v3.25.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Debt Securities
The following is a summary of the Company’s investment securities: 
(in thousands)Amortized
Cost(1)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
September 30, 2025
Available-for-sale debt securities:
Residential mortgage-backed securities$3,616,063 $28,099 $(100,147)$3,544,015 
Commercial mortgage-backed securities
243,360 2,899 (6)246,253 
Credit risk transfer securities
11,447 — (454)10,993 
Total available-for-sale debt securities3,870,870 30,998 (100,607)3,801,261 
Held-to-maturity debt securities:
Residential mortgage-backed securities743,120 — (81,197)661,923 
Total held-to-maturity debt securities743,120 — (81,197)661,923 
Equity securities55,054 
Trading securities2,219 
Total investment securities(2)$4,601,654 
December 31, 2024
Available-for-sale debt securities:
U.S. Treasury securities$280,137 $— $(2,852)$277,285 
Residential mortgage-backed securities3,195,145 7,200 (168,302)3,034,043 
Commercial mortgage-backed securities
206,830 — (5,398)201,432 
Credit risk transfer securities
12,466 — (540)11,926 
Total available-for-sale debt securities3,694,578 7,200 (177,092)3,524,686 
Held-to-maturity securities:
Residential mortgage-backed securities796,168 — (117,994)678,174 
Total held-to-maturity securities796,168 — (117,994)678,174 
Equity securities75,261 
Total investment securities(2)$4,396,115 
(1)    Excludes accrued interest receivable of $15.6 million and $13.8 million at September 30, 2025 and December 31, 2024, respectively, related to available-for-sale debt securities and $1.2 million and $1.3 million at September 30, 2025 and December 31, 2024, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
(2)    Includes available-for-sale debt securities, equity securities and trading securities at estimated fair value and held-to-maturity debt securities at amortized cost.
Summary of Amortized Cost, Estimated Fair Value, and Weighted Average Yields for Available-for-Sale Debt Securities
The amortized cost and estimated fair value as of September 30, 2025, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
Available-for-saleHeld-to-maturity
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$— $— $— $— 
Due after one year through five years— — — — 
Due after five years through ten years255,563 258,015 — — 
Due after ten years3,615,307 3,543,246 743,120 661,923 
Total$3,870,870 $3,801,261 $743,120 $661,923 
The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of September 30, 2025. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.
Residential mortgage-backed securities
Commercial mortgage-backed securities
Credit risk transfer securities
Due within one year— %— %— %
Due after one year through five years— — — 
Due after five years through ten years3.91 4.90 4.28 
Due after ten years4.71 — — 
Total4.71 %4.90 %4.28 %
Schedule of Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position
The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months:
Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
September 30, 2025
Residential mortgage-backed securities$23 $— $1,014,549 $(100,147)$1,014,572 $(100,147)
Commercial mortgage-backed securities
33,327 (6)— — 33,327 (6)
Credit risk transfer securities
— — 10,993 (454)10,993 (454)
Total$33,350 $(6)$1,025,542 $(100,601)$1,058,892 $(100,607)
December 31, 2024
U.S. Treasury securities$— $— $277,285 $(2,852)$277,285 $(2,852)
Residential mortgage-backed securities1,338,801 (18,141)1,323,180 (150,161)2,661,981 (168,302)
Commercial mortgage-backed securities
201,432 (5,398)— — 201,432 (5,398)
Credit risk transfer securities
— — 11,926 (540)11,926 (540)
Total$1,540,233 $(23,539)$1,612,391 $(153,553)$3,152,624 $(177,092)
Summary of Unrealized and Realized Gains/(Losses) Recognized in Net Income on Equity Securities
The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Net gains/(losses) recognized during the period$2,369 $2,752 $2,265 $6,727 
Less: Realized net gains/(losses) recognized on securities sold831 482 1,862 853 
Unrealized net gains/(losses) recognized on securities still held$1,538 $2,270 $403 $5,874