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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)

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- 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
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Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
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-Name Accounting Standards Codification
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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
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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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