 — (10,467)348,624 
U.S. Treasury securities192,255 — 192,255 — (8,719)183,536 
Corporate debt securities70,756 (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
forNetGrossGross
AmortizedCreditCarryingUnrealizedUnrealizedFair
Security TypeCostLossesAmountGainsLossesValue
 (In thousands)
Municipal securities $1,251,364 $(140)$1,251,224 $35 $(54,799)$1,196,460 
Agency commercial MBS440,476 — 440,476 — (37,840)402,636 
Private label commercial MBS355,342 — 355,342 — (26,226)329,116 
U.S. Treasury securities189,985 — 189,985 — (16,702)173,283 
Corporate debt securities70,482 (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.
Debt Securities, Held-to-maturity, Credit Quality Indicator 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 TypeAAAAA+AAAA-BBBNRTotal
(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 MBS359,091 — — — — — 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 TypeAAAAA+AAAA-ABBBNRTotal
(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 MBS355,342 — — — — — — 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 $2,307,649 
Held-to-Maturity Investments Classified by Contractual Maturity Date
The following tables present the contractual maturities of our HTM securities portfolio based on amortized cost and fair value as of the date indicated:
September 30, 2025
Due AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(In thousands)
Amortized Cost:
Municipal securities$— $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 AfterDue After
Due One Year Five YearsDue
WithinThroughThroughAfter
Security TypeOne YearFive YearsTen YearsTen YearsTotal
(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 
Investment income
The following table presents the composition of our interest income on investment securities for the periods indicated:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In thousands)
Taxable interest$31,608 $28,576 $93,821 $83,241 
Non-taxable interest4,400 4,622 13,464 14,088 
Dividend income2,283 1,714 6,484 5,722 
Total interest income on investment securities$38,291 $34,912 $113,769 $103,051