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v3.25.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |
Corporate bonds | $ | 10,000 |  |  | $ | — |  |  | $ | (30) |  |  | $ | 9,970 |
Agency bond securities | 238,184 |  |  | — |  |  | (30,208) |  |  | 207,976 |
Agency mortgage-backed securities | 2,125,665 |  |  | 12 |  |  | (262,288) |  |  | 1,863,389 |
Municipal bonds | 28,824 |  |  | — |  |  | (5,875) |  |  | 22,949 |
Total investment securities | $ | 2,402,673 |  |  | $ | 12 |  |  | $ | (298,401) |  |  | $ | 2,104,284 |
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 |
Schedule of Available-for-sale Securities, Unrealized Loss Position | As of March 31, 2025 and December 31, 2024, 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, 2025 |
Corporate bonds | $ | — |  |  | $ | — |  |  | $ | 9,970 |  |  | $ | (30) |  |  | $ | 9,970 |  |  | $ | (30) |
Agency bond securities | — |  |  | — |  |  | 169,018 |  |  | (30,208) |  |  | 169,018 |  |  | (30,208) |
Agency mortgage-backed securities | 85,489 |  |  | (292) |  |  | 1,096,475 |  |  | (261,996) |  |  | 1,181,964 |  |  | (262,288) |
Municipal bonds | — |  |  | — |  |  | 22,949 |  |  | (5,875) |  |  | 22,949 |  |  | (5,875) |
Total investment securities | $ | 85,489 |  |  | $ | (292) |  |  | $ | 1,298,412 |  |  | $ | (298,109) |  |  | $ | 1,383,901 |  |  | $ | (298,401) |
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) |
Schedule of Maturity Dates for Available-for-Sale Investment Securities | As of March 31, 2025, 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 | $ | 102,067 |  |  | $ | 102,037 |
Due after one year through five years | 86,247 |  |  | 80,042 |
Due after five years through ten years | 117,226 |  |  | 99,530 |
Due after ten years | 53,824 |  |  | 41,642 |
Mortgage and asset-backed securities | 2,043,309 |  |  | 1,781,033 |
Total investment securities | $ | 2,402,673 |  |  | $ | 2,104,284 |

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