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Investment Securities (Tables)

12 Months Ended

Dec. 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)
December 31, 2024
Corporate bonds			$	10,000					$	—					$	(110)					$	9,890
Agency bond securities			240,628						—						(38,132)						202,496
Agency mortgage-backed securities			2,121,037						3						(323,467)						1,797,573
Municipal bonds			29,116						—						(6,273)						22,843
Total investment securities			$	2,400,781					$	3					$	(367,982)					$	2,032,802
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 December 31, 2024 and 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)
December 31, 2024
Corporate bonds			$	—					$	—					$	9,890					$	(110)					$	9,890					$	(110)
Agency bond securities			—						—						202,496						(38,132)						202,496						(38,132)
Agency mortgage-backed securities			15,311						(937)						1,781,301						(322,530)						1,796,612						(323,467)
Municipal bonds			—						—						22,843						(6,273)						22,843						(6,273)
Total investment securities			$	15,311					$	(937)					$	2,016,530					$	(367,045)					$	2,031,841					$	(367,982)
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 December 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			$	24,273					$	24,152
Due after one year through five years			98,403						87,908
Due after five years through ten years			117,225						96,543
Due after ten years			54,116						40,888
Mortgage and asset-backed securities			2,106,764						1,783,311
Total investment securities			$	2,400,781					$	2,032,802

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- Definition

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