Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investment securities consisted of the following at September 30, 2025 and December 31, 2024.


(In thousands)	September 30, 2025		December 31, 2024
Available for sale debt securities	$	8,998,586	$	9,136,853
Trading debt securities	56,282		38,034
Equity securities:
Readily determinable fair value	43,365		48,359
No readily determinable fair value	9,828		9,083
Other:
Federal Reserve Bank stock	35,822		35,545
Federal Home Loan Bank stock	10,103		10,120

Private equity investments	181,505		184,386
Total investment securities (1)	$	9,335,491	$	9,462,380

(1)Accrued interest receivable totaled $36.1 million and $35.0 million at September 30, 2025 and December 31, 2024, 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 of 2024 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 for 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, 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	$	414,722	$	415,573
After 1 but within 5 years	1,382,147		1,394,173
After 5 but within 10 years	1,000,182		1,007,653
After 10 years	106,535		107,839
Total U.S. government and federal agency obligations	2,903,586		2,925,238
Government-sponsored enterprise obligations:


After 5 but within 10 years	35,139		30,492
After 10 years	19,820		14,254
Total government-sponsored enterprise obligations	54,959		44,746
State and municipal obligations:
Within 1 year	65,048		64,649
After 1 but within 5 years	415,803		397,106
After 5 but within 10 years	158,341		141,696
After 10 years	109,378		92,247
Total state and municipal obligations	748,570		695,698
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,883,052		3,291,338
Non-agency mortgage-backed securities	487,070		452,424
Asset-backed securities	1,409,706		1,395,349
Total mortgage and asset-backed securities	5,779,828		5,139,111
Other debt securities:
Within 1 year	14,432		14,291
After 1 but within 5 years	74,130		69,564
After 5 but within 10 years	86,832		85,388
After 10 years	24,747		24,550
Total other debt securities	200,141		193,793
Total available for sale debt securities	$	9,687,084	$	8,998,586

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, 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 September 30, 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 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2025
U.S. government and federal agency obligations	$	308,226	$	1,294	$	572,602	$	8,336	$	880,828	$	9,630
Government-sponsored enterprise obligations	—		—		44,746		10,213		44,746		10,213
State and municipal obligations	10,231		173		654,343		52,750		664,574		52,923
Mortgage and asset-backed securities:
Agency mortgage-backed securities	1,556		5		3,235,669		592,554		3,237,225		592,559
Non-agency mortgage-backed securities	—		—		436,921		35,079		436,921		35,079
Asset-backed securities	34,845		86		646,644		23,322		681,489		23,408
Total mortgage and asset-backed securities	36,401		91		4,319,234		650,955		4,355,635		651,046
Other debt securities	—		—		117,248		7,568		117,248		7,568
Total	$	354,858	$	1,558	$	5,708,173	$	729,822	$	6,063,031	$	731,380
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 obligations	14,860		230		724,587		79,685		739,447		79,915
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,882		42		3,409,405		750,664		3,413,287		750,706
Non-agency mortgage-backed securities	10		—		564,637		56,986		564,647		56,986
Asset-backed securities	219,414		2,371		1,083,938		36,824		1,303,352		39,195
Total mortgage and asset-backed securities	223,306		2,413		5,057,980		844,474		5,281,286		846,887
Other debt securities	26,390		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 September 30, 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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2025
U.S. government and federal agency obligations	$	2,903,586	$	31,282	$	(9,630)	$	—	$	2,925,238
Government-sponsored enterprise obligations	54,959		—		(10,213)		—		44,746
State and municipal obligations	748,570		51		(52,923)		—		695,698
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,883,052		845		(592,559)		—		3,291,338
Non-agency mortgage-backed securities	487,070		433		(35,079)		—		452,424
Asset-backed securities	1,409,706		9,051		(23,408)		—		1,395,349
Total mortgage and asset-backed securities	5,779,828		10,329		(651,046)		—		5,139,111
Other debt securities	200,141		1,220		(7,568)		—		193,793
Total	$	9,687,084	$	42,882	$	(731,380)	$	—	$	8,998,586
December 31, 2024
U.S. government and federal agency obligations	$	2,594,130	$	2,981	$	(41,859)	$	—	$	2,555,252
Government-sponsored enterprise obligations	55,425		—		(12,576)		—		42,849
State and municipal obligations	822,790		16		(79,915)		—		742,891
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,195,182		415		(750,706)		—		3,444,891
Non-agency mortgage-backed securities	625,539		136		(56,986)		—		568,689
Asset-backed securities	1,595,797		413		(39,195)		—		1,557,015
Total mortgage and asset-backed securities	6,416,518		964		(846,887)		—		5,570,595
Other debt securities	238,563		—		(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 Nine Months Ended September 30
(In thousands)	2025		2024
Proceeds from sales of securities:
Available for sale debt securities	$	36,065	$	1,057,589
Equity securities	—		176,780
Other investments	10,563		38,558
Total proceeds	$	46,628	$	1,272,927

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

Gains realized on sales	$	4	$	—
Losses realized on sales	(4,218)		(192,938)

Equity securities:




Gains (losses) on equity securities, net	1,666		178,098
Other:
Gains realized on sales	1,172		3,082
Losses realized on sales	(1,735)		(1,601)
Fair value adjustments, net	3,842		20,205
Total investment securities gains (losses), net	$	731	$	6,846