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Securities (Tables)
 9 Months Ended
Sep. 30, 2021
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, 2021 and December 31, 2020 are reflected in the tables below (in thousands):
 September 30, 2021
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities:
U.S. Treasury$42,806 $741 $— $43,547 
State and political subdivisions1,890,814 83,140 6,477 1,967,477 
Corporate bonds and other 117,332 2,563 196 119,699 
MBS: (1)
   
Residential493,505 20,943 370 514,078 
Commercial105,780 2,800 277 108,303 
Total$2,650,237 $110,187 $7,320 $2,753,104 
HELD TO MATURITY
Investment securities:   
State and political subdivisions$788 $3 $— $791 
MBS: (1)
Residential40,128 2,616 — 42,744 
Commercial51,563 2,937 — 54,500 
Total $92,479 $5,556 $— $98,035 

 December 31, 2020
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities: 
State and political subdivisions$1,475,030 $105,601 $37 $1,580,594 
Corporate bonds and other 77,224 1,053 22 78,255 
MBS: (1)
 
Residential
771,409 38,674 73 810,010 
Commercial
113,850 4,746 150 118,446 
Total$2,437,513 $150,074 $282 $2,587,305 
HELD TO MATURITY
Investment securities:
State and political subdivisions$907 $13 $— $920 
MBS: (1)
 
Residential47,948 4,187 — 52,135 
Commercial60,143 5,000 — 65,143 
Total$108,998 $9,200 $— $118,198 
(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.
Unrealized loss on securities
The following tables represent the fair value and unrealized losses on AFS investment securities and MBS for which an allowance for credit losses has not been recorded as of September 30, 2021 and December 31, 2020, segregated by major security type and length of time in a continuous loss position (in thousands):
September 30, 2021
 Less Than 12 MonthsMore Than 12 MonthsTotal
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE      
Investment securities:
State and political subdivisions$396,345 $6,477 $— $— $396,345 $6,477 
Corporate bonds and other21,352 196 — — 21,352 196 
MBS:
Residential15,790 370 — — 15,790 370 
Commercial— — 4,602 277 4,602 277 
Total$433,487 $7,043 $4,602 $277 $438,089 $7,320 
December 31, 2020
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$17,305 $37 $— $— $17,305 $37 
Corporate bonds and other11,562 22 — — 11,562 22 
MBS:
Residential6,287 73 — — 6,287 73 
Commercial4,744 150 — — 4,744 150 
Total$39,898 $282 $— $— $39,898 $282 
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,
 20212020
U.S. Treasury$182 $— 
State and political subdivisions12,223 9,787 
Corporate bonds and other1,097 391 
MBS4,405 7,048 
Total interest income on securities$17,907 $17,226 
 Nine Months Ended
September 30,
 20212020
U.S. Treasury$388 $— 
State and political subdivisions33,568 26,281 
Corporate bonds and other2,928 568 
MBS15,140 27,626 
Total interest income on securities$52,024 $54,475 
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, 2021, are presented below by contractual maturity (in thousands):
 September 30, 2021
 Amortized CostFair Value
AVAILABLE FOR SALE
Investment securities:  
Due in one year or less$4,495 $4,532 
Due after one year through five years26,705 27,841 
Due after five years through ten years175,953 180,006 
Due after ten years1,843,799 1,918,344 
 2,050,952 2,130,723 
MBS:599,285 622,381 
Total$2,650,237 $2,753,104 

 September 30, 2021
 Amortized Cost
Fair Value
HELD TO MATURITY
Investment securities:  
Due in one year or less$120 $120 
Due after one year through five years529 531 
Due after five years through ten years139 140 
Due after ten years— — 
 788 791 
MBS:91,691 97,244 
Total$92,479 $98,035 
Unrealized and realized gains (losses) recognized in net income on equity investments
The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2021202020212020
Net (losses) gains recognized during the period on equity investments$(28)$(232)$(118)$(178)
Less: Net gains recognized during the period on equity investments sold during the period— — — — 
Unrealized (losses) gains recognized during the reporting period on equity investments held at the reporting date$(28)$(232)$(118)$(178)