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Investment Securities (Tables)

3 Months Ended

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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- 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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