Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investment securities consisted of the following at March 31, 2024 and December 31, 2023.


(In thousands)	March 31, 2024		December 31, 2023
Available for sale debt securities	$	9,141,695	$	9,684,760
Trading debt securities	56,716		28,830
Equity securities:
Readily determinable fair value	5,864		5,723
No readily determinable fair value	6,988		6,978
Other:
Federal Reserve Bank stock	35,267		35,166
Federal Home Loan Bank stock	10,173		10,640

Private equity investments	183,706		176,667
Total investment securities (1)	$	9,440,409	$	9,948,764

(1)Accrued interest receivable totaled $28.2 million and $28.9 million at March 31, 2024 and December 31, 2023, 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 March 31, 2024 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	$	266,255	$	262,767
After 1 but within 5 years	380,713		370,689
After 5 but within 10 years	126,085		116,577

Total U.S. government and federal agency obligations	773,053		750,033
Government-sponsored enterprise obligations:


After 5 but within 10 years	4,935		4,454
After 10 years	50,702		39,391
Total government-sponsored enterprise obligations	55,637		43,845
State and municipal obligations:
Within 1 year	81,511		80,031
After 1 but within 5 years	431,208		397,795
After 5 but within 10 years	639,802		550,622
After 10 years	126,706		103,247
Total state and municipal obligations	1,279,227		1,131,695
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,524,253		3,754,837
Non-agency mortgage-backed securities	1,309,628		1,139,113
Asset-backed securities	1,954,148		1,877,805
Total mortgage and asset-backed securities	7,788,029		6,771,755
Other debt securities:
Within 1 year	60,606		59,575
After 1 but within 5 years	193,035		181,078
After 5 but within 10 years	226,055		192,193
After 10 years	13,260		11,521
Total other debt securities	492,956		444,367
Total available for sale debt securities	$	10,388,902	$	9,141,695

Securities With Unrealized Losses And Length Of Impairment Period

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 March 31, 2024 and December 31, 2023. 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 March 31, 2024, 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 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2024
U.S. government and federal agency obligations	$	223,026	$	1,971	$	502,312	$	21,049	$	725,338	$	23,020
Government-sponsored enterprise obligations	—		—		43,845		11,792		43,845		11,792
State and municipal obligations	9,675		703		1,113,829		146,839		1,123,504		147,542
Mortgage and asset-backed securities:
Agency mortgage-backed securities	2,907		35		3,732,370		769,632		3,735,277		769,667
Non-agency mortgage-backed securities	—		—		1,133,805		170,644		1,133,805		170,644
Asset-backed securities	3,707		8		1,853,484		76,356		1,857,191		76,364
Total mortgage and asset-backed securities	6,614		43		6,719,659		1,016,632		6,726,273		1,016,675
Other debt securities	—		—		444,367		48,589		444,367		48,589
Total	$	239,315	$	2,717	$	8,824,012	$	1,244,901	$	9,063,327	$	1,247,618
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 obligations	24,022		760		1,167,607		148,478		1,191,629		149,238
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,382		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 securities	19,086		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

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 March 31, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
March 31, 2024
U.S. government and federal agency obligations	$	773,053	$	—	$	(23,020)	$	—	$	750,033
Government-sponsored enterprise obligations	55,637		—		(11,792)		—		43,845
State and municipal obligations	1,279,227		10		(147,542)		—		1,131,695
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,524,253		251		(769,667)		—		3,754,837
Non-agency mortgage-backed securities	1,309,628		129		(170,644)		—		1,139,113
Asset-backed securities	1,954,148		21		(76,364)		—		1,877,805
Total mortgage and asset-backed securities	7,788,029		401		(1,016,675)		—		6,771,755
Other debt securities	492,956		—		(48,589)		—		444,367
Total	$	10,388,902	$	411	$	(1,247,618)	$	—	$	9,141,695
December 31, 2023
U.S. government and federal agency obligations	$	841,267	$	81	$	(24,834)	$	—	$	816,514
Government-sponsored enterprise obligations	55,658		—		(11,696)		—		43,962
State and municipal obligations	1,346,633		24		(149,238)		—		1,197,419
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,621,821		233		(720,708)		—		3,901,346
Non-agency mortgage-backed securities	1,331,288		136		(173,526)		—		1,157,898
Asset-backed securities	2,200,712		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

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 Three Months Ended March 31
(In thousands)	2024		2023
Proceeds from sales of securities:
Available for sale debt securities	$	25,494	$	812,176

Other investments	10,250		28,259
Total proceeds	$	35,744	$	840,435

Investment securities gains (losses), net:
Available for sale debt securities:


Losses realized on sales	$	(8,470)	$	(3,088)

Equity securities:



Fair value adjustments, net	142		(127)
Other:
Gains realized on sales	969		658

Fair value adjustments, net	7,100		2,251
Total investment securities gains (losses), net	$	(259)	$	(306)