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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary Investment Holdings
Investment securities consisted of the following at December 31, 2022 and 2021:
 
(In thousands)
20222021
Available for sale debt securities$12,238,316 $14,450,027 
Trading debt securities43,523 46,235 
Equity securities:
   Readily determinable fair value6,210 7,153 
   No readily determinable fair value6,094 2,049 
Other:
   Federal Reserve Bank stock34,795 34,379 
   Federal Home Loan Bank stock10,678 10,428 
   Equity method investments1,434 1,834 
   Private equity investments178,127 147,406 
Total investment securities (1)
$12,519,177 $14,699,511 
(1) Accrued interest receivable totaled $38.8 million and $39.5 million at December 31, 2022 and December 31, 2021, respectively, and was included within other assets on the consolidated balance sheet.
Investments Classified by Contractual Maturity Date A summary of the available for sale debt securities by maturity groupings as of December 31, 2022 is shown in the following table. The weighted average yield for each range of maturities was calculated using the yield on each security within that range weighted by the amortized cost of each security at December 31, 2022. Yields on tax exempt securities have not been adjusted for tax exempt status. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and 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$350,398 $343,843 1.80 *%
After 1 but within 5 years537,661 515,773 1.19 *
After 5 but within 10 years190,748 175,790 .28 *
Total U.S. government and federal agency obligations
1,078,807 1,035,406 1.23 *
Government-sponsored enterprise obligations:
After 5 but within 10 years4,987 4,531 2.94 
After 10 years50,742 38,577 2.32 
Total government-sponsored enterprise obligations
55,729 43,108 2.38 
State and municipal obligations:
Within 1 year223,656 222,705 2.54 
After 1 but within 5 years635,080 608,254 2.02 
After 5 but within 10 years937,670 792,158 1.83 
After 10 years168,622 143,992 2.11 
Total state and municipal obligations
1,965,028 1,767,109 2.00 
Mortgage and asset-backed securities:
Agency mortgage-backed securities5,087,893 4,308,427 2.07 
Non-agency mortgage-backed securities1,423,469 1,211,607 2.30 
Asset-backed securities3,588,025 3,397,801 2.07 
Total mortgage and asset-backed securities
10,099,387 8,917,835 2.10 
Other debt securities:
Within 1 year16,795 16,699 2.50 
After 1 but within 5 years265,853 244,826 1.90 
After 5 but within 10 years247,347 206,042 1.82 
After 10 years9,260 7,291 1.89 
Total other debt securities
539,255 474,858 1.88 %
Total available for sale debt securities
$13,738,206 $12,238,316 
* Rate does not reflect inflation adjustment on inflation-protected securities
Schedule of Unrealized Loss on Investments
Less than 12 months12 months or longerTotal

(In thousands)
    Fair Value    
    Unrealized Losses
    Fair Value    
    Unrealized Losses
    Fair Value    
    Unrealized Losses
December 31, 2022
U.S. government and federal agency obligations$605,840 $17,490 $380,573 $25,940 $986,413 $43,430 
Government-sponsored enterprise obligations25,068 4,650 18,040 7,971 43,108 12,621 
State and municipal obligations814,799 26,708 875,329 171,385 1,690,128 198,093 
Mortgage and asset-backed securities:
Agency mortgage-backed securities1,323,938 125,330 2,966,851 654,327 4,290,789 779,657 
Non-agency mortgage-backed securities135,984 16,736 1,069,222 195,218 1,205,206 211,954 
Asset-backed securities1,331,055 50,056 2,006,188 140,424 3,337,243 190,480 
Total mortgage and asset-backed securities
2,790,977 192,122 6,042,261 989,969 8,833,238 1,182,091 
Other debt securities
166,040 9,690 308,818 54,707 474,858 64,397 
Total
$4,402,724 $250,660 $7,625,021 $1,249,972 $12,027,745 $1,500,632 
December 31, 2021
U.S. government and federal agency obligations$296,492 $2,241 $— $— $296,492 $2,241 
Government-sponsored enterprise obligations— — 18,899 919 18,899 919 
State and municipal obligations876,691 15,874 32,684 1,049 909,375 16,923 
Mortgage and asset-backed securities:
Agency mortgage-backed securities3,333,691 59,044 265,835 8,720 3,599,526 67,764 
Non-agency mortgage-backed securities1,285,611 17,222 1,948 19 1,287,559 17,241 
Asset-backed securities2,518,935 19,201 87,893 525 2,606,828 19,726 
Total mortgage and asset-backed securities7,138,237 95,467 355,676 9,264 7,493,913 104,731 
Other debt securities270,409 5,098 58,574 3,017 328,983 8,115 
Total$8,581,829 $118,680 $465,833 $14,249 $9,047,662 $132,929 
Unrealized Gain (Loss) on Investments
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 December 31, 2022 and 2021 and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

(In thousands)
 Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2022
U.S. government and federal agency obligations$1,078,807 $29 $(43,430)$— $1,035,406 
Government-sponsored enterprise obligations55,729 — (12,621)— 43,108 
State and municipal obligations1,965,028 174 (198,093)— 1,767,109 
Mortgage and asset-backed securities:
Agency mortgage-backed securities5,087,893 191 (779,657)— 4,308,427 
Non-agency mortgage-backed securities1,423,469 92 (211,954)— 1,211,607 
Asset-backed securities3,588,025 256 (190,480)— 3,397,801 
Total mortgage and asset-backed securities
10,099,387 539 (1,182,091)— 8,917,835 
Other debt securities
539,255 — (64,397)— 474,858 
Total
$13,738,206 $742 $(1,500,632)$— $12,238,316 
December 31, 2021
U.S. government and federal agency obligations$1,035,477 $47,484 $(2,241)$— $1,080,720 
Government-sponsored enterprise obligations50,773 1,901 (919)— 51,755 
State and municipal obligations2,072,210 41,540 (16,923)— 2,096,827 
Mortgage and asset-backed securities:
Agency mortgage-backed securities5,698,088 52,676 (67,764)— 5,683,000 
Non-agency mortgage-backed securities1,383,037 681 (17,241)— 1,366,477 
Asset-backed securities3,546,024 12,921 (19,726)— 3,539,219 
Total mortgage and asset-backed securities
10,627,149 66,278 (104,731)— 10,588,696 
Other debt securities
633,524 6,620 (8,115)— 632,029 
Total
$14,419,133 $163,823 $(132,929)$— $14,450,027 
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 Year Ended December 31
(In thousands)202220212020
Proceeds from sales of securities:
Available for sale debt securities
$86,240 $69,809 $602,475 
 Equity securities
17 — 2 
Other
20,714 11,002 — 
Total proceeds
$106,971 $80,811 $602,477 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$— $— $21,096 
Losses realized on sales(20,273)(3,284)— 
Equity securities:
Gains realized on sales17 — 2 
 Fair value adjustments, net
(943)187 37 
Other:
 Gains realized on sales
1,670 1,611 — 
 Losses realized on sales
(3,798)(159)— 
 Fair value adjustments, net43,833 31,704 (10,103)
Total investment securities gains, net$20,506 $30,059 $11,032