Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments

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, 2024 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	$	5,253,172	$	20,882	$	(418,446)	$	4,855,608	$	4,855,608
Obligations of states and political subdivisions		156,923		941		(888)		156,976		156,976
Total investment securities	$	5,410,095	$	21,823	$	(419,334)	$	5,012,584	$	5,012,584

(1) Included in the carrying value of residential mortgage-backed securities are $986,323 of mortgage-backed securities issued by Ginnie Mae and $3,869,285 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, 2023 are as follows:

	Held to Maturity
			Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Carrying
	cost		gains		losses		fair value		value
	(Dollars in Thousands)
Other securities	$	3,400	$	—	$	—	$	3,400	$	3,400
Total investment securities	$	3,400	$	—	$	—	$	3,400	$	3,400

	Available for Sale
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair		Carrying
	cost		gains		losses		value		value(1)
	(Dollars in Thousands)
Residential mortgage-backed securities	$	5,169,813	$	9,541	$	(519,255)		4,660,099		4,660,099
Obligations of states and political subdivisions		161,001		1,602		(361)		162,242		162,242
Total investment securities	$	5,330,814	$	11,143	$	(519,616)	$	4,822,341	$	4,822,341

(1) Included in the carrying value of residential mortgage-backed securities are $959,421 of mortgage-backed securities issued by Ginnie Mae and $3,700,678 of mortgage-backed securities issued by Fannie Mae and Freddie Mac.

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	$	1,325	$	1,325	$	—	$	—
Due after one year through five years		3,075		3,075		—		—
Due after five years through ten years		—		—		1,446		1,441
Due after ten years		—		—		155,477		155,535
Residential mortgage-backed securities		—		—		5,253,172		4,855,608
Total investment securities	$	4,400	$	4,400	$	5,410,095	$	5,012,584

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, 2024, 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	$	77,574	$	(178)	$	3,557,172	$	(418,268)	$	3,634,746	$	(418,446)
Obligations of states and political subdivisions		42,567		(265)		59,005		(623)		101,572		(888)
	$	120,141	$	(443)	$	3,616,177	$	(418,891)	$	3,736,318	$	(419,334)

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, 2023, 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	$	577,448	$	(8,267)	$	3,456,349	$	(510,988)	$	4,033,797		(519,255)
Obligations of states and political subdivisions		651		(1)		64,373		(360)		65,024		(361)
	$	578,099	$	(8,268)	$	3,520,722	$	(511,348)	$	4,098,821	$	(519,616)

Summary of unrealized and realized gains and losses recognized in net income on equity securities

	Three Months Ended
	September 30, 2024
	(Dollars in Thousands)
Net gains recognized during the period on equity securities	$	201
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	$	201

	Three Months Ended
	September 30, 2023
	(Dollars in Thousands)
Net losses recognized during the period on equity securities	$	(142)
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	$	(142)

	Nine Months Ended
	September 30, 2024
	(Dollars in Thousands)
Net gains recognized during the period on equity securities	$	121
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	$	121

	Nine Months Ended
	September 30, 2023
	(Dollars in Thousands)
Net losses recognized during the period on equity securities	$	(200)
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	$	(200)