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Investment Securities (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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

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