XML 34 R24.htm IDEA: XBRL DOCUMENT
v3.26.1

Securities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Schedule of Debt Securities, AFS and HTM | The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities AFS and HTM at June 30, 2026 and December 31, 2025 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Securities Credit Losses
At June 30, 2026 |  |  |  |  |  |  |  |  |
Debt securities AFS: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 54,631 |  |  | $ | — |  |  | $ | (2,544) |  |  | $ | 52,087 |  |  | $ | — |
State and municipal debt obligations | 135,335 |  |  | 6,937 |  |  | — |  |  | 142,272 |  |  | — |
Corporate debt securities | 144,760 |  |  | 952 |  |  | (158) |  |  | 145,554 |  |  | — |
Asset-backed securities | 461,052 |  |  | 103 |  |  | (157) |  |  | 460,998 |  |  | — |
MBS: |  |  |  |  |  |  |  |  |
Agency residential | 1,179,978 |  |  | 1,005 |  |  | (12,322) |  |  | 1,168,661 |  |  | — |
Agency commercial | 107,545 |  |  | — |  |  | (9,449) |  |  | 98,096 |  |  | — |
Total mortgage-backed securities | 1,287,523 |  |  | 1,005 |  |  | (21,771) |  |  | 1,266,757 |  |  | — |
Total excluding fair value hedge basis adjustment | 2,083,301 |  |  | 8,997 |  |  | (24,630) |  |  | 2,067,668 |  |  | — |
Fair value hedge basis adjustment (1) | (12,223) |  |  | — |  |  | 12,223 |  |  | — |  |  | — |
Total debt securities AFS | $ | 2,071,078 |  |  | $ | 8,997 |  |  | $ | (12,407) |  |  | $ | 2,067,668 |  |  | $ | — |
Debt securities HTM: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 150,074 |  |  | $ | 622 |  |  | $ | (7,155) |  |  | $ | 143,541 |  |  | $ | (20) |
Corporate debt securities | 46,007 |  |  | 227 |  |  | (398) |  |  | 45,836 |  |  | (631) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 2,520,815 |  |  | 3,134 |  |  | (49,788) |  |  | 2,474,161 |  |  | — |
Agency commercial | 144,905 |  |  | 275 |  |  | (6,227) |  |  | 138,953 |  |  | — |
Non-agency commercial | 1,058 |  |  | — |  |  | (83) |  |  | 975 |  |  | (12) |
Total mortgage-backed securities | 2,666,778 |  |  | 3,409 |  |  | (56,098) |  |  | 2,614,089 |  |  | (12) |
Total debt securities HTM | $ | 2,862,859 |  |  | $ | 4,258 |  |  | $ | (63,651) |  |  | $ | 2,803,466 |  |  | $ | (663) |
Total debt securities | $ | 4,933,937 |  |  | $ | 13,255 |  |  | $ | (76,058) |  |  | $ | 4,871,134 |  |  | $ | (663) |
At December 31, 2025 |  |  |  |  |  |  |  |  |
Debt securities AFS: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 54,607 |  |  | $ | — |  |  | $ | (2,666) |  |  | $ | 51,941 |  |  | $ | — |
State, municipal and sovereign debt obligations | 75,776 |  |  | 7,359 |  |  | — |  |  | 83,135 |  |  | — |
Corporate debt securities | 27,947 |  |  | 575 |  |  | (298) |  |  | 28,224 |  |  | — |
Asset-backed securities | 114,595 |  |  | 60 |  |  | (161) |  |  | 114,494 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 857,079 |  |  | 1,773 |  |  | (3,830) |  |  | 855,022 |  |  | — |
Agency commercial | 108,070 |  |  | 2 |  |  | (9,061) |  |  | 99,011 |  |  | — |
Total mortgage-backed securities | 965,149 |  |  | 1,775 |  |  | (12,891) |  |  | 954,033 |  |  | — |
Total excluding fair value hedge basis adjustment | 1,238,074 |  |  | 9,769 |  |  | (16,016) |  |  | 1,231,827 |  |  | — |
Fair value hedge basis adjustment (1) | (4,038) |  |  | — |  |  | 4,038 |  |  | — |  |  | — |
Total debt securities AFS | $ | 1,234,036 |  |  | $ | 9,769 |  |  | $ | (11,978) |  |  | $ | 1,231,827 |  |  | $ | — |
Debt securities HTM: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 165,267 |  |  | $ | 434 |  |  | $ | (8,518) |  |  | $ | 157,183 |  |  | $ | (22) |
Corporate debt securities | 48,986 |  |  | 251 |  |  | (692) |  |  | 48,545 |  |  | (772) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 589,078 |  |  | 1,788 |  |  | (44,521) |  |  | 546,345 |  |  | — |
Agency commercial | 77,517 |  |  | 8 |  |  | (5,256) |  |  | 72,269 |  |  | — |
Non-agency commercial | 1,531 |  |  | — |  |  | (83) |  |  | 1,448 |  |  | (17) |
Total mortgage-backed securities | 668,126 |  |  | 1,796 |  |  | (49,860) |  |  | 620,062 |  |  | (17) |
Total debt securities HTM | $ | 882,379 |  |  | $ | 2,481 |  |  | $ | (59,070) |  |  | $ | 825,790 |  |  | $ | (811) |
Total debt securities | $ | 2,116,415 |  |  | $ | 12,250 |  |  | $ | (71,048) |  |  | $ | 2,057,617 |  |  | $ | (811) |
(1)Refer to Note 9, Derivatives and Hedging Activities for additional information.
Schedule of Allowance for Credit Losses for HTM | The following table presents the activity in the allowance for credit losses for debt securities HTM for the three and six months ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (754) |  |  | $ | (898) |  |  | $ | (811) |  |  | $ | (967) |
Benefit for credit losses | 91 |  |  | 89 |  |  | 148 |  |  | 158 |
Total ending allowance balance | $ | (663) |  |  | $ | (809) |  |  | $ | (663) |  |  | $ | (809) |
Schedule of Amortized Cost of Debt Securities HTM, Aggregated by Credit Quality Indicator | Under this approach, the amortized cost of debt securities HTM at June 30, 2026, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of June 30, 2026 |  |  |  |  |
State and municipal debt obligations | $ | 150,074 |  |  | $ | — |  |  | $ | 150,074 |
Corporate debt securities | 32,601 |  |  | 13,406 |  |  | 46,007 |
Non-agency commercial MBS | 1,058 |  |  | — |  |  | 1,058 |
Total debt securities held-to-maturity | $ | 183,733 |  |  | $ | 13,406 |  |  | $ | 197,139 |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities at June 30, 2026 by contractual maturity are shown below (in thousands):
June 30, 2026 | Amortized Cost (1) |  | Estimated Fair Value
Less than one year | $ | 64,385 |  |  | $ | 63,625 |
Due after one year through five years | 108,490 |  |  | 104,690 |
Due after five years through ten years | 215,288 |  |  | 215,267 |
Due after ten years | 603,696 |  |  | 606,706 |
| $ | 991,859 |  |  | $ | 990,288 |
(1)The amortized cost of AFS securities excludes the portfolio layer fair value hedge basis adjustments of $12.2 million at June 30, 2026.
Schedule of Estimated Fair Value and Unrealized Losses for Debt Securities AFS and HTM | The estimated fair value and unrealized losses for debt securities AFS and HTM at June 30, 2026 and December 31, 2025, segregated by the duration of the unrealized losses, are as follows (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total
| Estimated Fair Value |  | Unrealized Losses (1) |  | Estimated Fair Value |  | Unrealized Losses (1) |  | Estimated Fair Value |  | Unrealized Losses (1)
At June 30, 2026 |  |  |  |  |  |  |  |  |  |  |
Debt securities AFS: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | — |  |  | $ | — |  |  | $ | 52,087 |  |  | $ | (2,544) |  |  | $ | 52,087 |  |  | $ | (2,544) |
Corporate debt securities | 48,005 |  |  | (150) |  |  | 993 |  |  | (8) |  |  | 48,998 |  |  | (158) |
Asset-backed securities | 243,820 |  |  | (157) |  |  | — |  |  | — |  |  | 243,820 |  |  | (157) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 730,312 |  |  | (12,322) |  |  | — |  |  | — |  |  | 730,312 |  |  | (12,322) |
Agency commercial | 485 |  |  | (3) |  |  | 97,611 |  |  | (9,446) |  |  | 98,096 |  |  | (9,449) |
Total MBS | 730,797 |  |  | (12,325) |  |  | 97,611 |  |  | (9,446) |  |  | 828,408 |  |  | (21,771) |
Total debt securities AFS | 1,022,622 |  |  | (12,632) |  |  | 150,691 |  |  | (11,998) |  |  | 1,173,313 |  |  | (24,630) |
Debt securities HTM: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 4,911 |  |  | (59) |  |  | 125,489 |  |  | (7,096) |  |  | 130,400 |  |  | (7,155) |
Corporate debt securities | 992 |  |  | (1) |  |  | 15,768 |  |  | (397) |  |  | 16,760 |  |  | (398) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 1,089,549 |  |  | (3,555) |  |  | 348,410 |  |  | (46,233) |  |  | 1,437,959 |  |  | (49,788) |
Agency commercial | 34,016 |  |  | (116) |  |  | 66,317 |  |  | (6,111) |  |  | 100,333 |  |  | (6,227) |
Non-agency commercial | — |  |  | — |  |  | 975 |  |  | (83) |  |  | 975 |  |  | (83) |
Total MBS | 1,123,565 |  |  | (3,671) |  |  | 415,702 |  |  | (52,427) |  |  | 1,539,267 |  |  | (56,098) |
Total debt securities HTM | 1,129,468 |  |  | (3,731) |  |  | 556,959 |  |  | (59,920) |  |  | 1,686,427 |  |  | (63,651) |
Total debt securities | $ | 2,152,090 |  |  | $ | (16,363) |  |  | $ | 707,650 |  |  | $ | (71,918) |  |  | $ | 2,859,740 |  |  | $ | (88,281) |
At December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Debt securities AFS: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | — |  |  | $ | — |  |  | $ | 51,941 |  |  | $ | (2,666) |  |  | $ | 51,941 |  |  | $ | (2,666) |
Corporate debt securities | 4,712 |  |  | (97) |  |  | 3,798 |  |  | (201) |  |  | 8,510 |  |  | (298) |
Asset-backed securities | 68,805 |  |  | (161) |  |  | — |  |  | — |  |  | 68,805 |  |  | (161) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 498,047 |  |  | (3,771) |  |  | 21,547 |  |  | (59) |  |  | 519,594 |  |  | (3,830) |
Agency commercial | — |  |  | — |  |  | 98,518 |  |  | (9,061) |  |  | 98,518 |  |  | (9,061) |
Total MBS | 498,047 |  |  | (3,771) |  |  | 120,065 |  |  | (9,120) |  |  | 618,112 |  |  | (12,891) |
Total debt securities AFS | 571,564 |  |  | (4,029) |  |  | 175,804 |  |  | (11,987) |  |  | 747,368 |  |  | (16,016) |
Debt securities HTM: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 245 |  |  | — |  |  | 138,624 |  |  | (8,518) |  |  | 138,869 |  |  | (8,518) |
Corporate debt securities | 4,458 |  |  | (241) |  |  | 14,295 |  |  | (451) |  |  | 18,753 |  |  | (692) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 23,548 |  |  | (72) |  |  | 425,748 |  |  | (44,449) |  |  | 449,296 |  |  | (44,521) |
Agency commercial | — |  |  | — |  |  | 71,509 |  |  | (5,256) |  |  | 71,509 |  |  | (5,256) |
Non-agency commercial | 459 |  |  | (1) |  |  | 989 |  |  | (82) |  |  | 1,448 |  |  | (83) |
Total MBS | 24,007 |  |  | (73) |  |  | 498,246 |  |  | (49,787) |  |  | 522,253 |  |  | (49,860) |
Total debt securities HTM | 28,710 |  |  | (314) |  |  | 651,165 |  |  | (58,756) |  |  | 679,875 |  |  | (59,070) |
Total debt securities | $ | 600,274 |  |  | $ | (4,343) |  |  | $ | 826,969 |  |  | $ | (70,743) |  |  | $ | 1,427,243 |  |  | $ | (75,086) |
(1)The unrealized losses of AFS securities excludes the portfolio layer fair value hedge basis adjustments of $12.2 million and $4.0 million at June 30, 2026 and December 31, 2025, respectively.
Schedule of Realized and Unrealized Gains or Losses on Equity Securities | The realized and unrealized gains or losses on equity securities for the three and six months ended June 30, 2026 and 2025 are shown in the table below (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Net (loss) gain on equity investments | $ | (347) |  |  | $ | 488 |  |  | $ | (701) |  |  | $ | 693 |
Less: Net loss recognized on equity investments sold | (455) |  |  | — |  |  | (455) |  |  | — |
Unrealized gains (losses) recognized on equity investments still held | $ | 108 |  |  | $ | 488 |  |  | $ | (246) |  |  | $ | 693 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityCreditQualityIndicatorTableTextBlock
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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B + 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