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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

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

						December 31, 2023
						Amortized						Gross Unrealized						Gross Unrealized						Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses						Fair Value
Investment securities:
U.S. Treasury						$	139,706					$	19					$	—					$	139,725
State and political subdivisions						603,913						362						35,530						568,745
Corporate bonds and other						14,569						31						507						14,093
MBS: (1)
Residential						569,039						3,202						3,258						568,983
Commercial						5,240						44						536						4,748
Total						$	1,332,467					$	3,658					$	39,831					$	1,296,294
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,039,440					$	10,070					$	126,233					$	923,277
Corporate bonds and other						146,712						488						15,738						131,462
MBS: (1)
Residential						90,619						13						7,263						83,369
Commercial						30,282						—						2,228						28,054
Total						$	1,307,053					$	10,571					$	151,462					$	1,166,162

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

			December 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			$	26,371					$	297					$	516,520					$	35,233					$	542,891					$	35,530
Corporate bonds and other			8,103						319						5,071						188						13,174						507
MBS:
Residential			150,865						549						36,864						2,709						187,729						3,258
Commercial			—						—						2,484						536						2,484						536
Total			$	185,339					$	1,165					$	560,939					$	38,666					$	746,278					$	39,831
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	16,549					$	123					$	713,499					$	126,110					$	730,048					$	126,233
Corporate bonds and other			9,956						1,135						114,787						14,603						124,743						15,738
MBS:
Residential			—						—						82,747						7,263						82,747						7,263
Commercial			—						—						28,054						2,228						28,054						2,228
Total			$	26,505					$	1,258					$	939,087					$	150,204					$	965,592					$	151,462
			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):

			Years Ended December 31,
			2023						2022						2021
U.S. Treasury			$	11,331					$	271					$	615
State and political subdivisions			67,355						57,663						46,296
Corporate bonds and other			7,129						6,007						4,131
MBS			19,450						16,639						19,534
Total interest income on securities			$	105,265					$	80,580					$	70,576

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

			December 31, 2023
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	139,916					$	139,935
Due after one year through five years			4,260						4,242
Due after five years through ten years			22,203						21,689
Due after ten years			591,809						556,697
			758,188						722,563
MBS:			574,279						573,731
Total			$	1,332,467					$	1,296,294

			December 31, 2023
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	15,969					$	15,092
Due after one year through five years			4,868						4,739
Due after five years through ten years			140,774						126,474
Due after ten years			1,024,541						908,434
			1,186,152						1,054,739
MBS:			120,901						111,423
Total			$	1,307,053					$	1,166,162

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,
						2023						2022						2021
Net gains (losses) recognized during the period on equity investments						$	5,131					$	(685)					$	(174)
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 still held at the reporting date						$	73					$	(685)					$	(174)

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- 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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