Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments (Tables)
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9 Months Ended |
Sep. 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 September 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 | | $ | 5,498,264 | | $ | 521 | | $ | (467,338) | | $ | 5,031,447 | | $ | 5,031,447 | | Obligations of states and political subdivisions | | | 137,117 | | | — | | | (19,206) | | | 117,911 | | | 117,911 | | Total investment securities | | $ | 5,635,381 | | $ | 521 | | $ | (486,544) | | $ | 5,149,358 | | $ | 5,149,358 | |
| (1) | Included in the carrying value of residential mortgage-backed securities are $924,866 of mortgage-backed securities issued by Ginnie Mae and $4,106,582 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 | | | 2,669 | | Due after ten years | | | — | | | — | | | 134,252 | | | 115,242 | | Residential mortgage-backed securities | | | — | | | — | | | 5,498,264 | | | 5,031,447 | | Total investment securities | | $ | 4,400 | | $ | 4,400 | | $ | 5,635,381 | | $ | 5,149,358 | |
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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 September 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 | | $ | 2,066,671 | | $ | (59,920) | | $ | 2,546,723 | | $ | (407,418) | | $ | 4,613,394 | | $ | (467,338) | | Obligations of states and political subdivisions | | | 22,079 | | | (1,491) | | | 95,832 | | | (17,715) | | | 117,911 | | | (19,206) | | | | $ | 2,088,750 | | $ | (61,411) | | $ | 2,642,555 | | $ | (425,133) | | $ | 4,731,305 | | $ | (486,544) | |
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 | | | September 30, 2026 | | | (Dollars in Thousands) | | | | | | | | | Net losses recognized during the period on equity securities | | $ | | (219) | 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 | | $ | | (219) |
| | | | | | | Three Months Ended | | | September 30, 2025 | | | (Dollars in Thousands) | | | | | | | | | Net gains recognized during the period on equity securities | | $ | | 63 | 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 | | $ | | 63 |
| | | | | | | Nine Months Ended | | | September 30, 2026 | | | (Dollars in Thousands) | | | | Net losses recognized during the period on equity securities | | $ | | (247) | 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 | | $ | | (247) |
| | | | | | | Nine Months Ended | | | September 30, 2025 | | | (Dollars in Thousands) | | | | Net gains recognized during the period on equity securities | | $ | | 152 | 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 | | $ | | 152 |
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