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Securities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 are reflected in the tables below (in thousands):

						March 31, 2024
						Amortized						Gross Unrealized						Gross Unrealized												Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses												Fair Value
Investment securities:
U.S. Treasury						$	139,205					$	—					$	19											$	139,186
State and political subdivisions						594,449						126						46,030												548,545
Corporate bonds and other						14,587						37						915												13,709
MBS: (1)
Residential						700,572						2,613						4,108												699,077
Commercial						5,230						30						556												4,704
Total						$	1,454,043					$	2,806					$	51,628											$	1,405,221
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,039,958					$	6,658					$	138,034											$	908,582
Corporate bonds and other						146,884						437						12,847												134,474
MBS: (1)
Residential						89,952						9						8,578												81,383
Commercial						30,104						—						2,357												27,747
Total						$	1,306,898					$	7,104					$	161,816											$	1,152,186

						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

(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 March 31, 2024 and December 31, 2023, segregated by major security type and length of time in a continuous loss position (in thousands):

			March 31, 2024
			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			$	139,186					$	19					$	—					$	—					$	139,186					$	19
State and political subdivisions			7,464						73						524,101						45,957						531,565						46,030
Corporate bonds and other			3,450						108						9,332						807						12,782						915
MBS:
Residential			249,034						980						35,223						3,128						284,257						4,108
Commercial			—						—						2,455						556						2,455						556
Total			$	399,134					$	1,180					$	571,111					$	50,448					$	970,245					$	51,628
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	35,016					$	563					$	711,680					$	137,471					$	746,696					$	138,034
Corporate bonds and other			2,714						125						126,059						12,722						128,773						12,847
MBS:
Residential			—						—						80,792						8,578						80,792						8,578
Commercial			—						—						27,747						2,357						27,747						2,357
Total			$	37,730					$	688					$	946,278					$	161,128					$	984,008					$	161,816
			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

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,
			2024						2023
U.S. Treasury			$	2,023					$	697
State and political subdivisions			14,269						17,099
Corporate bonds and other			1,763						1,832
MBS			10,119						4,329
Total interest income on securities			$	28,174					$	23,957

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, 2024, are presented below by contractual maturity (in thousands):

			March 31, 2024
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	141,441					$	141,396
Due after one year through five years			1,913						1,916
Due after five years through ten years			22,220						21,278
Due after ten years			582,667						536,850
			748,241						701,440
MBS:			705,802						703,781
Total			$	1,454,043					$	1,405,221

			March 31, 2024
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	15,973					$	15,772
Due after one year through five years			5,281						5,198
Due after five years through ten years			142,191						129,856
Due after ten years			1,023,397						892,230
			1,186,842						1,043,056
MBS:			120,056						109,130
Total			$	1,306,898					$	1,152,186

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,
			2024						2023
Net gains (losses) recognized during the period on equity investments			$	(56)					$	2,500
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			$	(56)					$	84

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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
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(2))
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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).

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