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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Under applicable accounting guidance, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
We determine the fair values of our financial instruments based on the fair value hierarchy established under applicable accounting guidance, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs used to measure fair value.
For more information regarding the fair value hierarchy and how we measure fair value, see Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
As of March 31, 2025 and December 31, 2024, our assets carried at fair value on a recurring basis were as follows:
Level 1Level 2Level 3Total Fair Value
March 31, 2025(In thousands)
Assets
Investment securities:
Corporate bonds$— $9,970 $— $9,970 
Agency bond securities— 207,976 — 207,976 
Agency mortgage-backed securities— 1,863,389 — 1,863,389 
Municipal bonds— 22,949 — 22,949 
Loans held for sale— — 3,594 3,594 
Total assets$— $2,104,284 $3,594 $2,107,878 
December 31, 2024
Assets
Investment securities:
Corporate bonds$— $9,890 $— $9,890 
Agency bond securities— 202,496 — 202,496 
Agency mortgage-backed securities— 1,797,573 — 1,797,573 
Municipal bonds— 22,843 — 22,843 
Loans held for sale— — 3,849 3,849 
Total assets$— $2,032,802 $3,849 $2,036,651 
We based the fair value of our fixed income securities held as of March 31, 2025 and December 31, 2024 on quoted prices in active markets for similar assets. We had no transfers between Level 1, Level 2 or Level 3 assets or liabilities during the three months ended March 31, 2025 or 2024.
A reconciliation of changes in fair value for Level 3 assets or liabilities are not considered material to these consolidated financial statements and therefore are not presented for any of the periods presented.