Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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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, 2026 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 | | $ | 5,301,739 | | $ | 6,869 | | $ | (354,641) | | $ | 4,953,967 | | $ | 4,953,967 | | Obligations of states and political subdivisions | | | 137,643 | | | 184 | | | (4,911) | | | 132,916 | | | 132,916 | | Total investment securities | | $ | 5,439,382 | | $ | 7,053 | | $ | (359,552) | | $ | 5,086,883 | | $ | 5,086,883 | |
| (1) | Included in the carrying value of residential mortgage-backed securities are $802,003 of mortgage-backed securities issued by Ginnie Mae and $4,151,964 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, 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 | | | | | | | Gross | | Gross | | Estimated | | | | | | | Amortized | | unrealized | | unrealized | | fair | | Carrying | | | | cost | | gains | | losses | | value | | value(1) | | | | | (Dollars in Thousands) | | Residential mortgage-backed securities | | $ | 5,140,013 | | $ | 22,759 | | $ | (332,184) | | | 4,830,588 | | | 4,830,588 | | Obligations of states and political subdivisions | | | 141,077 | | | 86 | | | (5,483) | | | 135,680 | | | 135,680 | | Total investment securities | | $ | 5,281,090 | | $ | 22,845 | | $ | (337,667) | | $ | 4,966,268 | | $ | 4,966,268 | |
| (1) | Included in the carrying value of residential mortgage-backed securities are $854,726 of mortgage-backed securities issued by Ginnie Mae and $3,975,862 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 | | $ | 1,200 | | $ | 1,200 | | $ | — | | $ | — | | Due after one year through five years | | | 3,200 | | | 3,200 | | | — | | | — | | Due after five years through ten years | | | — | | | — | | | 2,865 | | | 2,866 | | Due after ten years | | | — | | | — | | | 134,778 | | | 130,050 | | Residential mortgage-backed securities | | | — | | | — | | | 5,301,739 | | | 4,953,967 | | Total investment securities | | $ | 4,400 | | $ | 4,400 | | $ | 5,439,382 | | $ | 5,086,883 | |
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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, 2026, 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 | | $ | 1,126,670 | | $ | (9,916) | | $ | 2,737,162 | | $ | (344,725) | | $ | 3,863,832 | | $ | (354,641) | | Obligations of states and political subdivisions | | | 1,195 | | | (1) | | | 109,145 | | | (4,910) | | | 110,340 | | | (4,911) | | | | $ | 1,127,865 | | $ | (9,917) | | $ | 2,846,307 | | $ | (349,635) | | $ | 3,974,172 | | $ | (359,552) | |
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, 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 | | $ | 130,561 | | $ | (81) | | $ | 3,002,781 | | $ | (332,103) | | $ | 3,133,342 | | $ | (332,184) | Obligations of states and political subdivisions | | | 4,361 | | | (59) | | | 105,263 | | | (5,424) | | | 109,624 | | | (5,483) | | | $ | 134,922 | | $ | (140) | | $ | 3,108,044 | | $ | (337,527) | | $ | 3,242,966 | | $ | (337,667) |
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| Summary of unrealized and realized gains and losses recognized in net income on equity securities |
| | | | | | | Three Months Ended | | | June 30, 2026 | | | (Dollars in Thousands) | | | | | | | | | Net gains recognized during the period on equity securities | | $ | | 8 | Less: Net gains 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 | | $ | | 8 |
| | | | | | | 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 |
| | | | | | | Six Months Ended | | | June 30, 2026 | | | (Dollars in Thousands) | | | | Net losses recognized during the period on equity securities | | $ | | (28) | 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 | | $ | | (28) |
| | | | | | | 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 |
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