v3.24.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2024
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
June 30, 2024
Available-for-sale debt securities:
U.S. Treasury securities$403,641 $— $(15,483)$388,158 
U.S. government agency securities125,000 — (18,791)106,209 
Residential mortgage-backed securities3,307,715 6,277 (337,456)2,976,536 
CRT securities13,136 — (808)12,328 
Total available-for-sale debt securities3,849,492 6,277 (372,538)3,483,231 
Held-to-maturity debt securities:
Residential mortgage-backed securities831,513 — (112,603)718,910 
Total held-to-maturity debt securities831,513 — (112,603)718,910 
Equity securities74,232 
Total investment securities(2)$4,388,976 
December 31, 2023
Available-for-sale debt securities:
U.S. Treasury securities$651,112 $— $(14,639)$636,473 
U.S. government agency securities125,000 — (18,408)106,592 
Residential mortgage-backed securities2,782,734 540 (312,442)2,470,832 
CRT securities13,636 — (1,641)11,995 
Total available-for-sale debt securities3,572,482 540 (347,130)3,225,892 
Held-to-maturity securities:
Residential mortgage-backed securities865,477 — (101,633)763,844 
Total held-to-maturity securities865,477 — (101,633)763,844 
Equity securities51,825 
Total investment securities(2)$4,143,194 
(1)    Excludes accrued interest receivable of $12.0 million and $9.5 million at June 30, 2024 and December 31, 2023, respectively, related to available-for-sale debt securities and $1.3 million and $1.4 million at June 30, 2024 and December 31, 2023, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
(2)    Includes available-for-sale debt securities and equity securities at estimated fair value and held-to-maturity debt securities at amortized cost.
Summary of Amortized Cost, Estimated Fair Value, and Weighted Average Yields for Available-for-Sale Debt Securities
The amortized cost and estimated fair value as of June 30, 2024, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
Available-for-saleHeld-to-maturity
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$— $— $— $— 
Due after one year through five years453,642 432,220 — — 
Due after five years through ten years105,433 89,394 — — 
Due after ten years3,290,417 2,961,617 831,513 718,910 
Total$3,849,492 $3,483,231 $831,513 $718,910 
The table below presents the weighted average yields for the Company’s available-for-sale debt securities for the six months ended June 30, 2024. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.
U.S. Treasury securitiesU.S. government agency securitiesResidential mortgage-backed securitiesCRT securities
Due within one year— %— %— %— %
Due after one year through five years2.71 1.00 — — 
Due after five years through ten years— 1.21 1.25 5.46 
Due after ten years— — 3.36 — 
Total2.71 %1.13 %3.35 %5.46 %
Schedule of Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position
The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months:
Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
June 30, 2024
U.S. Treasury securities$— $— $388,158 $(15,483)$388,158 $(15,483)
U.S. government agency securities— — 106,209 (18,791)106,209 (18,791)
Residential mortgage-backed securities335,741 (4,305)2,272,460 (333,151)2,608,201 (337,456)
CRT securities— — 12,328 (808)12,328 (808)
Total$335,741 $(4,305)$2,779,155 $(368,233)$3,114,896 $(372,538)
December 31, 2023
U.S. Treasury securities$— $— $636,473 $(14,639)$636,473 $(14,639)
U.S. government agency securities— — 106,592 (18,408)106,592 (18,408)
Residential mortgage-backed securities910,999 (19,751)1,501,340 (292,691)2,412,339 (312,442)
CRT securities— — 11,995 (1,641)11,995 (1,641)
Total$910,999 $(19,751)$2,256,400 $(327,379)$3,167,399 $(347,130)
Summary of Unrealized and Realized Gains/(Losses) Recognized in Net Income on Equity Securities The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2024202320242023
Net gains/(losses) recognized during the period$(59)$951 $3,975 $2,196 
Less: Realized net gains/(losses) recognized on securities sold59 (10)371 (606)
Unrealized net gains/(losses) recognized on securities still held$(118)$961 $3,604 $2,802