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Securities (Tables)

9 Months Ended

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

						September 30, 2024
						Amortized						Gross Unrealized						Gross Unrealized												Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses												Fair Value
Investment securities:
U.S. Treasury						$	174,076					$	91					$	—											$	174,167
State and political subdivisions						468,836						135						32,044												436,927
Corporate bonds and other						14,626						147						414												14,359
MBS: (1)
Residential						770,310						10,016						2,233												778,093
Commercial						5,249						81						439												4,891
Total						$	1,433,097					$	10,470					$	35,130											$	1,408,437
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,040,876					$	8,810					$	110,543											$	939,143
Corporate bonds and other						131,456						157						10,387												121,226
MBS: (1)
Residential						86,321						19						5,493												80,847
Commercial						29,750						—						1,443												28,307
Total						$	1,288,403					$	8,986					$	127,866											$	1,169,523

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

			September 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			$	—					$	—					$	414,965					$	32,044					$	414,965					$	32,044
Corporate bonds and other			2,926						74						6,377						340						9,303						414
MBS:
Residential			19,843						63						34,116						2,170						53,959						2,233
Commercial			—						—						2,552						439						2,552						439
Total			$	22,769					$	137					$	458,010					$	34,993					$	480,779					$	35,130
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	22,229					$	224					$	737,971					$	110,319					$	760,200					$	110,543
Corporate bonds and other			6,137						143						107,409						10,244						113,546						10,387
MBS:
Residential			—						—						80,287						5,493						80,287						5,493
Commercial			—						—						28,307						1,443						28,307						1,443
Total			$	28,366					$	367					$	953,974					$	127,499					$	982,340					$	127,866
			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 September 30,
			2024						2023
U.S. Treasury			$	2,315					$	3,784
State and political subdivisions			12,994						16,940
Corporate bonds and other			1,654						1,765
MBS			11,976						4,426
Total interest income on securities			$	28,939					$	26,915

			Nine Months Ended September 30,
			2024						2023
U.S. Treasury			$	6,404					$	8,307
State and political subdivisions			41,151						50,940
Corporate bonds and other			5,182						5,363
MBS			33,179						12,585
Total interest income on securities			$	85,916					$	77,195

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

			September 30, 2024
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	176,356					$	176,436
Due after one year through five years			1,797						1,810
Due after five years through ten years			25,600						25,193
Due after ten years			453,785						422,014
			657,538						625,453
MBS:			775,559						782,984
Total			$	1,433,097					$	1,408,437

			September 30, 2024
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	4,118					$	4,087
Due after one year through five years			11,920						11,695
Due after five years through ten years			141,206						131,105
Due after ten years			1,015,088						913,482
			1,172,332						1,060,369
MBS:			116,071						109,154
Total			$	1,288,403					$	1,169,523

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,
			2024						2023						2024						2023
Net gains (losses) recognized during the period on equity investments			$	191					$	(163)					$	112					$	4,895
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			$	191					$	(163)					$	112					$	(163)

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

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