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Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized cost and estimated fair value of investment and mortgage-backed securities

The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities as of June 30, 2022 and December 31, 2021 are reflected in the tables below (in thousands):

						June 30, 2022
						Amortized						Gross Unrealized						Gross Unrealized												Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses												Fair Value
Investment securities:
U.S. Treasury						$	39,465					$	198					$	—											$	39,663
State and political subdivisions						1,255,380						1,099						80,248												1,176,231
Corporate bonds and other						60,215						65						1,462												58,818
MBS: (1)
Residential						451,457						3,399						5,344												449,512
Commercial						9,832						—						702												9,130
Total						$	1,816,349					$	4,761					$	87,756											$	1,733,354
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	876,065					$	70					$	108,210											$	767,925
Corporate bonds and other						95,362						112						2,435												93,039
MBS: (1)
Residential						65,494						55						2,273												63,276
Commercial						46,751						—						1,184												45,567
Total						$	1,083,672					$	237					$	114,102											$	969,807

						December 31, 2021
						Amortized						Gross Unrealized						Gross Unrealized						Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses						Fair Value
Investment securities:
U.S. Treasury						$	58,084					$	843					$	50					$	58,877
State and political subdivisions						1,962,257						93,893						4,214						2,051,936
Corporate bonds and other						133,333						2,408						209						135,532
MBS: (1)
Residential						411,727						14,895						272						426,350
Commercial						90,193						1,642						205						91,630
Total						$	2,655,594					$	113,681					$	4,950					$	2,764,325
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	788					$	3					$	—					$	791
MBS: (1)
Residential						38,644						2,103						—						40,747
Commercial						51,348						2,349						—						53,697
Total						$	90,780					$	4,455					$	—					$	95,235

(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.

Unrealized loss on securities

The following tables present the fair value and unrealized losses on AFS and HTM investment securities and MBS, if applicable, for which an allowance for credit losses has not been recorded as of June 30, 2022 and December 31, 2021, segregated by major security type and length of time in a continuous loss position (in thousands):

			June 30, 2022
			Less Than 12 Months												More Than 12 Months												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
AVAILABLE FOR SALE
Investment securities:
State and political subdivisions			$	1,034,005					$	80,248					$	—					$	—					$	1,034,005					$	80,248
Corporate bonds and other			50,788						1,462						—						—						50,788						1,462
MBS:
Residential			254,471						5,344						—						—						254,471						5,344
Commercial			6,204						88						2,926						614						9,130						702
Total			$	1,345,468					$	87,142					$	2,926					$	614					$	1,348,394					$	87,756
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	728,547					$	103,110					$	28,978					$	5,100					$	757,525					$	108,210
Corporate bonds and other			90,569						2,435						—						—						90,569						2,435
MBS:
Residential			58,136						1,988						4,255						285						62,391						2,273
Commercial			45,567						1,184						—						—						45,567						1,184
Total			$	922,819					$	108,717					$	33,233					$	5,385					$	956,052					$	114,102
			December 31, 2021
			Less Than 12 Months												More Than 12 Months												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
AVAILABLE FOR SALE
Investment securities:
U.S. Treasury			$	9,947					$	50					$	—					$	—					$	9,947					$	50
State and political subdivisions			260,509						3,622						7,608						592						268,117						4,214
Corporate bonds and other			35,597						209						—						—						35,597						209
MBS:
Residential			1,225						3						5,168						269						6,393						272
Commercial			4,274						7						4,674						198						8,948						205
Total			$	311,552					$	3,891					$	17,450					$	1,059					$	329,002					$	4,950

Interest income recognized on securities

The following table reflects interest income recognized on securities for the periods presented (in thousands):

			Three Months Ended June 30,
			2022						2021
U.S. Treasury			$	59					$	169
State and political subdivisions			13,788						10,939
Corporate bonds and other			1,390						986
MBS			3,238						4,647
Total interest income on securities			$	18,475					$	16,741

			Six Months Ended June 30,
			2022						2021
U.S. Treasury			$	227					$	206
State and political subdivisions			27,120						21,345
Corporate bonds and other			2,717						1,831
MBS			7,255						10,735
Total interest income on securities			$	37,319					$	34,117

Amortized cost, carrying value and fair value of securities presented by contractual maturity

The amortized cost and estimated fair value of AFS and HTM securities at June 30, 2022, are presented below by contractual maturity (in thousands):

			June 30, 2022
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	2,039					$	2,050
Due after one year through five years			72,424						72,561
Due after five years through ten years			86,994						86,038
Due after ten years			1,193,603						1,114,063
			1,355,060						1,274,712
MBS:			461,289						458,642
Total			$	1,816,349					$	1,733,354

			June 30, 2022
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	120					$	120
Due after one year through five years			1,024						1,024
Due after five years through ten years			99,549						97,202
Due after ten years			870,734						762,618
			971,427						860,964
MBS:			112,245						108,843
Total			$	1,083,672					$	969,807

Unrealized and realized gains (losses) recognized in net income on equity investments

The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Net gains (losses) recognized during the period on equity investments			$	(191)					$	17					$	(466)					$	(90)
Less: Net gains recognized during the period on equity investments sold during the period			—						—						—						—
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date			$	(191)					$	17					$	(466)					$	(90)

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