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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Amortized cost, gross unrealized gains and losses and estimated fair value of investments and MBS AFS and HTM

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

						December 31, 2024
						Amortized						Gross Unrealized						Gross Unrealized						Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses						Fair Value
Investment securities:
U.S. Treasury						$	173,880					$	76					$	—					$	173,956
State and political subdivisions						458,013						36						43,717						414,332
Corporate bonds and other						14,646						263						401						14,508
MBS: (1)
Residential						935,639						835						10,088						926,386
Commercial						5,238						—						526						4,712
Total						$	1,587,416					$	1,210					$	54,732					$	1,533,894
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,040,912					$	4,004					$	152,697					$	892,219
Corporate bonds and other						124,095						17						6,553						117,559
MBS: (1)
Residential						84,660						8						8,549						76,119
Commercial						29,567						—						1,982						27,585
Total						$	1,279,234					$	4,029					$	169,781					$	1,113,482

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

			December 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:
State and political subdivisions			$	12,089					$	64					$	398,304					$	43,653					$	410,393					$	43,717
Corporate bonds and other			2,967						33						5,612						368						8,579						401
MBS:
Residential			723,855						6,517						31,527						3,571						755,382						10,088
Commercial			2,223						12						2,489						514						4,712						526
Total			$	741,134					$	6,626					$	437,932					$	48,106					$	1,179,066					$	54,732
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	73,272					$	1,779					$	704,563					$	150,918					$	777,835					$	152,697
Corporate bonds and other			2,212						149						111,392						6,404						113,604						6,553
MBS:
Residential			2,548						292						73,064						8,257						75,612						8,549
Commercial			—						—						27,585						1,982						27,585						1,982
Total			$	78,032					$	2,220					$	916,604					$	167,561					$	994,636					$	169,781
			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):

			Years Ended December 31,
			2024						2023						2022
U.S. Treasury			$	8,538					$	11,331					$	271
State and political subdivisions			53,186						67,355						57,663
Corporate bonds and other			6,820						7,129						6,007
MBS			45,222						19,450						16,639
Total interest income on securities			$	113,766					$	105,265					$	80,580

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

			December 31, 2024
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	176,153					$	176,226
Due after one year through five years			2,299						2,296
Due after five years through ten years			25,117						24,718
Due after ten years			442,970						399,556
			646,539						602,796
MBS:			940,877						931,098
Total			$	1,587,416					$	1,533,894

			December 31, 2024
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	4,125					$	4,111
Due after one year through five years			16,387						16,157
Due after five years through ten years			128,894						121,652
Due after ten years			1,015,601						867,858
			1,165,007						1,009,778
MBS:			114,227						103,704
Total			$	1,279,234					$	1,113,482

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,
						2024						2023						2022
Net gains (losses) recognized during the period on equity investments						$	(51)					$	5,131					$	(685)
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						$	(51)					$	73					$	(685)

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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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