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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments [Abstract] |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at June 30, 2024 and December 31, 2023 are summarized below.
| June 30, 2024
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Investment securities held to maturity: |  |  |  |  |  |  |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | $ | 2,668,068 |  |  | $ | — |  |  | $ | (29,997) |  |  | $ | 2,638,071 |
Total investment securities held to maturity(1) | $ | 2,668,068 |  |  | $ | — |  |  | $ | (29,997) |  |  | $ | 2,638,071 |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,177,006 |  |  | $ | 1,456 |  |  | $ | (4,167) |  |  | $ | 1,174,295 |
U.S. Government agency securities | 29,993 |  |  | — |  |  | (1,150) |  |  | 28,843 |
Mortgage-backed securities issued by U.S. Government agencies | 1,518,224 |  |  | 1,311 |  |  | (119,043) |  |  | 1,400,492 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,272,694 |  |  | 287 |  |  | (256,936) |  |  | 2,016,045 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 659,706 |  |  | — |  |  | (111,709) |  |  | 547,997 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 1,904,765 |  |  | 4,118 |  |  | (41,757) |  |  | 1,867,126 |
Corporate debt securities and other debt securities | 9,059 |  |  | — |  |  | (176) |  |  | 8,883 |
Total investment securities available for sale(2) | $ | 7,571,447 |  |  | $ | 7,172 |  |  | $ | (534,938) |  |  | $ | 7,043,681 |
| December 31, 2023
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 588,082 |  |  | $ | 9,547 |  |  | $ | — |  |  | $ | 597,629 |
U.S. Government agency securities | 29,993 |  |  | — |  |  | (1,053) |  |  | 28,940 |
Mortgage-backed securities issued by U.S. Government agencies | 1,021,612 |  |  | 2,037 |  |  | (97,985) |  |  | 925,664 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 7,523,399 |  |  | 1,192 |  |  | (1,094,212) |  |  | 6,430,379 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 692,487 |  |  | — |  |  | (104,892) |  |  | 587,595 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 1,226,672 |  |  | 18,764 |  |  | (35,653) |  |  | 1,209,783 |
Corporate debt securities and other debt securities | 9,009 |  |  | — |  |  | (337) |  |  | 8,672 |
Total investment securities available for sale(2) | $ | 11,091,254 |  |  | $ | 31,540 |  |  | $ | (1,334,132) |  |  | $ | 9,788,662 |
(1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.9 million at June 30, 2024, which is presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(687.9) million at June 30, 2024 related to the unamortized portion of unrealized losses on investment securities HTM. (2) The amounts reported exclude accrued interest receivable on investment securities AFS of $27.7 million and $26.6 million at June 30, 2024 and December 31, 2023, respectively, which is presented as a component of other assets on the consolidated balance sheets.
Schedule of Unrealized Losses on Investment Securities Available for Sale | Gross unrealized losses on investment securities AFS and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2024 and December 31, 2023 are presented below.
| June 30, 2024
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. Treasury securities | $ | 675,205 |  |  | $ | (4,167) |  |  | $ | — |  |  | $ | — |  |  | $ | 675,205 |  |  | $ | (4,167) |
U.S. Government agency securities | — |  |  | — |  |  | 28,844 |  |  | (1,150) |  |  | 28,844 |  |  | (1,150) |
Mortgage-backed securities issued by U.S. Government agencies | 441,549 |  |  | (2,310) |  |  | 673,891 |  |  | (116,733) |  |  | 1,115,440 |  |  | (119,043) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 127,603 |  |  | (3,143) |  |  | 1,837,414 |  |  | (253,793) |  |  | 1,965,017 |  |  | (256,936) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 547,997 |  |  | (111,709) |  |  | 547,997 |  |  | (111,709) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 703,158 |  |  | (4,621) |  |  | 308,126 |  |  | (37,136) |  |  | 1,011,284 |  |  | (41,757) |
Corporate debt securities and other debt securities | — |  |  | — |  |  | 8,883 |  |  | (176) |  |  | 8,883 |  |  | (176) |
Total | $ | 1,947,515 |  |  | $ | (14,241) |  |  | $ | 3,405,155 |  |  | $ | (520,697) |  |  | $ | 5,352,670 |  |  | $ | (534,938) |
| December 31, 2023
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. Government agency securities | $ | — |  |  | $ | — |  |  | $ | 28,940 |  |  | $ | (1,053) |  |  | $ | 28,940 |  |  | $ | (1,053) |
Mortgage-backed securities issued by U.S. Government agencies | 159,402 |  |  | (1,268) |  |  | 565,358 |  |  | (96,717) |  |  | 724,760 |  |  | (97,985) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 215,917 |  |  | (1,193) |  |  | 6,045,914 |  |  | (1,093,019) |  |  | 6,261,831 |  |  | (1,094,212) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 587,595 |  |  | (104,892) |  |  | 587,595 |  |  | (104,892) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 34,406 |  |  | (205) |  |  | 276,675 |  |  | (35,448) |  |  | 311,081 |  |  | (35,653) |
Corporate debt securities and other debt securities | — |  |  | — |  |  | 8,672 |  |  | (337) |  |  | 8,672 |  |  | (337) |
Total | $ | 409,725 |  |  | $ | (2,666) |  |  | $ | 7,513,154 |  |  | $ | (1,331,466) |  |  | $ | 7,922,879 |  |  | $ | (1,334,132) |
Schedule of Amortized Cost, Fair Value by Contractual Maturity of Investment Securities | The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at June 30, 2024 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
(in thousands) | Within One Year |  | 1 to 5 Years |  | 5 to 10 Years |  | More Than 10 Years |  | Total
Investment securities HTM |  |  |  |  |  |  |  |  |
Mortgage-backed securities issued by U.S. Government sponsored enterprises |  |  |  |  |  |  |  |  |
Amortized cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,668,068 |  |  | $ | 2,668,068 |
Fair value | — |  |  | — |  |  | — |  |  | 2,638,071 |  |  | 2,638,071 |
Investment securities AFS |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  |  |  |  |  |
Amortized cost | $ | 20,101 |  |  | $ | 725,093 |  |  | $ | 431,812 |  |  | $ | — |  |  | $ | 1,177,006 |
Fair value | 20,101 |  |  | 723,824 |  |  | 430,370 |  |  | — |  |  | 1,174,295 |
U.S. Government agency securities |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 29,993 |  |  | — |  |  | — |  |  | 29,993 |
Fair value | — |  |  | 28,843 |  |  | — |  |  | — |  |  | 28,843 |
Mortgage-backed securities issued by U.S. Government agencies |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 55 |  |  | 3 |  |  | 1,518,166 |  |  | 1,518,224 |
Fair value | — |  |  | 53 |  |  | 3 |  |  | 1,400,436 |  |  | 1,400,492 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | — |  |  | — |  |  | 2,272,694 |  |  | 2,272,694 |
Fair value | — |  |  | — |  |  | — |  |  | 2,016,045 |  |  | 2,016,045 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 34 |  |  | 9,314 |  |  | 650,358 |  |  | 659,706 |
Fair value | — |  |  | 33 |  |  | 8,951 |  |  | 539,013 |  |  | 547,997 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 906,290 |  |  | 981,249 |  |  | 17,226 |  |  | 1,904,765 |
Fair value | — |  |  | 891,131 |  |  | 961,318 |  |  | 14,677 |  |  | 1,867,126 |
Corporate debt securities and other debt securities |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 9,059 |  |  | — |  |  | — |  |  | 9,059 |
Fair value | — |  |  | 8,883 |  |  | — |  |  | — |  |  | 8,883 |
Schedule of Sales Transactions in the Investment Securities Available-for-Sale Portfolio | Gross gains and gross losses on sales of investment securities AFS for the three and six months ended June 30, 2024 and 2023 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Gross realized gains on sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,030 |
Gross realized losses on sales | (256,660) |  |  | — |  |  | (256,660) |  |  | — |
Investment securities gains (losses), net | $ | (256,660) |  |  | $ | — |  |  | $ | (256,660) |  |  | $ | 1,030 |

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