v3.25.2
Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Marketable Securities [Abstract]  
Trading Securities, [Table Text Block]
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 June 30, 2025December 31, 2024
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$997 $2 $21,275 $(60)
Residential agency mortgage-backed securities
5,450,517 33,768 4,792,695 (37,439)
Municipal securities64,653 88 62,230 (566)
Other trading securities43,250 299 22,890 33 
Total trading securities$5,559,417 $34,157 $4,899,090 $(38,032)
Investment Securities (Held-to-Maturity) [Table Text Block]
The amortized cost and fair values of investment securities are as follows (in thousands):
 June 30, 2025
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$91,243 $91,243 $93,080 $2,012 $(175)
Mortgage-backed securities:
Residential agency1,872,778 1,773,725 1,626,429 88 (147,384)
Commercial agency17,257 16,368 15,878 — (490)
Other debt securities16,038 16,038 15,048 — (990)
Total investment securities1,997,316 1,897,374 1,750,435 2,100 (149,039)
Allowance for credit losses(196)(196)— — — 
Investment securities, net of allowance$1,997,120 $1,897,178 $1,750,435 $2,100 $(149,039)
1    Carrying value includes $100 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.
 December 31, 2024
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$104,467 $104,467 $106,489 $2,370 $(348)
Mortgage-backed securities:
Residential agency1,998,017 1,880,473 1,680,800 81 (199,754)
Commercial agency17,257 16,220 15,357 — (863)
Other debt securities16,288 16,288 15,283 — (1,005)
Total investment securities2,136,029 2,017,448 1,817,929 2,451 (201,970)
Allowance for credit losses(223)(223)— — — 
Investment securities, net of allowance$2,135,806 $2,017,225 $1,817,929 $2,451 $(201,970)
1    Carrying value includes $119 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.
The amortized cost and fair values of investment securities at June 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:     
Carrying value$47,921 $61,217 $14,498 $13 $123,649 2.44 
Fair value49,239 61,299 13,455 13 124,006  
Residential mortgage-backed securities:      
Carrying value2
    $1,773,725 
Fair value    1,626,429  
Total investment securities:      
Carrying value    $1,897,374  
Fair value    1,750,435  
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.4 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(Dollars in thousands):
June 30, 2025
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities10 $5,073 $9 $6,622 $166 $11,695 $175 
Mortgage-backed securities:
Residential agency116 — — 1,625,562 147,384 1,625,562 147,384 
Commercial agency2 — — 15,878 490 15,878 490 
Other debt securities2 — — 9,035 990 9,035 990 
Total investment securities130 $5,073 $9 $1,657,097 $149,030 $1,662,170 $149,039 

December 31, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities20 $14,485 $65 $7,107 $283 $21,592 $348 
Mortgage-backed securities:
Residential agency116 — — 1,679,889 199,754 1,679,889 199,754 
Commercial agency2 — — 15,357 863 15,357 863 
Other debt securities3 — — 9,271 1,005 9,271 1,005 
Total investment securities141 $14,485 $65 $1,711,624 $201,905 $1,726,109 $201,970 
Available For Sale Securities [Table Text Block]
The amortized cost and fair value of available-for-sale securities are as follows (in thousands):
 June 30, 2025
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $964 $— $(36)
Municipal securities218,408 208,350 — (10,058)
Mortgage-backed securities:    
Residential agency9,187,687 9,102,658 76,933 (161,962)
Residential non-agency765,088 743,519 12,070 (33,639)
Commercial agency3,451,816 3,291,857 5,712 (165,671)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,624,499 $13,347,821 $94,715 $(371,393)
 December 31, 2024
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $945 $— $(55)
Municipal securities240,528 225,568 2 (14,962)
Mortgage-backed securities:   
Residential agency8,895,900 8,639,389 17,936 (274,447)
Residential non-agency814,542 781,209 11,247 (44,580)
Commercial agency3,436,465 3,204,016 726 (233,175)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,388,935 $12,851,600 $29,911 $(567,246)

The amortized cost and fair values of available-for-sale securities at June 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:
Amortized cost$329,935 $2,432,720 $475,593 $433,476 $3,671,724 4.83 
Fair value323,803 2,304,224 450,275 423,342 3,501,644 
Residential mortgage-backed securities:
Amortized cost2
$9,952,775 
Fair value9,846,177 
Total available-for-sale securities:
Amortized cost$13,624,499 
Fair value13,347,821 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.2 years based upon current prepayment assumptions.
Sales of available-for-sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2025202420252024
Proceeds$— $1,836 $— $737,830 
Gross realized gains— 222 — 455 
Gross realized losses— (188)— (45,592)
Related federal and state income tax expense (benefit)— 8 — (10,616)
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]
June 30, 2025
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale:
       
U.S. Treasury1 $— $— $964 $36 $964 $36 
Municipal securities101 1,038 4 202,707 10,054 203,745 10,058 
Mortgage-backed securities:
    
Residential agency636 988,961 9,396 2,553,983 152,566 3,542,944 161,962 
Residential non-agency33 40,245 162 439,419 33,477 479,664 33,639 
Commercial agency210 113,235 992 2,668,153 164,679 2,781,388 165,671 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
982 $1,143,479 $10,554 $5,865,699 $360,839 $7,009,178 $371,393 

December 31, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale:
     
U.S. Treasury
1 $— $— $945 $55 $945 $55 
Municipal securities113 1,041 13 222,432 14,949 223,473 14,962 
Mortgage-backed securities:
     
Residential agency
831 3,561,318 50,102 2,880,641 224,345 6,441,959 274,447 
Residential non-agency36 93,113 1,124 457,701 43,456 550,814 44,580 
Commercial agency
220 190,718 1,878 2,819,206 231,297 3,009,924 233,175 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
1,202 $3,846,190 $53,117 $6,381,398 $514,129 $10,227,588 $567,246 
Fair Value Option Securities [Table Text Block]
The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 June 30, 2025December 31, 2024
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$107,702 $(225)$17,876 $(1,662)