
	June 30, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	25,237	$	219	$	(377)	$	25,079
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	2,338,389		12,783		(157,623)		2,193,549
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	272,432		3,760		(7,140)		269,052
Private mortgage-backed securities and collateralized mortgage obligations	113,420		281		(6,289)		107,412
CLOs	257,962		540		(597)		257,905
Obligations of state and political subdivisions	7,141		—		(1,400)		5,741
Other debt securities	7,389		58		—		7,447
Totals	$	3,021,970	$	17,641	$	(173,426)	$	2,866,185
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	525,437	$	—	$	(102,879)	$	422,558
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,875		—		(7,246)		80,629
Totals	$	613,312	$	—	$	(110,125)	$	503,187


	December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	28,233	$	29	$	(522)	$	27,740
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,777,274		1,237		(190,536)		1,587,975
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	206,537		1,195		(10,283)		197,449
Private mortgage-backed securities and collateralized mortgage obligations	129,475		149		(8,382)		121,242
CLOs	278,342		788		(166)		278,964
Obligations of state and political subdivisions	7,139		—		(1,449)		5,690
Other debt securities	7,389		94		—		7,483
Totals	$	2,434,389	$	3,492	$	(211,338)	$	2,226,543
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	546,444	$	—	$	(117,620)	$	428,824
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	88,742		—		(9,972)		78,770


Totals	$	635,186	$	—	$	(127,592)	$	507,594

During the three months ended June 30, 2025 and June 30, 2024, there were no sales of securities. During the six months ended June 30, 2025, there were no sales of securities. During the six months ended June 30, 2024, debt securities with a fair value of $86.8 million were sold, with gross losses of $3.8 million. Included in “Securities gains (losses), net” are increases of $39 thousand and $0.2 million, respectively, for the three and six months ended June 30, 2025, and decreases of $44 thousand and $0.2 million, respectively, for the three and six months ended June 30, 2024 in the value of investments in mutual funds that invest in CRA-qualified debt securities.

The amortized cost and fair value of securities HTM and AFS as of June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	103	$	101
Due after one year through five years	—		—		6,085		6,101
Due after five years through ten years	—		—		9,584		9,708
Due after ten years	—		—		16,606		14,910
	—		—		32,378		30,820

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	525,437		422,558		2,338,389		2,193,549
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,875		80,629		272,432		269,052
Private mortgage-backed securities and collateralized mortgage obligations	—		—		113,420		107,412
CLOs	—		—		257,962		257,905
Other debt securities	—		—		7,389		7,447
Totals	$	613,312	$	503,187	$	3,021,970	$	2,866,185

The estimated fair value of a security is determined based on market quotations, when available, or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.


	June 30, 2025
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	373	$	(1)	$	15,491	$	(376)	$	15,864	$	(377)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	362,289		(4,647)		711,043		(152,976)		1,073,332		(157,623)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	—		—		94,901		(7,140)		94,901		(7,140)
Private mortgage-backed securities and collateralized mortgage obligations	—		—		89,909		(6,289)		89,909		(6,289)
CLOs	108,779		(564)		7,427		(33)		116,206		(597)
Obligations of state and political subdivisions	329		(7)		5,412		(1,393)		5,741		(1,400)

Totals	$	471,770	$	(5,219)	$	924,183	$	(168,207)	$	1,395,953	$	(173,426)
1Comprised of 362 individual securities.


	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	4,825	$	(13)	$	18,060	$	(509)	$	22,885	$	(522)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	648,967		(7,578)		739,363		(182,958)		1,388,330		(190,536)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	13,200		(222)		107,041		(10,061)		120,241		(10,283)
Private mortgage-backed securities and collateralized mortgage obligations	7,178		(16)		101,242		(8,366)		108,420		(8,382)
CLOs	43,410		(152)		7,596		(14)		51,006		(166)
Obligations of state and political subdivisions	319		(15)		5,371		(1,434)		5,690		(1,449)

Totals	$	717,899	$	(7,996)	$	978,673	$	(203,342)	$	1,696,572	$	(211,338)
1Comprised of 377 individual securities.

At June 30, 2025, the Company had unrealized losses of $0.4 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $15.9 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had unrealized losses of $164.8 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.2 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $6.3 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $89.9 million. The securities have weighted-average credit support of 22%. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $0.6 million of unrealized losses in floating rate CLOs having a fair value of $116.2 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of June 30, 2025, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 37% and 26%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $1.4 million of unrealized losses on municipal securities having a fair value of $5.7 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of June 30, 2025, no allowance for credit losses has been recorded.

All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of June 30, 2025, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity.

Included in Other Assets at June 30, 2025 and December 31, 2024 is $100.2 million and $77.3 million, respectively, of FHLB and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $11.5 million and $1.0 million, respectively, at June 30, 2025, and $9.2 million and $1.0 million, respectively, at December 31, 2024, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.8 million and $13.5 million at June 30, 2025 and December 31, 2024, respectively.