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Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses

The following table summarizes the amortized cost and fair value of the available for sale investment securities portfolio at March 31, 2023 and December 31, 2022 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):

					Gross				Gross
	Amortized				Unrealized				Unrealized
(In Thousands of Dollars)	Cost				Gains				Losses				Fair Value
March 31, 2023
U.S. Treasury and U.S. government sponsored entities	$	154,879			$	194			$	(17,900	)		$	137,173
State and political subdivisions		650,520				2,751				(98,022	)			555,249
Corporate bonds		18,726				234				(275	)			18,685
Mortgage-backed securities		666,828				73				(106,256	)			560,645
Collateralized mortgage obligations		84,559				619				(4,771	)			80,407
Small Business Administration		3,600				0				(310	)			3,290
Totals	$	1,579,112			$	3,871			$	(227,534	)		$	1,355,449

					Gross				Gross
	Amortized				Unrealized				Unrealized
(In Thousands of Dollars)	Cost				Gains				Losses				Fair Value
December 31, 2022
U.S. Treasury and U.S. government sponsored    entities	$	149,712			$	0			$	(21,616	)		$	128,096
State and political subdivisions		651,705				266				(121,891	)			530,080
Corporate bonds		4,181				0				(302	)			3,879
Mortgage-backed securities - residential		672,784				12				(117,654	)			555,142
Collateralized mortgage obligations		52,291				0				(4,937	)			47,354
Small Business Administration		3,839				0				(365	)			3,474
Totals	$	1,534,512			$	278			$	(266,765	)		$	1,268,025

Amortized Cost and Fair Value of the Debt Securities Maturity

The amortized cost and fair value of the debt securities portfolio are shown in the table below by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

		March 31, 2023
(In Thousands of Dollars)		Amortized Cost				Fair Value
Maturity
Within one year		$	585			$	583
One to five years			39,428				37,225
Five to ten years			171,931				155,027
Beyond ten years			612,181				518,272
Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities			754,987				644,342
Total		$	1,579,112			$	1,355,449

Available for Sale Investment Securities with Unrealized Losses

The following table summarizes the available for sale investment securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position.

		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In Thousands of Dollars)		Value				Loss				Value				Loss				Value				Loss
March 31, 2023
U.S. Treasury and U.S. government sponsored entities		$	0			$	0			$	131,976			$	(17,900	)		$	131,976			$	(17,900	)
State and political subdivisions			31,898				(744	)			440,668				(97,278	)			472,566				(98,022	)
Corporate bonds			985				(12	)			4,114				(263	)			5,099				(275	)
Mortgage-backed securities			81				(1	)			555,585				(106,255	)			555,666				(106,256	)
Collateralized mortgage obligations			2,800				(70	)			45,562				(4,701	)			48,362				(4,771	)
Small Business Administration			0				0				3,290				(310	)			3,290				(310	)
Total temporarily impaired		$	35,764			$	(827	)		$	1,181,195			$	(226,707	)		$	1,216,959			$	(227,534	)

		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In Thousands of Dollars)		Value				Loss				Value				Loss				Value				Loss
December 31, 2022
U.S. Treasury and U.S. government sponsored entities		$	52,311			$	(5,835	)		$	75,685			$	(15,781	)		$	127,996			$	(21,616	)
State and political subdivisions			306,709				(56,650	)			191,584				(65,241	)			498,293				(121,891	)
Corporate bonds			2,893				(122	)			986				(180	)			3,879				(302	)
Mortgage-backed securities - residential			101,476				(13,545	)			453,233				(104,109	)			554,709				(117,654	)
Collateralized mortgage obligations			42,140				(4,137	)			5,214				(800	)			47,354				(4,937	)
Small Business Administration			1,295				(122	)			2,179				(243	)			3,474				(365	)
Total temporarily impaired		$	506,824			$	(80,411	)		$	728,881			$	(186,354	)		$	1,235,705			$	(266,765	)

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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