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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of 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 September 30, 2024 and December 31, 2023 are summarized below.

			September 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			$	2,622,457					$	105,441					$	—					$	2,727,898
Total investment securities held to maturity(1)			$	2,622,457					$	105,441					$	—					$	2,727,898
Investment securities available for sale:
U.S. Treasury securities			$	1,182,732					$	31,631					$	—					$	1,214,363
U.S. Government agency securities			29,993						—						(380)						29,613
Mortgage-backed securities issued by U.S. Government agencies			1,594,649						17,120						(86,678)						1,525,091
Mortgage-backed securities issued by U.S. Government sponsored enterprises			2,242,750						5,290						(178,671)						2,069,369
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			674,333						350						(89,295)						585,388
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			2,093,328						54,817						(26,532)						2,121,613
Corporate debt securities and other debt securities			9,085						—						(354)						8,731
Total investment securities available for sale(2)			$	7,826,870					$	109,208					$	(381,910)					$	7,554,168
			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 $5.8 million at September 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 $(668.1) million at September 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 $28.6 million and $26.6 million at September 30, 2024 and December 31, 2023, respectively, which is presented as a component of other assets on the consolidated balance sheets.

Schedule of Gross Unrealized Losses on Investment Securities AFS

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 September 30, 2024 and December 31, 2023 are presented below.

			September 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			$	—					$	—					$	—					$	—					$	—					$	—
U.S. Government agency securities			—						—						29,613						(380)						29,613						(380)
Mortgage-backed securities issued by U.S. Government agencies			40,410						(483)						621,818						(86,195)						662,228						(86,678)
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						—						1,655,295						(178,671)						1,655,295						(178,671)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						—						554,911						(89,295)						554,911						(89,295)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			—						—						283,330						(26,532)						283,330						(26,532)
Corporate debt securities and other debt securities			—						—						8,730						(354)						8,730						(354)
Total			$	40,410					$	(483)					$	3,153,697					$	(381,427)					$	3,194,107					$	(381,910)
			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 and Fair Value by Contractual Maturity of Investment Securities HTM and AFS

The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at September 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			$	—					$	—					$	—					$	2,622,457					$	2,622,457
Fair value			—						—						—						2,727,898						2,727,898
Investment securities AFS
U.S. Treasury securities
Amortized cost			$	22,741					$	774,204					$	385,787					$	—					$	1,182,732
Fair value			22,741						792,477						399,145						—						1,214,363
U.S. Government agency securities
Amortized cost			—						29,993						—						—						29,993
Fair value			—						29,613						—						—						29,613
Mortgage-backed securities issued by U.S. Government agencies
Amortized cost			—						50						3						1,594,596						1,594,649
Fair value			—						49						3						1,525,039						1,525,091
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost			—						—						—						2,242,750						2,242,750
Fair value			—						—						—						2,069,369						2,069,369
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized cost			—						27						8,890						665,416						674,333
Fair value			—						27						8,762						576,599						585,388
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized cost			—						1,065,288						1,010,913						17,127						2,093,328
Fair value			—						1,080,132						1,026,335						15,146						2,121,613
Corporate debt securities and other debt securities
Amortized cost			—						9,085						—						—						9,085
Fair value			—						8,731						—						—						8,731

Schedule of Gross Gains (Losses) on Sales of Investment Securities AFS

Gross gains and gross losses on sales of investment securities AFS for the three and nine months ended September 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 September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Gross realized gains on sales			$	—					$	—					$	—					$	1,030
Gross realized losses on sales			—						—						(256,660)						—
Investment securities gains (losses), net			$	—					$	—					$	(256,660)					$	1,030

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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-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

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