XML 33 R22.htm IDEA: XBRL DOCUMENT v3.25.1

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 are summarized below.

			March 31, 2025
(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			$	2,546,741					$	52					$	(12,578)					$	2,534,215
Total investment securities held to maturity(1)			$	2,546,741					$	52					$	(12,578)					$	2,534,215
Investment securities available for sale:
U.S. Treasury securities			$	1,217,554					$	14,003					$	—					$	1,231,557
U.S. Government agency securities			29,993						—						(517)						29,476
Mortgage-backed securities issued by U.S. Government agencies			1,593,281						6,348						(103,826)						1,495,803
Mortgage-backed securities issued by U.S. Government sponsored enterprises			2,301,431						1,599						(217,562)						2,085,468
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			642,213						—						(94,843)						547,370
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			2,442,589						27,734						(28,625)						2,441,698
Corporate debt securities and other debt securities			9,135						—						(122)						9,013
Total investment securities available for sale(2)			$	8,236,196					$	49,684					$	(445,495)					$	7,840,385
			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

(1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.6 million and $5.7 million at March 31, 2025 and December 31, 2024, respectively, which are presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(633.2) million and $(649.7) million at March 31, 2025 and December 31, 2024, respectively, 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 $30.8 million and $29.5 million at March 31, 2025 and December 31, 2024, respectively, which are 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 March 31, 2025 and December 31, 2024 are presented below.

			March 31, 2025
			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			$	—					$	—					$	29,476					$	(517)					$	29,476					$	(517)
Mortgage-backed securities issued by U.S. Government agencies			314,940						(3,429)						575,753						(100,397)						890,693						(103,826)
Mortgage-backed securities issued by U.S. Government sponsored enterprises			424,256						(5,563)						1,541,043						(211,999)						1,965,299						(217,562)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			29,426						(190)						517,944						(94,653)						547,370						(94,843)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			266,522						(1,781)						281,188						(26,844)						547,710						(28,625)
Corporate debt securities and other debt securities			—						—						9,013						(122)						9,013						(122)
Total			$	1,035,144					$	(10,963)					$	2,954,417					$	(434,532)					$	3,989,561					$	(445,495)
			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)

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 March 31, 2025 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			$	—					$	—					$	—					$	2,546,741					$	2,546,741
Fair value			—						—						—						2,534,215						2,534,215
Investment securities AFS
U.S. Treasury securities
Amortized cost			$	101,250					$	827,377					$	288,927					$	—					$	1,217,554
Fair value			101,724						836,868						292,965						—						1,231,557
U.S. Government agency securities
Amortized cost			—						29,993						—						—						29,993
Fair value			—						29,476						—						—						29,476
Mortgage-backed securities issued by U.S. Government agencies
Amortized cost			—						39						3						1,593,239						1,593,281
Fair value			—						39						3						1,495,761						1,495,803
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost			—						—						—						2,301,431						2,301,431
Fair value			—						—						—						2,085,468						2,085,468
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized cost			—						16						8,219						633,978						642,213
Fair value			—						15						8,029						539,326						547,370
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized cost			9,605						1,443,431						972,627						16,926						2,442,589
Fair value			9,468						1,440,969						976,594						14,667						2,441,698
Corporate debt securities and other debt securities
Amortized cost			—						9,135						—						—						9,135
Fair value			—						9,013						—						—						9,013

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-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

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration