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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at December 31, 2024 and 2023 are summarized below.

						December 31, 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						$	2,581,469					$	—					$	(56,944)					$	2,524,525
Total investment securities held to maturity(1)						$	2,581,469					$	—					$	(56,944)					$	2,524,525
Investment securities available for sale:
U.S. Treasury securities						$	1,214,363					$	3,203					$	(4,824)					$	1,212,742
U.S. Government agency securities						29,993						—						(830)						29,163
Mortgage-backed securities issued by U.S. Government agencies						1,583,331						848						(121,389)						1,462,790
Mortgage-backed securities issued by U.S. Government sponsored enterprises						2,294,700						250						(260,915)						2,034,035
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						657,453						—						(107,252)						550,201
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						2,290,968						4,724						(42,576)						2,253,116
Corporate debt securities and other debt securities						9,110						—						(139)						8,971
Total investment securities available for sale(2)						$	8,079,918					$	9,025					$	(537,925)					$	7,551,018
						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 $5.7 million at December 31, 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 $(649.7) million at December 31, 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 $29.5 million and $26.6 million at December 31, 2024 and 2023, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.

Schedule of Gross Unrealized Losses on Investment Securities and the Fair Value of the Related Securities

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 December 31, 2024 and 2023 are presented below.

						December 31, 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						$	716,367					$	(4,824)					$	—					$	—					$	716,367					$	(4,824)
U.S. Government agency securities						—						—						29,163						(830)						29,163						(830)
Mortgage-backed securities issued by U.S. Government agencies						716,268						(8,431)						577,468						(112,958)						1,293,736						(121,389)
Mortgage-backed securities issued by U.S. Government sponsored enterprises						456,887						(12,503)						1,542,618						(248,412)						1,999,505						(260,915)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises						29,040						(820)						521,161						(106,432)						550,201						(107,252)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises						1,060,903						(10,624)						276,850						(31,952)						1,337,753						(42,576)
Corporate debt securities and other debt securities						—						—						8,971						(139)						8,971						(139)
Total						$	2,979,465					$	(37,202)					$	2,956,231					$	(500,723)					$	5,935,696					$	(537,925)
						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 Available for Sale

The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at December 31, 2024 are shown below. The expected life of MBSs and 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.

			December 31, 2024
(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			$	—					$	—					$	—					$	2,581,469					$	2,581,469
Fair value			—						—						—						2,524,525						2,524,525
Investment securities AFS
U.S. Treasury securities
Amortized cost			$	52,316					$	824,797					$	337,250					$	—					$	1,214,363
Fair value			52,500						825,478						334,764						—						1,212,742
U.S. Government agency securities
Amortized cost			—						29,993						—						—						29,993
Fair value			—						29,163						—						—						29,163
Mortgage-backed securities issued by U.S. Government agencies
Amortized cost			—						45						3						1,583,283						1,583,331
Fair value			—						44						3						1,462,743						1,462,790
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost			—						—						—						2,294,700						2,294,700
Fair value			—						—						—						2,034,035						2,034,035
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized cost			—						21						8,511						648,921						657,453
Fair value			—						21						8,228						541,952						550,201
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized cost			—						1,256,041						1,017,900						17,027						2,290,968
Fair value			—						1,244,187						994,408						14,521						2,253,116
Corporate debt securities and other debt securities
Amortized cost			—						9,110						—						—						9,110
Fair value			—						8,971						—						—						8,971

Schedule of Gross Gains and Gross Losses on Sales of Securities Available for Sale

Gross gains and gross losses on sales of investment securities AFS for the years ended December 31, 2024, 2023, and 2022 are presented below.

(in thousands)						2024						2023						2022
Gross realized gains on sales						$	—					$	5,141					$	—
Gross realized losses on sales						(256,660)						(81,859)						—
Investment securities gains (losses), net						$	(256,660)					$	(76,718)					$	—

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