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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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)
June 30, 2023
Corporate bonds			$	10,000					$	—					$	(642)					$	9,358
Agency bond securities			240,358						—						(45,237)						195,121
Agency mortgage-backed securities			2,430,788						4						(374,346)						2,056,446
Municipal bonds			29,547						—						(6,059)						23,488
Total investment securities			$	2,710,693					$	4					$	(426,284)					$	2,284,413
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 June 30, 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)
June 30, 2023
Corporate bonds			$	—					$	—					$	9,358					$	(642)					$	9,358					$	(642)
Agency bond securities			—						—						195,121						(45,237)						195,121						(45,237)
Agency mortgage-backed securities			360,104						(17,449)						1,693,793						(356,897)						2,053,897						(374,346)
Municipal bonds			4,514						(486)						18,974						(5,573)						23,488						(6,059)
Total investment securities			$	364,618					$	(17,935)					$	1,917,246					$	(408,349)					$	2,281,864					$	(426,284)
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 June 30, 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			$	15,738					$	15,556
Due after one year through five years			51,135						45,765
Due after five years through ten years			174,223						140,826
Due after ten years			54,547						41,376
Mortgage and asset-backed securities			2,415,050						2,040,890
Total investment securities			$	2,710,693					$	2,284,413

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).

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