XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.25.3

Investment Securities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2025 and December 31, 2024 are summarized below.
| September 30, 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 | $ | 2,450,885 |  |  | $ | 15,380 |  |  | $ | — |  |  | $ | 2,466,265 |
Total investment securities held to maturity(1) | $ | 2,450,885 |  |  | $ | 15,380 |  |  | $ | — |  |  | $ | 2,466,265 |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,200,313 |  |  | $ | 20,841 |  |  | $ | — |  |  | $ | 1,221,154 |
U.S. Government agency securities | 29,995 |  |  | — |  |  | (138) |  |  | 29,857 |
Mortgage-backed securities issued by U.S. Government agencies | 1,504,894 |  |  | 13,884 |  |  | (89,072) |  |  | 1,429,706 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,177,658 |  |  | 5,172 |  |  | (176,679) |  |  | 2,006,151 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 603,527 |  |  | — |  |  | (84,328) |  |  | 519,199 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 2,337,343 |  |  | 44,194 |  |  | (21,327) |  |  | 2,360,210 |
Corporate debt securities and other debt securities | 9,185 |  |  | 6 |  |  | — |  |  | 9,191 |
Total investment securities available for sale(2) | $ | 7,862,915 |  |  | $ | 84,097 |  |  | $ | (371,544) |  |  | $ | 7,575,468 |
| 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 $5.4 million and $5.7 million at September 30, 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 $(594.5) million and $(649.7) million at September 30, 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 $29.4 million and $29.5 million at September 30, 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 September 30, 2025 and December 31, 2024 are presented below.
| September 30, 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 | $ | — |  |  | $ | — |  |  | $ | 29,857 |  |  | $ | (138) |  |  | $ | 29,857 |  |  | $ | (138) |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | — |  |  | 611,363 |  |  | (89,072) |  |  | 611,363 |  |  | (89,072) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | — |  |  | 1,600,160 |  |  | (176,679) |  |  | 1,600,160 |  |  | (176,679) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 28,151 |  |  | (176) |  |  | 491,047 |  |  | (84,152) |  |  | 519,198 |  |  | (84,328) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 352,978 |  |  | (21,327) |  |  | 352,978 |  |  | (21,327) |
Total | $ | 28,151 |  |  | $ | (176) |  |  | $ | 3,085,405 |  |  | $ | (371,368) |  |  | $ | 3,113,556 |  |  | $ | (371,544) |
| 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 September 30, 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.
| September 30, 2025
(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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,450,885 |  |  | $ | 2,450,885 |
Fair value | — |  |  | — |  |  | — |  |  | 2,466,265 |  |  | 2,466,265 |
Investment securities AFS |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  |  |  |  |  |
Amortized cost | $ | 211,755 |  |  | $ | 909,695 |  |  | $ | 78,863 |  |  | $ | — |  |  | $ | 1,200,313 |
Fair value | 212,743 |  |  | 927,008 |  |  | 81,403 |  |  | — |  |  | 1,221,154 |
U.S. Government agency securities |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 29,995 |  |  | — |  |  | — |  |  | 29,995 |
Fair value | — |  |  | 29,857 |  |  | — |  |  | — |  |  | 29,857 |
Mortgage-backed securities issued by U.S. Government agencies |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 29 |  |  | 2 |  |  | 1,504,863 |  |  | 1,504,894 |
Fair value | — |  |  | 28 |  |  | 2 |  |  | 1,429,676 |  |  | 1,429,706 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | — |  |  | — |  |  | 2,177,658 |  |  | 2,177,658 |
Fair value | — |  |  | — |  |  | — |  |  | 2,006,151 |  |  | 2,006,151 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 7 |  |  | 7,324 |  |  | 596,196 |  |  | 603,527 |
Fair value | — |  |  | 7 |  |  | 7,225 |  |  | 511,967 |  |  | 519,199 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises |  |  |  |  |  |  |  |  |
Amortized cost | 54,439 |  |  | 1,495,206 |  |  | 770,975 |  |  | 16,723 |  |  | 2,337,343 |
Fair value | 53,261 |  |  | 1,509,841 |  |  | 782,568 |  |  | 14,540 |  |  | 2,360,210 |
Corporate debt securities and other debt securities |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 9,185 |  |  | — |  |  | — |  |  | 9,185 |
Fair value | — |  |  | 9,191 |  |  | — |  |  | — |  |  | 9,191 |
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 three and nine months ended September 30, 2025 and 2024 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Gross realized gains on sales | $ | 1,742 |  |  | $ | — |  |  | $ | 1,742 |  |  | $ | — |
Gross realized losses on sales | — |  |  | — |  |  | — |  |  | (256,660) |
Investment securities gains (losses), net | $ | 1,742 |  |  | $ | — |  |  | $ | 1,742 |  |  | $ | (256,660) |

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 realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
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