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Investment Securities | 3 Months Ended
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Mar. 31, 2026
Investment Securities [Abstract] |
Investment Securities | Investment Securities Investment securities consisted of the following at March 31, 2026 and December 31, 2025.
(In thousands) | March 31, 2026 | December 31, 2025
Available for sale debt securities | $ | 8,646,127 |  | $ | 9,095,513 |
Trading debt securities | 44,329 |  | 40,080 |
Equity securities: |  |
Readily determinable fair value | 46,193 |  | 47,551 |
No readily determinable fair value | 10,000 |  | 9,803 |
Other: |  |
Federal Reserve Bank stock | 54,434 |  | 35,918 |
Federal Home Loan Bank stock | 10,141 |  | 10,198 |
Private equity investments | 183,764 |  | 184,343 |
Total investment securities (1) | $ | 8,994,988 |  | $ | 9,423,406 |
(1)Accrued interest receivable totaled $36.4 million and $42.0 million at March 31, 2026 and December 31, 2025, respectively, and was included within other assets on the consolidated balance sheets. 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. Equity Securities The Company’s equity securities portfolio includes mutual funds and common 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, 2026, this portfolio included the Company’s 411,723 shares of Visa Inc. (“Visa”) Class B-2 common stock, which are held by Commerce Bancshares, Inc. and were acquired by participating in a public exchange offer by Visa in 2024 (2024 Exchange Offer). At March 31, 2026, the Company’s Visa Class B-2 shares are carried at cost, which is $0, as the Company elected the measurement alternative approach for these shares and there have not been 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. As a condition of participating in the 2024 Exchange Offer, the Company entered into a Makewhole Agreement (2024 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 had been effectively indemnified by Visa USA members through reductions to the conversion ratio for its Class B-1 common stock. The purpose of the 2024 Makewhole Agreement was 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. Available for sale debt securities portfolio 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). A summary of the available for sale debt securities by maturity groupings as of March 31, 2026 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 | $ | 422,299 |  | $ | 423,185 |
After 1 but within 5 years | 1,704,983 |  | 1,707,211 |
After 5 but within 10 years | 913,297 |  | 910,616 |
After 10 years | 106,606 |  | 106,281 |
Total U.S. government and federal agency obligations | 3,147,185 |  | 3,147,293 |
Government-sponsored enterprise obligations: |  |
After 1 but within 5 years | 3,962 |  | 3,737 |
After 5 but within 10 years | 30,816 |  | 26,321 |
After 10 years | 19,821 |  | 13,927 |
Total government-sponsored enterprise obligations | 54,599 |  | 43,985 |
State and municipal obligations: |  |
Within 1 year | 55,782 |  | 55,348 |
After 1 but within 5 years | 428,431 |  | 409,208 |
After 5 but within 10 years | 116,777 |  | 103,102 |
After 10 years | 104,874 |  | 87,166 |
Total state and municipal obligations | 705,864 |  | 654,824 |
Mortgage and asset-backed securities: |  |
Agency mortgage-backed securities | 3,701,146 |  | 3,123,669 |
Non-agency mortgage-backed securities | 446,168 |  | 414,777 |
Asset-backed securities | 1,104,943 |  | 1,093,819 |
Total mortgage and asset-backed securities | 5,252,257 |  | 4,632,265 |
Other debt securities: |  |
Within 1 year | 8,021 |  | 7,924 |
After 1 but within 5 years | 59,891 |  | 55,915 |
After 5 but within 10 years | 81,872 |  | 80,151 |
After 10 years | 23,937 |  | 23,770 |
Total other debt securities | 173,721 |  | 167,760 |
Total available for sale debt securities | $ | 9,333,626 |  | $ | 8,646,127 |
Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $380.7 million, at fair value, at March 31, 2026. Interest earned 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. Allowance for credit losses on available for sale debt securities 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. At March 31, 2026, the fair value of securities on this watch list was $970.5 million compared to $896.7 million at December 31, 2025. Almost all of the securities included on the Company's watch list in the current quarter were experiencing unrealized loss positions due to the increase in interest rates since their purchase and were analyzed outside of the cash flow model. At March 31, 2026, 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 March 31, 2026, the Company did not identify any securities for which a credit loss exists, and for the three months ended March 31, 2026 and 2025, 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 March 31, 2026 and December 31, 2025. 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, 2026, 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
March 31, 2026 |  |  |  |  |  |  |  |
U.S. government and federal agency obligations | $ | 1,321,452 |  | $ | 9,277 |  |  | $ | 190,275 |  | $ | 7,123 |  |  | $ | 1,511,727 |  | $ | 16,400 |
Government-sponsored enterprise obligations | — |  | — |  |  | 43,985 |  | 10,614 |  |  | 43,985 |  | 10,614 |
State and municipal obligations | 30,515 |  | 118 |  |  | 614,192 |  | 50,935 |  |  | 644,707 |  | 51,053 |
Mortgage and asset-backed securities: |  |  |  |  |  |  |  |
Agency mortgage-backed securities | 3,670 |  | 47 |  |  | 3,047,265 |  | 578,793 |  |  | 3,050,935 |  | 578,840 |
Non-agency mortgage-backed securities | — |  | — |  |  | 401,037 |  | 31,665 |  |  | 401,037 |  | 31,665 |
Asset-backed securities | 68,558 |  | 181 |  |  | 514,421 |  | 16,102 |  |  | 582,979 |  | 16,283 |
Total mortgage and asset-backed securities | 72,228 |  | 228 |  |  | 3,962,723 |  | 626,560 |  |  | 4,034,951 |  | 626,788 |
Other debt securities | 18,832 |  | 10 |  |  | 93,283 |  | 6,578 |  |  | 112,115 |  | 6,588 |
Total | $ | 1,443,027 |  | $ | 9,633 |  |  | $ | 4,904,458 |  | $ | 701,810 |  |  | $ | 6,347,485 |  | $ | 711,443 |
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 |
The entire available for sale debt portfolio included $6.3 billion of securities that were in a loss position at March 31, 2026, compared to $5.9 billion at December 31, 2025. The total amount of unrealized loss on these securities was $711.4 million at March 31, 2026, an increase of $19.3 million compared to the unrealized loss at December 31, 2025. Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above. 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, 2026 and December 31, 2025, 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
March 31, 2026 |  |  |  |  |
U.S. government and federal agency obligations | $ | 3,147,185 |  | $ | 16,508 |  | $ | (16,400) |  | $ | — |  | $ | 3,147,293 |
Government-sponsored enterprise obligations | 54,599 |  | — |  | (10,614) |  | — |  | 43,985 |
State and municipal obligations | 705,864 |  | 13 |  | (51,053) |  | — |  | 654,824 |
Mortgage and asset-backed securities: |  |  |  |  |
Agency mortgage-backed securities | 3,701,146 |  | 1,363 |  | (578,840) |  | — |  | 3,123,669 |
Non-agency mortgage-backed securities | 446,168 |  | 274 |  | (31,665) |  | — |  | 414,777 |
Asset-backed securities | 1,104,943 |  | 5,159 |  | (16,283) |  | — |  | 1,093,819 |
Total mortgage and asset-backed securities | 5,252,257 |  | 6,796 |  | (626,788) |  | — |  | 4,632,265 |
Other debt securities | 173,721 |  | 627 |  | (6,588) |  | — |  | 167,760 |
Total | $ | 9,333,626 |  | $ | 23,944 |  | $ | (711,443) |  | $ | — |  | $ | 8,646,127 |
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 |
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) | 2026 | 2025
Proceeds from sales of securities: |  |
Other investments | $ | 17,662 |  | $ | 6,757 |
Total proceeds | $ | 17,662 |  | $ | 6,757 |
Investment securities gains (losses), net: |  |
Available for sale debt securities: |  |
Gains realized on sales | $ | — |  | $ | 4 |
Equity securities: |  |
Gains (losses) on equity securities, net | 160 |  | (97) |
Other: |  |
Gains realized on sales | 597 |  | 1,071 |
Losses realized on sales | — |  | (44) |
Fair value adjustments, net | 10,890 |  | (8,525) |
Total investment securities gains (losses), net | $ | 11,647 |  | $ | (7,591) |
Net gains on investment securities for the three months ended March 31, 2026 were mainly comprised of net gains in fair value of $10.9 million on private equity investments. Pledged securities At March 31, 2026, securities totaling $6.7 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 $7.3 billion at December 31, 2025. Excluding obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10% of shareholders’ equity.

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