XML 35 R26.htm IDEA: XBRL DOCUMENT v3.23.3

Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022 are reflected in the tables below (in thousands):

						September 30, 2023
						Amortized						Gross Unrealized						Gross Unrealized												Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses												Fair Value
Investment securities:
U.S. Treasury						$	224,174					$	35					$	—											$	224,209
State and political subdivisions						822,753						14						114,224												708,543
Corporate bonds and other						14,550						19						1,173												13,396
MBS: (1)
Residential						399,943						305						20,861												379,387
Commercial						11,100						—						1,075												10,025
Total						$	1,472,520					$	373					$	137,333											$	1,335,560
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,038,934					$	—					$	225,921											$	813,013
Corporate bonds and other						146,540						313						15,280												131,573
MBS: (1)
Residential						91,954						1						11,305												80,650
Commercial						30,458						—						3,264												27,194
Total						$	1,307,886					$	314					$	255,770											$	1,052,430

						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.

Schedule of Unrealized Loss on Investments

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 September 30, 2023 and December 31, 2022, segregated by major security type and length of time in a continuous loss position (in thousands):

			September 30, 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			$	115,067					$	6,434					$	591,566					$	107,790					$	706,633					$	114,224
Corporate bonds and other			12,500						1,166						689						7						13,189						1,173
MBS:
Residential			157,854						2,226						191,521						18,635						349,375						20,861
Commercial			2,178						43						7,847						1,032						10,025						1,075
Total			$	287,599					$	9,869					$	791,623					$	127,464					$	1,079,222					$	137,333
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	186,212					$	13,551					$	626,801					$	212,370					$	813,013					$	225,921
Corporate bonds and other			13,595						1,425						111,451						13,855						125,046						15,280
MBS:
Residential			523						2						80,024						11,303						80,547						11,305
Commercial			—						—						27,194						3,264						27,194						3,264
Total			$	200,330					$	14,978					$	845,470					$	240,792					$	1,045,800					$	255,770
			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
MBS:
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 September 30,
			2023						2022
U.S. Treasury			$	3,784					$	44
State and political subdivisions			16,940						14,666
Corporate bonds and other			1,765						1,668
MBS			4,426						4,770
Total interest income on securities			$	26,915					$	21,148

			Nine Months Ended September 30,
			2023						2022
U.S. Treasury			$	8,307					$	271
State and political subdivisions			50,940						41,786
Corporate bonds and other			5,363						4,385
MBS			12,585						12,025
Total interest income on securities			$	77,195					$	58,467

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 September 30, 2023, are presented below by contractual maturity (in thousands):

			September 30, 2023
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	224,385					$	224,420
Due after one year through five years			4,266						4,193
Due after five years through ten years			33,991						32,127
Due after ten years			798,835						685,408
			1,061,477						946,148
MBS:			411,043						389,412
Total			$	1,472,520					$	1,335,560

			September 30, 2023
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	15,962					$	15,281
Due after one year through five years			4,861						4,684
Due after five years through ten years			140,605						125,451
Due after ten years			1,024,046						799,170
			1,185,474						944,586
MBS:			122,412						107,844
Total			$	1,307,886					$	1,052,430

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 September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Net gains (losses) recognized during the period on equity investments			$	(163)					$	(230)					$	4,895					$	(696)
Less: Net gains recognized during the period on equity investments sold during the period			—						—						5,058						—
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date			$	(163)					$	(230)					$	(163)					$	(696)

X

- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

+ Details

Name:	us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(a),(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

+ Details

Name:	us-gaap_InvestmentIncomeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration