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Securities
 6 Months Ended
Jun. 30, 2024
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):
 
 June 30, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$71,169 $33 $10,959 $28 
Residential agency mortgage-backed securities
5,023,892 5,742 5,105,137 98,124 
Municipal securities56,780 152 37,413 323 
Other trading securities60,950 83 39,996 160 
Total trading securities$5,212,791 $6,010 $5,193,505 $98,635 
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 June 30, 2024
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$107,188 $107,188 $109,700 $2,976 $(464)
Mortgage-backed securities:
Residential agency2,129,826 1,990,626 1,786,096 91 (204,621)
Commercial agency17,258 16,066 15,030 — (1,036)
Other debt securities15,288 15,288 13,706 — (1,582)
Total investment securities2,269,560 2,129,168 1,924,532 3,067 (207,703)
Allowance for credit losses(287)(287)— — — 
Investment securities, net of allowance$2,269,273 $2,128,881 $1,924,532 $3,067 $(207,703)
1    Carrying value includes $140 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 June 30, 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$18,247 $101,521 $18,761 $13 $138,542 3.10 
Fair value18,397 102,988 17,038 13 138,436  
Residential mortgage-backed securities:      
Carrying value    $1,990,626 2
Fair value    1,786,096  
Total investment securities:      
Carrying value    $2,129,168  
Fair value    1,924,532  
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):
June 30, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities25 $16,795 $150 $7,679 $314 $24,474 $464 
Mortgage-backed securities:
Residential agency116 — — 1,785,118 204,621 1,785,118 204,621 
Commercial agency2 — — 15,030 1,036 15,030 1,036 
Other debt securities3 — — 8,693 1,582 8,693 1,582 
Total investment securities146 $16,795 $150 $1,816,520 $207,553 $1,833,315 $207,703 

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 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 June 30, 2024
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $923 $— $(77)
Municipal securities301,294 278,043 — (23,251)
Mortgage-backed securities:    
Residential agency8,401,476 8,108,567 12,321 (305,230)
Residential non-agency870,162 828,049 10,441 (52,554)
Commercial agency3,868,588 3,577,729 816 (291,675)
Other debt securities500 473 — (27)
Total available for sale securities$13,443,020 $12,793,784 $23,578 $(672,814)
 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 June 30, 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$415,221 $2,459,948 $852,408 $443,805 $4,171,382 5.08 
Fair value411,548 2,242,456 780,072 423,092 3,857,168 
Residential mortgage-backed securities:
Amortized cost$9,271,637 2
Fair value8,936,615 
Total available for sale securities:
Amortized cost$13,443,020 
Fair value12,793,784 
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 4.3 years based upon current prepayment assumptions.
Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended June 30,
 2024202320242023
Proceeds$1,836 $135,489 $737,830 $135,489 
Gross realized gains222 703 455 703 
Gross realized losses(188)(3,713)(45,592)(3,713)
Related federal and state income tax expense (benefit)8 (708)(10,616)(708)

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 $12.6 billion at June 30, 2024 and $13.9 billion at December 31, 2023. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities
(Dollars in thousands)
June 30, 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 $— $— $923 $77 $923 $77 
Municipal securities130 11,009 58 257,764 23,193 268,773 23,251 
Mortgage-backed securities:
    
Residential agency793 3,033,904 24,223 3,650,900 281,007 6,684,804 305,230 
Residential non-agency41 166,281 1,108 515,977 51,446 682,258 52,554 
Commercial agency240 183,004 2,009 3,151,499 289,666 3,334,503 291,675 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities1,206 $3,394,198 $27,398 $7,577,536 $645,416 $10,971,734 $672,814 

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 

Based on evaluations of impaired securities as of June 30, 2024, 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):
 June 30, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$19,050 $(1,805)$20,671 $(1,406)