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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Investment Securities [Abstract]  
Summary Investment Holdings
(In thousands)June 30, 2023December 31, 2022
Available for sale debt securities$10,414,625 $12,238,316 
Trading debt securities29,412 43,523 
Equity securities:
Readily determinable fair value5,520 6,210 
No readily determinable fair value6,746 6,094 
Other:
Federal Reserve Bank stock34,985 34,795 
Federal Home Loan Bank stock50,328 10,678 
Equity method investments— 1,434 
Private equity investments172,732 178,127 
Total investment securities (1)
$10,714,348 $12,519,177 
(1)Accrued interest receivable totaled $29.8 million and $38.8 million at June 30, 2023 and December 31, 2022, respectively, and was included within other assets on the consolidated balance sheets.
Summary Of Available For Sale Investment Securities By Maturity Groupings A summary of the available for sale debt securities by maturity groupings as of June 30, 2023 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily
collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.
(In thousands)Amortized
Cost		Fair
Value
U.S. government and federal agency obligations:
Within 1 year$464,203 $455,044 
After 1 but within 5 years344,689 327,450 
After 5 but within 10 years176,092 163,321 
Total U.S. government and federal agency obligations984,984 945,815 
Government-sponsored enterprise obligations:
After 5 but within 10 years4,955 4,418 
After 10 years50,726 39,618 
Total government-sponsored enterprise obligations55,681 44,036 
State and municipal obligations:
Within 1 year77,600 76,353 
After 1 but within 5 years346,058 318,691 
After 5 but within 10 years826,895 704,751 
After 10 years151,057 127,942 
Total state and municipal obligations1,401,610 1,227,737 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,849,215 4,065,406 
  Non-agency mortgage-backed securities1,378,516 1,174,790 
  Asset-backed securities2,646,850 2,499,675 
Total mortgage and asset-backed securities8,874,581 7,739,871 
Other debt securities:
Within 1 year35,141 34,128 
After 1 but within 5 years221,479 204,297 
After 5 but within 10 years244,000 205,179 
After 10 years16,260 13,562 
Total other debt securities516,880 457,166 
Total available for sale debt securities$11,833,736 $10,414,625 
Securities With Unrealized Losses And Length Of Impairment Period
Less than 12 months12 months or longerTotal
 
(In thousands)
   Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
June 30, 2023
U.S. government and federal agency obligations$355,274 $15,192 $590,541 $23,977 $945,815 $39,169 
Government-sponsored enterprise obligations — — 44,036 11,645 44,036 11,645 
State and municipal obligations82,322 1,999 1,140,008 171,874 1,222,330 173,873 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities50,830 2,159 4,000,228 781,734 4,051,058 783,893 
   Non-agency mortgage-backed securities1,106 9 1,168,007 203,789 1,169,113 203,798 
   Asset-backed securities23,848 652 2,457,632 146,649 2,481,480 147,301 
Total mortgage and asset-backed securities75,784 2,820 7,625,867 1,132,172 7,701,651 1,134,992 
Other debt securities874 126 456,292 59,588 457,166 59,714 
Total $514,254 $20,137 $9,856,744 $1,399,256 $10,370,998 $1,419,393 
December 31, 2022
U.S. government and federal agency obligations$605,840 $17,490 $380,573 $25,940 $986,413 $43,430 
Government-sponsored enterprise obligations25,068 4,650 18,040 7,971 43,108 12,621 
State and municipal obligations814,799 26,708 875,329 171,385 1,690,128 198,093 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities1,323,938 125,330 2,966,851 654,327 4,290,789 779,657 
   Non-agency mortgage-backed securities135,984 16,736 1,069,222 195,218 1,205,206 211,954 
   Asset-backed securities1,331,055 50,056 2,006,188 140,424 3,337,243 190,480 
Total mortgage and asset-backed securities2,790,977 192,122 6,042,261 989,969 8,833,238 1,182,091 
Other debt securities166,040 9,690 308,818 54,707 474,858 64,397 
Total $4,402,724 $250,660 $7,625,021 $1,249,972 $12,027,745 $1,500,632 
Available For Sale Securities Unrealized Gains And Losses By Security Type
For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at June 30, 2023 and December 31, 2022, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

 
 
(In thousands)
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit Losses
Fair Value
June 30, 2023
U.S. government and federal agency obligations$984,984 $— $(39,169)$— $945,815 
Government-sponsored enterprise obligations55,681 — (11,645)— 44,036 
State and municipal obligations1,401,610 — (173,873)— 1,227,737 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,849,215 84 (783,893)— 4,065,406 
  Non-agency mortgage-backed securities1,378,516 72 (203,798)— 1,174,790 
  Asset-backed securities2,646,850 126 (147,301)— 2,499,675 
Total mortgage and asset-backed securities8,874,581 282 (1,134,992)— 7,739,871 
Other debt securities516,880 — (59,714)— 457,166 
Total$11,833,736 $282 $(1,419,393)$— $10,414,625 
December 31, 2022
U.S. government and federal agency obligations$1,078,807 $29 $(43,430)$— $1,035,406 
Government-sponsored enterprise obligations55,729 — (12,621)— 43,108 
State and municipal obligations1,965,028 174 (198,093)— 1,767,109 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities5,087,893 191 (779,657)— 4,308,427 
  Non-agency mortgage-backed securities1,423,469 92 (211,954)— 1,211,607 
  Asset-backed securities3,588,025 256 (190,480)— 3,397,801 
Total mortgage and asset-backed securities10,099,387 539 (1,182,091)— 8,917,835 
Other debt securities539,255 — (64,397)— 474,858 
Total$13,738,206 $742 $(1,500,632)$— $12,238,316 
Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses
The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.

For the Six Months Ended June 30
(In thousands)20232022
Proceeds from sales of securities:
Available for sale debt securities
$1,101,782 $51,948 
Other investments
28,754 3,805 
Total proceeds
$1,130,536 $55,753 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$143 $— 
Losses realized on sales(8,587)(9,582)
Equity securities:
 Fair value adjustments, net
(690)(1,023)
Other:
 Gains realized on sales
879 27 
 Losses realized on sales
— (4,313)
Fair value adjustments, net 11,341 23,083 
Total investment securities gains (losses), net$3,086 $8,192