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v3.23.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Investment Securities | Our available-for-sale investment securities were as follows:
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
| (In thousands)
March 31, 2023 |
Corporate bonds | $ | 10,000 |  |  | $ | — |  |  | $ | (657) |  |  | $ | 9,343 |
Agency bond securities | 240,315 |  |  | — |  |  | (43,626) |  |  | 196,689 |
Agency mortgage-backed securities | 2,475,406 |  |  | 6 |  |  | (335,973) |  |  | 2,139,439 |
Municipal bonds | 29,552 |  |  | — |  |  | (5,691) |  |  | 23,861 |
Total investment securities | $ | 2,755,273 |  |  | $ | 6 |  |  | $ | (385,947) |  |  | $ | 2,369,332 |
December 31, 2022 |  |  |  |  |  |  |
Corporate bonds | $ | 10,000 |  |  | $ | — |  |  | $ | (654) |  |  | $ | 9,346 |
Agency bond securities | 240,272 |  |  | — |  |  | (47,166) |  |  | 193,106 |
Agency mortgage-backed securities | 2,511,958 |  |  | 8 |  |  | (373,704) |  |  | 2,138,262 |
Municipal bonds | 29,613 |  |  | — |  |  | (6,640) |  |  | 22,973 |
Total investment securities | $ | 2,791,843 |  |  | $ | 8 |  |  | $ | (428,164) |  |  | $ | 2,363,687 |
Schedule of Available-for-sale Securities, Unrealized Loss Position | As of March 31, 2023 and December 31, 2022, the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows:
| Less than 12 months |  | 12 months or more |  | Total fair value |  | Total unrealized loss
| Fair value |  | Unrealized loss |  | Fair value |  | Unrealized loss |  |
| (In thousands)
March 31, 2023 |
Corporate bonds | $ | — |  |  | $ | — |  |  | $ | 9,343 |  |  | $ | (657) |  |  | $ | 9,343 |  |  | $ | (657) |
Agency bond securities | 9,129 |  |  | (343) |  |  | 187,559 |  |  | (43,283) |  |  | 196,688 |  |  | (43,626) |
Agency mortgage-backed securities | 599,305 |  |  | (25,615) |  |  | 1,537,565 |  |  | (310,358) |  |  | 2,136,870 |  |  | (335,973) |
Municipal bonds | 4,747 |  |  | (288) |  |  | 19,114 |  |  | (5,403) |  |  | 23,861 |  |  | (5,691) |
Total investment securities | $ | 613,181 |  |  | $ | (26,246) |  |  | $ | 1,753,581 |  |  | $ | (359,701) |  |  | $ | 2,366,762 |  |  | $ | (385,947) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | — |  |  | $ | — |  |  | $ | 9,346 |  |  | $ | (654) |  |  | $ | 9,346 |  |  | $ | (654) |
Agency bond securities | 8,972 |  |  | (457) |  |  | 184,133 |  |  | (46,709) |  |  | 193,105 |  |  | (47,166) |
Agency mortgage-backed securities | 892,068 |  |  | (67,569) |  |  | 1,243,588 |  |  | (306,135) |  |  | 2,135,656 |  |  | (373,704) |
Municipal bonds | 16,333 |  |  | (3,370) |  |  | 6,641 |  |  | (3,270) |  |  | 22,974 |  |  | (6,640) |
Total investment securities | $ | 917,373 |  |  | $ | (71,396) |  |  | $ | 1,443,708 |  |  | $ | (356,768) |  |  | $ | 2,361,081 |  |  | $ | (428,164) |
Schedule of Maturity Dates for Available-for-Sale Investment Securities | As of March 31, 2023, the contractual maturities of our available-for-sale investment securities were as follows:
| Amortized cost |  | Fair value
| (In thousands)
Due in one year or less | $ | 15,837 |  |  | $ | 15,660 |
Due after one year through five years | 51,093 |  |  | 46,045 |
Due after five years through ten years | 174,222 |  |  | 142,045 |
Due after ten years | 54,552 |  |  | 41,804 |
Mortgage and asset-backed securities | 2,459,569 |  |  | 2,123,778 |
Total investment securities | $ | 2,755,273 |  |  | $ | 2,369,332 |

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