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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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

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

						December 31, 2022
						Amortized						Gross Unrealized						Gross Unrealized						Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses						Fair Value
Investment securities:
State and political subdivisions						$	1,039,453					$	956					$	75,557					$	964,852
Corporate bonds and other						8,692						26						14						8,704
MBS: (1)
Residential						328,400						250						13,623						315,027
Commercial						11,329						50						948						10,431
Total						$	1,387,874					$	1,282					$	90,142					$	1,299,014
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,037,556					$	3,969					$	163,283					$	878,242
Corporate bonds and other						152,552						575						7,993						145,134
MBS: (1)
Residential						93,796						21						8,343						85,474
Commercial						42,825						—						2,519						40,306
Total						$	1,326,729					$	4,565					$	182,138					$	1,149,156

						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 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 December 31, 2022 or 2021, segregated by major security type and length of time in a continuous loss position (in thousands):

			December 31, 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			$	859,270					$	68,683					$	26,620					$	6,874					$	885,890					$	75,557
Corporate bonds and other			3,678						14						—						—						3,678						14
MBS:
Residential			306,294						13,623						—						—						306,294						13,623
Commercial			5,613						318						2,545						630						8,158						948
Total			$	1,174,855					$	82,638					$	29,165					$	7,504					$	1,204,020					$	90,142
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	426,382					$	66,898					$	323,385					$	96,385					$	749,767					$	163,283
Corporate bonds and other			125,250						6,660						12,738						1,333						137,988						7,993
Mortgage-backed securities:
Residential			80,801						7,799						3,932						544						84,733						8,343
Commercial			40,306						2,519						—						—						40,306						2,519
Total			$	672,739					$	83,876					$	340,055					$	98,262					$	1,012,794					$	182,138
			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):

			Years Ended December 31,
			2022						2021						2020
U.S. Treasury			$	271					$	615					$	—
State and political subdivisions			57,663						46,296						36,393
Corporate bonds and other			6,007						4,131						1,195
MBS			16,639						19,534						34,319
Total interest income on securities			$	80,580					$	70,576					$	71,907

Amortized cost and fair value of securities presented by contractual maturity

The amortized cost and estimated fair value of AFS and HTM securities at December 31, 2022, are presented below by contractual maturity (in thousands).

			December 31, 2022
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	528					$	529
Due after one year through five years			1,485						1,498
Due after five years through ten years			57,795						57,890
Due after ten years			988,337						913,639
			1,048,145						973,556
MBS:			339,729						325,458
Total			$	1,387,874					$	1,299,014

			December 31, 2022
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	125					$	124
Due after one year through five years			24,810						24,615
Due after five years through ten years			133,794						126,505
Due after ten years			1,031,379						872,132
			1,190,108						1,023,376
MBS:			136,621						125,780
Total			$	1,326,729					$	1,149,156

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):

						Years Ended December 31,
						2022						2021						2020
Net gains (losses) recognized during the period on equity investments						$	(685)					$	(174)					$	(427)
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 still held at the reporting date						$	(685)					$	(174)					$	(427)

X

- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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