The jump in interest rates in May and June pummeled the value of banks’ bond portfolios, but investors have mostly shrugged off the losses.

Second-quarter marks against securities have cost several banks billions of dollars each, and have run as high as 5% or more of tangible equity at the start of the period. Nonetheless, investors have been bidding up the shares of these companies, many of which beat earnings estimates. (The following graphic shows data on unrealized gains and losses on securities. Interactive controls are described in the caption. Text continues below.)

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