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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 |
Corporate bonds | $ | 10,000 |  |  | $ | — |  |  | $ | (333) |  |  | $ | 9,667 |
Agency bond securities | 240,492 |  |  | — |  |  | (41,965) |  |  | 198,527 |
Agency mortgage-backed securities | 2,292,157 |  |  | — |  |  | (344,683) |  |  | 1,947,474 |
Municipal bonds | 29,309 |  |  | — |  |  | (6,005) |  |  | 23,304 |
Total investment securities | $ | 2,571,958 |  |  | $ | — |  |  | $ | (392,986) |  |  | $ | 2,178,972 |
December 31, 2023 |  |  |  |  |  |  |
Corporate bonds | $ | 10,000 |  |  | $ | — |  |  | $ | (374) |  |  | $ | 9,626 |
Agency bond securities | 240,447 |  |  | — |  |  | (40,217) |  |  | 200,230 |
Agency mortgage-backed securities | 2,337,411 |  |  | — |  |  | (333,901) |  |  | 2,003,510 |
Municipal bonds | 29,408 |  |  | — |  |  | (5,773) |  |  | 23,635 |
Total investment securities | $ | 2,617,266 |  |  | $ | — |  |  | $ | (380,265) |  |  | $ | 2,237,001 |
Schedule of Available-for-sale Securities, Unrealized Loss Position | As of March 31, 2024 and December 31, 2023, 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, 2024 |
Corporate bonds | $ | — |  |  | $ | — |  |  | $ | 9,667 |  |  | $ | (333) |  |  | $ | 9,667 |  |  | $ | (333) |
Agency bond securities | — |  |  | — |  |  | 198,527 |  |  | (41,965) |  |  | 198,527 |  |  | (41,965) |
Agency mortgage-backed securities | 2,219 |  |  | (1) |  |  | 1,945,250 |  |  | (344,682) |  |  | 1,947,469 |  |  | (344,683) |
Municipal bonds | — |  |  | — |  |  | 23,304 |  |  | (6,005) |  |  | 23,304 |  |  | (6,005) |
Total investment securities | $ | 2,219 |  |  | $ | (1) |  |  | $ | 2,176,748 |  |  | $ | (392,985) |  |  | $ | 2,178,967 |  |  | $ | (392,986) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | — |  |  | $ | — |  |  | $ | 9,626 |  |  | $ | (374) |  |  | $ | 9,626 |  |  | $ | (374) |
Agency bond securities | — |  |  | — |  |  | 200,230 |  |  | (40,217) |  |  | 200,230 |  |  | (40,217) |
Agency mortgage-backed securities | — |  |  | — |  |  | 2,001,270 |  |  | (333,901) |  |  | 2,001,270 |  |  | (333,901) |
Municipal bonds | — |  |  | — |  |  | 23,636 |  |  | (5,773) |  |  | 23,636 |  |  | (5,773) |
Total investment securities | $ | — |  |  | $ | — |  |  | $ | 2,234,762 |  |  | $ | (380,265) |  |  | $ | 2,234,762 |  |  | $ | (380,265) |
Schedule of Maturity Dates for Available-for-Sale Investment Securities | As of March 31, 2024, 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 | $ | 60,691 |  |  | $ | 60,117 |
Due after one year through five years | 81,268 |  |  | 72,799 |
Due after five years through ten years | 144,224 |  |  | 117,497 |
Due after ten years | 54,309 |  |  | 41,202 |
Mortgage and asset-backed securities | 2,231,466 |  |  | 1,887,357 |
Total investment securities | $ | 2,571,958 |  |  | $ | 2,178,972 |

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