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Securities
 3 Months Ended
Mar. 31, 2023
Marketable Securities [Abstract]  
Securities [Text Block] Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 March 31, 2023December 31, 2022
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$5,618 $(6)$9,823 $(16)
Residential agency mortgage-backed securities
2,210,721 12,289 4,406,848 4 
Municipal securities37,455 45 21,484 (136)
Asset-backed securities10,194 10 — — 
Other trading securities30,370 228 26,006 (175)
Total trading securities$2,294,358 $12,566 $4,464,161 $(323)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 March 31, 2023
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$153,739 $153,739 $160,866 $7,321 $(194)
Mortgage-backed securities:
Residential agency2,472,291 2,264,922 2,118,538 163 (146,547)
Commercial agency17,259 15,684 14,861 — (823)
Other debt securities14,288 14,288 13,421 — (867)
Total investment securities2,657,577 2,448,633 2,307,686 7,484 (148,431)
Allowance for credit losses(497)(497)— — — 
Investment securities, net of allowance$2,657,080 $2,448,136 $2,307,686 $7,484 $(148,431)
1    Carrying value includes $209 million of net unrealized loss which remains in Accumulated other comprehensive income ("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 as discussed in greater detail following.
 December 31, 2022
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$170,629 $170,629 $176,621 $6,456 $(464)
Mortgage-backed securities:
Residential agency2,538,565 2,315,219 2,143,360 155 (172,014)
Commercial agency17,259 15,609 14,588 — (1,021)
Other debt securities12,788 12,788 12,199 — (589)
Total investment securities2,739,241 2,514,245 2,346,768 6,611 (174,088)
Allowance for credit losses(558)(558)— — — 
Investment securities, net of allowance$2,738,683 $2,513,687 $2,346,768 $6,611 $(174,088)
1    Carrying value includes $225 million of net unrealized loss which remains in Accumulated other comprehensive income ("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 as discussed in greater detail following.



The amortized cost and fair values of investment securities at March 31, 2023, 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$24,634 $92,723 $66,341 $13 $183,711 3.94 
Fair value24,917 99,241 64,977 13 189,148  
Residential mortgage-backed securities:      
Carrying value    $2,264,922 2
Fair value    2,118,538  
Total investment securities:      
Carrying value    $2,448,633  
Fair value    2,307,686  
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 5.3 years years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(dollars in thousands):
March 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 securities9 $— $— $6,594 $194 $6,594 $194 
Mortgage-backed securities:
Residential agency116 2,115,733 146,464 1,599 83 2,117,332 146,547 
Commercial agency2 14,861 823 — — 14,861 823 
Other debt securities3 9,153 847 255 20 9,408 867 
Total investment securities130 $2,139,747 $148,134 $8,448 $297 $2,148,195 $148,431 
December 31, 2022
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities22 $18,037 $406 $544 $58 $18,581 $464 
Mortgage-backed securities:
Residential agency116 2,142,114 172,014 — — 2,142,114 172,014 
Commercial agency2 14,588 1,021 — — 14,588 1,021 
Other debt securities3 9,428 571 257 18 9,685 589 
Total investment securities143 $2,184,167 $174,012 $801 $76 $2,184,968 $174,088 


Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 March 31, 2023
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $914 $— $(86)
Municipal securities685,963 634,207 1,338 (53,094)
Mortgage-backed securities:    
Residential agency6,311,728 6,022,708 15,379 (304,399)
Residential non-agency690,345 651,351 11,271 (50,265)
Commercial agency4,989,813 4,628,188 5,738 (367,363)
Other debt securities500 473 — (27)
Total available for sale securities$12,679,349 $11,937,841 $33,726 $(775,234)
 December 31, 2022
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $898 $— $(102)
Municipal securities687,875 624,500 321 (63,696)
Mortgage-backed securities:   
Residential agency6,161,358 5,814,496 13,085 (359,947)
Residential non-agency616,423 577,576 11,776 (50,623)
Commercial agency4,892,257 4,475,917 3,479 (419,819)
Other debt securities500 473 — (27)
Total available for sale securities$12,359,413 $11,493,860 $28,661 $(894,214)
The amortized cost and fair values of available for sale securities at March 31, 2023, 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$148,742 $2,665,838 $2,360,090 $502,606 $5,677,276 5.82 
Fair value146,996 2,510,112 2,131,783 474,891 5,263,782 
Residential mortgage-backed securities:
Amortized cost$7,002,073 2
Fair value6,674,059 
Total available for sale securities:
Amortized cost$12,679,349 
Fair value11,937,841 
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 4.4 years 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,
 20232022
Proceeds$— $55,185 
Gross realized gains— 1,933 
Gross realized losses— (996)
Related federal and state income tax expense— 219 

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was $9.9 billion at March 31, 2023 and $11.2 billion at December 31, 2022. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities
(Dollars in thousands)
March 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. Treasury1 $— $— $914 $86 $914 $86 
Municipal securities215 61,983 767 487,032 52,327 549,015 53,094 
Mortgage-backed securities:
    
Residential agency618 1,531,016 37,020 3,240,193 267,379 4,771,209 304,399 
Residential non-agency30 230,541 8,648 343,580 41,617 574,121 50,265 
Commercial agency288 824,751 14,313 3,413,042 353,050 4,237,793 367,363 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities1,153 $2,648,291 $60,748 $7,485,234 $714,486 $10,133,525 $775,234 
December 31, 2022
 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 $— $— $899 $102 $899 $102 
Municipal securities227 146,634 5,301 428,248 58,395 574,882 63,696 
Mortgage-backed securities:
     
Residential agency
613 3,879,582 256,973 863,732 102,974 4,743,314 359,947 
Residential non-agency26 499,716 50,623 — — 499,716 50,623 
Commercial agency
285 1,647,778 63,701 2,535,816 356,118 4,183,594 419,819 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities
1,153 $6,173,710 $376,598 $3,829,168 $517,616 $10,002,878 $894,214 

Based on evaluations of impaired securities as of March 31, 2023, the Company does not intend to sell any impaired available for sale debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.


Fair Value Option Securities
 
Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain securities are held as an economic hedge of the mortgage servicing rights. 

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 March 31, 2023December 31, 2022
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. Treasury
$106,307 $359 $— $— 
Residential agency mortgage-backed securities220,083 250 296,590 338 
Total$326,390 $609 $296,590 $338