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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale

The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows:

			December 31, 2023
			Available-for-Sale
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	361,494					$	—					$	361,494					$	2,247					$	(17,093)					$	346,648
U.S. government-sponsored mortgage-backed securities			1,711,668						—						1,711,668						310						(191,557)						1,520,421
Private mortgage-backed securities			191,522						—						191,522						—						(16,117)						175,405
Non-government-sponsored asset backed securities			370,203						—						370,203						821						(7,551)						363,473
State and political subdivisions			990,318						—						990,318						1,938						(75,931)						916,325
Other securities			215,722						(2,525)						213,197						402						(28,030)						185,569
Total			$	3,840,927					$	(2,525)					$	3,838,402					$	5,718					$	(336,279)					$	3,507,841

			December 31, 2023
			Held-to-Maturity
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	43,285					$	—					$	43,285					$	—					$	(2,607)					$	40,678
U.S. government-sponsored mortgage-backed securities			130,278						—						130,278						106						(4,362)						126,022
State and political subdivisions			1,110,424						(2,005)						1,108,419						456						(105,094)						1,003,781
Total			$	1,283,987					$	(2,005)					$	1,281,982					$	562					$	(112,063)					$	1,170,481

			December 31, 2022
			Available-for-Sale
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	682,316					$	—					$	682,316					$	2,713					$	(23,209)					$	661,820
U.S. government-sponsored mortgage-backed securities			1,900,796						—						1,900,796						71						(215,405)						1,685,462
Private mortgage-backed securities			197,435						—						197,435						—						(18,302)						179,133
Non-government-sponsored asset backed securities			428,933						—						428,933						95						(14,654)						414,374
State and political subdivisions			1,021,188						(842)						1,020,346						1,649						(115,698)						906,297
Other securities			214,952						—						214,952						251						(20,699)						194,504
Total			$	4,445,620					$	(842)					$	4,444,778					$	4,779					$	(407,967)					$	4,041,590

			December 31, 2022
			Held-to-Maturity
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	43,017					$	—					$	43,017					$	—					$	(3,349)					$	39,668
U.S. government-sponsored mortgage-backed securities			135,000						—						135,000						131						(3,756)						131,375
State and political subdivisions			1,111,693						(2,005)						1,109,688						65						(154,650)						955,103
Total			$	1,289,710					$	(2,005)					$	1,287,705					$	196					$	(161,755)					$	1,126,146

Amortized Cost and Estimated Fair Value of Securities Contractual Maturity

The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2023, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

			Available-for-Sale												Held-to-Maturity
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
			(In thousands)
Due in one year or less			$	19,327					$	19,140					$	—					$	—
Due after one year through five years			224,786						211,009						27,498						26,042
Due after five years through ten years			401,003						358,789						305,944						278,676
Due after ten years			922,418						859,604						820,267						739,741
U.S. government-sponsored mortgage-backed securities			1,711,668						1,520,421						130,278						126,022
Private mortgage-backed securities			191,522						175,405						—						—
Non-government-sponsored asset backed securities			370,203						363,473						—						—
Total			$	3,840,927					$	3,507,841					$	1,283,987					$	1,170,481

Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale

The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2023 and 2022:

			December 31, 2023
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises			$	2,742					$	(2)					$	180,569					$	(17,091)					$	183,311					$	(17,093)
U.S. government-sponsored mortgage-backed securities			102,831						(2,166)						1,392,318						(189,391)						1,495,149						(191,557)
Private mortgage-backed securities			9,298						(226)						166,107						(15,891)						175,405						(16,117)
Non-government-sponsored asset backed securities			—						—						213,838						(7,551)						213,838						(7,551)
State and political subdivisions			28,596						(400)						769,860						(75,531)						798,456						(75,931)
Other securities			—						—						164,430						(28,030)						164,430						(28,030)
Total			$	143,467					$	(2,794)					$	2,887,122					$	(333,485)					$	3,030,589					$	(336,279)
Held-to-maturity:
U.S. government-sponsored enterprises			$	—					$	—					$	40,677					$	(2,607)					$	40,677					$	(2,607)
U.S. government-sponsored mortgage-backed securities			48,498						(861)						65,573						(3,501)						114,071						(4,362)
State and political subdivisions			21,493						(297)						956,578						(104,797)						978,071						(105,094)
Total			$	69,991					$	(1,158)					$	1,062,828					$	(110,905)					$	1,132,819					$	(112,063)

			December 31, 2022
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises			$	315,531					$	(3,056)					$	128,527					$	(20,153)					$	444,058					$	(23,209)
U.S. government-sponsored mortgage-backed securities			850,268						(46,505)						807,566						(168,900)						1,657,834						(215,405)
Private mortgage-backed securities			179,133						(18,302)						—						—						179,133						(18,302)
Non-government-sponsored asset backed securities			285,724						(9,726)						39,133						(4,928)						324,857						(14,654)
State and political subdivisions			485,817						(50,484)						338,638						(65,214)						824,455						(115,698)
Other securities			138,976						(15,314)						34,423						(5,385)						173,399						(20,699)
Total			$	2,255,449					$	(143,387)					$	1,348,287					$	(264,580)					$	3,603,736					$	(407,967)
Held-to-maturity:
U.S. government-sponsored enterprises			$	39,668					$	(3,349)					$	—					$	—					$	39,668					$	(3,349)
U.S. government-sponsored mortgage-backed securities			106,840						(3,756)						—						—						106,840						(3,756)
State and political subdivisions			955,563						(154,650)						—						—						955,563						(154,650)
Total			$	1,102,071					$	(161,755)					$	—					$	—					$	1,102,071					$	(161,755)

Schedule of Allowance for Credit Losses on Investment Securities

Available-for-Sale Investment Securities
			Years Ended December 31,
			2023						2022						2021
			(In thousands)
Allowance for credit losses:
Beginning balance			$	842					$	842					$	842
Provision for credit loss			1,683						—						—
Ending balance, December 31,			$	2,525					$	842					$	842

Held-to-Maturity Investment Securities
			Years Ended December 31,
			2023						2022						2021
Allowance for credit losses:			(In thousands)
Beginning balance			$	2,005					$	—					$	—
Provision for credit loss - acquired securities			—						2,005						—
Securities charged-off			—						—						—
Recoveries			—						—						—
Ending balance, December 31,			$	2,005					$	2,005					$	—

Held-to-Maturity Securities Credit Quality Indicators

The following table summarizes bond ratings for the Company's held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of December 31, 2023:

			State and Political Subdivisions						U.S. government-sponsored enterprises						U.S. government-sponsored mortgage-backed securities						Total
			(In thousands)
Aaa/AAA			$	235,557					$	43,285					$	—					$	278,842
Aa/AA			845,418						—						—						845,418
A			27,667						—						—						27,667
Not rated			1,782						—						—						1,782
Agency Backed			—						—						130,278						130,278
Total			$	1,110,424					$	43,285					$	130,278					$	1,283,987

Schedule of Income Earned on Securities

Income earned on securities for the years ended is as follows:

			December 31,
			2023						2022						2021
			(In thousands)
Taxable:
Available-for-sale			$	108,650					$	71,352					$	30,054
Held-to-maturity			29,925						20,581						—
Tax-exempt:
Available-for-sale			19,104						19,168						19,642
Held-to-maturity			12,514						9,188						—
Total			$	170,193					$	120,289					$	49,696

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Held-to-Maturity Securities Credit Quality Indicators

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Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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