Investment Securities

12 Months Ended

Dec. 31, 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:

	December 31, 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	$	972,161	$	—	$	972,161	$	—	$	(138,076)	$	834,085
Agency commercial MBS	52,022		—		52,022		44		(1,100)		50,966
Agency residential CMOs	883,067		—		883,067		3,857		(15,300)		871,624
Corporate debt securities	257,236		(775)		256,461		576		(15,441)		241,596
Private label residential CMOs	254,787		—		254,787		522		(26,334)		228,975
Collateralized loan obligations	200,519		—		200,519		303		—		200,822
Private label commercial MBS	9,746		—		9,746		—		(467)		9,279
Asset-backed securities	13,242		—		13,242		7		—		13,249
SBA securities	3,634		—		3,634		—		(172)		3,462
Total (1)	$	2,646,414	$	(775)	$	2,645,639	$	5,309	$	(196,890)	$	2,454,058

_________________________

(1)    Excludes accrued interest receivable of $11.4 million at December 31, 2025 which is recorded in "Other assets" on the 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 consolidated balance sheets.

See "Note 15. Fair Value Measurements" for information on fair value measurements and methodology.

As of December 31, 2025, AFS securities with a fair value of $3.5 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 securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the years indicated:

	Year Ended December 31,
Sales of Securities Available-for-Sale	2025		2024		2023
	(In thousands)
Amortized cost of securities sold	$	—	$	753,738	$	3,470,424
Gross realized gains	$	—	$	1,396	$	—
Gross realized losses	—		(61,796)		(442,413)
Net realized losses	$	—	$	(60,400)	$	(442,413)

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:

	December 31, 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	$	—	$	—	$	834,085	$	(138,076)	$	834,085	$	(138,076)
Agency commercial MBS	4,994		(6)		32,006		(1,094)		37,000		(1,100)
Agency residential CMOs	70,270		(117)		101,501		(15,183)		171,771		(15,300)
Corporate debt securities	—		—		188,545		(15,441)		188,545		(15,441)
Private label residential CMOs	19,672		(8)		127,020		(26,326)		146,692		(26,334)
Private label commercial MBS	—		—		9,279		(467)		9,279		(467)
SBA securities	—		—		3,462		(172)		3,462		(172)
Total	$	94,936	$	(131)	$	1,295,898	$	(196,759)	$	1,390,834	$	(196,890)

	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)

At December 31, 2025, the Company evaluated all securities in an unrealized loss position to determine whether any portion of the unrealized losses were attributable to credit related factors. As a result of this assessment, an allowance for credit losses of $0.8 million was recorded on one corporate debt security classified as AFS. For all other securities in unrealized loss position, the loss was attributable to changes in market interest rates and other market conditions, rather than credit deterioration of the underlying issuers. In making this determination, we considered several factors, including credit ratings and financial condition of the issuers, the seniority of the tranches, and any U.S. government agency guarantees. We do not intend to sell these securities, and it is not more likely than not that we will be required to sell them before recovery of their amortized cost basis. Therefore, no write-down to fair value through earnings was necessary. Except for the credit loss recognized above, the remaining unrealized losses continue to be recorded in accumulated other comprehensive loss within stockholders’ equity.

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:

	December 31, 2025
	Due Within		Due after One Year		Due After Five Years		Due After
Security Type	One Year		Through Five Years		Through Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:
Agency residential MBS	$	—	$	—	$	—	$	972,161	$	972,161
Agency commercial MBS	—		40,168		—		11,854		52,022
Agency residential CMOs	—		—		13,691		869,376		883,067
Corporate debt securities	10,750		47,677		198,809		—		257,236
Private label residential CMOs	—		—		—		254,787		254,787
Collateralized loan obligations	—		208		93,763		106,548		200,519
Private label commercial MBS	—		—		5,928		3,818		9,746
Asset-backed securities	—		—		—		13,242		13,242
SBA securities	—		—		3,634		—		3,634
Total	$	10,750	$	88,053	$	315,825	$	2,231,786	$	2,646,414

	December 31, 2025
	Due Within		Due after One Year		Due After Five Years		Due After
Security Type	One Year		Through Five Years		Through Ten Years		Ten Years		Total
	(In thousands)
Fair Value:
Agency residential MBS	$	—	$	—	$	—	$	834,085	$	834,085
Agency commercial MBS	—		40,193		—		10,773		50,966
Agency residential CMOs	—		—		13,792		857,832		871,624
Corporate debt securities	10,750		47,033		183,813		—		241,596
Private label residential CMOs	—		—		—		228,975		228,975
Collateralized loan obligations	—		208		93,793		106,821		200,822
Private label commercial MBS	—		—		5,638		3,641		9,279
Asset-backed securities	—		—		—		13,249		13,249
SBA securities	—		—		3,462		—		3,462
Total	$	10,750	$	87,434	$	300,498	$	2,055,376	$	2,454,058

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:

	December 31, 2025
	Amortized		Allowance for		Net Carrying		Gross Unrealized		Gross Unrealized		Fair
Security Type	Cost		Credit Losses		Amount		Gains		Losses		Value
	(In thousands)
Municipal securities	$	1,237,792	$	(20)	$	1,237,772	$	2,052	$	(20,713)	$	1,219,111
Agency commercial MBS	447,283		—		447,283		—		(19,645)		427,638
Private label commercial MBS	360,382		—		360,382		—		(9,606)		350,776
U.S. Treasury securities	193,022		—		193,022		—		(7,934)		185,088
Corporate debt securities	70,852		(675)		70,177		—		(6,264)		63,913
Total (1)	$	2,309,331	$	(695)	$	2,308,636	$	2,052	$	(64,162)	$	2,246,526

__________________________

(1)    Excludes accrued interest receivable of $13.4 million at December 31, 2025 which is recorded in "Other assets" on the consolidated balance sheets.

	December 31, 2024
	Amortized		Allowance for		Net Carrying		Gross Unrealized		Gross Unrealized		Fair
Security Type	Cost		Credit 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 consolidated balance sheets.

As of December 31, 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

The following tables present the changes by major security type in our allowance for credit losses on HTM securities for the years: indicated:

	Year Ended December 31, 2025
	Allowance for		Provision						Allowance for
	Credit Losses,		for						Credit Losses,
	Beginning		Credit						End of
Security Type	of Period		Losses		Charge-offs		Recoveries		Period
	(In thousands)
Municipal securities	$	140	$	(120)	$	—	$	—	$	20
Corporate debt securities	1,360		(685)		—		—		675
Total	$	1,500	$	(805)	$	—	$	—	$	695
	Year Ended December 31, 2024
	Allowance for		Provision						Allowance for
	Credit Losses,		for						Credit Losses,
	Beginning		Credit						End of
Security Type	of Period		Losses		Charge-offs		Recoveries		Period
	(In thousands)
Municipal securities	$	140	$	—	$	—	$	—	$	140
Corporate debt securities	1,360		—		—		—		1,360
Total	$	1,500	$	—	$	—	$	—	$	1,500

Credit losses on HTM securities are recorded at the time of purchase, acquisition, or when the Company designates securities as HTM. The allowance for credit losses on HTM securities is 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 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 allowance for credit losses based primarily on credit ratings.

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 by the lowest available credit rating as of the dates indicated:

	December 31, 2025
Security Type	AAA		AA+		AA		AA-		BBB		NR		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	567,140	$	363,823	$	220,823	$	84,302	$	1,704	$	—	$	1,237,792
Agency commercial MBS	—		447,283		—		—		—		—		447,283
Private label commercial MBS	360,382		—		—		—		—		—		360,382
U.S. Treasury securities	—		193,022		—		—		—		—		193,022
Corporate debt securities	—		—		—		—		44,646		26,206		70,852
Total	$	927,522	$	1,004,128	$	220,823	$	84,302	$	46,350	$	26,206	$	2,309,331

	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 dates indicated:

	December 31, 2025
	Due Within		Due after One Year		Due After Five Years		Due After
Security Type	One Year		Through Five Years		Through Ten Years		Ten Years		Total
	(In thousands)
Amortized Cost:
Municipal securities	$	—	$	149,636	$	380,067	$	708,089	$	1,237,792
Agency commercial MBS	—		69,306		377,977		—		447,283
Private label commercial MBS	—		—		37,304		323,078		360,382
U.S. Treasury securities	—		—		193,022		—		193,022
Corporate debt securities	—		—		53,719		17,133		70,852
Total	$	—	$	218,942	$	1,042,089	$	1,048,300	$	2,309,331

	December 31, 2025
	Due Within		Due after One Year		Due After Five Years		Due After
Security Type	One Year		Through Five Years		Through Ten Years		Ten Years		Total
	(In thousands)
Fair Value:
Municipal securities	$	—	$	148,682	$	377,094	$	693,335	$	1,219,111
Agency commercial MBS	—		67,249		360,389		—		427,638
Private label commercial MBS	—		—		36,419		314,357		350,776
U.S. Treasury securities	—		—		185,088		—		185,088
Corporate debt securities	—		—		49,395		14,518		63,913
Total	$	—	$	215,931	$	1,008,385	$	1,022,210	$	2,246,526

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.

FRB and FHLB Stock

In connection with borrowing facilities with the FRB and FHLB, the Bank owned FRB and FHLB stock carried at cost of $160.4 million and $147.8 million at December 31, 2025 and 2024. We evaluated the carrying value of our FRB and FHLB stock investment at December 31, 2025 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FRB and FHLB, repurchase activity of excess stock by the FRB and FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment.

Interest Income on Investment Securities

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

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Taxable interest	$	126,885	$	114,656	$	150,710
Non-taxable interest	17,815		18,594		19,479
Dividend income	8,626		7,544		4,807
Total interest income on investment securities	$	153,326	$	140,794	$	174,996