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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2024
Investment Securities [Abstract]  
Summary Investment Holdings
Investment securities consisted of the following at June 30, 2024 and December 31, 2023.

(In thousands)June 30, 2024December 31, 2023
Available for sale debt securities$8,534,271 $9,684,760 
Trading debt securities45,499 28,830 
Equity securities:
Readily determinable fair value47,804 5,723 
No readily determinable fair value65,780 6,978 
Other:
Federal Reserve Bank stock35,361 35,166 
Federal Home Loan Bank stock10,116 10,640 
Private equity investments178,321 176,667 
Total investment securities (1)
$8,917,152 $9,948,764 
(1)Accrued interest receivable totaled $26.4 million and $28.9 million at June 30, 2024 and December 31, 2023, respectively, and was included within other assets on the consolidated balance sheets.
Equity Securities without Readily Determinable Fair Value
Changes in equity investments with no readily determinable fair value for each period were as follows:
Three Months Ended June 30Six Months Ended June 30
(In thousands)20242024
Balance at beginning of period$6,988 $6,978 
Observable upward price adjustments178,227 178,227 
Observable downward price adjustments— — 
Impairment charges— — 
Sales of securities and other activity(119,435)(119,425)
Balance at end of period$65,780 $65,780 
Gain (Loss) on Securities
Net gains and losses for the Company's equity securities portfolio for each period were as follows:
Three Months Ended June 30Six Months Ended June 30
(In thousands)20242024
Net gains (losses) recognized during the period on equity securities$178,164 $178,306 
Less: Net gains (losses) recognized during the period on equity securities sold during the period(119,987)(119,987)
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date$58,177 $58,319 
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, 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$363,629 $361,547 
After 1 but within 5 years899,769 888,270 
After 5 but within 10 years397,826 388,010 
Total U.S. government and federal agency obligations1,661,224 1,637,827 
Government-sponsored enterprise obligations:
After 5 but within 10 years4,935 4,453 
After 10 years50,694 38,686 
Total government-sponsored enterprise obligations55,629 43,139 
State and municipal obligations:
Within 1 year70,356 69,154 
After 1 but within 5 years363,730 336,379 
After 5 but within 10 years311,520 269,379 
After 10 years124,318 101,071 
Total state and municipal obligations869,924 775,983 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,411,594 3,630,296 
  Non-agency mortgage-backed securities729,009 646,357 
  Asset-backed securities1,646,667 1,583,747 
Total mortgage and asset-backed securities6,787,270 5,860,400 
Other debt securities:
Within 1 year79,974 78,505 
After 1 but within 5 years69,711 65,103 
After 5 but within 10 years71,052 61,691 
After 10 years13,260 11,623 
Total other debt securities233,997 216,922 
Total available for sale debt securities$9,608,044 $8,534,271 
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 June 30, 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 June 30, 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 months12 months or longerTotal
 
(In thousands)
   Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
June 30, 2024
U.S. government and federal agency obligations$647,825 $2,025 $509,058 $23,119 $1,156,883 $25,144 
Government-sponsored enterprise obligations — — 43,139 12,490 43,139 12,490 
State and municipal obligations9,885 735 763,769 93,213 773,654 93,948 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities636 5 3,604,732 781,585 3,605,368 781,590 
   Non-agency mortgage-backed securities— — 641,907 82,800 641,907 82,800 
   Asset-backed securities— — 1,544,995 62,995 1,544,995 62,995 
Total mortgage and asset-backed securities636 5 5,791,634 927,380 5,792,270 927,385 
Other debt securities— — 216,922 17,075 216,922 17,075 
Total $658,346 $2,765 $7,324,522 $1,073,277 $7,982,868 $1,076,042 
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 securities23,468 215 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 June 30, 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 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit Losses
Fair Value
June 30, 2024
U.S. government and federal agency obligations$1,661,224 $1,747 $(25,144)$— $1,637,827 
Government-sponsored enterprise obligations55,629 — (12,490)— 43,139 
State and municipal obligations869,924 7 (93,948)— 775,983 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,411,594 292 (781,590)— 3,630,296 
  Non-agency mortgage-backed securities729,009 148 (82,800)— 646,357 
  Asset-backed securities1,646,667 75 (62,995)— 1,583,747 
Total mortgage and asset-backed securities6,787,270 515 (927,385)— 5,860,400 
Other debt securities233,997 — (17,075)— 216,922 
Total$9,608,044 $2,269 $(1,076,042)$— $8,534,271 
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 securities8,153,821 374 (987,466)— 7,166,729 
Other debt securities507,386 — (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 Six Months Ended June 30
(In thousands)20242023
Proceeds from sales of securities:
Available for sale debt securities
$1,015,845 $1,101,782 
Equity securities
120,012 — 
Other investments
21,319 28,754 
Total proceeds
$1,157,176 $1,130,536 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$— $143 
Losses realized on sales(187,543)(8,587)
Equity securities:
 Gains (losses) on equity securities, net178,306 (690)
Other:
 Gains realized on sales
956 879 
 Losses realized on sales
(1,522)— 
Fair value adjustments, net 12,777 11,341 
Total investment securities gains (losses), net$2,974 $3,086