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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary Investment Holdings
Investment securities consisted of the following at December 31, 2023 and 2022:
 
(In thousands)
20232022
Available for sale debt securities$9,684,760 $12,238,316 
Trading debt securities28,830 43,523 
Equity securities:
   Readily determinable fair value5,723 6,210 
   No readily determinable fair value6,978 6,094 
Other:
   Federal Reserve Bank stock35,166 34,795 
   Federal Home Loan Bank stock10,640 10,678 
   Equity method investments— 1,434 
   Private equity investments176,667 178,127 
Total investment securities (1)
$9,948,764 $12,519,177 
(1) Accrued interest receivable totaled $28.9 million and $38.8 million at December 31, 2023 and December 31, 2022, respectively, and was included within other assets on the consolidated balance sheet.
Investments Classified by Contractual Maturity Date A summary of the available for sale debt securities by maturity groupings as of December 31, 2023 is shown in the following table. The weighted average yield for each range of maturities was calculated using the yield on each security within that range weighted by the amortized cost of each security at December 31, 2023. Yields on tax exempt securities have not been adjusted for tax exempt status. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and 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.
(Dollars in thousands)
 Amortized Cost
Fair Value
Weighted Average Yield
U.S. government and federal agency obligations:
Within 1 year$399,926 $394,466 1.44 *%
After 1 but within 5 years263,138 255,368 1.26 *
After 5 but within 10 years178,203 166,680 .54 *
Total U.S. government and federal agency obligations
841,267 816,514 1.19 *
Government-sponsored enterprise obligations:
After 5 but within 10 years4,948 4,505 2.94 
After 10 years50,710 39,457 2.32 
Total government-sponsored enterprise obligations
55,658 43,962 2.38 
State and municipal obligations:
Within 1 year62,701 61,763 1.31 
After 1 but within 5 years403,542 376,194 1.67 
After 5 but within 10 years750,535 649,221 1.82 
After 10 years129,855 110,241 2.13 
Total state and municipal obligations
1,346,633 1,197,419 1.78 
Mortgage and asset-backed securities:
Agency mortgage-backed securities4,621,821 3,901,346 2.10 
Non-agency mortgage-backed securities1,331,288 1,157,898 2.37 
Asset-backed securities2,200,712 2,107,485 2.33 
Total mortgage and asset-backed securities
8,153,821 7,166,729 2.20 
Other debt securities:
Within 1 year48,102 47,374 1.87 
After 1 but within 5 years206,942 195,385 2.02 
After 5 but within 10 years239,082 205,950 1.83 
After 10 years13,260 11,427 1.82 
Total other debt securities
507,386 460,136 1.91 %
Total available for sale debt securities
$10,904,765 $9,684,760 
* Rate does not reflect inflation adjustment on inflation-protected securities
Schedule of Unrealized Loss on Investments
The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at December 31, 2023 and 2022. Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired. The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions. At December 31, 2023, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.

Less than 12 months12 months or longerTotal

(In thousands)
    Fair Value    
    Unrealized Losses
    Fair Value    
    Unrealized Losses
    Fair Value    
    Unrealized Losses
December 31, 2023
U.S. government and federal agency obligations$51,585 $809 $714,400 $24,025 $765,985 $24,834 
Government-sponsored enterprise obligations— — 43,962 11,696 43,962 11,696 
State and municipal obligations24,022 760 1,167,607 148,478 1,191,629 149,238 
Mortgage and asset-backed securities:
Agency mortgage-backed securities4,382 59 3,875,432 720,649 3,879,814 720,708 
Non-agency mortgage-backed securities— — 1,152,045 173,526 1,152,045 173,526 
Asset-backed securities19,086 156 2,081,293 93,076 2,100,379 93,232 
Total mortgage and asset-backed securities
23,468 215 7,108,770 987,251 7,132,238 987,466 
Other debt securities
— — 460,136 47,250 460,136 47,250 
Total
$99,075 $1,784 $9,494,875 $1,218,700 $9,593,950 $1,220,484 
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 
Unrealized Gain (Loss) on Investments
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 December 31, 2023 and 2022 and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

(In thousands)
 Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2023
U.S. government and federal agency obligations$841,267 $81 $(24,834)$— $816,514 
Government-sponsored enterprise obligations55,658 — (11,696)— 43,962 
State and municipal obligations1,346,633 24 (149,238)— 1,197,419 
Mortgage and asset-backed securities:
Agency mortgage-backed securities4,621,821 233 (720,708)— 3,901,346 
Non-agency mortgage-backed securities1,331,288 136 (173,526)— 1,157,898 
Asset-backed securities2,200,712 5 (93,232)— 2,107,485 
Total mortgage and asset-backed securities
8,153,821 374 (987,466)— 7,166,729 
Other debt securities
507,386 — (47,250)— 460,136 
Total
$10,904,765 $479 $(1,220,484)$— $9,684,760 
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 securities
10,099,387 539 (1,182,091)— 8,917,835 
Other debt securities
539,255 — (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 Year Ended December 31
(In thousands)202320222021
Proceeds from sales of securities:
Available for sale debt securities
$1,101,782 $86,240 $69,809 
 Equity securities
— 17 — 
Other
40,167 20,714 11,002 
Total proceeds
$1,141,949 $106,971 $80,811 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$143 $— $— 
Losses realized on sales(8,587)(20,273)(3,284)
Equity securities:
Gains realized on sales— 17 — 
 Fair value adjustments, net
(487)(943)187 
Other:
 Gains realized on sales
976 1,670 1,611 
 Losses realized on sales
(1,076)(3,798)(159)
 Fair value adjustments, net24,016 43,833 31,704 
Total investment securities gains (losses), net$14,985 $20,506 $30,059