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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Available for Sale and Held For Maturity Securities | The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at December 31, 2023 and 2022 were as follows (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Fair Value |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 237,875 |  |  | $ | — |  |  | $ | (26,219 | ) |  | $ | 211,656 |
Obligations of states and political subdivisions |  |  | 337,835 |  |  |  | 152 |  |  |  | (49,371 | ) |  |  | 288,616 |
Mortgage-backed securities: GSE residential |  |  | 714,216 |  |  |  | 1,158 |  |  |  | (113,074 | ) |  |  | 602,300 |
Other securities |  |  | 73,795 |  |  |  | — |  |  |  | (4,795 | ) |  |  | 69,000 |
Total available-for-sale |  | $ | 1,363,721 |  |  | $ | 1,310 |  |  | $ | (193,459 | ) |  | $ | 1,171,572 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
Total held-to-maturity |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 252,934 |  |  | $ | — |  |  | $ | (32,407 | ) |  | $ | 220,527 |
Obligations of states and political subdivisions |  |  | 347,409 |  |  |  | 134 |  |  |  | (59,845 | ) |  |  | 287,698 |
Mortgage-backed securities: GSE residential |  |  | 744,636 |  |  |  | 3 |  |  |  | (116,759 | ) |  |  | 627,880 |
Other securities |  |  | 87,393 |  |  |  | 6 |  |  |  | (4,519 | ) |  |  | 82,880 |
Total available-for-sale |  | $ | 1,432,372 |  |  | $ | 143 |  |  | $ | (213,530 | ) |  | $ | 1,218,985 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | 2,954 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |
Total held-to-maturity |  | $ | 2,954 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |
Proceeds From Sales of Available for Sale Investment Securities, Realized Gains and Losses and Income Tax Expense | Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2023, 2022, and 2021 (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Proceeds from sales |  | $ | 343,610 |  |  | $ | 36,257 |  |  | $ | 611 |
Gross gains |  |  | 4,381 |  |  |  | 202 |  |  |  | 124 |
Gross losses |  |  | (998 | ) |  |  | (169 | ) |  |  | — |
Income tax expense |  |  | 981 |  |  |  | (10 | ) |  |  | 36 |
Investments Classified by Contractual Maturity Date | The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost at December 31, 2023 and the weighted average yield for each range of maturities (dollars in thousands):
|  | One |  |  | After 1 |  |  | After 5 |  |  |  |  |  |  |
|  | year or |  |  | through |  |  | through |  |  | After |  |  |  |
|  | less |  |  | 5 years |  |  | 10 years |  |  | ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 185,981 |  |  | $ | 25,675 |  |  | $ | — |  |  | $ | — |  |  | $ | 211,656 |
Obligations of state and political subdivisions |  |  | 20,879 |  |  |  | 97,328 |  |  |  | 169,111 |  |  |  | 1,298 |  |  |  | 288,616 |
Mortgage-backed securities: GSE residential |  |  | 10 |  |  |  | 8,566 |  |  |  | 34,995 |  |  |  | 558,729 |  |  |  | 602,300 |
Other securities |  |  | 21,876 |  |  |  | 46,392 |  |  |  | 732 |  |  |  | — |  |  |  | 69,000 |
Total available-for-sale |  | $ | 228,746 |  |  | $ | 177,961 |  |  | $ | 204,838 |  |  | $ | 560,027 |  |  | $ | 1,171,572 |
Weighted average yield |  |  | 1.67 | % |  |  | 2.70 | % |  |  | 2.25 | % |  |  | 1.82 | % |  |  | 2.00 | %
Full tax equivalent yield |  |  | 1.68 | % |  |  | 2.70 | % |  |  | 2.24 | % |  |  | 1.83 | % |  |  | 2.00 | %
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |  |  | $ | 2,286 |
Total held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |  |  | $ | 2,286 |
Weighted average yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Full tax equivalent yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Fair Value of Investments with Sustained Gross Unrealized Losses | The following table presents the aging of gross unrealized losses and fair value by investment category as of December 31, 2023 and 2022 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 1,288 |  |  | $ | (4 | ) |  | $ | 210,069 |  |  | $ | (26,215 | ) |  | $ | 211,357 |  |  | $ | (26,219 | )
Obligations of states and political subdivisions |  |  | 22,281 |  |  |  | (333 | ) |  |  | 241,630 |  |  |  | (49,038 | ) |  |  | 263,911 |  |  |  | (49,371 | )
Mortgage-backed securities: GSE residential |  |  | 5,818 |  |  |  | (67 | ) |  |  | 566,197 |  |  |  | (113,007 | ) |  |  | 572,015 |  |  |  | (113,074 | )
Other securities |  |  | 5,311 |  |  |  | (439 | ) |  |  | 57,939 |  |  |  | (4,356 | ) |  |  | 63,250 |  |  |  | (4,795 | )
Total |  | $ | 34,698 |  |  | $ | (843 | ) |  | $ | 1,075,835 |  |  | $ | (192,616 | ) |  | $ | 1,110,533 |  |  | $ | (193,459 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 57,007 |  |  | $ | (3,493 | ) |  | $ | 163,520 |  |  | $ | (28,914 | ) |  | $ | 220,527 |  |  | $ | (32,407 | )
Obligations of states and political subdivisions |  |  | 220,102 |  |  |  | (43,221 | ) |  |  | 45,419 |  |  |  | (16,624 | ) |  |  | 265,521 |  |  |  | (59,845 | )
Mortgage-backed securities: GSE residential |  |  | 165,966 |  |  |  | (19,859 | ) |  |  | 461,446 |  |  |  | (96,900 | ) |  |  | 627,412 |  |  |  | (116,759 | )
Other securities |  |  | 64,676 |  |  |  | (3,675 | ) |  |  | 6,698 |  |  |  | (844 | ) |  |  | 71,374 |  |  |  | (4,519 | )
Total |  | $ | 507,751 |  |  | $ | (70,248 | ) |  | $ | 677,083 |  |  | $ | (143,282 | ) |  | $ | 1,184,834 |  |  | $ | (213,530 | )
Maturities of Investment Securities | Maturities of investment securities were as follows at December 31, 2023 (in thousands):
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |
Due in one year or less |  | $ | 254,176 |  |  | $ | 228,736 |
Due after one-five years |  |  | 188,169 |  |  |  | 169,395 |
Due after five-ten years |  |  | 205,900 |  |  |  | 169,843 |
Due after ten years |  |  | 1,260 |  |  |  | 1,298 |
|  |  | 649,505 |  |  |  | 569,272 |
Mortgage-backed securities: GSE residential |  |  | 714,216 |  |  |  | 602,300 |
Total available-for-sale |  | $ | 1,363,721 |  |  | $ | 1,171,572 |
Held-to-maturity: |  |  |  |  |  |
Due after ten years |  |  | 2,286 |  |  |  | 2,286 |
Total held-to-maturity |  | $ | 2,286 |  |  | $ | 2,286 |

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