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Securities (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 are reflected in the tables below (in thousands):

						March 31, 2023
						Amortized						Gross Unrealized						Gross Unrealized												Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses												Fair Value
Investment securities:
U.S. Treasury						$	297,061					$	96					$	—											$	297,157
State and political subdivisions						938,822						2,023						54,373												886,472
Corporate bonds and other						14,513						33						1,135												13,411
MBS: (1)
Residential						237,426						302						7,992												229,736
Commercial						11,313						57						924												10,446
Total						$	1,499,135					$	2,511					$	64,424											$	1,437,222
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,038,054					$	8,703					$	126,946											$	919,811
Corporate bonds and other						146,203						561						9,821												136,943
MBS: (1)
Residential						93,399						24						6,282												87,141
Commercial						30,801						—						2,122												28,679
Total						$	1,308,457					$	9,288					$	145,171											$	1,172,574

						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

(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 March 31, 2023 and December 31, 2022, segregated by major security type and length of time in a continuous loss position (in thousands):

			March 31, 2023
			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			$	152,248					$	2,179					$	625,144					$	52,194					$	777,392					$	54,373
Corporate bonds and other			13,193						1,135						—						—						13,193						1,135
MBS:
Residential			155,602						3,903						64,334						4,089						219,936						7,992
Commercial			—						—						8,167						924						8,167						924
Total			$	321,043					$	7,217					$	697,645					$	57,207					$	1,018,688					$	64,424
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	182,401					$	7,385					$	544,200					$	119,561					$	726,601					$	126,946
Corporate bonds and other			95,612						6,228						36,668						3,593						132,280						9,821
MBS:
Residential			20,893						1,114						65,539						5,168						86,432						6,282
Commercial			—						—						28,679						2,122						28,679						2,122
Total			$	298,906					$	14,727					$	675,086					$	130,444					$	973,992					$	145,171
			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

Interest income recognized on securities

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

			Three Months Ended March 31,
			2023						2022
U.S. Treasury			$	697					$	168
State and political subdivisions			17,099						13,332
Corporate bonds and other			1,832						1,327
MBS			4,329						4,017
Total interest income on securities			$	23,957					$	18,844

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 March 31, 2023, are presented below by contractual maturity (in thousands):

			March 31, 2023
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	297,272					$	297,367
Due after one year through five years			1,563						1,601
Due after five years through ten years			33,196						32,564
Due after ten years			918,365						865,508
			1,250,396						1,197,040
MBS:			248,739						240,182
Total			$	1,499,135					$	1,437,222

			March 31, 2023
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	125					$	125
Due after one year through five years			20,795						20,037
Due after five years through ten years			135,369						126,811
Due after ten years			1,027,968						909,781
			1,184,257						1,056,754
MBS:			124,200						115,820
Total			$	1,308,457					$	1,172,574

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 March 31,
			2023						2022
Net gains (losses) recognized during the period on equity investments			$	2,500					$	(275)
Less: Net gains recognized during the period on equity investments sold during the period			2,416						—
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date			$	84					$	(275)

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