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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Estimated Fair Values of Investments Securities | The amortized cost and estimated fair values of investment securities classified as available for sale and held to maturity are summarized in the following tables:
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  |  | (in thousands) |  |
Debt Securities Available for Sale |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,568,408 |  |  | $ | 3 |  |  | $ | (195,642) |  |  | $ | 1,372,769 |
Obligations of states and political subdivisions | 332,625 |  |  | 401 |  |  | (39,821) |  |  | 293,205 |
Corporate bonds | 6,164 |  |  | — |  |  | (413) |  |  | 5,751 |
Asset backed securities | 454,943 |  |  | 17 |  |  | (15,193) |  |  | 439,767 |
Non-agency collateralized mortgage obligations | 380,847 |  |  | — |  |  | (39,901) |  |  | 340,946 |
Total debt securities available for sale | $ | 2,742,987 |  |  | $ | 421 |  |  | $ | (290,970) |  |  | $ | 2,452,438 |
Debt Securities Held to Maturity |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 154,830 |  |  | $ | 2 |  |  | $ | (11,013) |  |  | $ | 143,819 |
Obligations of states and political subdivisions | 6,153 |  |  | 13 |  |  | (47) |  |  | 6,119 |
Total debt securities held to maturity | $ | 160,983 |  |  | $ | 15 |  |  | $ | (11,060) |  |  | $ | 149,938 |
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  |  | (in thousands) |  |
Debt Securities Available for Sale |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,260,226 |  |  | $ | 8,193 |  |  | $ | (11,030) |  |  | $ | 1,257,389 |
Obligations of states and political subdivisions | 187,197 |  |  | 5,832 |  |  | (785) |  |  | 192,244 |
Corporate bonds | 6,722 |  |  | 34 |  |  | — |  |  | 6,756 |
Asset backed securities | 408,329 |  |  | 2,354 |  |  | (1,131) |  |  | 409,552 |
Non-agency collateralized mortgage obligations | 345,856 |  |  | — |  |  | (3,859) |  |  | 341,997 |
Total debt securities available for sale | $ | 2,208,330 |  |  | $ | 16,413 |  |  | $ | (16,805) |  |  | $ | 2,207,938 |
Debt Securities Held to Maturity |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 192,068 |  |  | $ | 8,131 |  |  | $ | — |  |  | $ | 200,199 |
Obligations of states and political subdivisions | 7,691 |  |  | 250 |  |  | — |  |  | 7,941 |
Total debt securities held to maturity | $ | 199,759 |  |  | $ | 8,381 |  |  | $ | — |  |  | $ | 208,140 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity |
Debt Securities | Available for Sale |  | Held to Maturity
(In thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year | $ | 57,685 |  |  | $ | 56,111 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 125,533 |  |  | 120,116 |  |  | 3,730 |  |  | 3,616 |
Due after five years through ten years | 418,008 |  |  | 395,462 |  |  | 14,721 |  |  | 13,998 |
Due after ten years | 2,141,761 |  |  | 1,880,749 |  |  | 142,532 |  |  | 132,324 |
Totals | $ | 2,742,987 |  |  | $ | 2,452,438 |  |  | $ | 160,983 |  |  | $ | 149,938 |
Gross Unrealized Losses on Investment Securities | Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
December 31, 2022 | (in thousands)
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 766,612 |  |  | $ | (134,234) |  |  | $ | 605,615 |  |  | $ | (61,408) |  |  | $ | 1,372,227 |  |  | $ | (195,642) |
Obligations of states and political subdivisions | 43,282 |  |  | (12,917) |  |  | 219,532 |  |  | (26,904) |  |  | 262,814 |  |  | (39,821) |
Corporate bonds | — |  |  | — |  |  | 5,751 |  |  | (413) |  |  | 5,751 |  |  | (413) |
Asset backed securities | 205,329 |  |  | (10,238) |  |  | 231,703 |  |  | (4,955) |  |  | 437,032 |  |  | (15,193) |
Non-agency collateralized mortgage obligations | 203,620 |  |  | (36,480) |  |  | 123,075 |  |  | (3,421) |  |  | 326,695 |  |  | (39,901) |
Total debt securities available for sale | $ | 1,218,843 |  |  | $ | (193,869) |  |  | $ | 1,185,676 |  |  | $ | (97,101) |  |  | $ | 2,404,519 |  |  | $ | (290,970) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 143,577 |  |  | $ | (11,013) |  |  | $ | 143,577 |  |  | $ | (11,013) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 4,530 |  |  | (47) |  |  | 4,530 |  |  | (47) |
Total debt securities held to maturity | $ | — |  |  | $ | — |  |  | $ | 148,107 |  |  | $ | (11,060) |  |  | $ | 148,107 |  |  | $ | (11,060) |
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
December 31, 2021 | (in thousands)
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 947,108 |  |  | $ | (9,737) |  |  | $ | 44,086 |  |  | $ | (1,293) |  |  | $ | 991,194 |  |  | $ | (11,030) |
Obligations of states and political subdivisions | 56,153 |  |  | (785) |  |  | — |  |  | — |  |  | 56,153 |  |  | (785) |
Asset backed securities | 62,792 |  |  | (259) |  |  | 109,748 |  |  | (872) |  |  | 172,540 |  |  | (1,131) |
Non-agency collateralized mortgage obligations | 327,045 |  |  | (3,859) |  |  | — |  |  | — |  |  | 327,045 |  |  | (3,859) |
Total securities available for sale | $ | 1,393,098 |  |  | $ | (14,640) |  |  | $ | 153,834 |  |  | $ | (2,165) |  |  | $ | 1,546,932 |  |  | $ | (16,805) |
Amortized Cost of Debt Securities Held-to-Maturity | The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
| December 31, 2022 |  | December 31, 2021
| AAA/AA/A |  | BBB/BB/B |  | AAA/AA/A |  | BBB/BB/B
| (In thousands) |  | (In thousands)
Debt Securities Held to Maturity |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 154,830 |  |  | $ | — |  |  | $ | 192,068 |  |  | $ | — |
Obligations of states and political subdivisions | 6,153 |  |  | — |  |  | 7,691 |  |  | — |
Total debt securities held to maturity | $ | 160,983 |  |  | $ | — |  |  | $ | 199,759 |  |  | $ | — |

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