v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at June 30, 2025 and December 31, 2024 are summarized below.
June 30, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities held to maturity:
Mortgage-backed securities issued by U.S. Government sponsored enterprises$2,502,639 $— $(26,350)$2,476,289 
Total investment securities held to maturity(1)
$2,502,639 $— $(26,350)$2,476,289 
Investment securities available for sale:
U.S. Treasury securities$1,220,809 $20,119 $(2)$1,240,926 
U.S. Government agency securities29,995 — (284)29,711 
Mortgage-backed securities issued by U.S. Government agencies 1,551,556 6,540 (101,208)1,456,888 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,239,222 1,792 (199,625)2,041,389 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 623,963 119 (88,413)535,669 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises2,467,691 41,667 (24,284)2,485,074 
Corporate debt securities and other debt securities9,160 7 — 9,167 
Total investment securities available for sale(2)
$8,142,396 $70,244 $(413,816)$7,798,824 
December 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities held to maturity:
Mortgage-backed securities issued by U.S. Government sponsored enterprises$2,581,469 $— $(56,944)$2,524,525 
Total investment securities held to maturity(1)
$2,581,469 $— $(56,944)$2,524,525 
Investment securities available for sale:
U.S. Treasury securities$1,214,363 $3,203 $(4,824)$1,212,742 
U.S. Government agency securities29,993 — (830)29,163 
Mortgage-backed securities issued by U.S. Government agencies 1,583,331 848 (121,389)1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 2,294,700 250 (260,915)2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 657,453 — (107,252)550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises2,290,968 4,724 (42,576)2,253,116 
Corporate debt securities and other debt securities9,110 — (139)8,971 
Total investment securities available for sale(2)
$8,079,918 $9,025 $(537,925)$7,551,018 
(1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.5 million and $5.7 million at June 30, 2025 and December 31, 2024, respectively, which are presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(614.6) million and $(649.7) million at June 30, 2025 and December 31, 2024, respectively, related to the unamortized portion of unrealized losses on investment securities HTM.
(2) The amounts reported exclude accrued interest receivable on investment securities AFS of $29.8 million and $29.5 million at June 30, 2025 and December 31, 2024, respectively, which are presented as a component of other assets on the consolidated balance sheets.
Schedule of Gross Unrealized Losses on Investment Securities AFS
Gross unrealized losses on investment securities AFS and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2025 and December 31, 2024 are presented below.
June 30, 2025
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$22,859 $(2)$— $— $22,859 $(2)
U.S. Government agency securities— — 29,711 (284)29,711 (284)
Mortgage-backed securities issued by U.S. Government agencies 305,312 (3,292)563,032 (97,916)868,344 (101,208)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 413,103 (4,210)1,511,874 (195,415)1,924,977 (199,625)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 506,401 (88,413)506,401 (88,413)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises68,265 (597)283,581 (23,687)351,846 (24,284)
Total$809,539 $(8,101)$2,894,599 $(405,715)$3,704,138 $(413,816)
December 31, 2024
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$716,367 $(4,824)$— $— $716,367 $(4,824)
U.S. Government agency securities— — 29,163 (830)29,163 (830)
Mortgage-backed securities issued by U.S. Government agencies 716,268 (8,431)577,468 (112,958)1,293,736 (121,389)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 456,887 (12,503)1,542,618 (248,412)1,999,505 (260,915)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 29,040 (820)521,161 (106,432)550,201 (107,252)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,060,903 (10,624)276,850 (31,952)1,337,753 (42,576)
Corporate debt securities and other debt securities— — 8,971 (139)8,971 (139)
Total$2,979,465 $(37,202)$2,956,231 $(500,723)$5,935,696 $(537,925)
Schedule of Amortized Cost and Fair Value by Contractual Maturity of Investment Securities HTM and AFS
The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at June 30, 2025 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
(in thousands)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Investment securities HTM
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost$— $— $— $2,502,639 $2,502,639 
Fair value— — — 2,476,289 2,476,289 
Investment securities AFS
U.S. Treasury securities
Amortized cost$131,387 $887,761 $201,661 $— $1,220,809 
Fair value131,900 902,835 206,191 — 1,240,926 
U.S. Government agency securities
Amortized cost— 29,995 — — 29,995 
Fair value— 29,711 — — 29,711 
Mortgage-backed securities issued by U.S. Government agencies
Amortized cost— 34 2 1,551,520 1,551,556 
Fair value— 34 2 1,456,852 1,456,888 
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost— — — 2,239,222 2,239,222 
Fair value— — — 2,041,389 2,041,389 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized cost— 11 7,867 616,085 623,963 
Fair value— 11 7,718 527,940 535,669 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized cost9,549 1,541,359 899,958 16,825 2,467,691 
Fair value9,436 1,550,689 910,364 14,585 2,485,074 
Corporate debt securities and other debt securities
Amortized cost— 9,160 — — 9,160 
Fair value— 9,167 — — 9,167 
Schedule of Gross Gains and Gross Losses on Sales of Securities Available for Sale
Gross gains and gross losses on sales of investment securities AFS for the three and six months ended June 30, 2025 and 2024 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Gross realized losses on sales$— $(256,660)$— $(256,660)
Investment securities gains (losses), net$— $(256,660)$— $(256,660)