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Investment Securities | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following tables set forth investment securities available-for-sale at the dates indicated:
| At December 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (In Thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |
GSE debentures | $ | 185,449 |  |  | $ | 512 |  |  | $ | 12,284 |  |  | $ | 173,677 |
GSE CMOs | 500,446 |  |  | 2,784 |  |  | 6,660 |  |  | 496,570 |
GSE MBSs | 334,476 |  |  | 3,009 |  |  | 11,740 |  |  | 325,745 |
Municipal obligations | 231,924 |  |  | 8,305 |  |  | 13 |  |  | 240,216 |
Corporate debt obligations | 39,209 |  |  | 863 |  | 49 |  |  | 40,023 |
U.S. Treasury bonds | 424,214 |  |  | 1,727 |  |  | 13,904 |  |  | 412,037 |
Foreign government obligations | 500 |  |  | — |  |  | — |  |  | 500 |
Total investment securities available-for-sale | $ | 1,716,218 |  |  | $ | 17,200 |  |  | $ | 44,650 |  |  | $ | 1,688,768 |
| At December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (In Thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |
GSE debentures | $ | 195,099 |  |  | $ | 225 |  |  | $ | 19,030 |  |  | $ | 176,294 |
GSE CMOs | 62,567 |  |  | 4 |  |  | 7,028 |  |  | 55,543 |
GSE MBSs | 166,843 |  |  | 63 |  |  | 18,621 |  |  | 148,285 |
Municipal obligations | 20,526 |  |  | 19 |  |  | 291 |  |  | 20,254 |
Corporate debt obligations | 12,140 |  |  | 225 |  |  | 78 |  |  | 12,287 |
U.S. Treasury bonds | 506,714 |  |  | 331 |  |  | 25,173 |  |  | 481,872 |
Foreign government obligations | 500 |  |  | — |  |  | 1 |  |  | 499 |
Total investment securities available-for-sale | $ | 964,389 |  |  | $ | 867 |  |  | $ | 70,222 |  |  | $ | 895,034 |
As of December 31, 2025, the fair value of all investment securities available-for-sale was $1.7 billion, with net unrealized losses of $27.5 million, compared to a fair value of $895.0 million and net unrealized losses of $69.4 million as of December 31, 2024. As of December 31, 2025, $552.9 million, or 32.7% of the portfolio, had gross unrealized losses of $44.7 million, compared to $705.3 million, or 78.8% of the portfolio, with gross unrealized losses of $70.2 million as of December 31, 2024. As of December 31, 2025 and 2024, the Company did not hold any securities as held to maturity; all securities were held as available-for-sale. Investment Securities as Collateral As of December 31, 2025 and 2024, respectively, $1.2 billion and $792.0 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits ("TT&L"); swap agreements; Federal Reserve Bank borrowings; and FHLB borrowings. The Bank did not have any outstanding Federal Reserve Bank borrowings as of December 31, 2025 and 2024. Allowance for Credit Losses-Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $7.2 million as of December 31, 2025, compared to $4.1 million as of December 31, 2024. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2025 and 2024. Assessment for Available-for-Sale Securities for Impairment Investment securities as of December 31, 2025 and 2024 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows:
| At December 31, 2025
| Less than Twelve Months |  | Twelve Months or Longer |  | Total
| Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
| (In Thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
GSE debentures | $ | 32 |  |  | $ | 1 |  |  | $ | 103,884 |  |  | $ | 12,283 |  |  | $ | 103,916 |  |  | $ | 12,284 |
GSE CMOs | 68,184 |  |  | 460 |  |  | 45,145 |  |  | 6,200 |  |  | 113,329 |  |  | 6,660 |
GSE MBSs | 79 |  |  | 1 |  |  | 114,594 |  |  | 11,739 |  |  | 114,673 |  |  | 11,740 |
Municipal obligations | 9,721 |  |  | 11 |  |  | 391 |  |  | 2 |  |  | 10,112 |  |  | 13 |
Corporate debt obligations | 4,943 |  |  | 41 |  |  | 2,666 |  |  | 8 |  |  | 7,609 |  |  | 49 |
U.S. Treasury bonds | — |  |  | — |  |  | 203,283 |  |  | 13,904 |  |  | 203,283 |  |  | 13,904 |
Foreign government obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Temporarily impaired investment securities available-for-sale | 82,959 |  |  | 514 |  |  | 469,963 |  |  | 44,136 |  |  | 552,922 |  |  | 44,650 |
Total temporarily impaired investment securities | $ | 82,959 |  |  | $ | 514 |  |  | $ | 469,963 |  |  | $ | 44,136 |  |  | $ | 552,922 |  |  | $ | 44,650 |
| At December 31, 2024
| Less than Twelve Months |  | Twelve Months or Longer |  | Total
| Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
| (In Thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
GSE debentures | $ | 30,753 |  |  | $ | 281 |  |  | $ | 107,750 |  |  | $ | 18,749 |  |  | $ | 138,503 |  |  | $ | 19,030 |
GSE CMOs | 4,664 |  |  | 107 |  |  | 50,334 |  |  | 6,921 |  |  | 54,998 |  |  | 7,028 |
GSE MBSs | 11,128 |  |  | 596 |  |  | 131,481 |  |  | 18,025 |  |  | 142,609 |  |  | 18,621 |
Municipal obligations | 3,616 |  |  | 74 |  |  | 3,568 |  |  | 217 |  |  | 7,184 |  |  | 291 |
Corporate debt obligations | — |  |  | — |  |  | 2,550 |  |  | 78 |  |  | 2,550 |  |  | 78 |
U.S. Treasury bonds | 67,290 |  |  | 285 |  |  | 291,641 |  |  | 24,888 |  |  | 358,931 |  |  | 25,173 |
Foreign government obligations | — |  |  | — |  |  | 499 |  |  | 1 |  |  | 499 |  |  | 1 |
Temporarily impaired investment securities available-for-sale | 117,451 |  |  | 1,343 |  |  | 587,823 |  |  | 68,879 |  |  | 705,274 |  |  | 70,222 |
Total temporarily impaired investment securities | $ | 117,451 |  |  | $ | 1,343 |  |  | $ | 587,823 |  |  | $ | 68,879 |  |  | $ | 705,274 |  |  | $ | 70,222 |
The Company performs regular analysis on the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers. Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a security investment is impaired and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a security is impaired and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's consolidated statement of income. Investment Securities Available-For-Sale Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of December 31, 2025. The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not impaired as of December 31, 2025. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment in future periods. U.S. Government-Sponsored Enterprises The Company invests in securities issued by GSEs, including GSE debentures, MBSs, and CMOs. GSE securities include obligations issued by the FNMA, the FHLMC, the GNMA, the FHLB and the Federal Farm Credit Bank. As of December 31, 2025, the Company held GNMA MBSs and CMOs, and SBA commercial loan asset-backed securities in its available-for-sale portfolio with an estimated fair value of $285.4 million, all of which were backed explicitly by the full faith and credit of the U.S. Government, compared to $36.9 million as of December 31, 2024. As of December 31, 2025, the Company owned 38 GSE debentures with a total fair value of $173.7 million, and a net unrealized loss of $11.8 million. As of December 31, 2024, the Company held 34 GSE debentures with a total fair value of $176.3 million, and a net unrealized loss of $18.8 million. As of December 31, 2025, 17 of the 38 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 23 of the 34 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S. Government. During the twelve months ended December 31, 2025 and 2024, the Company did not purchase any GSE debentures securities. As of December 31, 2025, the Company owned 136 GSE CMOs with a total fair value of $496.6 million and a net unrealized loss of $3.9 million. As of December 31, 2024, the Company held 59 GSE CMOs with a total fair value of $55.5 million with a net unrealized loss of $7.0 million. As of December 31, 2025, 57 of the 136 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 57 of 59 of the securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S. Government. During the twelve months ended December 31, 2025, the Company purchased $19.9 million of GSE CMOs compared to the same period in 2024, when the Company did not purchase any GSE CMOs. As of December 31, 2025, the Company owned 194 GSE MBSs with a total fair value of $325.7 million and a net unrealized loss of $8.7 million. As of December 31, 2024, the Company held 141 GSE MBSs with a total fair value of $148.3 million with a net unrealized loss of $18.6 million. As of December 31, 2025, 85 of the 194 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 92 of the 141 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S. Government. During the twelve months ended December 31, 2025, the Company did not purchase any GSE MBS securities compared to the same period in 2024, when the Company purchased $4.1 million of GSE MBS securities. Municipal Obligations The Company invests in certain state and municipal securities with high credit ratings for portfolio diversification and tax planning purposes. Full collection of the obligations is expected because the financial conditions of the issuing municipalities are sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost.. As of December 31, 2025, the Company owned 242 municipal obligation securities with a total fair value of $240.2 million and a net unrealized gain of $8.3 million. As of December 31, 2024, the Company owned 39 municipal obligation securities with a total fair value of $20.3 million and a net unrealized loss of $0.3 million. As of December 31, 2025, 12 of the 242 securities in this portfolio were in an unrealized loss position. During the twelve months ended December 31, 2025, the Company purchased $2.8 million of municipal securities compared to the same period in 2024 when the Company purchased $11.7 million of municipal securities. Corporate Obligations The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. As of December 31, 2025, the Company owned 16 corporate obligation securities with a total fair value of $40.0 million and a net unrealized gain of $0.8 million. As of December 31, 2024, the Company held 4 corporate obligation securities with a total fair value of $12.3 million and a net unrealized gain of $0.1 million. As of December 31, 2025, 2 of the 16 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 1 of the 4 securities in this portfolio was in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuers is sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. During the twelve months ended December 31, 2025 and 2024, the Company did not purchase any corporate obligations. U.S. Treasury Bonds The Company invests in securities issued by the U.S. government. As of December 31, 2025, the Company owned 54 U.S. Treasury bonds with a total fair value of $412.0 million and a net unrealized loss of $12.2 million. As of December 31, 2024, the Company owned 65 U.S. Treasury bonds with a total fair value of $481.9 million and a net unrealized loss of $24.8 million. As of December 31, 2025, 25 of the 54 securities in this portfolio were in an unrealized loss position. As of December 31, 2024, 50 of the 65 securities in this portfolio were in unrealized loss positions. During the twelve months ended December 31, 2025 the Company purchased $9.9 million U.S. Treasury bonds compared to the same period in 2024 when the Company purchased $132.7 million, of U.S. Treasury bonds. Foreign Government Obligations As of December 31, 2025 and 2024, the Company owned 1 foreign government obligation security with a fair value and amortized cost of $0.5 million. As of December 31, 2025, the security was held at par. As of December 31, 2024, the security was in an unrealized loss position. During the twelve months ended December 31, 2025 the Company repurchased the same type of foreign government obligation securities. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated:
| At December 31,
| 2025 |  | 2024
| Amortized Cost |  | Estimated Fair Value |  | Weighted Average Rate |  | Amortized Cost |  | Estimated Fair Value |  | Weighted Average Rate
| (Dollars in Thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Within 1 year | $ | 145,787 |  |  | $ | 146,092 |  |  | 3.89% |  | $ | 103,337 |  |  | $ | 102,457 |  |  | 3.22%
After 1 year through 5 years | 472,284 |  |  | 454,138 |  |  | 2.76% |  | 449,289 |  |  | 434,608 |  |  | 3.32%
After 5 years through 10 years | 246,784 |  |  | 242,931 |  |  | 3.56% |  | 207,980 |  |  | 180,370 |  |  | 1.77%
Over 10 years | 851,363 |  |  | 845,607 |  |  | 4.18% |  | 203,783 |  |  | 177,599 |  |  | 3.13%
| $ | 1,716,218 |  |  | $ | 1,688,768 |  |  | 3.69% |  | $ | 964,389 |  |  | $ | 895,034 |  |  | 2.96%
Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows. As of December 31, 2025, issuers of debt securities with an estimated fair value of $965.2 million had the right to call or prepay the obligations. Of the $965.2 million, $12.4 million matures in less then 1 year, $111.4 million matures in 1-5 years, $157.1 million matures in 6-10 years, and $684.3 million mature after ten years. As of December 31, 2024, issuers of debt securities with an estimated fair value of $118.6 million had the right to call or prepay the obligations. Of the $118.6 million,$4.8 million matures in less than 1 year, $67.4 million matures in 1-5 years, $38.9 million matures in 6-10 years, and $7.5 million matures after ten years. Security Sales The Company sold investment securities available-for-sale during the twelve months ended December 31, 2025. Proceeds from the sale of investment securities available-for-sale were $176.3 million. Securities sales executed during the twelve months ended December 31, 2025 were related to the Transaction, resulting in a restructuring of the portfolio. There was no gain or loss on the sale. During the twelve months ended December 31, 2024, the Company did not sell any investment securities available-for-sale.

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