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Securities
 12 Months Ended
Dec. 31, 2024
Marketable Securities [Abstract]  
Securities [Text Block] Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities is as follows (in thousands):
 
 December 31, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$21,275 $(60)$10,959 $28 
Residential agency mortgage-backed securities
4,792,695 (37,439)5,105,137 98,124 
Municipal securities62,230 (566)37,413 323 
Other trading securities22,890 33 39,996 160 
Total trading securities$4,899,090 $(38,032)$5,193,505 $98,635 

Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 December 31, 2024
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$104,467 $104,467 $106,489 $2,370 $(348)
Mortgage-backed securities:
Residential agency1,998,017 1,880,473 1,680,800 81 (199,754)
Commercial agency17,257 16,220 15,357 — (863)
Other debt securities16,288 16,288 15,283 — (1,005)
Total investment securities2,136,029 2,017,448 1,817,929 2,451 (201,970)
Allowance for credit losses(223)(223)— — — 
Investment securities, net of allowance$2,135,806 $2,017,225 $1,817,929 $2,451 $(201,970)
1     Carrying value includes $119 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
 AmortizedCarrying FairGross 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 December 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$19,306 $100,805 $16,851 $13 $136,975 2.65 
Fair value19,350 102,098 15,668 13 137,129  
Residential mortgage-backed securities:      
Carrying value2
    $1,880,473 
Fair value    1,680,800  
Total investment securities:      
Carrying value    $2,017,448  
Fair value    1,817,929  
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 4.7 years based upon current prepayment assumptions.


Temporarily Impaired Investment Securities
(Dollars in thousands)
December 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 $14,485 $65 $7,107 $283 $21,592 $348 
Mortgage-backed securities:
Residential agency116 — — 1,679,889 199,754 1,679,889 199,754 
Commercial agency2 — — 15,357 863 15,357 863 
Other debt securities3 — — 9,271 1,005 9,271 1,005 
Total investment securities141 $14,485 $65 $1,711,624 $201,905 $1,726,109 $201,970 

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):
 December 31, 2024
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $945 $— $(55)
Municipal securities240,528 225,568 2 (14,962)
Mortgage-backed securities:    
Residential agency8,895,900 8,639,389 17,936 (274,447)
Residential non-agency814,542 781,209 11,247 (44,580)
Commercial agency3,436,465 3,204,016 726 (233,175)
Other debt securities500 473 — (27)
Total available for sale securities$13,388,935 $12,851,600 $29,911 $(567,246)
 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 December 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$236,710 $2,469,580 $544,215 $427,988 $3,678,493 4.99 
Fair value234,816 2,290,038 493,883 412,265 3,431,002 
Residential mortgage-backed securities:     
Amortized cost2
    $9,710,442 
Fair value    9,420,598 
Total available for sale securities:
      
Amortized cost    $13,388,935  
Fair value    12,851,600  
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 based upon current prepayment assumptions.
Sales of available for sale securities resulted in gains and losses as follows (in thousands):
Year Ended December 31,
 202420232022
Proceeds$839,352 $834,704 $307,481 
Gross realized gains2,257 1,180 5,054 
Gross realized losses(48,085)(31,816)(6,025)
Related federal and state income tax expense (benefit)
(10,779)(7,206)(227)

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 December 31, 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)
December 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. Treasury
1 $— $— $945 $55 $945 $55 
Municipal securities113 1,041 13 222,432 14,949 223,473 14,962 
Mortgage-backed securities:
Residential agency831 3,561,318 50,102 2,880,641 224,345 6,441,959 274,447 
Residential non-agency36 93,113 1,124 457,701 43,456 550,814 44,580 
Commercial agency
220 190,718 1,878 2,819,206 231,297 3,009,924 233,175 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities1,202 $3,846,190 $53,117 $6,381,398 $514,129 $10,227,588 $567,246 
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 agency630 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 securities1,123 $1,205,822 $7,969 $8,087,455 $661,476 $9,293,277 $669,445 

No credit impairment of available for sale securities was identified in 2024. Unrealized losses are related to changes in interest rates subsequent to purchase and are not attributable to credit. Based on evaluations of impaired securities as of December 31, 2024, the Company does not intend to sell any impaired available for sale 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 with changes in the fair value recognized in earnings as they occur. Certain residential mortgage-backed securities issued by U.S. government agencies and derivative contracts 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):
 December 31, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$17,876 $(1,662)$20,671 $(1,406)