v3.26.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2026
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):
 
 March 31, 2026December 31, 2025
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$6,379 $1 $9,237 $(4)
Residential agency mortgage-backed securities
5,513,068 (8,039)5,307,849 9,011 
Municipal securities84,981 (1,136)39,233 10 
Other trading securities47,734 (190)36,426 (25)
Total trading securities$5,652,162 $(9,364)$5,392,745 $8,992 
Investment Securities (Held-to-Maturity) [Table Text Block]
The amortized cost and fair values of investment securities are as follows (in thousands):
 March 31, 2026
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$73,334 $73,334 $74,429 $1,183 $(88)
Mortgage-backed securities:
Residential agency1,689,222 1,613,987 1,479,984 72 (134,075)
Commercial agency17,258 16,588 16,190 — (398)
Other debt securities16,013 16,013 15,287 — (726)
Total investment securities1,795,827 1,719,922 1,585,890 1,255 (135,287)
Allowance for credit losses(191)(191)— — — 
Investment securities, net of allowance$1,795,636 $1,719,731 $1,585,890 $1,255 $(135,287)
1    Carrying value includes $76 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, 2025
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$88,215 $88,215 $89,343 $1,218 $(90)
Mortgage-backed securities:
Residential agency1,746,715 1,664,175 1,541,608 91 (122,658)
Commercial agency17,257 16,516 16,186 — (330)
Other debt securities15,538 15,538 14,868 — (670)
Total investment securities1,867,725 1,784,444 1,662,005 1,309 (123,748)
Allowance for credit losses(202)(202)— — — 
Investment securities, net of allowance$1,867,523 $1,784,242 $1,662,005 $1,309 $(123,748)
1    Carrying value includes $83 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 March 31, 2026, 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$44,448 $48,389 $13,098 $— $105,935 1.98 
Fair value45,183 48,395 12,328 — 105,906  
Residential mortgage-backed securities:      
Carrying value2
    $1,613,987 
Fair value    1,479,984  
Total investment securities:      
Carrying value    $1,719,922  
Fair value    1,585,890  
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.

Temporarily Impaired Investment Securities
(Dollars in thousands):
March 31, 2026
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities7 $1,541 $5 $3,613 $83 $5,154 $88 
Mortgage-backed securities:
Residential agency115 1,501 26 1,477,461 134,049 1,478,962 134,075 
Commercial agency2 — — 16,190 398 16,190 398 
Other debt securities1 — — 9,274 726 9,274 726 
Total investment securities125 $3,042 $31 $1,506,538 $135,256 $1,509,580 $135,287 

December 31, 2025
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities8 $6,566 $8 $3,613 $82 $10,179 $90 
Mortgage-backed securities:
Residential agency115 — — 1,540,535 122,658 1,540,535 122,658 
Commercial agency2 — — 16,186 330 16,186 330 
Other debt securities2 — — 9,355 670 9,355 670 
Total investment securities127 $6,566 $8 $1,569,689 $123,740 $1,576,255 $123,748 
Available For Sale Securities [Table Text Block]
The amortized cost and fair value of AFS securities are as follows (in thousands):
 March 31, 2026
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $984 $— $(16)
Municipal securities181,371 175,123 — (6,248)
Mortgage-backed securities:    
Residential agency9,710,464 9,631,722 67,045 (145,787)
Residential non-agency736,201 717,068 10,487 (29,620)
Commercial agency3,127,007 3,014,195 5,346 (118,158)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,756,543 $13,539,565 $82,878 $(299,856)
 December 31, 2025
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,001 $980 $— $(21)
Municipal securities190,917 184,273 — (6,644)
Mortgage-backed securities:   
Residential agency9,593,919 9,598,627 121,838 (117,130)
Residential non-agency712,126 696,028 11,774 (27,872)
Commercial agency3,240,728 3,126,244 7,622 (122,106)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,739,191 $13,606,625 $141,234 $(273,800)

The amortized cost and fair values of AFS securities at March 31, 2026, 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$411,265 $2,127,784 $316,397 $454,432 $3,309,878 4.82 
Fair value406,840 2,030,088 305,609 448,238 3,190,775 
Residential mortgage-backed securities:
Amortized cost2
$10,446,665 
Fair value10,348,790 
Total available-for-sale securities:
Amortized cost$13,756,543 
Fair value13,539,565 
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.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]
March 31, 2026
 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 $— $— $984 $16 $984 $16 
Municipal securities74 1,023 1 160,375 6,247 161,398 6,248 
Mortgage-backed securities:
    
Residential agency713 2,626,090 25,092 1,989,493 120,695 4,615,583 145,787 
Residential non-agency40 149,964 1,377 360,280 28,243 510,244 29,620 
Commercial agency203 236,500 857 2,409,409 117,301 2,645,909 118,158 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
1,032 $3,013,577 $27,327 $4,921,014 $272,529 $7,934,591 $299,856 

December 31, 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. Treasury
1 $— $— $980 $21 $980 $21 
Municipal securities86 1,028 2 180,696 6,642 181,724 6,644 
Mortgage-backed securities:
     
Residential agency
584 741,581 2,373 2,333,685 114,757 3,075,266 117,130 
Residential non-agency31 27,957 16 413,783 27,856 441,740 27,872 
Commercial agency
195 48,588 88 2,553,027 122,018 2,601,615 122,106 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
898 $819,154 $2,479 $5,482,644 $271,321 $6,301,798 $273,800 
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):
 March 31, 2026December 31, 2025
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$165,706 $(2,513)$102,096 $(556)
Commercial agency mortgage-backed securities12,392 (117)— — 
Total fair value option securities
$178,098 $(2,630)$102,096 $(556)