Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investment securities consisted of the following at September 30, 2024 and December 31, 2023.


(In thousands)	September 30, 2024		December 31, 2023
Available for sale debt securities	$	9,167,681	$	9,684,760
Trading debt securities	42,645		28,830
Equity securities:
Readily determinable fair value	48,262		5,723
No readily determinable fair value	8,853		6,978
Other:
Federal Reserve Bank stock	35,451		35,166
Federal Home Loan Bank stock	10,119		10,640

Private equity investments	170,973		176,667
Total investment securities (1)	$	9,483,984	$	9,948,764

(1)Accrued interest receivable totaled $29.7 million and $28.9 million at September 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 September 30		Nine Months Ended September 30
(In thousands)	2024			2024
Balance at beginning of period	$	65,780		$	6,978
Observable upward price adjustments	—			178,227
Observable downward price adjustments	(416)			(416)
Impairment charges	—			—
Sales of securities and other activity	(56,511)			(175,936)
Balance at end of period	$	8,853		$	8,853

Gain (Loss) on Securities

Net gains and losses for the Company's equity securities portfolio during the nine months ended September 30, 2024 were as follows:


	Nine Months Ended September 30
(In thousands)		2024
Net gains (losses) recognized during the period on equity securities		$	178,098
Less: Net gains (losses) recognized during the period on equity securities sold during the period		(176,755)
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date		$	1,343

Summary Of Available For Sale Investment Securities By Maturity Groupings

A summary of the available for sale debt securities by maturity groupings as of September 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	$	351,471	$	351,904
After 1 but within 5 years	1,409,595		1,421,048
After 5 but within 10 years	627,728		633,888

Total U.S. government and federal agency obligations	2,388,794		2,406,840
Government-sponsored enterprise obligations:


After 5 but within 10 years	4,747		4,493
After 10 years	50,686		41,006
Total government-sponsored enterprise obligations	55,433		45,499
State and municipal obligations:
Within 1 year	79,170		78,140
After 1 but within 5 years	362,816		344,045
After 5 but within 10 years	287,859		258,797
After 10 years	119,682		101,400
Total state and municipal obligations	849,527		782,382
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,295,653		3,673,971
Non-agency mortgage-backed securities	663,426		609,344
Asset-backed securities	1,484,628		1,444,597
Total mortgage and asset-backed securities	6,443,707		5,727,912
Other debt securities:
Within 1 year	74,972		74,027
After 1 but within 5 years	81,414		76,980
After 5 but within 10 years	49,207		43,786
After 10 years	11,000		10,255
Total other debt securities	216,593		205,048
Total available for sale debt securities	$	9,954,054	$	9,167,681

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 September 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 September 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 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2024
U.S. government and federal agency obligations	$	359,913	$	851	$	357,083	$	12,528	$	716,996	$	13,379
Government-sponsored enterprise obligations	—		—		45,499		9,934		45,499		9,934
State and municipal obligations	7,676		476		756,489		66,715		764,165		67,191
Mortgage and asset-backed securities:
Agency mortgage-backed securities	314		1		3,636,235		622,281		3,636,549		622,282
Non-agency mortgage-backed securities	27		—		604,980		54,228		605,007		54,228
Asset-backed securities	28,052		1,078		1,273,016		39,177		1,301,068		40,255
Total mortgage and asset-backed securities	28,393		1,079		5,514,231		715,686		5,542,624		716,765
Other debt securities	—		—		205,048		11,545		205,048		11,545
Total	$	395,982	$	2,406	$	6,878,350	$	816,408	$	7,274,332	$	818,814
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 September 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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2024
U.S. government and federal agency obligations	$	2,388,794	$	31,425	$	(13,379)	$	—	$	2,406,840
Government-sponsored enterprise obligations	55,433		—		(9,934)		—		45,499
State and municipal obligations	849,527		46		(67,191)		—		782,382
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,295,653		600		(622,282)		—		3,673,971
Non-agency mortgage-backed securities	663,426		146		(54,228)		—		609,344
Asset-backed securities	1,484,628		224		(40,255)		—		1,444,597
Total mortgage and asset-backed securities	6,443,707		970		(716,765)		—		5,727,912
Other debt securities	216,593		—		(11,545)		—		205,048
Total	$	9,954,054	$	32,441	$	(818,814)	$	—	$	9,167,681
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 Nine Months Ended September 30
(In thousands)	2024		2023
Proceeds from sales of securities:
Available for sale debt securities	$	1,057,589	$	1,101,782
Equity securities	176,780		—
Other investments	38,558		40,167
Total proceeds	$	1,272,927	$	1,141,949

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

Gains realized on sales	$	—	$	143
Losses realized on sales	(192,938)		(8,587)

Equity securities:




Gains (losses) on equity securities, net	178,098		(757)
Other:
Gains realized on sales	3,082		884
Losses realized on sales	(1,601)		(1,245)
Fair value adjustments, net	20,205		16,946
Total investment securities gains (losses), net	$	6,846	$	7,384