
	March 31, 2026
(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	$	62,772	$	241	$	(775)	$	62,238
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	3,678,595		22,591		(110,558)		3,590,628
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	358,829		3,187		(4,569)		357,447
Private mortgage-backed securities and collateralized mortgage obligations	91,193		235		(4,978)		86,450
CLOs	426,034		401		(2,254)		424,181
Obligations of state and political subdivisions	334,560		147		(6,024)		328,683
Other debt securities	221,475		91		(1,933)		219,633
Totals	$	5,173,458	$	26,893	$	(131,091)	$	5,069,260
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	489,268	$	—	$	(92,467)	$	396,801
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	86,887		—		(5,982)		80,905
Totals	$	576,155	$	—	$	(98,449)	$	477,706


	December 31, 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	$	54,831	$	365	$	(451)	$	54,745
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	3,681,499		41,388		(135,388)		3,587,499
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	395,165		4,636		(5,928)		393,873
Private mortgage-backed securities and collateralized mortgage obligations	131,846		561		(5,010)		127,397
CLOs	423,864		636		(512)		423,988
Obligations of state and political subdivisions	336,417		651		(2,520)		334,548
Other debt securities	242,672		421		(576)		242,517
Totals	$	5,266,294	$	48,658	$	(150,385)	$	5,164,567
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	498,931	$	—	$	(90,696)	$	408,235
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,247		—		(5,922)		81,325


Totals	$	586,178	$	—	$	(96,618)	$	489,560

During the three months ended March 31, 2026, debt securities with a fair value of $277.2 million were sold, with gross losses of $39.5 million. During the three months ended March 31, 2025, there were no sales of securities. Included in “Securities (losses) gains, net” on the Consolidated Statements of Income are decreases of $0.1 million for the three months ended March 31, 2026, and increases of $0.2 million for the three months ended March 31, 2025, 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 March 31, 2026, 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	$	—	$	—	$	6,244	$	6,269
Due after one year through five years	—		—		4,087		4,043
Due after five years through ten years	—		—		50,324		49,032
Due after ten years	—		—		336,677		331,577
	—		—		397,332		390,921

Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	489,268		396,801		3,678,595		3,590,628
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	86,887		80,905		358,829		357,447
Private mortgage-backed securities and collateralized mortgage obligations	—		—		91,193		86,450
CLOs	—		—		426,034		424,181
Other debt securities	—		—		221,475		219,633
Totals	$	576,155	$	477,706	$	5,173,458	$	5,069,260

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.


	March 31, 2026
	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	$	36,554	$	(387)	$	12,026	$	(388)	$	48,580	$	(775)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,597,196		(12,433)		449,907		(98,125)		2,047,103		(110,558)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	82,032		(164)		78,322		(4,405)		160,354		(4,569)
Private mortgage-backed securities and collateralized mortgage obligations	—		—		73,226		(4,978)		73,226		(4,978)
CLOs	341,087		(1,883)		56,600		(371)		397,687		(2,254)
Obligations of state and political subdivisions	293,912		(4,870)		5,652		(1,154)		299,564		(6,024)
Other debt securities	197,074		(1,933)		—		—		197,074		(1,933)
Totals	$	2,547,855	$	(21,670)	$	675,733	$	(109,421)	$	3,223,588	$	(131,091)
1Comprised of 490 individual securities.


	December 31, 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	$	21,846	$	(31)	$	13,932	$	(420)	$	35,778	$	(451)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	378,739		(1,625)		730,551		(133,763)		1,109,290		(135,388)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	90,765		(61)		95,090		(5,867)		185,855		(5,928)
Private mortgage-backed securities and collateralized mortgage obligations	969		(1)		76,829		(5,009)		77,798		(5,010)
CLOs	211,052		(320)		38,882		(192)		249,934		(512)
Obligations of state and political subdivisions	244,168		(1,445)		5,730		(1,075)		249,898		(2,520)
Other debt securities	132,345		(576)		—		—		132,345		(576)
Totals	$	1,079,884	$	(4,059)	$	961,014	$	(146,326)	$	2,040,898	$	(150,385)
1Comprised of 383 individual securities.

At March 31, 2026, the Company had unrealized losses of $0.8 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $48.6 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 March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had unrealized losses of $115.1 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $2.2 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 March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had $5.0 million of unrealized losses on private label residential mortgage-backed securities and collateralized mortgage obligations having a fair value of $73.2 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 March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had $2.3 million of unrealized losses in floating rate CLOs having a fair value of $397.7 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 March 31, 2026, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 38% and 24%, 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 March 31, 2026, no allowance has been recorded.

At March 31, 2026, the Company had $6.0 million of unrealized losses on municipal securities having a fair value of $299.6 million and $1.9 million of unrealized losses on other debt securities having a fair value of $197.1 million. These securities are highly rated issuances, 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 March 31, 2026, no allowance 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 March 31, 2026, no allowance has been recorded. The Company has the intent and ability to hold these securities until maturity.

Included in Other assets at March 31, 2026 and December 31, 2025 is $135.6 million 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 $23.1 million and $1.0 million, respectively, at March 31, 2026, and $24.5 million and $1.0 million, respectively, at December 31, 2025, 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 $13.9 million at March 31, 2026 and December 31, 2025, respectively.