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Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 are reflected in the tables below (in thousands):

						June 30, 2024
						Amortized						Gross Unrealized						Gross Unrealized												Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses												Fair Value
Investment securities:
U.S. Treasury						$	172,732					$	14					$	—											$	172,746
State and political subdivisions						499,234						59						42,912												456,381
Corporate bonds and other						14,607						25						1,069												13,563
MBS: (1)
Residential						762,472						1,563						5,501												758,534
Commercial						5,221						34						535												4,720
Total						$	1,454,266					$	1,695					$	50,017											$	1,405,944
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,040,476					$	5,520					$	146,750											$	899,246
Corporate bonds and other						147,061						226						13,452												133,835
MBS: (1)
Residential						88,510						7						8,841												79,676
Commercial						29,928						—						2,238												27,690
Total						$	1,305,975					$	5,753					$	171,281											$	1,140,447

						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 June 30, 2024 and December 31, 2023, segregated by major security type and length of time in a continuous loss position (in thousands):

			June 30, 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:
State and political subdivisions			$	12,437					$	37					$	440,232					$	42,875					$	452,669					$	42,912
Corporate bonds and other			4,197						75						9,149						994						13,346						1,069
MBS:
Residential			461,896						1,719						54,807						3,782						516,703						5,501
Commercial			—						—						2,467						535						2,467						535
Total			$	478,530					$	1,831					$	506,655					$	48,186					$	985,185					$	50,017
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	60,377					$	935					$	707,838					$	145,815					$	768,215					$	146,750
Corporate bonds and other			3,887						47						127,392						13,405						131,279						13,452
MBS:
Residential			—						—						79,109						8,841						79,109						8,841
Commercial			—						—						27,690						2,238						27,690						2,238
Total			$	64,264					$	982					$	942,029					$	170,299					$	1,006,293					$	171,281
			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 June 30,
			2024						2023
U.S. Treasury			$	2,066					$	3,826
State and political subdivisions			13,888						16,901
Corporate bonds and other			1,765						1,766
MBS			11,084						3,830
Total interest income on securities			$	28,803					$	26,323

			Six Months Ended June 30,
			2024						2023
U.S. Treasury			$	4,089					$	4,523
State and political subdivisions			28,157						34,000
Corporate bonds and other			3,528						3,598
MBS			21,203						8,159
Total interest income on securities			$	56,977					$	50,280

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 June 30, 2024, are presented below by contractual maturity (in thousands):

			June 30, 2024
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	174,960					$	174,962
Due after one year through five years			1,915						1,908
Due after five years through ten years			22,239						21,093
Due after ten years			487,459						444,727
			686,573						642,690
MBS:			767,693						763,254
Total			$	1,454,266					$	1,405,944

			June 30, 2024
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	19,955					$	19,841
Due after one year through five years			1,318						1,292
Due after five years through ten years			142,705						129,083
Due after ten years			1,023,559						882,865
			1,187,537						1,033,081
MBS:			118,438						107,366
Total			$	1,305,975					$	1,140,447

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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net gains (losses) recognized during the period on equity investments			$	(23)					$	2,558					$	(79)					$	5,058
Less: Net gains recognized during the period on equity investments sold during the period			—						2,642						—						5,058
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date			$	(23)					$	(84)					$	(79)					$	—

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

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-Name Accounting Standards Codification
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