XML 34 R24.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$426,825 $(194)$10,959 $28 
Residential agency mortgage-backed securities
4,898,485 8,571 5,105,137 98,124 
Municipal securities67,120 (142)37,413 323 
Other trading securities48,608 127 39,996 160 
Total trading securities$5,441,038 $8,362 $5,193,505 $98,635 
Investment Securities (Held-to-Maturity) [Table Text Block]
The amortized cost and fair values of investment securities are as follows (in thousands):
 March 31, 2024
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$108,793 $108,793 $112,338 $3,828 $(283)
Mortgage-backed securities:
Residential agency2,196,121 2,044,972 1,858,027 99 (187,044)
Commercial agency17,258 15,990 14,987 — (1,003)
Other debt securities16,288 16,288 14,713 — (1,575)
Total investment securities2,338,460 2,186,043 2,000,065 3,927 (189,905)
Allowance for credit losses(299)(299)— — — 
Investment securities, net of allowance$2,338,161 $2,185,744 $2,000,065 $3,927 $(189,905)
1    Carrying value includes $152 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 Available for Sale securities portfolio to the Investment securities portfolio.
 December 31, 2023
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$120,705 $120,705 $125,525 $5,014 $(194)
Mortgage-backed securities:
Residential agency2,255,340 2,092,083 1,917,810 125 (174,398)
Commercial agency17,258 15,914 15,067 — (847)
Other debt securities15,787 15,787 14,184 — (1,603)
Total investment securities2,409,090 2,244,489 2,072,586 5,139 (177,042)
Allowance for credit losses(336)(336)— — — 
Investment securities, net of allowance$2,408,754 $2,244,153 $2,072,586 $5,139 $(177,042)
1    Carrying value includes $165 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 Available for Sale securities portfolio to the Investment securities portfolio.
The amortized cost and fair values of investment securities at March 31, 2024, 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$19,248 $95,707 $26,103 $13 $141,071 3.27 
Fair value19,468 98,033 24,524 13 142,038  
Residential mortgage-backed securities:      
Carrying value    $2,044,972 2
Fair value    1,858,027  
Total investment securities:      
Carrying value    $2,186,043  
Fair value    2,000,065  
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 4.9 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(dollars in thousands):
March 31, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities20 $17,310 $81 $6,587 $202 $23,897 $283 
Mortgage-backed securities:
Residential agency116 — — 1,857,000 187,044 1,857,000 187,044 
Commercial agency2 — — 14,987 1,003 14,987 1,003 
Other debt securities3 — — 8,700 1,575 8,700 1,575 
Total investment securities141 $17,310 $81 $1,887,274 $189,824 $1,904,584 $189,905 

December 31, 2023
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities13 $1,931 $5 $6,600 $189 $8,531 $194 
Mortgage-backed securities:
Residential agency116 — — 1,916,732 174,398 1,916,732 174,398 
Commercial agency2 — — 15,067 847 15,067 847 
Other debt securities3 — — 8,672 1,603 8,672 1,603 
Total investment securities134 $1,931 $5 $1,947,071 $177,037 $1,949,002 $177,042 
Available For Sale Securities [Table Text Block]
The amortized cost and fair value of available for sale securities are as follows (in thousands):
 March 31, 2024
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $920 $— $(80)
Municipal securities329,216 304,826 — (24,390)
Mortgage-backed securities:    
Residential agency8,095,352 7,816,688 20,132 (298,796)
Residential non-agency885,059 846,805 11,106 (49,360)
Commercial agency3,985,220 3,683,376 1,197 (303,041)
Other debt securities500 473 — (27)
Total available for sale securities$13,296,347 $12,653,088 $32,435 $(675,694)
 December 31, 2023
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $925 $— $(75)
Municipal securities544,707 502,833 1 (41,875)
Mortgage-backed securities:   
Residential agency7,066,645 6,834,720 36,983 (268,908)
Residential non-agency833,535 799,877 12,865 (46,523)
Commercial agency4,456,918 4,147,853 2,972 (312,037)
Other debt securities500 473 — (27)
Total available for sale securities$12,903,305 $12,286,681 $52,821 $(669,445)

The amortized cost and fair values of available for sale securities at March 31, 2024, 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$473,589 $2,480,160 $915,033 $447,154 $4,315,936 5.19 
Fair value468,688 2,254,408 841,253 425,246 3,989,595 
Residential mortgage-backed securities:
Amortized cost$8,980,411 2
Fair value8,663,493 
Total available for sale securities:
Amortized cost$13,296,347 
Fair value12,653,088 
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.
Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
March 31,
 20242023
Proceeds$735,994 $— 
Gross realized gains233 — 
Gross realized losses(45,404)— 
Related federal and state income tax benefit(10,624)— 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]
March 31, 2024
 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 $— $— $920 $80 $920 $80 
Municipal securities135 3,139 30 298,162 24,360 301,301 24,390 
Mortgage-backed securities:
    
Residential agency711 2,179,355 10,501 3,502,950 288,296 5,682,306 298,797 
Residential non-agency38 138,197 530 532,619 48,829 670,815 49,359 
Commercial agency245 241,331 2,625 3,148,535 300,416 3,389,866 303,041 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities1,131 $2,562,022 $13,686 $7,483,659 $662,008 $10,045,681 $675,694 

December 31, 2023
 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 $— $— $925 $75 $925 $75 
Municipal securities190 6,799 410 494,955 41,465 501,754 41,875 
Mortgage-backed securities:
     
Residential agency
630 690,118 3,689 3,717,975 265,219 4,408,093 268,908 
Residential non-agency32 116,077 1,244 451,370 45,279 567,447 46,523 
Commercial agency
269 392,828 2,626 3,421,757 309,411 3,814,585 312,037 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities
1,123 $1,205,822 $7,969 $8,087,455 $661,476 $9,293,277 $669,445 
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, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$19,805 $(1,711)$20,671 $(1,406)