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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2025
Investment Securities [Abstract]  
Summary Investment Holdings
Investment securities consisted of the following at March 31, 2025 and December 31, 2024.

(In thousands)March 31, 2025December 31, 2024
Available for sale debt securities$9,264,947 $9,136,853 
Trading debt securities56,569 38,034 
Equity securities:
Readily determinable fair value48,951 48,359 
No readily determinable fair value9,231 9,083 
Other:
Federal Reserve Bank stock35,638 35,545 
Federal Home Loan Bank stock10,114 10,120 
Private equity investments175,618 184,386 
Total investment securities (1)
$9,601,068 $9,462,380 
(1)Accrued interest receivable totaled $33.3 million and $35.0 million at March 31, 2025 and December 31, 2024, 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, 2025 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$437,727 $438,583 
After 1 but within 5 years1,449,802 1,451,299 
After 5 but within 10 years738,986 736,753 
Total U.S. government and federal agency obligations2,626,515 2,626,635 
Government-sponsored enterprise obligations:
After 5 but within 10 years35,221 30,150 
After 10 years19,820 13,906 
Total government-sponsored enterprise obligations55,041 44,056 
State and municipal obligations:
Within 1 year69,962 69,275 
After 1 but within 5 years400,964 376,308 
After 5 but within 10 years205,286 179,376 
After 10 years113,367 96,228 
Total state and municipal obligations789,579 721,187 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,098,966 3,430,566 
  Non-agency mortgage-backed securities614,798 566,126 
  Asset-backed securities1,652,018 1,625,282 
Total mortgage and asset-backed securities6,365,782 5,621,974 
Other debt securities:
Within 1 year64,955 64,330 
After 1 but within 5 years68,308 63,659 
After 5 but within 10 years102,874 98,777 
After 10 years24,747 24,329 
Total other debt securities260,884 251,095 
Total available for sale debt securities$10,097,801 $9,264,947 
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, 2025 and December 31, 2024. 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, 2025, 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
March 31, 2025
U.S. government and federal agency obligations$764,764 $8,128 $289,771 $8,437 $1,054,535 $16,565 
Government-sponsored enterprise obligations   44,056 10,985 44,056 10,985 
State and municipal obligations14,633 368 701,240 68,024 715,873 68,392 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities2,920 13 3,382,090 668,998 3,385,010 669,011 
   Non-agency mortgage-backed securities38,677 169 512,713 48,799 551,390 48,968 
   Asset-backed securities193,670 1,499 792,889 29,393 986,559 30,892 
Total mortgage and asset-backed securities235,267 1,681 4,687,692 747,190 4,922,959 748,871 
Other debt securities37,211 128 161,965 10,338 199,176 10,466 
Total $1,051,875 $10,305 $5,884,724 $844,974 $6,936,599 $855,279 
December 31, 2024
U.S. government and federal agency obligations$1,492,875 $24,662 $353,129 $17,197 $1,846,004 $41,859 
Government-sponsored enterprise obligations— — 42,848 12,576 42,848 12,576 
State and municipal obligations14,860 230 724,587 79,685 739,447 79,915 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities3,882 42 3,409,405 750,664 3,413,287 750,706 
   Non-agency mortgage-backed securities10 — 564,637 56,986 564,647 56,986 
   Asset-backed securities219,414 2,371 1,083,938 36,824 1,303,352 39,195 
Total mortgage and asset-backed securities223,306 2,413 5,057,980 844,474 5,281,286 846,887 
Other debt securities26,390 579 198,936 12,718 225,326 13,297 
Total $1,757,431 $27,884 $6,377,480 $966,650 $8,134,911 $994,534 
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, 2025 and December 31, 2024, 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
March 31, 2025
U.S. government and federal agency obligations$2,626,515 $16,685 $(16,565)$ $2,626,635 
Government-sponsored enterprise obligations55,041  (10,985) 44,056 
State and municipal obligations789,579  (68,392) 721,187 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,098,966 611 (669,011) 3,430,566 
  Non-agency mortgage-backed securities614,798 296 (48,968) 566,126 
  Asset-backed securities1,652,018 4,156 (30,892) 1,625,282 
Total mortgage and asset-backed securities6,365,782 5,063 (748,871) 5,621,974 
Other debt securities260,884 677 (10,466) 251,095 
Total$10,097,801 $22,425 $(855,279)$ $9,264,947 
December 31, 2024
U.S. government and federal agency obligations$2,594,130 $2,981 $(41,859)$— $2,555,252 
Government-sponsored enterprise obligations55,425 — (12,576)— 42,849 
State and municipal obligations822,790 16 (79,915)— 742,891 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,195,182 415 (750,706)— 3,444,891 
  Non-agency mortgage-backed securities625,539 136 (56,986)— 568,689 
  Asset-backed securities1,595,797 413 (39,195)— 1,557,015 
Total mortgage and asset-backed securities6,416,518 964 (846,887)— 5,570,595 
Other debt securities238,563 — (13,297)— 225,266 
Total$10,127,426 $3,961 $(994,534)$— $9,136,853 
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)20252024
Proceeds from sales of securities:
Available for sale debt securities
$ $25,494 
Other investments
6,757 10,250 
Total proceeds
$6,757 $35,744 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$4 $— 
Losses realized on sales (8,470)
Equity securities:
 Gains (losses) on equity securities, net(97)142 
Other:
 Gains realized on sales
1,071 969 
 Losses realized on sales
(44)— 
Fair value adjustments, net (8,525)7,100 
Total investment securities gains (losses), net$(7,591)$(259)