Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments |
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| Amortized cost and estimated fair value by type of investment security |
The amortized cost and estimated fair value by type of investment security at June 30, 2025 are as follows: | | | | | | | | | | | | | | | | | | | Held to Maturity | | | | | | | Gross | | Gross | | | | | | | | | | Amortized | | unrealized | | unrealized | | Estimated | | Carrying | | | | cost | | gains | | losses | | fair value | | value | | | | | (Dollars in Thousands) | | Other securities | | $ | 4,400 | | $ | — | | $ | — | | $ | 4,400 | | $ | 4,400 | | Total investment securities | | $ | 4,400 | | $ | — | | $ | — | | $ | 4,400 | | $ | 4,400 | |
| | | | | | | | | | | | | | | | | | | Available for Sale Debt Securities | | | | | | | Gross | | Gross | | | | | | | | | | Amortized | | unrealized | | unrealized | | Estimated | | Carrying | | | | cost | | gains | | losses | | fair value | | value(1) | | | | | (Dollars in Thousands) | | Residential mortgage-backed securities | | $ | 5,245,239 | | $ | 25,192 | | $ | (401,353) | | $ | 4,869,078 | | $ | 4,869,078 | | Obligations of states and political subdivisions | | | 152,430 | | | 5 | | | (11,670) | | | 140,765 | | | 140,765 | | Total investment securities | | $ | 5,397,669 | | $ | 25,197 | | $ | (413,023) | | $ | 5,009,843 | | $ | 5,009,843 | |
| (1) | Included in the carrying value of residential mortgage-backed securities are $921,929 of mortgage-backed securities issued by Ginnie Mae and $3,947,149 of mortgage-backed securities issued by Fannie Mae and Freddie Mac. |
The amortized cost and estimated fair value by type of investment security at December 31, 2024 are as follows: | | | | | | | | | | | | | | | | | | | Held to Maturity | | | | | | | Gross | | Gross | | | | | | | | | | Amortized | | unrealized | | unrealized | | Estimated | | Carrying | | | | cost | | gains | | losses | | fair value | | value | | | | | (Dollars in Thousands) | | Other securities | | $ | 4,400 | | $ | — | | $ | — | | $ | 4,400 | | $ | 4,400 | | Total investment securities | | $ | 4,400 | | $ | — | | $ | — | | $ | 4,400 | | $ | 4,400 | |
| | | | | | | | | | | | | | | | | | | Available for Sale | | | | | | | Gross | | Gross | | Estimated | | | | | | | Amortized | | unrealized | | unrealized | | fair | | Carrying | | | | cost | | gains | | losses | | value | | value(1) | | | | | (Dollars in Thousands) | | Residential mortgage-backed securities | | $ | 5,315,488 | | $ | 8,858 | | $ | (489,170) | | | 4,835,176 | | | 4,835,176 | | Obligations of states and political subdivisions | | | 156,822 | | | 331 | | | (4,413) | | | 152,740 | | | 152,740 | | Total investment securities | | $ | 5,472,310 | | $ | 9,189 | | $ | (493,583) | | $ | 4,987,916 | | $ | 4,987,916 | |
| (1) | Included in the carrying value of residential mortgage-backed securities are $1,001,184 of mortgage-backed securities issued by Ginnie Mae and $3,833,992 of mortgage-backed securities issued by Fannie Mae and Freddie Mac. |
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| Amortized cost and fair value of investment securities, by contractual maturity |
| | | | | | | | | | | | | | | | Held to Maturity | | Available for Sale | | | | Amortized | | Estimated | | Amortized | | Estimated | | | | Cost | | fair value | | Cost | | fair value | | | | | (Dollars in Thousands) | | Due in one year or less | | $ | 3,200 | | $ | 3,200 | | $ | — | | $ | — | | Due after one year through five years | | | 1,200 | | | 1,200 | | | — | | | — | | Due after five years through ten years | | | — | | | — | | | 2,240 | | | 2,238 | | Due after ten years | | | — | | | — | | | 150,190 | | | 138,527 | | Residential mortgage-backed securities | | | — | | | — | | | 5,245,239 | | | 4,869,078 | | Total investment securities | | $ | 4,400 | | $ | 4,400 | | $ | 5,397,669 | | $ | 5,009,843 | |
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| Gross unrealized losses on debt investment securities and the related fair value |
Gross unrealized losses on debt investment securities and the fair value of those related securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position at June 30, 2025, were as follows: | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | | (Dollars in Thousands) | | Available for sale: | | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 30,149 | | $ | (73) | | $ | 3,177,133 | | $ | (401,280) | | $ | 3,207,282 | | $ | (401,353) | | Obligations of states and political subdivisions | | | 39,297 | | | (2,154) | | | 89,462 | | | (9,516) | | | 128,759 | | | (11,670) | | | | $ | 69,446 | | $ | (2,227) | | $ | 3,266,595 | | $ | (410,796) | | $ | 3,336,041 | | $ | (413,023) | |
Gross unrealized losses on debt investment securities and the fair value of those related securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position at December 31, 2024, were as follows: | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | | | | (Dollars in Thousands) | Available for sale: | | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 544,375 | | $ | (4,126) | | $ | 3,358,586 | | $ | (485,044) | | $ | 3,902,961 | | $ | (489,170) | Obligations of states and political subdivisions | | | 66,450 | | | (2,389) | | | 57,551 | | | (2,024) | | | 124,001 | | | (4,413) | | | $ | 610,825 | | $ | (6,515) | | $ | 3,416,137 | | $ | (487,068) | | $ | 4,026,962 | | $ | (493,583) |
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| Summary of unrealized and realized gains and losses recognized in net income on equity securities |
| | | | | | | Three Months Ended | | | June 30, 2025 | | | (Dollars in Thousands) | | | | | | | | | Net gains recognized during the period on equity securities | | $ | | 22 | Less: Net gains and (losses) recognized during the period on equity securities sold during the period | | | | — | | | | | | Unrealized gains recognized during the reporting period on equity securities still held at the reporting date | | $ | | 22 |
| | | | | | | Three Months Ended | | | June 30, 2024 | | | (Dollars in Thousands) | | | | | | | | | Net losses recognized during the period on equity securities | | $ | | (23) | Less: Net gains and (losses) recognized during the period on equity securities sold during the period | | | | — | | | | | | Unrealized losses recognized during the reporting period on equity securities still held at the reporting date | | $ | | (23) |
| | | | | | | Six Months Ended | | | June 30, 2025 | | | (Dollars in Thousands) | | | | Net gains recognized during the period on equity securities | | $ | | 89 | Less: Net gains and (losses) recognized during the period on equity securities sold during the period | | | | — | | | | | | Unrealized gains recognized during the reporting period on equity securities still held at the reporting date | | $ | | 89 |
| | | | | | | Six Months Ended | | | June 30, 2024 | | | (Dollars in Thousands) | | | | Net losses recognized during the period on equity securities | | $ | | (80) | Less: Net gains and (losses) recognized during the period on equity securities sold during the period | | | | — | | | | | | Unrealized losses recognized during the reporting period on equity securities still held at the reporting date | | $ | | (80) |
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