
(In thousands)	2025		2024
Available for sale debt securities	$	9,095,513	$	9,136,853
Trading debt securities	40,080		38,034
Equity securities:
Readily determinable fair value	47,551		48,359
No readily determinable fair value	9,803		9,083
Other:
Federal Reserve Bank stock	35,918		35,545
Federal Home Loan Bank stock	10,198		10,120

Private equity investments	184,343		184,386
Total investment securities (1)	$	9,423,406	$	9,462,380

Most of the Company’s investment securities are classified as available for sale debt securities, and this portfolio is discussed in more detail below. The Company’s equity securities are also discussed below. Other investment securities include Federal Reserve Bank (FRB) stock, Federal Home Loan Bank (FHLB) stock, and investments in portfolio concerns held by the Company’s private equity subsidiary. FRB stock and FHLB stock are held for liquidity management and regulatory purposes. Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is tied to the asset size of the borrowing bank and the level of borrowings from the FHLB. These holdings are carried at cost. The Company’s private equity investments are carried at estimated fair value.

The Company’s equity securities portfolio includes mutual funds, common stock, and preferred stock with readily determinable fair values as well as equity securities with no readily determinable fair value. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. At March 31, 2024, this portfolio included the Company’s 823,447 shares of Visa Inc. (“Visa”) Class B-1 common stock (formerly Class B common stock), which were held by Commerce Bancshares, Inc. The Company’s Visa Class B-1 shares had a carrying value of zero at March 31, 2024, as there had not been observable price changes in orderly transactions for identical or similar investments of the same issuer.

On April 8, 2024, Visa announced the commencement of a public offering to permit the exchange of its Class B-1 common stock for a combination of shares of its Class B-2 common stock and its Class C common stock (“Exchange Offer”). The Company tendered all of its Visa Class B-1 shares pursuant to the Exchange Offer. On May 3, 2024, the Exchange Offer closed, and in exchange for its 823,447 shares of Visa Class B-1 common stock, the Company received 411,723 shares of Visa Class B-2 common stock (which will be convertible under certain circumstances, as further described below, into Visa’s publicly traded Class A common stock at an initial rate of 1.5875 shares of Class A common for each share of Class B-2 common stock, subject to adjustment) and 163,404 shares of Visa Class C common stock which automatically convert into four shares of Visa's Class A common stock (subject to future adjustments for any stock splits, recapitalizations or similar transactions) upon any transfer to a person other than a Visa member or an affiliate of a Visa member.

As a condition of participating in the exchange, the Company entered into a Makewhole Agreement with Visa that provides for cash payments to Visa to the extent (if any) that future adjustments to the conversion ratio for the Visa Class B-2 common stock to Class A common stock cause such ratio to fall below zero. Changes to the conversion ratio occur when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain covered litigation that pre-dated Visa’s initial public offering, for which Visa has been effectively indemnified by Visa USA members through reductions to the conversion ratio for its Class B-1 common stock. The purpose of the Makewhole Agreement is to preserve the economic benefit of these adjustments to the Class B-1 conversion ratio for the benefit of Visa’s Class A and Class C common stockholders following the exchange. As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 8, 2024, publicly filed with the U. S. Securities and Exchange Commission, both the Makewhole Agreement and the related escrow fund and transfer restrictions on Visa’s Class B-1 common stock and the new Class B-2 common stock will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B-2 common stock will be convertible into shares of its Class A common stock at the then-applicable conversion ratio.

As a result of the exchange, the Company elected the measurement alternative approach for its Visa Class C common stock and marked the stock to fair value, recording a gain based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock. During the second quarter of 2024, the Company sold 436 thousand shares of Visa Class A common stock at an average price of $274.91, resulting in proceeds of $119.8 million. During the third quarter of 2024, the Company sold 218 thousand Visa Class A shares at an average price of $260.56, resulting in proceeds of $56.8 million. During the second and third quarters of 2024, the Company sold all of the Visa Class C shares it received from the Visa Exchange Offer. The Company’s Visa Class B-2 common stock will continue to be carried at cost of $0 as the Company elected the measurement alternative approach for these shares as well, and there are not observable price changes in orderly transactions for identical or similar investments of the same issuer for the Visa Class B-2 shares held by the Company.


	For the Year Ended December 31
(In thousands)		2024
Net gains (losses) recognized during the period on equity securities		$	178,092
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		$	1,337

The majority of the Company’s investment portfolio is comprised of available for sale debt securities, which are carried at fair value with changes in fair value reported in accumulated other comprehensive income (AOCI). 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.


(Dollars in thousands)	Amortized Cost		Fair Value		Weighted Average Yield
U.S. government and federal agency obligations:
Within 1 year	$	389,021	$	389,986	3.85	*%
After 1 but within 5 years	1,779,346		1,792,019		3.46	*
After 5 but within 10 years	982,623		989,466		3.71	*
After 10 years	106,571		107,629		4.50	*
Total U.S. government and federal agency obligations	3,257,561		3,279,100		3.61	*
Government-sponsored enterprise obligations:

After 1 but within 5 years	4,306		4,112		2.94
After 5 but within 10 years	30,824		26,547		2.46
After 10 years	19,821		14,053		2.12
Total government-sponsored enterprise obligations	54,951		44,712		2.37
State and municipal obligations:
Within 1 year	51,754		51,339		1.91
After 1 but within 5 years	415,328		397,576		1.79
After 5 but within 10 years	141,134		126,470		1.79
After 10 years	106,821		89,348		2.14
Total state and municipal obligations	715,037		664,733		1.85
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,786,811		3,223,105		2.11
Non-agency mortgage-backed securities	467,200		435,688		2.22
Asset-backed securities	1,269,503		1,262,045		3.78
Total mortgage and asset-backed securities	5,523,514		4,920,838		2.50
Other debt securities:
Within 1 year	22,425		22,278		1.67
After 1 but within 5 years	61,522		57,611		1.76
After 5 but within 10 years	83,331		82,357		4.08
After 10 years	23,937		23,884		3.48
Total other debt securities	191,215		186,130		2.98	%
Total available for sale debt securities	$	9,742,278	$	9,095,513

Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $419.4 million, at fair value, at December 31, 2025. Interest paid on these securities increases with inflation and decreases with deflation, as measured by the non-seasonally adjusted Consumer Price Index (CPI-U). At maturity, the principal paid is the greater of an inflation-adjusted principal or the original principal.

Securities for which fair value is less than amortized cost are reviewed for impairment. Special emphasis is placed on securities whose credit rating has fallen below Baa3 (Moody's) or BBB- (Standard & Poor's), whose fair values have fallen more than 20% below purchase price, or those which have been identified based on management’s judgment. These securities are placed on a watch list and cash flow analyses are prepared on an individual security basis. Certain securities are analyzed using a projected cash flow model, discounted to present value, and compared to the current amortized cost bases of the securities. The model uses input factors such as cash flow projections, contractual payments required, expected delinquency rates, credit support from other tranches, prepayment speeds, collateral loss severity rates (including loan to values), and various other information related to the underlying collateral. Securities not analyzed using the cash flow model are analyzed by reviewing credit ratings, credit support agreements, and industry knowledge to project future cash flows and any possible credit impairment.

December 31, 2024. Almost all of the securities included on the Company's watch list were experiencing unrealized loss positions due to the significant increase in interest rates and were analyzed outside of the cash flow model. At December 31, 2025, the securities on the Company's watch list that were not deemed to be solely related to increasing interest rates were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of December 31, 2025, the Company did not identify any securities for which a credit loss exists, and for the years ended December 31, 2025 and 2024, the Company did not recognize a credit loss expense on any available for sale debt securities.

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 December 31, 2025 and 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 December 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 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2025
U.S. government and federal agency obligations	$	612,167	$	2,620	$	314,006	$	8,244	$	926,173	$	10,864
Government-sponsored enterprise obligations	—		—		44,712		10,239		44,712		10,239
State and municipal obligations	12,157		18		636,492		50,323		648,649		50,341
Mortgage and asset-backed securities:
Agency mortgage-backed securities	2,437		30		3,148,627		565,056		3,151,064		565,086
Non-agency mortgage-backed securities	—		—		421,508		31,942		421,508		31,942
Asset-backed securities	32,875		36		546,984		16,925		579,859		16,961
Total mortgage and asset-backed securities	35,312		66		4,117,119		613,923		4,152,431		613,989
Other debt securities	—		—		110,038		6,661		110,038		6,661
Total	$	659,636	$	2,704	$	5,222,367	$	689,390	$	5,882,003	$	692,094
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

The entire available for sale debt securities portfolio included $5.9 billion of securities that were in a loss position at December 31, 2025, compared to $8.1 billion at December 31, 2024. The total amount of unrealized loss on these securities was $692.1 million at December 31, 2025, a decrease of $302.4 million compared to the unrealized loss at December 31, 2024. Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above.


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2025
U.S. government and federal agency obligations	$	3,257,561	$	32,403	$	(10,864)	$	—	$	3,279,100
Government-sponsored enterprise obligations	54,951		—		(10,239)		—		44,712
State and municipal obligations	715,037		37		(50,341)		—		664,733
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,786,811		1,380		(565,086)		—		3,223,105
Non-agency mortgage-backed securities	467,200		430		(31,942)		—		435,688
Asset-backed securities	1,269,503		9,503		(16,961)		—		1,262,045
Total mortgage and asset-backed securities	5,523,514		11,313		(613,989)		—		4,920,838
Other debt securities	191,215		1,576		(6,661)		—		186,130
Total	$	9,742,278	$	45,329	$	(692,094)	$	—	$	9,095,513
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


	For the Year Ended December 31
(In thousands)	2025		2024		2023
Proceeds from sales of securities:
Available for sale debt securities	$	70,145	$	1,080,083	$	1,101,782
Equity securities	—		176,780		—
Other	15,811		38,724		40,167
Total proceeds	$	85,956	$	1,295,587	$	1,141,949

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

Gains realized on sales	$	4	$	—	$	143
Losses realized on sales	(8,414)		(196,283)		(8,587)

Equity securities:




Gains (losses) on equity securities, net	1,376		178,092		(487)
Other:
Gains realized on sales	1,312		3,481		976
Losses realized on sales	(2,354)		(1,601)		(1,076)
Fair value adjustments, net	11,736		24,134		24,016
Total investment securities gains (losses), net	$	3,660	$	7,823	$	14,985

During 2024, the Company executed a plan to reposition a portion of its available for sale debt securities portfolio through the sale of securities with an amortized cost of $1.2 billion. The securities that the Company sold had a yield of approximately 2.1%, which resulted in a loss of $179.1 million, and the Company reinvested $928.8 million of the proceeds into U.S. Treasury securities yielding approximately 4.6%.

At December 31, 2025, securities totaling $7.3 billion in fair value were pledged to secure public fund deposits, securities sold under agreements to repurchase, trust funds, and borrowings at the FRB and FHLB, compared to $6.9 billion at December 31, 2024. At December 31, 2025, the Company had no securities pledged under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties.