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Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | 5. Securities Securities Available for Sale This table provides detailed information about securities available for sale at September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury |  | $ | 2,180,744 |  |  | $ | 17,757 |  |  | $ | (750 | ) |  | $ | 2,197,751 |
U.S. Agencies |  |  | 81,171 |  |  |  | 422 |  |  |  | (167 | ) |  |  | 81,426 |
Mortgage-backed |  |  | 8,160,828 |  |  |  | 55,196 |  |  |  | (373,749 | ) |  |  | 7,842,275 |
State and political subdivisions |  |  | 2,541,797 |  |  |  | 23,996 |  |  |  | (86,291 | ) |  |  | 2,479,502 |
Corporates |  |  | 228,546 |  |  |  | 217 |  |  |  | (6,227 | ) |  |  | 222,536 |
Collateralized loan obligations |  |  | 554,063 |  |  |  | 878 |  |  |  | (151 | ) |  |  | 554,790 |
Total |  | $ | 13,747,149 |  |  | $ | 98,466 |  |  | $ | (467,335 | ) |  | $ | 13,378,280 |
December 31, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury |  | $ | 1,331,394 |  |  | $ | 2,751 |  |  | $ | (8,072 | ) |  | $ | 1,326,073 |
U.S. Agencies |  |  | 129,246 |  |  |  | 126 |  |  |  | (325 | ) |  |  | 129,047 |
Mortgage-backed |  |  | 4,945,548 |  |  |  | 339 |  |  |  | (524,957 | ) |  |  | 4,420,930 |
State and political subdivisions |  |  | 1,309,126 |  |  |  | 487 |  |  |  | (91,044 | ) |  |  | 1,218,569 |
Corporates |  |  | 330,739 |  |  |  | 60 |  |  |  | (13,629 | ) |  |  | 317,170 |
Collateralized loan obligations |  |  | 361,623 |  |  |  | 1,060 |  |  |  | (138 | ) |  |  | 362,545 |
Total |  | $ | 8,407,676 |  |  | $ | 4,823 |  |  | $ | (638,165 | ) |  | $ | 7,774,334 |
The following table presents contractual maturity information for securities available for sale at September 30, 2025 (in thousands):
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Due in 1 year or less |  | $ | 565,899 |  |  | $ | 564,700 |
Due after 1 year through 5 years |  |  | 2,535,587 |  |  |  | 2,545,738 |
Due after 5 years through 10 years |  |  | 624,238 |  |  |  | 616,146 |
Due after 10 years |  |  | 1,860,597 |  |  |  | 1,809,421 |
Total |  |  | 5,586,321 |  |  |  | 5,536,005 |
Mortgage-backed securities |  |  | 8,160,828 |  |  |  | 7,842,275 |
Total securities available for sale |  | $ | 13,747,149 |  |  | $ | 13,378,280 |
Securities may be disposed of before contractual maturities due to sales by the Company or because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. During 2025, related to the acquisition of HTLF, the Company acquired securities available for sale with an Acquisition Date fair value of $3.1 billion. The following table presents the sales of securities available for sale for the three and nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Proceeds from sales |  | $ | 7,871 |  |  | $ | — |  |  | $ | 624,225 |  |  | $ | 19,154 |
Gross realized gains |  |  | 91 |  |  |  | — |  |  |  | 514 |  |  |  | 139 |
Gross realized losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
There were $11.6 billion and $10.5 billion of securities pledged to secure U.S. Government deposits, other public deposits, certain trust deposits, derivative transactions, and repurchase agreements at September 30, 2025 and December 31, 2024, respectively. Accrued interest on securities available for sale totaled $74.8 million and $43.1 million as of September 30, 2025 and December 31, 2024, respectively, and is included in the Accrued income line on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of available-for-sale securities presented above. Further, the Company has elected not to measure an ACL for accrued interest receivable. The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025 and December 31, 2024 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
September 30, 2025 |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 7 |  |  | $ | 79,522 |  |  | $ | (168 | ) |  |  | 7 |  |  | $ | 75,611 |  |  | $ | (582 | ) |  |  | 14 |  |  | $ | 155,133 |  |  | $ | (750 | )
U.S. Agencies |  |  | 1 |  |  |  | 8,583 |  |  |  | (167 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 8,583 |  |  |  | (167 | )
Mortgage-backed |  |  | 99 |  |  |  | 697,377 |  |  |  | (3,896 | ) |  |  | 829 |  |  |  | 2,951,837 |  |  |  | (369,853 | ) |  |  | 928 |  |  |  | 3,649,214 |  |  |  | (373,749 | )
State and political subdivisions |  |  | 147 |  |  |  | 610,974 |  |  |  | (17,306 | ) |  |  | 1,215 |  |  |  | 800,722 |  |  |  | (68,985 | ) |  |  | 1,362 |  |  |  | 1,411,696 |  |  |  | (86,291 | )
Corporates |  |  | 2 |  |  |  | 2,244 |  |  |  | (6 | ) |  |  | 161 |  |  |  | 194,933 |  |  |  | (6,221 | ) |  |  | 163 |  |  |  | 197,177 |  |  |  | (6,227 | )
Collateralized loan obligations |  |  | 11 |  |  |  | 109,671 |  |  |  | (102 | ) |  |  | 3 |  |  |  | 15,847 |  |  |  | (49 | ) |  |  | 14 |  |  |  | 125,518 |  |  |  | (151 | )
Total |  |  | 267 |  |  | $ | 1,508,371 |  |  | $ | (21,645 | ) |  |  | 2,215 |  |  | $ | 4,038,950 |  |  | $ | (445,690 | ) |  |  | 2,482 |  |  | $ | 5,547,321 |  |  | $ | (467,335 | )
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
December 31, 2024 |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 93 |  |  | $ | 635,739 |  |  | $ | (6,319 | ) |  |  | 9 |  |  | $ | 142,518 |  |  | $ | (1,753 | ) |  |  | 102 |  |  | $ | 778,257 |  |  | $ | (8,072 | )
U.S. Agencies |  |  | 4 |  |  |  | 20,858 |  |  |  | (46 | ) |  |  | 5 |  |  |  | 56,712 |  |  |  | (279 | ) |  |  | 9 |  |  |  | 77,570 |  |  |  | (325 | )
Mortgage-backed |  |  | 159 |  |  |  | 1,293,953 |  |  |  | (22,468 | ) |  |  | 834 |  |  |  | 3,055,882 |  |  |  | (502,489 | ) |  |  | 993 |  |  |  | 4,349,835 |  |  |  | (524,957 | )
State and political subdivisions |  |  | 264 |  |  |  | 173,006 |  |  |  | (2,392 | ) |  |  | 1,629 |  |  |  | 953,458 |  |  |  | (88,652 | ) |  |  | 1,893 |  |  |  | 1,126,464 |  |  |  | (91,044 | )
Corporates |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 239 |  |  |  | 315,109 |  |  |  | (13,629 | ) |  |  | 239 |  |  |  | 315,109 |  |  |  | (13,629 | )
Collateralized loan obligations |  |  | 7 |  |  |  | 47,222 |  |  |  | (88 | ) |  |  | 5 |  |  |  | 30,521 |  |  |  | (50 | ) |  |  | 12 |  |  |  | 77,743 |  |  |  | (138 | )
Total |  |  | 527 |  |  | $ | 2,170,778 |  |  | $ | (31,313 | ) |  |  | 2,721 |  |  | $ | 4,554,200 |  |  | $ | (606,852 | ) |  |  | 3,248 |  |  | $ | 6,724,978 |  |  | $ | (638,165 | )
The unrealized losses in the Company’s investments were caused by changes in interest rates, and not from a decline in credit of the underlying issuers. The U.S. Treasury, U.S. Agency, and GSE mortgage-backed securities are all considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in the agency-backed portfolios are solely driven by change in interest rates caused by changing economic conditions. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates. For the State and political subdivision portfolio, the majority of the Company’s holdings are in general obligation bonds, which have a very low historical default rate due to issuers generally having unlimited taxing authority to service the debt. For the State and political, Corporates, and Collateralized loan obligations portfolios, the Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis. The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends. As of September 30, 2025 and December 31, 2024, there was no ACL rel ated to the Company’s available-for-sale securities as the decline in fair value did not result from credit issues. Securities Held to Maturity The following table provides detailed information about securities held to maturity at September 30, 2025 and December 31, 2024, respectively (in thousands):
September 30, 2025 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |  |  | Net Carrying Amount |
U.S. Treasury |  | $ | 38,249 |  |  | $ | 4 |  |  | $ | (115 | ) |  | $ | 38,138 |  |  | $ | — |  |  | $ | 38,249 |
U.S. Agencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed |  |  | 2,573,708 |  |  |  | 170 |  |  |  | (323,324 | ) |  |  | 2,250,554 |  |  |  | — |  |  |  | 2,573,708 |
State and political subdivisions |  |  | 3,042,275 |  |  |  | 13,072 |  |  |  | (224,338 | ) |  |  | 2,831,009 |  |  |  | (1,845 | ) |  |  | 3,040,430 |
Total |  | $ | 5,654,232 |  |  | $ | 13,246 |  |  | $ | (547,777 | ) |  | $ | 5,119,701 |  |  | $ | (1,845 | ) |  | $ | 5,652,387 |
December 31, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |  |  | Net Carrying Amount |
U.S. Agencies |  | $ | 116,331 |  |  | $ | — |  |  | $ | (581 | ) |  | $ | 115,750 |  |  | $ | — |  |  | $ | 116,331 |
Mortgage-backed |  |  | 2,523,134 |  |  |  | — |  |  |  | (418,482 | ) |  |  | 2,104,652 |  |  |  | — |  |  |  | 2,523,134 |
State and political subdivisions |  |  | 2,739,447 |  |  |  | 12,035 |  |  |  | (222,946 | ) |  |  | 2,528,536 |  |  |  | (2,645 | ) |  |  | 2,736,802 |
Total |  | $ | 5,378,912 |  |  | $ | 12,035 |  |  | $ | (642,009 | ) |  | $ | 4,748,938 |  |  | $ | (2,645 | ) |  | $ | 5,376,267 |
The following table presents contractual maturity information for securities held to maturity at September 30, 2025 (in thousands):
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Due in 1 year or less |  | $ | 157,934 |  |  | $ | 157,342 |
Due after 1 year through 5 years |  |  | 378,358 |  |  |  | 368,805 |
Due after 5 years through 10 years |  |  | 875,003 |  |  |  | 836,790 |
Due after 10 years |  |  | 1,669,229 |  |  |  | 1,506,210 |
Total |  |  | 3,080,524 |  |  |  | 2,869,147 |
Mortgage-backed securities |  |  | 2,573,708 |  |  |  | 2,250,554 |
Total securities held to maturity |  | $ | 5,654,232 |  |  | $ | 5,119,701 |
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. During 2025, related to the acquisition of HTLF, the Company acquired securities held to maturity with an Acquisition Date fair value of $438.9 million. There were no sales of securities held to maturity during the three or nine months ended September 30, 2025 or 2024. During the year ended December 31, 2022, securities with an amortized cost of $4.1 billion and a fair value of $3.8 billion were transferred from the available-for-sale classification to the held-to-maturity classification as the Company has the positive intent and ability to hold these securities to maturity. The transfers of securities were made at fair value at the time of transfer. The unrealized holding gain or loss at the time of transfer is retained in AOCI and will be amortized over the remaining life of the securities, offsetting the related amortization of discount or premium on the transferred securities. No gains or losses were recognized at the time of the transfers. The amortized cost balance of securities held to maturity in the tables above includes a net unamortized unrealized loss of $147.0 million and $171.3 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest on securities held to maturity totaled $21.3 millio n and $25.6 million as of September 30, 2025 and December 31, 2024, respectively, and is included in the Accrued income line on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of held-to-maturity securities presented above. Further, the Company has elected not to measure an ACL for accrued interest receivable. The following table shows the Company’s held-to-maturity investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025 and December 31, 2024, respectively (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
September 30, 2025 |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury |  |  | 6 |  |  | $ | 30,638 |  |  | $ | (115 | ) |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 6 |  |  | $ | 30,638 |  |  | $ | (115 | )
U.S. Agencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed |  |  | 12 |  |  |  | 104,013 |  |  |  | (1,198 | ) |  |  | 262 |  |  |  | 2,037,057 |  |  |  | (322,126 | ) |  |  | 274 |  |  |  | 2,141,070 |  |  |  | (323,324 | )
State and political subdivisions |  |  | 151 |  |  |  | 727,606 |  |  |  | (48,914 | ) |  |  | 1,353 |  |  |  | 1,468,551 |  |  |  | (175,424 | ) |  |  | 1,504 |  |  |  | 2,196,157 |  |  |  | (224,338 | )
Total |  |  | 169 |  |  | $ | 862,257 |  |  | $ | (50,227 | ) |  |  | 1,615 |  |  | $ | 3,505,608 |  |  | $ | (497,550 | ) |  |  | 1,784 |  |  | $ | 4,367,865 |  |  | $ | (547,777 | )
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
December 31, 2024 |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Agencies |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 10 |  |  | $ | 115,750 |  |  | $ | (581 | ) |  |  | 10 |  |  | $ | 115,750 |  |  | $ | (581 | )
Mortgage-backed |  |  | 6 |  |  |  | 3,527 |  |  |  | (103 | ) |  |  | 263 |  |  |  | 2,101,125 |  |  |  | (418,379 | ) |  |  | 269 |  |  |  | 2,104,652 |  |  |  | (418,482 | )
State and political subdivisions |  |  | 47 |  |  |  | 52,468 |  |  |  | (2,030 | ) |  |  | 1,414 |  |  |  | 1,972,927 |  |  |  | (220,916 | ) |  |  | 1,461 |  |  |  | 2,025,395 |  |  |  | (222,946 | )
Total |  |  | 53 |  |  | $ | 55,995 |  |  | $ | (2,133 | ) |  |  | 1,687 |  |  | $ | 4,189,802 |  |  | $ | (639,876 | ) |  |  | 1,740 |  |  | $ | 4,245,797 |  |  | $ | (642,009 | )
The unrealized losses in the Company’s held-to-maturity portfolio were caused by changes in the interest rate environment. The U.S. Treasury, U.S. Agency and GSE mortgage-backed securities are considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. Therefore, the Company’s expected lifetime loss for these portfolios is zero and there is no ACL recorded for these portfolios. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates. For the State and political subdivision portfolio, the Company’s holdings are in general obligation bonds as well as private placement bonds, which have very low historical default rates due to issuers generally having unlimited taxing authority to service the debt. The Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis. The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends. The underlying bonds are evaluated for credit losses in conjunction with management’s estimate of the ACL based on credit rating. The following tables show the amortized cost basis by credit rating of the Company’s held-to-maturity State and political subdivisions bond investments at September 30, 2025 and December 31, 2024 (in thousands):
|  | Amortized Cost Basis by Credit Rating - HTM Debt Securities |
September 30, 2025 |  | AAA |  |  | AA |  |  | A |  |  | BBB |  |  | BB |  |  | B |  |  | CCC-C |  |  | Total |
State and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Competitive |  | $ | 48,372 |  |  | $ | 51,835 |  |  | $ | 401,250 |  |  | $ | 797,970 |  |  | $ | 41,021 |  |  | $ | 23,551 |  |  | $ | 14,721 |  |  | $ | 1,378,720 |
Utilities |  |  | 774,751 |  |  |  | 754,910 |  |  |  | 110,326 |  |  |  | 22,895 |  |  |  | 673 |  |  |  | — |  |  |  | — |  |  |  | 1,663,555 |
Total state and political subdivisions |  | $ | 823,123 |  |  | $ | 806,745 |  |  | $ | 511,576 |  |  | $ | 820,865 |  |  | $ | 41,694 |  |  | $ | 23,551 |  |  | $ | 14,721 |  |  | $ | 3,042,275 |
|  | Amortized Cost Basis by Credit Rating - HTM Debt Securities |
December 31, 2024 |  | AAA |  |  | AA |  |  | A |  |  | BBB |  |  | BB |  |  | CCC-C |  |  | Total |
State and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Competitive |  | $ | — |  |  | $ | — |  |  | $ | 424,690 |  |  | $ | 610,351 |  |  | $ | 36,628 |  |  | $ | 21,990 |  |  | $ | 1,093,659 |
Utilities |  |  | 759,798 |  |  |  | 761,706 |  |  |  | 99,127 |  |  |  | 24,509 |  |  |  | 648 |  |  |  | — |  |  |  | 1,645,788 |
Total state and political subdivisions |  | $ | 759,798 |  |  | $ | 761,706 |  |  | $ | 523,817 |  |  | $ | 634,860 |  |  | $ | 37,276 |  |  | $ | 21,990 |  |  | $ | 2,739,447 |
Competitive held-to-maturity securities include not-for-profit enterprises that provide public functions such as housing, higher education or healthcare, but do so in a competitive environment. It also includes project financings that can have relatively high enterprise risk, such as deals backed by revenues from sports or convention facilities or start-up transportation revenues. Utilities are public enterprises providing essential services with a monopoly or near-monopoly over the service area. This includes environmental utilities (water, sewer, solid waste), power utilities (electric distribution and generation, gas), and transportation utilities (airports, parking, toll roads, mass transit, ports). All held-to-maturity securities were current and not past due at September 30, 2025 and December 31, 2024. Trading Securities There were net unrealized losses of $6 thousand and net unrealized gains of $44 thousand on trading securities at September 30, 2025 and 2024, respectively. Net unrealized gains and losses are included in trading and investment banking income on the Company’s Consolidated Statements of Income. Securities sold not yet purchased totaled $13.0 million and $7.1 million at September 30, 2025 and December 31, 2024, respectively, and are classified within the Other liabilities line of the Company’s Consolidated Balance Sheets. Other Securities The table below provides detailed information for Other securities at September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
FRB and FHLB stock |  | $ | 137,406 |  |  | $ | 42,672 |
Equity securities with readily determinable fair values |  |  | 41,150 |  |  |  | 11,596 |
Equity securities without readily determinable fair values |  |  | 541,019 |  |  |  | 416,750 |
Total |  | $ | 719,575 |  |  | $ | 471,018 |
Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is mainly tied to the level of borrowings from the FHLB. These holdings are carried at cost. Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. Equity securities without readily determinable fair values include equity investments which are held by a subsidiary qualified as a Small Business Investment Company, as well as investments in low-income housing partnerships within the areas the Company serves. Unrealized gains or losses on equity securities with and without readily determinable fair values are recognized in the Investment securities gains, net line of the Company’s Consolidated Statements of Income. During 2025, related to the acquisition of HTLF, the Company acquired other securities with an acquired fair value of $105.3 million as of the Acquisition Date, including $2.0 million of FRB and FHLB stock and $103.2 million of equity securities without readily determinable fair values. The table below presents the changes in equity securities without readily determinable fair values for the three and nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 533,749 |  |  | $ | 371,123 |  |  | $ | 416,750 |  |  | $ | 394,035 |
Acquisition of HTLF |  |  | (19,675 | ) |  |  | — |  |  |  | 103,211 |  |  |  | — |
Purchases of securities |  |  | 34,919 |  |  |  | 33,397 |  |  |  | 83,749 |  |  |  | 45,154 |
Observable upward price adjustments |  |  | 3,462 |  |  |  | 2,552 |  |  |  | 13,895 |  |  |  | 15,740 |
Observable downward price adjustments |  |  | (653 | ) |  |  | (268 | ) |  |  | (9,228 | ) |  |  | (6,042 | )
Sales of securities and other activity |  |  | (10,783 | ) |  |  | (7,032 | ) |  |  | (67,358 | ) |  |  | (49,115 | )
Ending balance |  | $ | 541,019 |  |  | $ | 399,772 |  |  | $ | 541,019 |  |  | $ | 399,772 |
Investment Securities Gains, Net The following table presents the components of Investment securities (losses) gains, net for the three and nine months ended September 30, 2025 and September 30, 2024 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Investment securities (losses) gains, net |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Gains realized on sales |  | $ | 91 |  |  | $ | — |  |  | $ | 514 |  |  | $ | 139 |
Equity securities with readily determinable fair values: |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net |  |  | (7,103 | ) |  |  | 340 |  |  |  | 22,513 |  |  |  | 291 |
Equity securities without readily determinable fair values: |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net |  |  | 2,919 |  |  |  | 738 |  |  |  | (2,384 | ) |  |  | (2,277 | )
Sales |  |  | — |  |  |  | 1,545 |  |  |  | 8,167 |  |  |  | 11,974 |
Total investment securities (losses) gains, net |  | $ | (4,093 | ) |  | $ | 2,623 |  |  | $ | 28,810 |  |  | $ | 10,127 |

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